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Integrated Annual Review 2020 and Contents Around Us a Human Touch Results & Leadership Integrated Annual Review de Volksbank N.V. Introduction 1. The world 2. Banking with 3. Our 4. Governance 5. Annex 2 Integrated Annual Review 2020 and contents around us a human touch results & leadership NEW Annual Pillar 3 ESG Principles for Report Report Report Responsible Banking An Integrated Annual Review of Integrated Annual de Volksbank Review This is our Integrated Annual Review 2020. As of • Annual Report 2020 containing the details of This annual review contains a summary of our this year we report according to the ‘core & more’ financial statements, our risk management and most important financial and social results for the principle. This Integrated Annual Review is the ‘core’ corporate governance. past year. The so-called material topics are made report. It sets out how we dealt with opportunities • Pillar 3 Report 2020 containing the mandatory recognisable throughout the annual overview with and risks in 2020 and how we created value for reporting on capital requirements and risk icons MT , just like our key performance indicators our customers, society, our employees and our management ensuing from the European Capital KPI . shareholder. Would you like more background Requirements Regulation (CRR). information on certain subjects? You will find it in • ESG Report 2020 which includes more information The Integrated Annual Review 2020 was published additional reports: about on ‘Environmental, Social and Governance’ on 11 March 2021 and is available in Dutch and aspects. English. The other publications are in English only • Principles for Responsible Banking explaining and available on our website. the progress made with the implementation of the sustainability principles1. 1. Available online from March 22 de Volksbank N.V. Introduction 1. The world 2. Banking with 3. Our 4. Governance 5. Annex 3 Integrated Annual Review 2020 and contents around us a human touch results & leadership Foreword been accomplished in the past five years. Under year. I would also like to thank all employees, who – Maurice’s direction, de Volksbank was able to further often under difficult conditions – continued providing “For everyone, the year 2020 was dominated by shape its social role, both the number of customers our services to the best of their ability. Covid-19. The pandemic and the associated measures and customer appreciation rose sharply, and solid had far-reaching consequences for society, for the financial results were achieved. As a result, we are As a bank, we want to continue to stand out with economic environment in which we operate, for our indebted to Maurice. Personally, I am grateful for the our social impact. We will also continue to work on a customers, and for our employees, who were forced way in which Maurice transferred his chairmanship strong customer relationship and at the same time to work largely from home from March onwards. to me. on solid financial results. Our mission ‘banking with a human touch’ and our promise ‘better for each other’ Despite all these developments, our brands SNS, In 2020, the Board of Directors experienced remain unchanged.” ASN Bank, RegioBank and BLG Wonen successfully differences of opinion that resulted in the departure continued providing their services. Several initiatives of the CFO and COO for a variety of reasons. In On behalf of the Board helped us to get both retail customers and SME response, an independent survey was commenced of Directors of de Volksbank, customers through the first and second lockdown. of the Board dynamics at the bank of which the results were shared with the parties involved in Martijn Gribnau As many people had financial concerns in 2020, February 2021. Among other things, the researchers Chairman especially in this day and age I am glad that people found that the dynamics in the management and contact the bank and experience that we are ready the interaction between the Board of Directors to help them. In addition to financial resilience – and and the Supervisory Board were not optimal. In currently Covid-19 – the climate is another issue that the meantime, measures have been taken to help urgently needs to be addressed. That is why have ensure that there is a positive dynamic again. set ourselves ambitious goals to contribute to CO2 reduction and biodiversity promotion. This annual On 12 February 2021, we have presented our review will give you much more information about strategy for the period 2021-2025: ‘Better for each how we intend to achieve these goals. other - from promise to impact’. It is intended as a response to developments such as the increasing Given the exceptional situation in 2020, we are customer demand for digitisation in our services and satisfied with the results