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De Volksbank N.V. Annual Report 2019

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De Volksbank N.V. Annual Report 2019 Annual Report 2019 Better for each other REPORT OF THE BOARD RISK GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL 2 de Volksbank N.V. Annual Report 2019 BETTER FOR EACH OTHER 4 5 REPORT OF THE SUPERVISORY 134 BOARD Key figures 8 5.1 Looking back and ahead with the Chairman of 135 Interview with the Chairman of the Board of Directors 10 the Supervisory Board 5.2 Composition of the Supervisory Board 136 1 THE WORLD AROUND US 12 5.3 Meetings of the Supervisory Board 138 5.4 Quality assurance of the supervisory function 140 1.1 Political developments 13 and self-assessment 1.2 Economic developments 14 5.5 Relationship and consultations with the 140 shareholder 1.3 Social demography 15 5.6 Employees and employee participation 141 1.4 Technology 15 5.7 Financial statements and dividend proposal 141 1.5 Laws and regulations 16 1.6 Opportunities and risks 17 6 CORPORATE GOVERNANCE 142 2 OUR STRATEGY 18 6.1 Composition, appointment and functioning of 143 the Board of Directors 2.1 A human touch 19 6.2 Composition, appointment and functioning of 145 2.2 Mission, ambition and objectives 19 the Supervisory board 2.3 Three strategic pillars 21 6.3 Banking Code 148 2.4 How we create value 21 6.4 Dutch Corporate Governance Code 148 2.5 Options for the future 27 6.5 Legal structure of de Volksbank 149 6.6 Remuneration Report 150 3 BANKING WITH A HUMAN TOUCH 28 FINANCIAL STATEMENTS 154 3.1 Benefits for customers 29 3.2 Responsibility for society 36 Consolidated financial statements 156 3.3 Genuine attention for our employees 52 Notes to the consolidated financial statements 160 3.4 Return for the shareholder 58 Company financial statements 208 3.5 Other objectives 58 Notes to the company financial statements 211 3.6 Technology and innovation 59 3.7 Commercial developments 61 OTHER INFORMATION 222 3.8 Financial results 63 Provisions regarding profit or loss appropriation 222 Independent auditor's report 224 4 RISK MANAGEMENT 66 Assurance report of the independent auditor 232 4.1 Risk management structure 67 4.2 Strategic risk 74 ADDITIONAL INFORMATION 236 4.3 Credit risk 76 4.4 Market risk 102 Definitions and abbreviations 236 4.5 Non-financial risks 106 About the non-financial information in this report 241 4.6 Liquidity management and financing 110 External benchmarks 252 4.7 Credit ratings 120 Disclaimer 254 4.8 Capital management 121 4.9 Management statement 132 REPORT OF THE BOARD RISK GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL de Volksbank N.V. Annual Report 2019 3 Presentation of information De Volksbank's annual report informs its stakeholders about its financial and non-financial results for 2019. 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: - The world around us - Our strategy - Banking with a human touch - Risk management • Report of the Supervisory Board • Corporate governance • Financial statements • Other information and Additional information 'We gladly welcome you The financial information in the financial statements has been prepared in accordance with the to de Volksbank’s annual International Financial Reporting Standards (IFRS) as adopted by the European Union (EU IFRS). Moreover, the financial information meets the report for 2019!' requirements as set out in Title 9, Book 2 of the Dutch Civil Code. Jan Hemmen and Siebe Oomkens The non-financial information in this report has been Receptionists at de Volksbank 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 About the non-financial information in this report. Capital metrics and risk positions for 2019 and comparative figures for 2018 are reported under the Basel III framework (CRD IV/CRR). 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 5 March 2020 and is available on our website to browse or as a PDF download. The annual report 2018 was published on 7 March 2019 and is also available on our website to browse or as PDF download. Better for each other Four brands, one promise De Volksbank is the fourth-largest retail bank operating in the Dutch market, with a De Volksbank invests in Dutch society with four bank brands. Each brand focus on mortgages, payments and savings. De Volksbank aims to meet the specific contributes to our joint promise of being ‘better for each other’ based on its own financial needs of its customers in a people-oriented, efficient and sustainable distinctive and social profile. manner with its mission ‘Banking with a human touch’. It is not all about money at de Volksbank; we also care about a better society. De Volksbank has four bank brands, each having its own identity and positioning: SNS, ASN Bank, RegioBank and BLG Wonen. Each brand acts as a driver of one of the four social themes to which de Volksbank – as the parent company – wants 285 to make a contribution. Together, these strong brands make up de Volksbank. > 3 million ATMs Together, these brands are greater than the sum of the parts. customers REGIOBANK 'Together, we are de Volksbank. 