Financial results first half of 2015 Utrecht, the Netherlands, 27 August 2015 Maurice Oostendorp CEO SNS Bank NV Annemiek van Melick CFO SNS Bank NV
I. Laying the foundation for a stand-alone future 2 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
Disentanglement Disentanglement SNS REAAL SNS REAAL and and transfer transfer SNS SNS Bank Bank to to the the Disentanglement Disentanglement SNS REAAL SNS REAAL and and transfer transfer SNS SNS Bank Bank to to the the Dutch State Dutch State Dutch State Dutch State • In 1H15, the disentanglement of SNS REAAL entered its final phase. Over 500 IT staff were transferred from the holding to SNS Bank Disentanglement Disentanglement Disentanglement Disentanglement • In July 2015, this was followed by the final separation of IT systems, the transfer of Group Audit SNS REAAL SNS REAAL SNS REAAL SNS REAAL and the allocation of remaining Group functions (transfer of approx 35 FTEs) • On 26 July 2015, the sale of VIVAT Verzekeringen to Anbang was completed • As indicated earlier by the Minister of Finance, the impact from the sale of VIVAT on the solvency of SNS Bank on a prudential consolidated basis necessitates the transfer of the bank from SNS Transfer Transfer Transfer Transfer REAAL to the Dutch State SNS Bank SNS Bank to to the the SNS Bank SNS Bank to to the the • The Minister of Finance will shortly inform Parliament on this transfer Dutch State Dutch State Dutch State Dutch State • Following the transfer, SNS Bank’s regulatory capital position and capital ratios will be similar to the level of the SNS Bank stand-alone figures, enabling the bank to re-access capital markets The transfer of SNS Bank The transfer of SNS Bank to The transfer of SNS Bank The transfer of SNS Bank to to to the Dutch State the Dutch State the Dutch State the Dutch State will will mark the end will will mark the end mark the end mark the end of of of of the the disentanglement the the disentanglement process disentanglement disentanglement process of SNS REAAL process process of SNS REAAL of SNS REAAL of SNS REAAL 3 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
Laying Laying the foundation Laying Laying the foundation the foundation the foundation for for for for a a a a stand stand- stand stand - -alone - alone alone future alone future future future Following the transfer to the Dutch State, SNS Bank will operate as a fully independent bank Following the transfer to the Dutch State, SNS Bank will operate as a fully independent bank Following the transfer to the Dutch State, SNS Bank will operate as a fully independent bank Following the transfer to the Dutch State, SNS Bank will operate as a fully independent bank Changes in governance: Maurice Oostendorp appointed as CEO of SNS Bank, Jan van Changes in governance: Maurice Oostendorp appointed as CEO of SNS Bank, Jan van Changes in governance: Maurice Oostendorp appointed as CEO of SNS Bank, Jan van Changes in governance: Maurice Oostendorp appointed as CEO of SNS Bank, Jan van Rutte Rutte appointed as Rutte Rutte appointed as appointed as appointed as C Chairman of the Supervisory Board. Annemiek van Melick is CFO hairman of the Supervisory Board. Annemiek van Melick is CFO C C hairman of the Supervisory Board. Annemiek van Melick is CFO hairman of the Supervisory Board. Annemiek van Melick is CFO Priorities SNS Bank as a stand- Priorities SNS Bank as a stand Priorities SNS Bank as a stand Priorities SNS Bank as a stand - -alone entity - alone entity alone entity alone entity • Excellent customer experience: Excellent customer experience: Excellent customer experience: Excellent customer experience: Focus on improving customer trust and growing the customer base • Excellent business operations: Completion and implementation of new governance/organisation Excellent business operations: Excellent business operations: Excellent business operations: • Moderate risk profile: Moderate risk profile: Moderate risk profile: Moderate risk profile: Re-accessing capital markets in order to diversify and further strengthen the capital position • Prepare for the exit strategy: Prepare for the exit strategy: The Minister of Finance has