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De Volksbank N.V. Annual Report 2020

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De Volksbank N.V. Annual Report 2020 2020 Annual Report REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL 2 de Volksbank N.V. Annual Report 2020 BETTER FOR EACH OTHER 4 OTHER INFORMATION 192 Key figures 6 Provisions regarding profit or loss appropriation 192 Foreword of the CEO 8 Independent auditor's report 194 1 STRATEGY AND PROGRESS 10 ADDITIONAL INFORMATION 204 1.1 Economic developments 11 Definitions and abbreviations 204 1.2 Our Strategy 13 Disclaimer 210 1.3 Developments in our shared value ambition 15 1.4 Options for the future 18 1.5 Commercial developments 19 1.6 Financial results 20 1.7 Compliance and de Volksbank 24 1.8 Responsible tax policy 26 2 GOVERNANCE 28 2.1 Supervisory Board and Board of Directors 29 2.2 Report of the Supervisory Board 33 2.3 Banking Code 37 2.4 Dutch Corporate Governance Code 37 2.5 Legal structure of de Volksbank 38 2.6 Remuneration Report 38 3 RISK MANAGEMENT 44 3.1 Risk management structure 45 3.2 Strategic risks 52 3.3 Credit risk 54 3.4 Market risk 86 3.5 Non-financial risks 90 3.6 Liquidity management and funding strategy 94 3.7 Credit ratings 103 3.8 Capital management 104 3.9 Sustainability risk 115 3.10 Management statement 123 FINANCIAL STATEMENTS 126 Consolidated financial statements 128 Notes to the consolidated financial statements 132 Company financial statements 178 Notes to the company financial statements 181 REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL de Volksbank N.V. Annual Report 2020 3 Presentation of information This 2020 Annual Report consists of: • The Report of the Board of Directors, comprising: This is our 2020 Annual Report. As of this year we - Key figures report according to the 'core & more' principle. - Our strategy - Governance (excluding 2.2 Report of the Our core Integrated Annual Review contains a Supervisory Board) concise summary of our most important financial - Risk management and social results for the past year. It sets out how • The Report of the Supervisory Board we dealt with opportunities and risks in 2020 and • Financial statements how we created value for our customers, society, our • Other information and Additional information employees and our shareholder. Would you like more background information on certain subjects? You will The financial information in the financial statements find it in additional reports, such as our Annual Report has been prepared in accordance with the 2020. Other 'more' reports are: International Financial Reporting Standards (IFRS) as adopted by the European Union (EU IFRS). • Pillar 3 Report 2020 containing the mandatory Moreover, the financial information meets the reporting on capital requirements and risk requirements as set out in Title 9, Book 2 of the Dutch management ensuing from the European Capital Civil Code. Requirements Regulation (CRR) • ESG Report 2020 which includes more information Capital metrics and risk positions for 2020 and on 'Environmental, Social and Governance' aspects. comparative figures for 2019 are reported under the • Principles for Responsible Banking explaining the Basel III framework (CRD IV/CRR). Information on progress made with the implementation of the Pillar 3 (part of the CRR) can be found in a separate sustainability principles (SDGs)1 report on our website. The Integrated Annual Review is available in Dutch and This Annual Report has been prepared in euros (€). English. The other publications are in English only. This Annual Report was published on 11 March 2021. The Annual Report provides information on the bank's To download this report or obtain more information, financial and non-financial performance in compliance please visit the website of de Volksbank https:// with regulatory requirements. www.devolksbank.nl/. 1 Available online from March 22 Integrated Pillar 3 ESG Principles for Annual Report Report Responsible Review Banking Annual Report Company profile De Volksbank is the fourth- De Volksbank aims to meet the specific financial needs of its customers largest retail bank operating in a people-oriented, efficient and sustainable manner. Our mission is in the Dutch market. We ‘banking with a human touch’. We invest in Dutch society together with offer simple and transparent 205 786,000 our four bank brands. Each brand contributes to one joint promise of mortgage, savings and SNS shops customers being ‘better for each other’ based on its own distinctive and social profile. payment products to private individuals, self-employed persons and smaller 1,620,000 companies. We also offer customers insurance and investment products. Utrecht Legend 483 >3,000 Mortgages branche offices independent Financial resilience Sustainability Savings advisers SNS is for anyone looking to ASN Bank