Continued delivery on transformation and remediation milestones 

• Merger of all four retail brands successfully completed on 1 March 2026 with the transition of BLG Wonen, finalising the single brand strategy
• FTE reduction following organisational simplification on track: approximately 60% of the total reduction target of 1,600 structural FTEs achieved; realised staff cost savings of € 41 million in the first half of 2026
• Remediation efforts in anti-financial crime and risk management progressing well 

Commercial growth accelerating: rising growth in mortgages and deposits 

• Growth in residential mortgage portfolio of € 2.9 billion to € 59.3 billion
• Increase in market share of new mortgage production to 8.1% (1H25: 6.7%)
• Household deposits increased by € 1.9 billion to € 49.2 billion 

Net profit of € 174 million; Return on Equity of 8.1% 

• Net profit increased by 26% and was positively impacted by € 11 million in incidental items, mainly consisting of a partial release from the provision for our anti-financial crime remediation programme. Adjusted net profit increased to € 163 million (+9%); adjusted Return on Equity of 7.5%
• Net interest income improved by 5%, reflecting growth in our residential mortgages and household savings portfolios
• Total operating expenses, adjusted for incidental items, 6% lower due to a decrease in staff costs resulting from the transformation
• Capital position remained solid: CET1 capital ratio slightly lower at 19.7% as a result of growth in our loan portfolio; leverage ratio stable at 5.1% 
   

Roland Boekhout, CEO ASN Bank 

''In November last year we launched our new strategy, ‘Simplify and Grow’. It builds on the transformation initiated at the end of 2024, and will make us a more streamlined, cost-efficient bank while improving our commercial proposition and brand, thus boosting growth in mortgages, savings and payments. The strategy will guide us through a changing economic environment marked by geopolitical tensions, lower GDP growth, persistent inflation and higher interest rates. 

We are pleased to see our new strategy is already bearing fruit. Our market share in new mortgages improved from 6.7% to 8.1% and supported by campaigns to attract savings customers, our household savings portfolio also further increased. 

The benefits of the transformation are starting to materialise in our operating expenses which adjusted for incidental items decreased by 6%, reflecting 15% lower staff costs. Commercial growth and organisational streamlining helped lift net profit in the first half of 2026, by 26% to € 174 million. The next phase, now in full swing, involves further simplifying our operations ‘under the hood’ by aligning our product portfolio, internal processes and improving data management, while overhauling our IT infrastructure to fit with our one brand approach. Progress made here includes decommissioning old IT systems, rationalising our product offerings and forging key strategic partnerships, including for the development of a cutting-edge, future-proof platform for our core mortgage business. 

A simpler, faster and smarter organisation enables us to offer an even better customer experience. A simplified organisation is also a prerequisite for being able to meet supervisory requirements and remediation deadlines. This area remains a top priority, and we are making timely progress in meeting interim requirements as agreed upon with the supervisory authorities. 

After opening our first flagship store in Utrecht at the end of last year, we further strengthened our physical presence in the Randstad with the opening of our second flagship store in Amsterdam in May, with a third due to open in Rotterdam this autumn. Together with our nationwide network of 325 branches, this reflects our commitment to remaining accessible and close to our customers. In addition, we continue to stand out by offering our customers advice and more favourable financing conditions on sustainable homes. 

We can be proud of the progress made so far. Nonetheless, 2026 remains a pivotal year for the new ASN Bank, as it is now time to show we can continue to deliver on our strategy as an accessible bank that remains committed to providing solutions for challenges in Dutch society such as sustainability, housing accessibility and financial wellbeing. 

I would like to thank our customers, franchise partners, intermediaries, shareholder and other stakeholders for their continued support and trust in ASN Bank. My thanks in particular to all my colleagues for their hard work and contribution to our progress. This includes colleagues leaving us this year, whom we will support carefully through this transition. By continuing to work together in this way, I am confident we can keep building the best possible future for ASN Bank and all our customers. Our ongoing transformation is necessary regardless of ultimate ownership, but in any case, every step we take towards becoming a more cost-efficient bank with a distinctive social profile further enhances our prospects for privatisation.'' 

Read more at Results & presentations.
 

ASN Bank acknowledges the observations and views set out in the progress report. These provide a clear picture of our progress and of the challenges and objectives for the coming period. In terms of implementing the transformation, the formal launch of ASN Bank and the new organisation on 1 July 2025 was a significant milestone, followed by the presentation of the new ‘Simplify and Grow’ strategy in November . 

