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Banking with a Human Touch’ Potential Consequences If They Make Their Payment Into Actual Practice Annual Report 2018 Banking with The original annual report including the original financial statements were drafted in Dutch. This document is an English translation of the original. In the case of a human touch any discrepancies between the English and the Dutch text, the latter will prevail. 2 de Volksbank N.V. Annual report 2018 AT A GLANCE 4 4.7 Market risk 102 4.8 Liquidity management and financing 106 Key figures 6 4.9 Capital management 116 Interview with the Chairman of the Board of Directors 8 4.10 Non-financial risks 127 4.11 Management statement 131 1 GENERAL TRENDS AND 12 DEVELOPMENTS 5 REPORT OF THE SUPERVISORY 134 1.1 Introduction 13 BOARD 1.2 Social developments 13 Interview with the Chairman of the Supervisory Board135 1.3 Economic developments 14 1.4 Developments in the sector 15 1.5 Developments in the regulatory environment 17 6 CORPORATE GOVERNANCE 142 6.1 Composition, appointment and functioning of 143 2 STRATEGY 20 the Board of Directors 6.2 Composition, appointment and functioning of 144 2.1 Mission, ambition and objectives 21 the Supervisory board 2.2 Three strategic pillars 23 6.3 Banking Code 147 2.3 SWOT analysis 24 6.4 Dutch Corporate Governance Code 147 2.4 Value creation for our stakeholders 24 6.5 Legal structure of de Volksbank 148 2.5 Options for the future 28 6.6 Update EC commitments 148 6.7 Remuneration Report 149 3 PROGRESS ON STRATEGY 30 FINANCIAL STATEMENTS 154 3.1 The three strategic pillars 31 3.2 Benefits for customers 35 Consolidated financial statements 156 3.3 Responsibility for society 38 Notes to the consolidated financial statements 160 3.4 Genuine attention for our employees 46 Company financial statements 206 3.5 Return for the shareholder 51 Notes to the company financial statements 209 3.6 Other targets 51 3.7 Technology and innovation 52 OTHER INFORMATION 218 3.8 Commercial developments 54 3.9 Financial results 56 Provisions regarding profit or loss appropriation 218 3.10 Taxation 59 Independent auditor's report 220 3.11 Identity of the brands 61 Assurance report of the independent auditor 228 4 RISK MANAGEMENT 68 ADDITIONAL INFORMATION 232 4.1 Risk management objectives 70 4.2 Moderate risk profile 70 4.3 Top risks 70 4.4 Risk appetite and risk indicators 72 4.5 Risk management organisation 74 4.6 Credit risk 77 de Volksbank N.V. Annual report 2018 3 PRESENTATION OF INFORMATION De Volksbank's annual report informs its stakeholders about its financial and non-financial results for 2018. In our annual report, we provide a full account of how we want to create value for our stakeholders and how we deal with opportunities and threats. The annual report begins with the key figures and the interview with the Chairman of the Board of Directors. Following this introduction, the annual report is structured as follows: • Report of the Board of Directors, comprising: - General trends and developments - Our strategy - The progress on the shared value and identity of our brands - Risk, capital and liquidity management • Report of the Supervisory Board • Corporate governance • Financial statements • Other information and Additional information The financial information in the financial statements has been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU IFRS). Moreover, the financial information meets the requirements as set out in Title 9, Book 2 of the Dutch Civil Code. The non-financial information in this report has been prepared in accordance with the GRI Standards (Sustainability Reporting Guidelines of the Global Reporting Initiative) and complies with the EU- directive. Information on the basis of preparation for non-financial reporting can be found in the appendix. Capital metrics and risk positions for 2018 and comparative figures for 2017 are reported under the Basel III framework (CRD IV/CRR). Moreover, the Chapter on Risk management complies with the Enhanced Disclosure Task Force (EDTF) requirements. Information on Pillar 3 (part of the CRR) can be found in a separate report on our website. This annual report has been prepared in euros (€). This annual report was published on 7 March 2019 and is available on our website to browse or as a PDF download. The annual report 2017 was published on 8 March 2018 and is also available on our website to browse or as PDF download. 4 de Volksbank N.V. Annual report 2018 24% De Volksbank is the fourth-largest retail bank in the Dutch market, with a focus on mortgages, payments and savings. The bank has four brands: Savings ASN Bank, BLG Wonen, RegioBank and SNS. Each brand has its own Mortgages Payments identity and image. De Volksbank aims to meet the specific financial needs 10.6% of its customers in a people-oriented, efficient and sustainable manner. 