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Annual Report SNS Bank NV 2015

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Annual Report SNS Bank NV 2015 Banking with a human The original financial statements were drafted in Dutch. This document is an English translation of the original. In the touch case of any discrepancies between the English and the Dutch text, the latter will prevail. Annual report 2015 2 SNS Bank NV Annual report 2015 > 86 168 192 268 30 286 1 SNS BANK AT A GLANCE 8 5 SNS BANK PERFORMANCE 50 1.1 Mission and vision 9 5.1 Financial and commercial developments 51 1.2 Strategy 9 5.2 Our strategic themes 58 1.3 History 10 5.3 Brand performance 67 1.4 Value creation 11 5.4 Our People 76 5.5 The importance of information technology 81 5.6 Tax policy 83 2 FOREWORD 14 3 REPORT OF THE 20 6 RISK, CAPITAL & LIQUIDITY 88 SUPERVISORY BOARD MANAGEMENT 6.1 Summary 90 4 SNS BANK AND ITS STRATEGY 32 6.2 Risk management organisation 91 6.3 Risk profile and risk appetite 96 4.1 Developments 33 6.4 Capital management 104 4.2 Developments in the regulatory environment 39 6.5 Credit risk 116 4.3 Stakeholder engagement 42 6.6 Market risk 143 4.4 SWOT Analysis 45 6.7 Liquidity management and funding 149 4.5 Mission and strategy 46 6.8 Credit ratings 159 6.9 Key non-financial risks 161 SNS Bank NV Annual report 2015 > Table of contents 3 86 168 192 268 30 286 7 CORPORATE GOVERNANCE 170 Independent auditor's report 272 Independent Auditor's Assurance Report 282 7.1 Composition, appointment and duties of the 171 Board of Directors 7.2 Composition, appointment and duties of the 173 Supervisory Board ADDITIONAL INFORMATION 286 7.3 Bank and society 175 Composition of the Board of Directors 288 7.4 Dutch Corporate Governance Code 177 Composition of the Supervisory Board 292 7.5 Transfer of SNS Bank and EC commitments 178 Definitions 296 7.6 Management statements 179 Abbreviations 300 7.7 Remuneration Report 182 About this report 302 Additional Stakeholder Information 312 ANNUAL REPORT 194 EDTF references 318 Consolidated financial statements 196 Notes to the consolidated financial statements 201 Company financial statements 257 Notes to the company financial statements 259 OTHER INFORMATION 268 Provisions regarding profit or loss appropriation 270 4 SNS Bank NV Annual report 2015 > Table of contents SNS Bank is the 4th largest bank in the Netherlands with One bank with five strong brands with a clear focus on the Dutch 3 million customers Our mission: Banking with a retail segment human touch For the world of tomorrow a balance sheet total of AMBITIONS ASN Bank is a sustainable bank that wants to contribute to a more sustainable society respec- €63 billion ting the following pillars: climate, human rights and biodiversity. Payments, savings, investments Distribution: Online and mobile and substantial market shares in retail mortgages, Feel at home €46 billion We are a MORTGAGES BLG Wonen serves customers through inter- PEOPLE-ORIENTED BANK mediaries and wants to offer housing-related Personal banking solutions that meet the needs of the customer’s financial situation. Mortgages retail savings, Distribution: Independent advisers €37 billion Nearby and committed RegioBank wants to be a truly local bank with face-to-face contact for every customer and a full and payments. range of services. We are a Payments, savings, mortgages SAVINGS Distibution: 538 independent advisers, online and mobile 1.1 million current SOCIAL BANK accounts Financial resilience, benefit rather than return Perfectly normal. SNS SNS presents itself as a no-nonsense bank with simple products that benefit the customer. We thus change course and challenge the major In 2015 we realised a profit of banks. Payments, savings, mortgages, insurance products €348 million Distribution: 189 SNS Shops, online and mobile We are a PAYMENTS Saving for later SUSTAINABLE BANK with a solid capitalisation. On our way to a climate neutral bank ZwitserlevenBank offers various savings products based on the ‘Simplicity for later’ strategy. 25.3% Savings Common Equity Tier 1-ratio Distribution: Online SNS Bank NV Annual report 2015 > Introduction 5 SNS Bank is the 4th largest bank in the Netherlands with One bank with five strong brands with a clear focus on the Dutch 3 million customers Our mission: Banking with a retail segment human touch For the world of tomorrow a balance sheet total of AMBITIONS ASN Bank is a sustainable bank that wants to contribute to a more sustainable society respec- €63 billion ting the following pillars: climate, human rights and biodiversity. Payments, savings, investments Distribution: Online and mobile and substantial market shares in retail mortgages, Feel at home €46 billion We are a MORTGAGES BLG Wonen serves customers through inter- PEOPLE-ORIENTED BANK mediaries and wants to offer housing-related Personal banking solutions that meet the