This also marked the start of the next phase of the transformation, which is taking place mainly ‘under the hood’ primarily in the areas of IT organisation and data management. At the same time, ASN Bank is still working hard to remedy the identified shortcomings in anti-money laundering and risk management. 

Our focus remains on the rapid implementation of the transformation and the priorities of AFC remediation and risk management, with the most significant steps to be taken by the end of 2026. 

Finally, NLFI notes that ASN Bank is not yet ready for a decision on privatisation. ‘Although ASN Bank has made progress over the past year, NLFI does not expect to reach a different conclusion in 2026,’ the shareholder concludes in its report. 

ASN Bank is keen to continue the dialogue with NLFI regarding its future. This will ensure that, as a systematically important bank that is socially engaged, we can continue to contribute to the diversity of the Dutch banking landscape in the future. 

On 7 August, when we present our interim results for 2026, we will provide an update on our financial progress and the achievement of our strategic objectives. 

Both the letter from the Minister of Finance and the NLFI report can be found on the Government of the Netherlands' website. 

NLFI also agreed to ASN Bank’s proposal to pay out a €124 million dividend to be charged to the result for 2025, which corresponds to a payout ratio of 50%. This is in line with the dividend policy. 

Appointment of two new Supervisory Board members 

At the AGM, NLFI agreed to the appointment of Arno Pouw and Ing Yan Ong as new Supervisory Board members. They succeed Jos van Lange and Aloys Kregting, who both retired by rotation after two full four-year terms of office. The required approval has been obtained from the regulatory authority for the appointments of Arno Pouw and Ing Yan Ong. 

“We are glad to have found two excellent new Supervisory Board members in Arno and Ing Yan. Both of them have extensive experience in their respective fields of expertise and, as a result, will provide added value to the bank, especially in view of the transformation that has commenced and the future of the bank”, says Gerard van Olphen, Chair of the Supervisory Board. 

“I would like to thank Jos and Aloys for their commitment to our bank. As a Chair, I could always rely on Jos. As a Vice Chair of the Board and Chair of the Audit Committee, he has expressly contributed to continuity in a dynamic period for the bank. The same goes for Aloys, whose IT experience and expertise in particular have been of paramount importance to the bank.” 

Extensive and wide-ranging experience in IT and Finance 

Ing Yan Ong (1970) has very extensive experience in digitalisation, IT and operations and, until the end of 2024, was Global Chief Information Officer of HEINEKEN, where he was charged with the global management of large-scale digital transformations. Ing Yan’s current positions include Senior Advisor at Boston Consulting Group. He previously worked at software company Oracle and at ABN AMRO as head of the IT audit department. 

Until early 2017, Arno Pouw (1959) was a chartered accountant and a partner at accountancy and consultancy firm PwC, where he also held the position of CFO on the Dutch Board of Management and was in charge of the EMEA advisory practice for a few years. After PwC, Arno worked as an independent strategic consultant to businesses. He has extensive experience with mergers and acquisitions. Arno’s current positions include Chair of the Supervisory Board of Takeaway.com Payments, the payment division of food delivery group Just Eat Takeaway. 

Composition of the new Supervisory Board 

ASN Bank’s new Supervisory Board consists of five members. In addition to Chair Gerard van Olphen and the two new members, the Board also comprises Petra van Hoeken and Jeanine Helthuis. Last year, all three mentioned by name were reappointed for a second term of four years. Arno Pouw will assume the role of Chair of the Audit Committee and will also join the Risk & Compliance Committee (R&CC) and the ESG Committee as a member. Ing Yan Ong will become a member of the Selection, Nomination & Remuneration Committee (SNRC), the Audit Committee (AC) and the ESG Committee. 

Roland Boekhout, CEO ASN Bank: “It has been a privilege to team up with such an experienced and dedicated professional. With his vision and experience André has made a valuable contribution to the development of our ‘Simplify and Grow” strategy, which we presented in November last year. I would like to sincerely thank him on behalf of all our colleagues and wish him all the best in his future endeavors.” 

André Haag, CFO ASN Bank: “I look back with pride and pleasure on the past four years in which much has been accomplished to strengthen the bank. The time has come for me to pursue other career opportunities. I would like to thank my colleagues in the Executive Board and all ASN Bank colleagues for the great collaboration.” 