7.3% Market share Market share Market share New mortgages New current accounts Savings > 3 million customers 3,797 employees 8% 1% 6% 3% 5% Savings and 2% RegioBank Retail mortgages 8% other amounts due to 10% 515 RegioBank branches 515 branches Cash and cash equivalents customers Investments Other Other loans and Debt SNS advances to instruments 202 shops customers € 60.9 bn Amounts due € 60.9 bn 202 SNS shops Other to banks Equity 78% 79% 293 ATMs 293 ATMs Total assets Total liabilities € 268 m We encourage We make housing We are We help you with 1% sustainable progress accessible to everyone the bank nearby money-smart tips 4% 1% Net interest income Net fee & commission Online and mobile Independent advisers Independent advisers, SNS shops, online income Other income Net profit online and mobile and mobile Payments, savings, Mortgages Payments, savings and Payments, savings, investments and mortgages mortgages and insurance mortgages 95% € 958 m 35.5% Customers Capitalisation Total income 701,000 244,000 665,000 1,592,000 CET1 RATIO de Volksbank N.V. Annual report 2018 5 24% De Volksbank is the fourth-largest retail bank in the Dutch market, with a focus on mortgages, payments and savings. The bank has four brands: Savings ASN Bank, BLG Wonen, RegioBank and SNS. Each brand has its own Mortgages Payments identity and image. De Volksbank aims to meet the specific financial needs 10.6% of its customers in a people-oriented, efficient and sustainable manner. 7.3% Market share Market share Market share New mortgages New current accounts Savings > 3 million customers 3,797 employees 8% 1% 6% 3% 5% Savings and 2% RegioBank Retail mortgages 8% other amounts due to 10% 515 RegioBank branches 515 branches Cash and cash equivalents customers Investments Other Other loans and Debt SNS advances to instruments 202 shops customers € 60.9 bn Amounts due € 60.9 bn 202 SNS shops Other to banks Equity 78% 79% 293 ATMs 293 ATMs Total assets Total liabilities € 268 m We encourage We make housing We are We help you with 1% sustainable progress accessible to everyone the bank nearby money-smart tips 4% 1% Net interest income Net fee & commission Online and mobile Independent advisers Independent advisers, SNS shops, online income Other income Net profit online and mobile and mobile Payments, savings, Mortgages Payments, savings and Payments, savings, investments and mortgages mortgages and insurance mortgages 95% € 958 m 35.5% Customers Capitalisation Total income 701,000 244,000 665,000 1,592,000 CET1 RATIO 6 de Volksbank N.V. Annual report 2018 KEY FIGURES Residential mortgages Balance sheet (in € billions) in € millions 2018 2017 2016 2015 2014 Balance sheet total 60,948 60,892 61,588 62,690 68,159 Loans and advances to customers 50,536 49,459 48,620 49,217 52,834 - of which retail mortgages 47,262 45,934 44,824 44,787 46,230 46.2 44.8 44.8 45.9 47.3 Amounts due to customers 48,217 47,062 47,428 47,440 46,208 - of which savings 37,376 36,756 36,593 36,860 35,666 Debt instruments 5,822 4,920 5,696 6,941 11,252 Equity 3,571 3,714 3,561 3,302 2,963 Capital and funding 2014 2015 2016 2017 2018 in € millions 2018 2017 2016 2015 2014 Tier 1 core capital 3,313 3,339 3,164 2,916 2,520 Risk Weighted Assets (RWA) 9,341 9,781 10,824 11,513 13,771 CET 1 ratio RATIOS CET 1 ratio 35.5% 34.1% 29.2% 25.3% 18.3% Tier 1 ratio 35.5% 34.1% 29.2% 25.3% 18.3% 34.1%35.5% Total capital ratio 37.1% 35.7% 33.8% 29.5% 18.4% 29.2% CET 1 ratio (fully loaded) 35.5% 34.3% 29.6% 25.8% 17.4% 25.3% Leverage ratio 5.5% 5.5% 5.2% 4.7% 3.8% 18.3% Leverage ratio (fully loaded) 5.5% 5.6% 5.3% 4.8% 3.6% Loan-to-deposit ratio 106% 107% 103% 105% 113% Quality loan portfolio 2014 2015 2016 2017 2018 2018 2017 2016 2015 2014 Loan-to-Value mortgage portfolio 70% 74% 80% 83% 86% Loans in arrears (%) 1.1% 1.4% 1.8% 3.1% 4.3% Stage 3 ratio1 1.3% 0.8% 1.3% 2.3% 3.1% Loan-to-Value mortgage Stage 3 coverage ratio retail mortgages1 8.4% 16% 19% 23% 20% portfolio Market shares 86% 83% 80% 74% 2018 2017 2016 2015 2014 70% New current accounts2 24% 20% 21% 25% 21% Retail savings 10.6% 10.7% 10.8% 10.9% 10.7% Mortgage portfolio (in €)3 6.6%4 6.5% 6.4% 6.5% 7.0% New mortgages (in #) 7.3%4 6.8% 5.7% 4.1% 3.7% Other key figures 2014 2015 2016 2017 2018 2018 2017 2016 2015 2014 Number of SNS Shops 202 197 196 189 188 Number of independent advisers RegioBank 515 528 536 538 535 Number of ATMs 293 320 393 438 539 1 The 2014-2017 amounts are based on IAS 39 figures and therefore do not have stage information.
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