Financial Results
Highlights
- Net profit attributable to parent shareholders at EUR 92 million for NIBC (2007: EUR 98 million);
- Profit after tax from continuing operations amounted to EUR 93 million (2007: EUR 242 million);
- The difficult market circumstances are also reflected in the decrease of Operating income from EUR 474 million to EUR 337 million;
- Operating expenses decreased by 14% from EUR 211 million to EUR 181 million;
- The Balance Sheet decreased by 9% to EUR 28.9 billion, mainly driven by a further de-risking of non-client related portfolios in the financial markets area;
- The Tier-1 ratio remains at a strong level of 16.6% (2007: 12.0%).
In 2008, Net profit attributable to parent shareholders decreased by 6% to EUR 92 million. In 2007, the Net profit included losses on discontinued operations.
The Profit after tax from continuing operations amounted to EUR 93 million, which is 61% below the comparable figure of 2007. This decrease is mainly due to negative fair value adjustments and impairments on equity and mezzanine investments, partly compensated by positive Net trading income.
Income Statement
|
in EUR millions |
2008 |
2007 |
||||||
|
Financial Statements (IFRS) |
Consolidation effect |
Excluding consolidation effect |
Income Statement |
|||||
|
Net interest income |
207 |
(6) |
213 |
238 |
||||
|
Net fee and commission income |
43 |
0 |
43 |
62 |
||||
|
Dividend income |
50 |
0 |
50 |
84 |
||||
|
Net trading income |
81 |
(2) |
84 |
(24) |
||||
|
Gains less losses from financial assets |
(57) |
4 |
(62) |
107 |
||||
|
Share in result of associates |
7 |
(1) |
8 |
1 |
||||
|
Other operating income |
40 |
39 |
2 |
6 |
||||
|
Operating income |
371 |
34 |
337 |
474 |
||||
|
Personnel expenses |
125 |
18 |
108 |
135 |
||||
|
Other operating expenses |
73 |
7 |
66 |
59 |
||||
|
Depreciation and amortisation |
17 |
10 |
8 |
17 |
||||
|
Operating expenses |
215 |
34 |
181 |
211 |
||||
|
Impairment of corporate loans |
42 |
- |
42 |
2 |
||||
|
Impairment of other interest bearing assets |
20 |
1 |
20 |
(1) |
||||
|
Total expenses |
277 |
35 |
242 |
212 |
||||
|
Profit before tax from continuing operations |
94 |
(0) |
94 |
262 |
||||
|
Tax |
(1) |
(0) |
(1) |
(20) |
||||
|
Profit after tax from continuing operations |
93 |
0 |
93 |
242 |
||||
|
Result from discontinued operations |
- |
- |
- |
(141) |
||||
|
Net profit |
93 |
0 |
93 |
101 |
||||
|
Result attributable to minority interest |
(1) |
(0) |
(1) |
3 |
||||
|
Net profit attributable to parent shareholders |
92 |
0 |
92 |
98 |
||||
|
Small differences are possible in the table due to rounding. |
||||||||
The items displayed under ‘consolidation effect’ in the table refer to controlled non-financial companies (see note 1 to the Consolidated Financial Statements for more information).
On 1 July 2008, NIBC reclassified certain financial assets, for which no active market existed and which management intends to hold for the foreseeable future. For further details, please refer to the Financial Statements.