The Supervisory Board of ASN Bank has started the recruitment process for the succession of the CFO position. 

The reports are available on the corporate website of ASN Bank.

Angela Eijlander, Chief Sales & Marketing Officer of ASN Bank: “ASN Bank has made this decision after carefully weighing up all interests. Limiting interest-only mortgages serves both the bank's and customer’s best interests. However, a mortgage with an interest-only component can still be suitable for many, so this option will remain available despite our stricter policy. Our franchise partners and intermediaries will continue to have regular conversations with customers about their mortgage choices.”

Necessary step

This change is necessary because interest-only mortgages are increasingly viewed as a risk, partly due to the relatively large share of interest-only mortgages issued in the past. Supervisory authorities ECB and DNB have also recently highlighted this issue.

According to DNB, the main concern is the risk of banks having an excessive concentration of loans not subject to repayment on their balance sheets. ASN Bank acknowledges this, although this risk has decreased in recent years as more mortgage loans are being repaid or refinanced, and new mortgages typically have no interest-only component, or one that is much lower.

The AFM also points out that banks must deal with existing mortgages carefully, ensuring that “customers are not disproportionately affected by any measures taken to manage risks”. ASN Bank supports this focus on customer interests and will continue to uphold this principle when assessing individual customers, even in circumstances such as death or divorce.

“Since the nationwide Aflossingsblij campaign [an initiative of the Dutch Banking Association to raise awareness of the characteristics of interest-only mortgages, started in 2018], we have been reaching out to our customers to ask how they plan to manage their interest-only mortgage in the future. With this targeted approach, we’re able to engage with customers in a timely manner and keep an overview of their current financial situation,” says Angela Eijlander. “Our customers benefit from having a mortgage that best suits their financial situation.”

Tax context, interest rate environment and NHG

Tax rules have long discouraged mortgages where customers do not repay the principal of the loan. Since 2013, homeowners’ entitlement to deduct their mortgage interest payments from their taxable income only applies to the portion of their mortgage loan that they actually repay. Mortgages falling under the Dutch National Mortgage Guarantee (Nationale Hypotheek Garantie - NHG) also have a limit on the interest-only component of mortgage loans for some time.

Existing customers

For existing customers with a mortgage at ASN Bank, or its former brands including SNS Bank and RegioBank, the situation remains unchanged until the end of the term of their mortgage, even after the fixed-interest period has ended. This also applies to mortgages from BLG Wonen, which will continue under the new brand name of ASN Bank after 1 March 2026.

The new 30% limit will apply to existing customers only if they wish to change their mortgage, such as to increase the loan amount or secure new financing because of a move.

Customers with questions can find more information here or contact their advisor. ASN Bank has already informed its business partners (franchisees and intermediaries) about the change in mortgage policy and will support them with customer inquiries.

• Successfully launched the new ASN Bank by merging our four retail brands and changing the entity name from ‘de Volksbank N.V.’ to ‘ASN Bank N.V.’
• Optimised our distribution network to a nationwide network of 325 bank branches, and applied a full rebranding
• Implemented a new organisational structure, leading to staff reduction of over 700 FTEs and first structural cost savings of € 35 million in 2025 (annualised € 70 million); additional structural reduction of 850 – 950 FTEs throughout 2026, provisioned for in 2025
• Remediation efforts in anti-financial crime and risk management progressing according to schedule

Strong commercial performance supported by the transformation

• Growth in residential mortgage portfolio of € 4.5 billion to € 56.5 billion
• Increase in market share of new mortgage production to 6.9% (2024: 6.3%)
• Household deposits increased by € 1.7 billion to € 47.3 billion

Net profit of € 268 million; Return on Equity of 6.3%

• Net profit negatively impacted by € 51 million in incidental items, consisting of an addition to the restructuring provision for our transformation programme. Adjusted for incidental items, net profit amounted to € 319 million; Return on Equity of 7.6%
• Total income down by 7% to € 1,219 million, reflecting the changed interest rate environment
• Total operating expenses, adjusted for incidental items, 5% higher at € 805 million, mainly driven by higher temporary costs related to the transformation and wage inflation
• Capital position remained solid: CET1 capital ratio slightly lower at 19.8%, as higher CET1 capital was offset by an increase in risk-weighted assets; leverage ratio stable at 5.1%
• Proposed dividend for 2025: € 124 million, corresponding to a 50% pay-out ratio

Roland Boekhout, CEO ASN Bank
“In 2025 we successfully focussed on delivering our transformation targets while navigating through economic uncertainty, geopolitical turbulence and a changing interest rate environment. Given these challenging circumstances we are pleased with our financial and commercial results. We achieved steady growth in mortgages with healthy margins which we intend to maintain in the coming years.