and our unvaryingly strong more personal and good contact. The strategy also capital position. They both give us a sound starting shows how we aim to control costs and diversify our position for the challenges that lie ahead. income to alleviate the pressure that the low interest rate environment exerts on our returns. Maurice Oostendorp, Chairman of the Board of Directors since 2015, left de Volksbank in August I would like to take this opportunity to thank our 2020. Looking back, we conclude that much has customers for the trust they have given us the past de Volksbank N.V. Introduction 1. The world 2. Banking with 3. Our 4. Governance 5. Annex 4 Integrated Annual Review 2020 and contents around us a human touch results & leadership Contents Summary 5 2020 in a nutshell 7 Company profile 8 Business model 9 Key figures 10 1. The world 2. Banking with a 3. Our 4. Governance & 5. Annex around us human touch results leadership 1. Developments in the 12 2.1 Our mission and ambition 18 3.1 Benefits for customers 32 4.1 Looking back and ahead 58 5.1 Our approach to reporting 69 market and the economy 2.2 Our strategy 19 3.2 Responsibility for society 40 with the Chairman of the 5.2 Consolidated financial 72 2. The acceleration of 13 2.3 Our objectives 19 3.3 Genuine attention for 48 Supervisory Board statements digitisation 2.4 How we create value 21 employees 4.2 Governance overview 62 5.3 Assurance report of the 74 3. Bank industry requirements 15 2.5 Material topics 23 3.4 Returns for the shareholder 52 4.3 Board of Directors & 63 independent auditor are changing 2.6 Our stakeholders 25 3.5 Other targets 53 Supervisory Board 5.4 Abbreviations 76 4. Acceleration of the New Way 15 2.7 SWOT analysis 27 3.6 Financial results 53 4.4 Legal structure and 66 of Working 2.8 Strategy 2021-2025 29 3.7 Outlook 54 shareholder 5. Focus on sustainable 16 3.8 Responsible financial 55 4.5 Risk governance 66 recovery from the and risk management 4.6 Integrity and compliance 67 Covid-19 crisis de Volksbank N.V. Introduction 1. The world 2. Banking with 3. Our 4. Governance 5. Annex 5 Integrated Annual Review 2020 and contents around us a human touch results & leadership Summary The year 2020 was dominated by the Covid-19 The number of current account customers and pandemic. Seeking to help our mortgage customers savings deposits entrusted to us continued to grow who encountered financial problems, from March in the past year. High prepayments exceeded new onwards they were given the opportunity to take mortgage production and the mortgage portfolio a payment holiday of up to six months. At the end showed a decline. of 2020, 1,591 retail customers made use of this scheme, which is slightly less than 1% of our retail It is of paramount importance to us that we act on customers. More than three quarters of these our responsibility for the joint interest of society, customers have now resumed their payments. customers, employees and our shareholder. We again took a number of nice steps in the past year We also set up similar schemes for our SME custom- to live up to our mission and our promise of being ers with loans. Of the 342 entrepreneurs who used ‘better for each other’: such a scheme at the end of 2020 (nearly 10% of the • The climate neutrality of our balance sheet SME customers), again approximately three quarters improved to 59% compared with 44% at the end of have now resumed making payments. 2019. This means that we exceeded our target of 45% for the end of 2020. In 2020, we also endeavoured to counter the • In July, we were the first bank in Europe to issue a increased threat of cybercrime, amongst other € 500 million subordinated green Tier 2 bond. This things by means of information campaigns by our In 2020, we endeavoured was an appropriate next step after the first issue of brands, to help customers recognise the signs of a a green bond, which was recognised internationally suspicious situation. In July, we decided with four to help our customers and as ‘Green Bond of the Year’. other Dutch banks to establish Transaction Monitor- employees get through • With a score of 51, we reached our target of a ing Netherlands (TMNL) in the collective fight against the Covid-19 crisis as best minimum score of 50 on the Financial Confidence money laundering and terrorist financing. TMNL Barometer and continued the upward trend from is an important addition to our own transaction as we could the baseline measurement in 2018. monitoring activities. • To stress our ambitions in the area of biodiversity preservation, we joined the Platform for Customers appreciate our efforts: the NetPromoter Biodiversity Accounting Financials and de Scores improved at SNS and BLG Wonen; they Volksbank adopted ASN Bank’s objective of having remained at a high level at ASN Bank and RegioBank.
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