invests customers’ 698,000 manage their financial affairs with money in a way that respects Payments customers 238,000 an accessible, straightforward and human rights, the climate and Investments humane bank. SNS likes to keep biodiversity. That is how customers customers things simple and smart. Personal contribute to sustainable progress advice and direct contact increase and a liveable world, now and in customers’ financial confidence. the future. MORTGAGES SAVINGS PAYMENTS / CURRENT ACCOUNTS €47.8bn €42.1bn 1.66m Quality of life in the Good housing market share 6.2% market share 10.8% market share of neighbourhood BLG Wonen seeks to create a new current accounts 19% RegioBank makes sure that housing market that is accessible consumers and business owners to all and just for all. Owning your are able to manage their financial own home gives people a feeling affairs. The bank is also committed of security and happiness. of whom to improving the quality of life in neighbourhoods by promoting 3,819 3,171 >3.34m local cohesion. EMPLOYEES internal CUSTOMERS Company profile De Volksbank is the fourth- De Volksbank aims to meet the specific financial needs of its customers largest retail bank operating in a people-oriented, efficient and sustainable manner. Our mission is in the Dutch market. We ‘banking with a human touch’. We invest in Dutch society together with offer simple and transparent 205 786,000 our four bank brands. Each brand contributes to one joint promise of mortgage, savings and SNS shops customers being ‘better for each other’ based on its own distinctive and social profile. payment products to private individuals, self-employed persons and smaller 1,620,000 companies. We also offer customers insurance and investment products. Utrecht Legend 483 >3,000 Mortgages branche offices independent Financial resilience Sustainability Savings advisers SNS is for anyone looking to ASN Bank invests customers’ 698,000 manage their financial affairs with money in a way that respects Payments customers 238,000 an accessible, straightforward and human rights, the climate and Investments humane bank. SNS likes to keep biodiversity. That is how customers customers things simple and smart. Personal contribute to sustainable progress advice and direct contact increase and a liveable world, now and in customers’ financial confidence. the future. MORTGAGES SAVINGS PAYMENTS / CURRENT ACCOUNTS €47.8bn €42.1bn 1.66m Quality of life in the Good housing market share 6.2% market share 10.8% market share of neighbourhood BLG Wonen seeks to create a new current accounts 19% RegioBank makes sure that housing market that is accessible consumers and business owners to all and just for all. Owning your are able to manage their financial own home gives people a feeling affairs. The bank is also committed of security and happiness. of whom to improving the quality of life in neighbourhoods by promoting 3,819 3,171 >3.34m local cohesion. EMPLOYEES internal CUSTOMERS REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL 6 de Volksbank N.V. Annual Report 2020 Key figures Residential Balance Sheet mortgages in € millions 2020 2019 2018 2017 2016 (in € billions) Balance sheet total 67,484 62,841 60,948 60,892 61,588 Loans and advances to customers 50,542 50,461 50,536 49,459 48,620 45.9 47.3 48.1 47.7 - of which residential mortgages 47,697 48,090 47,262 45,934 44,824 Amounts due to customers 53,652 49,045 48,217 47,062 47,428 - of which savings 42,111 38,404 37,376 36,756 36,593 Debt instruments 6,119 6,906 5,822 4,920 5,696 Equity 3,450 3,435 3,571 3,714 3,561 2017 2018 2019 2020 Capital and funding in € millions 2020 2019 2018 2017 2016 CET 1 capital 3,223 3,155 3,313 3,339 3,164 CET 1 ratio Risk-weighted assets (RWA) 10,331 9,680 9,341 9,781 10,824 RATIOS CET 1 ratio 31.2% 32.6% 35.5% 34.1% 29.2% 34.1%35.5% 32.6%31.2% Tier 1 ratio 31.2% 32.6% 35.5% 34.1% 29.2% Total capital ratio 36.1% 37.8% 37.1% 35.7% 33.8% Leverage ratio 5.2% 5.1% 5.5% 5.5% 5.2% Loan-to-deposit ratio 92% 102% 106% 107% 103% Quality of the loan portfolio 2017 2018 2019 2020 2020 2019 2018 2017 2016 Loan-to-Value mortgage portfolio 61% 67% 70% 74% 80% Loans in arrears (%) 1.2% 1.0% 1.1% 1.4% 1.8% Stage 3 ratio 1.4% 1.3% 1.3% 0.8% 1.3% Loan-to-Value Stage 3 coverage ratio residential mortgage portfolio mortgages 6.4% 8.0% 8.4% 15.9% 19.0% 74% 70% 67% 61% Market shares 2020 2019 2018 2017 2016 New current accounts 19% 21% 24% 20% 21% Retail savings 10.8% 10.6% 10.6% 10.7% 10.8% Mortgage portfolio (in €) 6.2% 6.4% 6.5% 6.5% 6.4% New mortgages (in #) 5.0% 6.1% 7.2% 6.8% 5.7% 2017 2018 2019 2020 Other key figures 2020 2019 2018 2017 2016 Number of SNS Shops 205 203 202 197 196 Number of independent advisers RegioBank 483 517 515 528 536 REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL de Volksbank N.V.
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