In July we launched our new organisation and completed the rebranding of SNS branches. With the rebranding of RegioBank in December, ASN Bank now offers customers face-to-face service through our unique franchise model with a nationwide network of 325 branches – which is what continues to set us apart from other banks. 

Building on the progress of our transformation, in November we announced our new strategy aimed at achieving growth in mortgages, savings and payments. This calls for further simplifying our operations by aligning our product portfolio, IT infrastructure and support services under an integrated distribution channel and our one strong brand.

Another priority is increasing our impact on society. As an accessible bank we remain committed to provide solutions for challenges in the Dutch society such as sustainability, housing accessibility and financial wellbeing.

In parallel to these developments, we have made good progress in strengthening our remediation efforts in anti-money laundering and risk management, meeting all interim requirements agreed upon with the supervisory authorities after we were fined in January 2025 for shortcomings in previous years. Our new streamlined organisational structure with clear mandates and responsibilities allows us to better address these deficiencies and gives us agility in a changing regulatory environment.

However, all these changes meant we had to say goodbye to many of our colleagues. A first round of job cuts, affecting over 700 FTEs, was completed this year. An additional ambition with a second round of job cuts, affecting 850-950 FTEs in 2026, was announced in November. These are painful but necessary decisions in building ASN Bank as a future-oriented and financially solid bank for our customers.

I am grateful to our customers, franchise partners, intermediaries, shareholder and other stakeholders for their continued trust and support in ASN Bank. My thanks in particular to all my colleagues for their hard work and sacrifice during this transformational and challenging journey. Based on what we have achieved this year, I have every confidence we will succeed in building an operationally, commercially and financially strong bank where customer relations come first.”

Read more at Results & presentations. 

Angela Eijlander, Chief Sales & Marketing Officer ASN Bank: “With the opening of our first flagship store, we are creating a vibrant meeting place – a location where ideas for tomorrow are born. In this way, we help customers and visitors to realise their financial future. We will soon have three flagship stores, which will help strengthen our visibility in the Randstad. These sites are the creative hub of our organisation. Here, we will organise staff onboarding programmes, meetings for customers and advisers, and information sessions for partners and intermediaries and host also stakeholder dialogues. In this way, we create lively areas where we can meet, inspire one another, and work together to build a future-oriented bank. In short, our flagship stores are where we bring our brand promise ‘Good for you, good for the future’ to life.

Visitors and customers

In addition to the interactive experiences, customers can visit the flagship store for straightforward banking matters, such as support with products and services they normally manage via the mobile app. Mortgage consultations are also available by appointment. A team of dedicated experts are on hand every day, supported by financial advisers from our nationwide network of branches.

Staff training centre

The flagship store also serves as a meeting place for staff training sessions and events. For example, new colleagues will have their introductory training day here. It is also a venue for inspirational workshops, meetings and events, as well as a place where teams and colleagues can meet and collaborate. We will also welcome our franchise partners here for information sessions.

Location

Located on Lange Viestraat 6, right in the heart of Utrecht, the ASN flagship store is in a vibrant area with plenty of passers-by and within walking distance of the station. Next year, two more flagship stores will open in prime locations in Amsterdam and Rotterdam.

Accessibility for customers, which we guarantee through our nationwide network of branches, is a cornerstone of ASN Bank’s new strategy. Physical proximity is an important reason behind many people’s choice of bank, which is why ASN Bank is the only major bank in the Netherlands with a nationwide network of more than 325 branches, which will be complemented by our three flagship stores.

Angela Eijlander, ASN Bank Chief Sales & Marketing Officer: “This operation marks the completion of a key phase in the transformation of ASN Bank. Thanks to the tireless efforts of all our entrepreneurs up and down the country and our many dedicated ASN Bank employees, we now have a strong network of branches throughout the Netherlands, which puts us in a unique position. In addition to further improving our online services, such as the mobile app, we remain in close physical proximity to our customers, which means we can help them even better with their financial questions and goals. The RegioBank name will now disappear from our highstreets, but ASN Bank is ramping up its presence locally.” 