requested NLFI to advise on the sale of SNS Bank no sooner than Prepare for the exit strategy: Prepare for the exit strategy: mid-2016 The 2015 interim results and strong stand The 2015 interim results and strong stand- The 2015 interim results and strong stand The 2015 interim results and strong stand - -alone - alone alone capitalisation alone capitalisation capitalisation of SNS Bank form a solid base from capitalisation of SNS Bank form a solid base from of SNS Bank form a solid base from of SNS Bank form a solid base from which which which which to make progress on the strategic to make progress on the strategic priorities priorities to make progress on to make progress on the strategic the strategic priorities priorities 4 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
II. Commercial developments first half 2015 5 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
Encouraging Encouraging Encouraging Encouraging increase increase increase increase in new in new current in new in new current current current accounts accounts accounts accounts SNS Bank SNS Bank customers customers (in 1,000) (in 1,000) SNS Bank SNS Bank customers customers (in 1,000) (in 1,000) Current Current account Current Current account account account customers customers (in 1,000) customers customers (in 1,000) (in 1,000) (in 1,000) 3,500 1,400 1,246 1,221 +51 1,170 3,250 3,162 +88 1,200 +67 2,960 3,000 +124 -164 +98 2,769 1,000 2,750 -491 2,500 800 • SNS Bank welcomed 131,000 new customers (net • New current account customers of 75,000 gross growth: 67,000; +2.4%) in 1H15 (51,000 net; +4.3%) in 1H15 • • All brands contributed to the growth of the customer Market share in new current accounts of 22% ¹ base • Transfer of 124,000 clients REAAL Bancaire Diensten (RBD) to SNS Bank in 1H15 [1] period 2Q14 – 1Q15 6 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
Virtually Virtually Virtually stable Virtually stable stable stable market shares in market shares in market shares in market shares in retail retail retail mortgages retail mortgages and mortgages mortgages and and and savings savings savings savings Market share retail Market share retail savings savings balances balances Market share Market share retail retail savings savings balances balances Market share Market share retail Market share Market share retail retail retail mortgages mortgages mortgages mortgages New (LHS) Portfolio (RHS) 11.0% 4.0% 12.0% 10.7% 10.7% 3.8% 10.6% 3.7% 3.7% 3.0% 9.0% 10.5% 7,1% 10.1% 2.0% 1.8% 6.0% 10.0% 1.0% 3.0% 9.5% 0.0% 0.0% 9.0% 2H13 1H14 2H14 1H15 2H13 1H14 2H14 1H15 • • New retail mortgage production increased to €0.9bn Retail savings balances increased to € 37.3bn, up €1.6bn (+5%) compared to YE14 (+34%). However, in a growing market, market share was up only slightly • Market share in savings remained stable at 10.7%, in • Target market share new retail mortgages: 5-8% line with target of >10% • Slightly lower market share based on total retail mortgage loan portfolio at 7.1%, driven by €1.5bn redemptions (1H14: €1.2bn) 7 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
Improving Improving Net Improving Improving Net Net Net Promoter Promoter Promoter Promoter Scores at most Scores at most brands Scores at most Scores at most brands brands brands Net Net Promoter Net Net Promoter Score (NPS; %) Promoter Promoter Score (NPS; %) Score (NPS; %) Score (NPS; %) Brand Brand Brand Brand 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 1H15 1H15 1H15 1H15 Trend 2010 Trend 2010 Trend 2010 Trend 2010 – – – – 1H15 1H15 1H15 1H15 -67 -33 -35 -39 -28 -26 +19 +34 +22 +19 +12 +13 -33 -18 -8 -7 -7 +3 -- -- -- -15 -14 -40 * BLG Wonen measurement started in 1H13 • Slight improvement NPS at SNS Bank • ASN Bank continued to have one of the highest customer satisfaction rates in the industry • RegioBank obtained a positive NPS for the first time in its history • Sharp drop of NPS at BLG Wonen due to first time inclusion of former RBD clients 8 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
III. Financial performance first half 2015 9 FINANCIAL RESULTS FIRST HALF 2015, 27 AUGUST 2015
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