SNS REAAL Groep N.V.
Below you will find information from the register publication of inside information. The information has been provided by the organisation.
Registration date
16 aug 2012 - 07:25
Statutory name
SNS REAAL Groep N.V.
Title
Net profit SNS REAAL first half 2012 of € 115 million
Comments
NET PROFIT CORE ACTIVITIES OF € 246 MILLION
• Net profit at SNS Retail Bank lower at € 70 million mainly impacted by higher loan impairments
• Net profit at SNS SME limited at € 3 million, comparable to second half of 2011
• Underlying profit Insurance activities slightly higher at € 131 million, supported by lower operating costs
• Sharp increase in net profit at REAAL to € 164 million, positively impacted by gains on derivatives
• Higher net profit at Zwitserleven of € 52 million driven by realised gains on bonds
• Overall improvement in customer satisfaction levels; growth in savings, bank savings and pensions
• On track with cost reduction programmes; operating expenses reduced by 6%
ONGOING REDUCTION OF EXPOSURE AT PROPERTY FINANCE
• € 131 million net loss at Property Finance in deteriorating markets
• Impairment charges of € 140 million
• Total exposure Property Finance reduced by € 548 million to € 4.7 billion (-10%)
• International exposure reduced by € 352 million to € 2.0 billion (-15%)
• Total exposure Property Finance and SNS SME combined reduced by € 1.1 billion (-10%)
SOLVENCY AND CAPITAL MANAGEMENT
• Core Tier 1 ratio Banking activities of 9.6% (year-end 2011: 9.2%)
• EBA capital shortfall Banking activities fully addressed
• Regulatory solvency Insurance activities 199% (year-end 2011: 203%)
• Double leverage increased to 117.7% (2011: 115.1%)
• € 700 million capital release programme largely realised
• Capital released used to support solvency in challenging market environment
• Exploring strategic restructuring and solvency enhancement scenarios
• All scenarios still under review; no decisions made at this stage
Date last update: 29 June 2026