ASN Bank’s new strategy 

A nationwide network of branches provides a cornerstone of ASN Bank’s new strategy. The proximity of a local branch is an important reason why many customers choose a bank, which is why ASN Bank is the only major bank in the Netherlands with a nationwide network of branches. 

Due to the rise of online banking, the number of bank branches in the Netherlands has decreased sharply in recent years. About half of the Dutch population currently reports not having a bank branch nearby, according to ASN Bank research. 

At the same time, three-quarters of people feel the need for a local branch. ASN Bank meets this need with its renewed national network of branches. The bank works closely with franchise partners who manage and staff these branches, often in combination with an insurance agency. These are regional entrepreneurs who know their customers better than anyone else and can therefore respond excellently to their needs. They also have years of experience in banking. 

The converted branches are former RegioBank locations which now operate under the new name but with the same mortgage, savings and payments products as all other ASN Bank branches. In this way, ASN Bank continues to offer reliable services, but in a fresh new format, not only to former RegioBank and SNS Bank customers, but also to all existing customers of ASN Bank. 

The change of name is currently only visible on the exterior of the buildings; an interior refit will follow early next year. At the same time, ASN Bank is opening three ASN flagship stores at premium locations in the centre of Utrecht, Rotterdam and Amsterdam. This is part of the bank’s strategy to further increase its presence in the Randstad. The first flagship store will officially open its doors in Utrecht on 8 December. 

ASN Bank chose a new strategy in mid-November and will focus in the coming years on growth in mortgages, savings, and payments. Since 1 July, the bank has operated under one brand name, ASN Bank, with the former brands of SNS, RegioBank, and BLG Wonen gradually being integrated. In addition to the website, mobile app, and branches, ASN Bank also offers mortgages through intermediaries. 

ASN Bank is taking the next step towards a financially strong and sustainable future by adopting a new strategy focussed on simplification and growth. The bank is thus building on the foundation laid by the transformation that began at the end of last year. The aim of the new strategy is to achieve growth through the core activities of mortgages, savings and payments. Business operations, internal processes and systems must be made more effective and efficient. 

This step logically follows on from the earlier decision to operate under the single brand name of ASN Bank from 1 July 2025. For example, only one customer administration system is now required and the current range of over 160 products can be reduced significantly. The further streamlining of the organisation is expected to lead to a reduction of between 850 to 950 FTEs, to occur in phases throughout 2026. The Works Council will respond to the request for advice, which is expected to be submitted in early February 2026. The 2024 social plan applies, whereby the bank helps employees find new work. 

Roland Boekhout, CEO ASN Bank 
’As mentioned in our interim financial report in August, our strategy will continue the transformation we have embarked upon. On 1 July, we formally transitioned to the single strong brand of ASN Bank, under which we will serve all our 3 million customers. In addition to our mobile banking services, customers retain access to our nationwide network of local branches. Now our name change and unique distribution model is almost finalised, we are continuing with the transformation by making essential changes under the hood. To simplify the business further, we are reducing the number of existing products and aligning the underlying processes and systems with the one-brand strategy. 
This means that the number of products will be reduced, processes standardised and systems further automated. This will enable us to organise our business operations more efficiently and effectively. 

Of course, I recognise the impact that the further streamlining of the organisation will have on all colleagues. This is again a far-reaching change. I am impressed how all our staff every day demonstrate their commitment and passion for our customers and the bank. We continue to build a sound bank with a distinctive social profile where customer relationships come first.' 

Strategic priorities 
With its strong ASN Bank brand and distinctive social profile, the bank’s new strategy sets out three priorities: 

1. Growth in mortgages, savings and payments 
As a sympathetic challenger, ASN Bank aims to grow in mortgages, savings and payments with simple products that meet its customers’ needs. For the distribution of mortgages our franchise partners and the intermediary channel remain crucial. ASN Bank also wants to make savings more attractive. 

Improving the customer experience is central to achieving this growth. Customers want fast, accurate service: digital where possible, personal where it matters. ASN Bank aims to broaden its customer base also in the Randstad, where it is opening flagship stores in Utrecht, Rotterdam and Amsterdam. 