needs of the customer’s financial situation. Mortgages retail savings, Distribution: Independent advisers €37 billion Nearby and committed RegioBank wants to be a truly local bank with face-to-face contact for every customer and a full and payments. range of services. We are a Payments, savings, mortgages SAVINGS Distibution: 538 independent advisers, online and mobile 1.1 million current SOCIAL BANK accounts Financial resilience, benefit rather than return Perfectly normal. SNS SNS presents itself as a no-nonsense bank with simple products that benefit the customer. We thus change course and challenge the major In 2015 we realised a profit of banks. Payments, savings, mortgages, insurance products €348 million Distribution: 189 SNS Shops, online and mobile We are a PAYMENTS Saving for later SUSTAINABLE BANK with a solid capitalisation. On our way to a climate neutral bank ZwitserlevenBank offers various savings products based on the ‘Simplicity for later’ strategy. 25.3% Savings Common Equity Tier 1-ratio Distribution: Online 6 SNS Bank NV Annual report 2015 > Introduction Key figures Balance sheet Profit and loss account Total assets 2015 in € millions 2015 2014 2013 2012 2011 in € millions 2015 2014 2013 2012 2011 Total income (in € millions) Balance sheet total 62,690 68,159 74,537 81,341 81,272 8% Net Interest Margin 994 1,024 957 705 803 10% Loans and advances to customers 49,217 52,834 53,405 61,768 64,797 1,200 1,099 1,125 Net provision and management fees 48 44 50 54 86 1,042 1,043 - of which mortgages 45,631 47,281 48,458 50,841 52,920 842 Other income 83 31 36 83 153 800 Amounts due to customers 47,440 46,208 43,904 42,344 40,557 Total income 1,125 1,099 1,043 842 1,042 4% - of which savings 36,860 35,666 33,276 32,815 30,342 400 Impairments 37 207 224 228 410 Debt instruments 6,941 11,252 16,439 21,990 27,361 0 Goodwill impairments 67 2011 2012 2013 2014 2015 5% Equity 3,302 2,963 2,582 1,337 1,723 Operating expenses 590 498 522 479 573 Capital and funding Other expenses 22 76 8 8 0 73% Total expenses 649 848 754 715 983 Operating expenses in € millions 2015 2014 2013 2012 2011 (in € millions) Result before taxes 476 251 289 127 59 Tier 1 core capital 2,916 2,520 2,266 1,253 1,879 600 590 Taxes 128 100 105 33 21 573 522 Mortgage loans to customers Risk Weighted Assets (RWA) 11,513 13,771 15,121 20,592 20,534 479 498 Net result discontinued operations (1,536) (813) Other loans and advances to customers 400 Ratios Cash and cash equivalents Net result 348 151 (1,352) (719) 38 200 Investments CET 1 ratio 25.3% 18.3% 15.0% 6.1% 9.2% - Net result Property Finance (1,536) (813) (243) Other Tier 1 ratio 25.3% 18.3% 15.0% 7.7% 12.2% - One-off items 13 (143) (79) (36) (20) 0 Total capital ratio 29.5% 18.4% 15.0% 9.3% 14.4% 2011 2012 2013 2014 2015 Adjusted net result 335 294 263 130 301 CET 1 ratio (fully loaded) 25.8% 17.4% 12.3% Total liabilities 2015 Leverage ratio 4.7% 3.8% 3.1% Leverage ratio (fully loaded) 4.8% 3.6% 2.5% Number of employees (FTE) Performance indicators Loan-to-deposit ratio 105% 113% 122% 148% 159% 5% 3,340 6% 2015 2014 2013 2012 2011 3,000 2,426 2,506 2,133 Quality loan portfolio NIM (Net Interest Margin as % average assets) 1.52% 1.43% 1.23% 0.87% 1.00% 2,000 2,009 2015 2014 2013 2012 2011 Efficiency ratio 51.2% 44.7% 50.0% 56.9% 55.0% 11% 1,000 Loan-to-Value mortgage portfolio 84% 86% 89% 87% 82% Loan impairments as % of gross loans 0.07% 0.38% 0.39% 0.40% 0.63% 0 2% Loans in arrears (%) 3.1% 4.3% 4.5% 3.9% 3.6% Retun on Equity (ROE) 11.1% 5.4% -69.0% -44.7% 2.2% 2011 2012 2013 2014 2015 Impaired ratio 2.3% 3.1% 3.1% Return on assets 0.53% 0.21% -1.73% -0.88% 0.05% Coverage ratio 29% 27% 25% 76% Net Promoter Score Other key figures Market shares 2015 2014 2013 2012 2011 2015 2014 2013 2012 2011 Brand 2015 2014 Savings and other debts to customers ASN Bank 19 12 Payments (new current accounts) 25% 21% Number of SNS Shops 189 188 166 162 155 Amounts due to banks BLG Wonen -42 -14 Number of independent advisers RegioBank 538 535 526 536 529 Debt instruments Retail savings 10.9% 10.7% 10.1% 10.3% 10.0% RegioBank 5 -7 Other Mortgages Number of ATMs 438 539 537 519 507 SNS -26 -28 Equity Mortgages - Portfolio (in €) 6.9% 7.2% 7.4% 7.4% 7.8% Carbon neutral balance sheet 22% 16% Mortgages - New production (#) 4.1% 3.7% 1.8% 2.1% 5.8% Employee satisfaction (eNPS) 34 18 SNS Bank NV Annual report 2015 > Introduction 7 Key figures Balance sheet Profit and loss account Total assets 2015 in € millions 2015 2014 2013 2012 2011 in € millions 2015 2014 2013 2012 2011 Total income (in € millions) Balance sheet total 62,690 68,159 74,537 81,341 81,272 8% Net Interest Margin 994 1,024 957 705 803 10% Loans and advances to customers 49,217 52,834 53,405 61,768 64,797 1,200 1,099 1,125 Net provision and management fees 48 44 50 54 86 1,042 1,043 - of which mortgages
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