18% EXTERNAL 517 Together, we are better off' branches 3,648 Ton Timmerman Rein Wispelweij Frank Soede employees Arie Koornneef Director SNS Director ASN Bank Director RegioBank Director BLG Wonen SNS INTERNAL 82% 203 shops € 38.4 Three core services: BILLION savings mortgages, payments and savings Savings and current accounts Mortgage customers Interest Mortgages Interest Retail customers €48.1BILLION retail mortgages Better for each other Four brands, one promise De Volksbank is the fourth-largest retail bank operating in the Dutch market, with a De Volksbank invests in Dutch society with four bank brands. Each brand focus on mortgages, payments and savings. De Volksbank aims to meet the specific contributes to our joint promise of being ‘better for each other’ based on its own financial needs of its customers in a people-oriented, efficient and sustainable distinctive and social profile. manner with its mission ‘Banking with a human touch’. It is not all about money at de Volksbank; we also care about a better society. De Volksbank has four bank brands, each having its own identity and positioning: SNS, ASN Bank, RegioBank and BLG Wonen. Each brand acts as a driver of one of the four social themes to which de Volksbank – as the parent company – wants 285 to make a contribution. Together, these strong brands make up de Volksbank. > 3 million ATMs Together, these brands are greater than the sum of the parts. customers REGIOBANK 'Together, we are de Volksbank. 18% EXTERNAL 517 Together, we are better off' branches 3,648 Ton Timmerman Rein Wispelweij Frank Soede employees Arie Koornneef Director SNS Director ASN Bank Director RegioBank Director BLG Wonen SNS INTERNAL 82% 203 shops € 38.4 Three core services: BILLION savings mortgages, payments and savings Savings and current accounts Mortgage customers Interest Mortgages Interest Retail customers €48.1BILLION retail mortgages 'SNS helps people with 'RegioBank’s their financial affairs, in heart is in the SNS is for anyone looking to RegioBank makes sure that good times and in bad' manage their financial affairs with neighbourhood' consumers and local business an accessible, straightforward and owners are able to properly manage Ton Timmerman Director SNS humane bank. Whether we are their financial affairs close to their Ronald Pieters talking about savings, payments, Rein Wispelweij home or business. The bank is also Director SNS housing, investments or insurance, Director RegioBank committed to improving the qual- we like to keep things simple and ity of life in neighbourhoods by smart. Personal advice and direct promoting local cohesion. contact increase our customers’ financial resilience. In a survey conducted by the Dutch Consumers’ Association in June The Dutch Consumers’ Association 2019, customers give RegioBank a declared us the bank with the rating of 9.3 for general satisfaction. best customer service in 2019. RegioBank was also awarded the Opiness presented us with the Best highest marks of all Dutch banks Service Award. We opened a new for service as well as for internet & meeting place in Maastricht, where mobile banking. In 2019, RegioBank everyone is welcome to drop by for and Oranje Fonds started collabo- a cup of coffee, Wi-Fi and a better rating in the fund Voordebuurt understanding of money matters. Fonds. Through this fund, RegioBank finances local projects that promote cohesion in local communities and help increase the quality of life there. 'ASN Bank invests in 'BLG Wonen is committed to a ASN Bank customers make a sustainable progress' BLG Wonen seeks to create a difference by contributing to housing market that is accessible fair housing market' sustainable progress and a liveable to all and just for all. Owning your world, now and in the future. The own home gives people a feeling of money they entrust to our bank Joyce van der Est Arie Koornneef security and happiness. Director ASN Bank Director ASN Bank is invested in a way that respects Frank Soede human rights, the climate and BLG Wonen won the 2019 Positive Director BLG Wonen biodiversity.
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