2. Increasing social impact 
ASN Bank continues to be committed to a sustainable and fair future for everyone. For example, the bank helps customers make their homes more energy efficient. ASN Bank is also looking into whether, in addition to existing impact funds, it can offer space to funds that stimulate the energy transition. Or invest in the transition to a more sustainable economy and society through financing. 

3. Simpler and faster 
Simpler, faster, smarter remains ASN Bank's motto. Simplification is essential for becoming a healthy, cost-efficient bank with an eye for people and society. Now is the time to deliver on that promise. In the first phase of the transformation, the focus was on the 'front end' of the bank. Now it is time to focus more on the 'back end'. 

ASN Bank is moving from more than 160 different products to a clear, improved and appropriate range of products. Less customisation means less complexity and therefore lower costs. The bank's technology needs to be modernised, which is why it is replacing outdated systems and standardising them where possible. ASN Bank is also investing in reliable data, future-proof IT platforms and the pragmatic application of AI. 

Customers will notice these changes because they will experience improved and faster services. For example, through a single app, simpler processes and shorter turnaround times. 

Remediation 
At the same time, ASN Bank is still working hard to improve anti-financial crime processes and risk management. As stated in the 2025 interim financial report, the bank is making good progress in this regard. However, the costs of compliance with legislation and regulations remain high for the time being and also include the temporary hiring of external staff. 

Financial ambitions for 2030 
The strategy is primarily focused on simplification and growth, with improved financial ambitions and results. The proposed streamlining is expected to result in total annual structural cost savings from 2027 of approximately € 150 million, of which € 70 million are to be realised as of 2026, as announced on 19 November 2024, and an additional € 80 million as of 2027. These savings are expected to be partly offset by higher temporary costs related to the implementation of the transformation programme, wage inflation and additional remediation costs to combat financial crime and in risk management. 

Under the new strategy, the ambition is to improve the cost-income ratio to 50%-55%. 
Other financial ambitions are: 

• Return on equity of 8%-10%
• Common Equity Tier 1 capital ratio of at least 17%
• Leverage ratio of at least 4.5% 

ASN Bank intends to make a reorganisation provision for the 2025 financial year. In the earlier phase of the transformation, almost 750 FTEs were already cut, resulting in annual cost savings of € 70 million. 

Previous announcements regarding the transformation: 

• Press release 1 July 2025
• Press release 19 November 2024 

Retail savings account  

Business saving account

All rates are floating, on an annual basis and per account.

The interest rates for all savings products are available on the website of ASN Bank.

* The interest rates are floating rates, on an annual basis and per account. 

The interest rates for all savings products are available on the websites of our brands.  

Since the publication of the first Framework in 2019, ASN Bank (formerly ‘de Volksbank’) has taken important steps to enhance its green finance strategy and sees it as a major tool towards a more sustainable balance sheet and to generate positive impact. With the update, ASN Bank intends to expand the type of labelled funding instruments that can be issued under this Framework, as well as to ensure the Framework is up to date and reflects the most relevant sustainable finance trends.

ASN Bank sees the issuance of GFIs as an effective way to mitigate climate change and to achieve the Sustainable Development Goals of the United Nations (SDGs). Via the green funding program, ASN Bank aims to further diversify its investor base by making sustainable investments available in the debt market to both dedicated green bond investors as well as to mainstream investors who may be looking to integrate ESG factors in their investment decisions.

The Framework is available on the corporate website of ASN Bank.

Retail savings account

Business savings account

* The interest rates are floating rates, on an annual basis and per account.

The interest rates for all savings products are available on the websites of our brands.

• Successful rebranding to ASN Bank marks key milestone for simplification of organisational structure
• Announced staff reduction of over 700 FTEs effective as of 1 July 2025; financial effects will materialise in the second half of 2025
• Remediation efforts in anti-financial crime and risk management are progressing according to schedule

Strong commercial performance

• Growth in residential mortgage portfolio of € 1.9 billion to € 53.9 billion
• Increase in market share of new mortgage production to 6.7% (1H24: 6.2%)
• Retail savings increased by € 1.3 billion to € 47.0 billion

