NIBC shows resilience and is capable to respond to unprecedented times
- Our performance is significantly impacted by COVID-19 in 2020. However, with a net profit of EUR 47 million for 2020 and a return on equity of 2.6%, NIBC shows resilience;
- Strong origination of mortgages welcoming over 19,000 new clients led to a 4% market share and a 24% increase of our total mortgage loan portfolio to EUR 17.4 billion in 2020;
- De-risking of our corporate portfolio led to a decrease of 0.5 billion in Energy and Leveraged Finance while we continued to invest and grow in our more granular portfolios and new ventures;
- Operating income of EUR 431 million (2019: EUR 537 million) supported by a resilient net interest income of EUR 403 million and a small increase of fee and commission income to EUR 43 million (+6%). Both investment income and other income reflect the direct negative impact of the COVID-19 pandemic;
- Operating expenses amounting to EUR 232 million (incl. non-recurring costs of EUR 17 million) are 2% below 2019. Due to lower operating income, the cost/income ratio increased to 54%;
- Impairments increased to EUR 141 million (2019: EUR 49 million) reflecting the challenging environment we all face; and
- As a result of our actively de-risking the balance sheet, the risk weighted assets are reduced by almost 10%, which is reflected in a CET 1 ratio of 19.9% (2019: 17.1%).