Net profit of € 138 million; Return on Equity of 6.6%

• Net profit included € 11 million incidental items, consisting of a net addition to the restructuring provision for our transformation programme. Adjusted for this, net profit amounted to € 149 million; Return on Equity of 7.2%
• Total income down 7% to € 612 million, reflecting the changed interest rate environment; net fee and commission income up 19%
• Total operating expenses, adjusted for incidental items, 11% higher at € 410 million, mainly driven by wage inflation and higher temporary costs incurred on implementing the transformation
• Capital position remained solid: CET1 capital ratio slightly lower at 20.0%, as higher CET1 capital was offset by an increase in risk-weighted assets; leverage ratio improved to 5.2%

Roland Boekhout, CEO ASN Bank

“In the first half of 2025, we focused on delivering our transformation targets, while facing global turbulence due to economic uncertainty, geopolitical upheaval and a changing interest rate environment. In these volatile markets we are pleased to report a net profit of € 138 million in the first half of 2025, although this is lower than in the same period last year. The year-over-year decline of € 93 million was predominantly driven by the changing interest rate environment while we’ve seen an increase in operational expenses due to wage inflation and higher temporary costs for implementation of our transformation programme and remediation of risk management-related deficiencies.

Persistently high costs and pressure on revenues underscore the need of our transformation to strengthen the bank commercially and operationally. With the roll-out of the transformation we aim for healthy long-term growth with higher profitability. We are therefore pleased to have delivered on all planned transformation milestones.

A fundamental step in the simplification of our organisational structure was our successful launch of the new ASN Bank on 1 July 2025, which involved the rebranding of SNS and de Volksbank. With this rebranding to one strong retail brand we have also started harmonising our banking services and fees. This standardisation gives ASN Bank greater commercial agility to respond to customer needs even more quickly and effectively. Next to our digital offering, our existing ASN Bank customers now have access to local branches. The optimisation of the distribution network is well on track, which includes rebranding of RegioBank and BLG Wonen in 2026.

Parallel to the transformation, we have substantially stepped up remediation efforts to address the shortcomings in anti-money laundering and risk management that resulted in two fines imposed by De Nederlandsche Bank in January 2025. We are making progress in both areas and are in continuous dialogue with the supervisory authorities.

For the second half of 2025, we will continue focusing on our transformation milestones and targets. Our simplified organisational structure under one strong retail brand will allow us to become a more resilient bank that effectively serves the needs of our three million retail customers, while ensuring compliance with increasing laws and regulations.

The execution of the transformation programme over the first half of 2025 has laid the foundation for the further development and optimisation of our new strategy, which we will present in the fourth quarter. We remain committed to provide solutions for challenges in Dutch society such as sustainability, housing accessibility and financial wellbeing. And through our nationwide network of branches, we will continue to maintain a local presence and offer face-to-face customer service.

I would like to thank all our colleagues, franchisees as well as our intermediary partners for their efforts. And we cannot forget the contributions of over 700 colleagues leaving our bank as of 1 July. Since our announcements in the fourth quarter last year, we have managed to move mountains together. And we did this while keeping our doors open so our customers could continue to rely on the service that they have come to expect from us. I am very pleased with what we have achieved so far. But we are not there yet. We will continue to push for fundamental changes. This should lead to an effective, cost-efficient bank with an eye for people and society, where the relationship with the customer is paramount.”

Read more at Results & presentations.

Applying the assumptions and methodological restrictions of the stress test’s adverse scenario, ASN Bank’s Common Equity Tier 1 (CET1) capital ratio at year-end 2027 would end up in the highest range of ≥ 14%, as used by the ECB, and substantially above our SREP CET1 capital ratio requirement of 11.1%. As at 31 December 2024, our CET1 capital ratio, in line with Capital Requirements Regulation 3 (CRR 3), stood at 20.4%.

For more information on the outcome of the 2025 SSM stress test, visit bankingsupervision.europa.eu.

_{[1] ASN Bank operated under the name de Volksbank until 1 July 2025. The ECB will refer to de Volksbank N.V. in its publications regarding the stress test results.}

Retail savings account

Business savings account

* The interest rates are floating rates, on an annual basis and per account.
 

The interest rates for all savings products are available on the websites of our brands.

Overview of the new interest rates* per brand:

Interest rates on retail savings accounts

* The interest rates are floating rates, on an annual basis and per account.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

Roland Boekhout, CEO of de Volksbank: “By choosing ASN Bank, we are taking an important step towards a future-oriented and financially strong bank that logically builds on the solid social foundation that has been successfully laid by our current four brands. A modern and enterprising bank that contributes to solutions for challenges in Dutch society such as sustainability, financial well-being and housing accessibility. A brand where both current and new customers, as well as our committed employees, will feel at home. Now and in the future. By bringing our brands together under one strong brand, we can further improve our services and respond more efficiently to our customers’ needs, thus strengthening our position as a sympathetic challenger in the Dutch banking landscape.”

An accessible bank committed to people and society
The choice for ASN Bank builds on the strong position that the brand has acquired since its foundation in 1960 as a pioneer in sustainable and socially responsible banking. Since 2017 all brands of de Volksbank have adopted the sustainability policy drawn up by ASN Bank. We will combine this with the strength of the SNS, RegioBank and BLG Wonen brands that stand for personal attention, local entrepreneurship and housing accessibility.

Transition in phases and with great care
To ensure a smooth transition, our customers will migrate to the new ASN Bank in stages. We will do so in consultation with the franchisees and distribution partners. Implementation will start in 2025 and is expected to be completed within three years. During this process, customers will be kept informed of the changes and what they mean for them. Both retail and business customers can rely on the familiar services for payments, savings and mortgages. Naturally with the same personal service that our customers are used to.

In addition to our franchise model, the intermediary channel remains crucial for the distribution of mortgages. For now, we will continue to distribute mortgages under the current brand name BLG Wonen. In due course, the brand name BLG Wonen will be changed to ASN Bank. The same goes for the name of the parent company, i.e. de Volksbank. The name change will be implemented in consultation with all relevant stakeholders, in phases and with great care.

Roland Boekhout, CEO of de Volksbank: “Due to the further digitisation of banking services, the number of bank branches in the Netherlands has declined significantly. Clearly, this development will not pass us by either. Nevertheless, we are convinced of the combination of mobile banking and a nationwide network of local branches. With this optimisation, de Volksbank can continue to be the only Dutch bank to offer a financially sound, nationwide network. The strength of a personal financial consultation at moments that matter to the customer is unparalleled. With our branches, we keep personal financial advice accessible. Together with our local franchise partners, we meet this need for advice of our 3 million customers, soon under the flag of one strong brand.”

De Volksbank opts for franchise model
To efficiently give substance to a nationwide network of branches, de Volksbank has chosen to use a franchise model. By doing so, de Volksbank is opting for the strength and network of franchisees and the entrepreneurial knowledge they have of their own region. The distribution network will be optimised carefully, in phases and in close cooperation with the franchisees. The guiding principle is a healthy and sustainable return for both the franchisee and franchiser. In this context, the bank intends to merge branches currently close to each other and serving the same area where possible. Where this proves impossible, the collaboration will be terminated in mutual consultation with the franchise partner. In addition to our franchise model, the intermediary channel remains crucial for the distribution of mortgages.

SNS
The choice to use a franchise model will impact the 46 SNS shops that are currently still managed by de Volksbank. The aim is to bring these stores into the franchise model wherever possible. Where this proves impossible, our own shops will be closed.  Employees affected by this are part of the total expected 700 – 750 FTE reduction as announced by de Volksbank on 19 November 2024.

The aim is to guide the employees in question from "work to work" as much as possible; where possible with the franchisees in the same region. The bank expects to submit a follow-up request for advice to the Works Council for its own shops in January 2025.

For further optimisation of the other 148 SNS franchise shops, the merger of branches will be explored in consultation with the franchisees. Additionally, a number of branches will be closed, bringing the number of franchise shops to an estimated 110 – 130.

RegioBank
RegioBank works with local independent advisers and currently has 416 branches. In consultation with the franchisees, these branches are merged where possible. Where this proves impossible, the collaboration with the independent adviser will be terminated. Likewise, contracts with independent advisers who intend to close their business will be terminated. De Volksbank expects the number of branches run by independent advisers to total 200 – 230.

Flagship stores
In addition to the unique franchise model with a nationwide network, de Volksbank is introducing three contemporary accessible flagship stores for financial advice for both retail and business customers. Besides getting financial advice, customers and other interested persons may attend seminars or training sessions on interesting topics in these stores. The flagship stores will be managed by the bank itself.

Previous posts on transformation

• 4 October 2024 - De Volksbank launches transformation programme to increase operational strength
• 19 November 2024 - De Volksbank presents framework transformation

Retail savings accounts

Business savings accounts

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.10%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS