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.
 

An amount equal to the proceeds will be used to refinance loans for the acquisition and ownership of buildings aligned with European Taxonomy standards, as defined in the Factsheet. With this latest issuance, ASN Bank's total outstanding green bonds increased to € 4.8 billion.

The issuance is in line with ASN Bank’s capital planning, which is based on meeting the MREL requirements with subordinated instruments, i.e. Tier 1 capital, Tier 2 capital and SNP notes with a residual contractual maturity of at least one year.

The green SNP notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue

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. 

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.}

On 5 August 2025, the notes will be redeemed at par value, plus any accrued and unpaid interest.

As part of our rebranding efforts, the first 116 branches have been refitted to showcase the new ASN Bank brand identity, increasing high street visibility from 1 July. On the same day, 1.5 million SNS customers and 0.8 million ASN customers will be switched to the new ASN Bank. To coincide with the rebranding, we are launching a nationwide campaign to position ASN Bank as a forward-looking bank for everyone.

The next important step will be to transfer RegioBank's customers and franchisees to ASN Bank in early 2026. BLG Wonen's intermediary partnerships will be transferred at a later date.

Roland Boekhout (CEO ASN Bank) is pleased with the progress made: "It’s good to see how we are able to deliver so much all at once, and on schedule, too. In doing so, we are going forward at the right speed without cutting any corners. We make sure we work carefully and check in with each other regularly. At the same time, it is undeniably a wonderful challenge to build ASN Bank for our customers, as a new future-oriented and financially solid bank. A bank that naturally builds on sustainability, housing and local presence, and the broad social foundations successfully laid by our previous four brands.

At the same time, I also emphasise the rationale and urgency behind the transformation. A simplified organisational structure is necessary to operate in a more commercially and operationally agile and effective way. This will not only give us the clout we need to respond more quickly and effectively to the needs of our 3 million customers, but also to improve data quality and IT systems, and ensure compliance with increasing laws and regulations. As we announced on 19 November, these are areas which require additional investment in addition to an agile, effective organisation. On the compliance front, ASN Bank is taking the necessary steps for remediation in the domains of anti-financial crime and risk management. To keep focus, these efforts have been consciously separated from the transformation.

I would like to thank our colleagues, franchisees, and intermediaries, as well as our distribution partners for all their concerted efforts. And we also can’t forget the contributions of over 700 former colleagues who left our bank on 1 July. Since our announcement, we have managed to move mountains together. And we did this while keeping the shop open so our customers could continue to rely on the service from us they’ve come to expect from us. But we're not there yet. We will keep pressing on to bring about fundamental changes. This should lead to an agile, cost-efficient bank with an eye for people and society, where the relationship with the customer comes first."

Executive Board Composition
With effect from 1 July 2025, the Executive Board comprises five members:
Roland Boekhout, Chief Executive Officer (CEO), André Haag, Chief Financial Officer (CFO), Saskia Hoskens, Chief Risk Officer (CRO), Isold Heemstra, Chief Operating Officer (COO) and Gwendolyn van Tunen, Chief Financial Crime Officer (CFCO).

Publication of interim results for 2025
On 8 August, ASN Bank will publish its results for the first half of 2025, including an update on financial and commercial developments in this period. 

The attachment 'Transformation update milestone 1 July ASN Bank' describes in detail the progress achieved. In line with the announcements published in the fourth quarter of 2024, we do this based on three pillars of the transformation.

As CSMO, Angela will be responsible for further strengthening ASN Bank’s distinctive position in the market. In this respect, she will focus on the organisation’s commercial development in terms of advisory and customer service orientation, in the context of a bank for the future that builds on the broad social foundations successfully laid by our current four retail brands. A modern and enterprising bank that contributes to solutions to challenges facing Dutch society such as sustainability, financial well-being and accessible housing.

Angela Eijlander: “The new ASN Bank allows us to continue building on the social engagement that characterises Volksbank brands such as ASN Bank, SNS and Regiobank. The online services of ASN Bank that are so highly valued by customers will be combined with the power of human contact through our franchise model. This means we can offer a nationwide network of local branches in addition to online solutions for everyday convenience. The branches will be headed up by franchisees with the focus on a sustainable revenue model for both franchisee and franchisor. In addition to our franchise model, the intermediary arm remains crucial for the distribution of mortgages. For the time being this arm will continue to operate under the current brand name of BLG Wonen, but this will in the long term also be changed to ASN Bank. We are working on a bank for everyone who cares about the future, and I am delighted to contribute to this in my new role.”

Angela Eijlander has served as managing director of SNS since 1 January 2022. Her previous roles include positions at Avéro Achmea and Centraal Beheer.

At the meeting, the shareholder NLFI adopted the financial statements for 2024 and granted discharge to the incumbent members of the Executive Board and the Supervisory Board for the performance of their duties in 2024. NLFI also approved de Volksbank’s proposal to not distribute any dividends for 2024.

The shareholder approved changing the statutory name of de Volksbank N.V. to ASN Bank N.V., which is scheduled to take effect from 1 July 2025. The change of name marks the start of the commercial rebranding process[1] and is part of the transformation announced in 2024 to strengthen de Volksbank commercially and operationally.

[1] As announced, customers of the brands of de Volksbank N.V. will be migrated to the new ASN Bank in stages and in consultation with franchisees and distribution partners. Implementation started in 2025 and is expected to be completed within three years.

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

The appointment of Isold as CCO is a first step towards creating the position of COO with effect from 1 July 2025. Upon approval of the supervisory authorities, de Volksbank intends to appoint Isold as the new Chief Operating Officer (COO) within the context of the transformation to a simpler organisational structure. With his extensive experience in managing complex transformations, Isold has the knowledge and experience to implement de Volksbank’s strategic agenda.

In June 2024, de Volksbank announced its intention to change the role of CCO on the Executive Committee. The CCO’s current range of duties includes both a commercial and an operational component. In line with the transformation to a simpler organisation, the new role of COO will focus more on the bank’s operational duties. The COO will be responsible for the mortgage organisation, day-to-day banking operations and customer service, sustainability (ESG), IT, programme and project management.

Isold Heemstra is an executive with extensive experience in the field of banking, insurance, operations and digitalisation. During his career, he managed several complex, digital transformations in the banking and insurance sector, combining a technical background with international management experience. He held the position of CEO of ING in France and CEO of ING in the Czech Republic.

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: “The Supervisory Board is pleased with the appointment of Isold Heemstra. He has proven strong organisational skills and a good understanding of operational processes in a commercial banking environment. In times of change, Isold has the ability to manage teams in an effective and results-oriented manner. All this makes him the ideal person to hold this position and to put de Volksbank’s transformation on the right track together with his fellow Board members.”

Isold Heemstra: “De Volksbank is facing a big challenge in the coming years. In a relatively short period, the bank is undergoing a major transformation that will have an impact on the organisation and on the IT and data infrastructure. I have been getting my teeth into such change processes my whole working life. Completing complex challenges as a team gives me energy. And, personally, after having worked abroad for 18 years, I am happy to come and live in the Netherlands again with my family.”

CFCO in the Executive Board
In addition to the appointment of Isold, the position of Chief Financial Crime Officer has been added to the Executive Board. Gwendolyn van Tunen had been holding this position on the Executive Committee since June 2024. De Volksbank has made protecting the role of gatekeeper a priority, and adding a CFCO to the Executive Board dovetails neatly with this.

Composition of the Executive Board
With effect from 1 March 2025, the composition of the Executive Board is as follows:

• Roland Boekhout, Chief Executive Officer (CEO)
• André Haag, Chief Financial Officer (CFO)
• Saskia Hoskens, Chief Risk Officer (CRO)
• Isold Heemstra, Chief Customer Officer (CCO)
• Gwendolyn van Tunen, Chief Financial Crime Officer (CFCO)

• Strong customer relationship: increase in number of active multi-customers to 1.233 million (year-end 2023: 1.164 million); improvement in customer-weighted Net Promoter Score to +4 (year-end 2023: -1)
• Positive impact on society: we have reached our KPI climate-neutral balance sheet target of 100% (year-end 2023: 75%). The improvement is largely driven by a reduction in energy consumption of our mortgage customers

Strong commercial performance underpinned by resilient economy despite global geopolitical tensions

• Growth in residential mortgage portfolio to € 52.0 billion (year-end 2023: € 49.2 billion). Increase in new mortgage production to € 7.1 billion (2023: € 5.1 billion); increase in market share of new mortgage production to 6.3% (2023: 5.7%)
• Increase in SME loans of € 158 million (2023: € 150 million) to € 1,393 million
• Retail savings increased to € 45.6 billion (year-end 2023: € 43.6 billion)
• Assets under management (AuM) down to € 4.1 billion (year-end 2023: € 4.2 billion)

Sound net profit excluding major incidental items

• Net profit excluding incidental items of € 427 million (2023: € 431 million); return on equity of 10.5% (2023: 11.4%)
• Incidental items of € 283 million, consisting of charges related to the Transformation programme (€ 96 million), the Anti-financial crime remediation programme (€ 145 million), the settlement of legal proceedings (€ 22 million) and two administrative fines imposed by DNB (€ 20 million)
• Net profit including incidental items of € 144 million; return on equity of 3.2% (2023: 11.4%)
• Total income down 7% to € 1,308 million, driven by a 14% decrease in net interest income, mainly due to lower margins on savings as a result of higher customer rates, partly compensated by higher other income. Net fee and commission income up 20%
• Total operating expenses, adjusted for incidental items, 5% lower at € 765 million, driven by lower regulatory levies, a non-recurring VAT gain and lower marketing costs
• Impairment reversals of € 51 million (2023: a charge of € 15 million), largely as a result of increased residential house prices
• CET1 capital ratio stable at 20.2%, as higher CET1 capital was offset by an increase in risk-weighted assets. Leverage ratio stable at 5.1%

Launch Transformation programme to prepare de Volksbank for the future

• Our current customer brands will combine their strengths and continue to operate under the ASN Bank brand, an essential step in the simplification of our organisation. Over time, the name of the parent company, de Volksbank, will also change to ASN Bank
• Reduction in the number of SNS and RegioBank branches from more than 600 to 320 – 360. To efficiently give substance to this network of branches, we have chosen to use a franchise model
• Rightsizing the organisation to its core business value chain, allowing us to effectively and swiftly react to market and regulatory developments
• The simpler organisational structure is expected to lead to a reduction of 700 – 750 FTEs by 1 July 2025, corresponding to an annual structural cost saving of approximately € 70 million

Roland Boekhout, Chair of the Executive Committee of de Volksbank

“In 2024, against the background of an uncertain and unpredictable geopolitical environment, de Volksbank entered the fourth year of the implementation of its Strategy 2021-2025. Our efforts over the last few years to improve customer relationships and have a positive impact on society are paying off. Furthermore, we achieved a strong commercial result, in particular reflected in the growth of our residential mortgage portfolio. 

The bank reports a net profit of € 427 million for 2024, excluding major incidental charges. This result is approximately the same as in the previous year and marks the bank's second best result since the nationalisation. In addition, in line with earlier communication, we have taken substantial charges, largely related to the implementation of our recently announced Transformation programme and our Anti-financial crime remediation programme. The two administrative fines imposed by DNB in 2025 were also charged to the 2024 result. 

In response to the identified shortcomings related to AFC and risk management operations in previous years, which have led to the above-mentioned administrative fines, we have substantially stepped up remediation efforts. Going forward, the implementation of our Transformation programme and AFC remediation programme should contribute to the remediation of shortcomings in question. 

All in all, de Volksbank can look back on an eventful year. And 2025 too, will see many, sometimes far-reaching, changes. By implementing our Transformation programme, we are combining the strengths of our customer brands into one strong brand: ASN Bank. Tough and, at times, unpleasant decisions are part of this path forward, including a staff reduction of more than 700 FTE, but there is no way around that. Through ASN Bank we will operate under a brand that is distinctive, easily recognisable, ambitious and future oriented; a brand that offers simple product solutions and brings these close to customers. A unique proposition in our market!” 

Read more at Results & presentations 
Watch the analyst webcast (11:00 AM) 

On 9 August 2024, de Volksbank announced that DNB had the intention to impose two administrative fines. These fines have now been imposed by DNB and follow from extensive examinations conducted by DNB. It goes without saying that de Volksbank fully cooperated with these examinations. During the examinations, the bank had already initiated remediation measures, also as part of ongoing ECB supervision. In determining the fines, DNB took this into consideration. The first fine pertains to the shortcomings in compliance with laws and regulations with respect to fighting money laundering and terrorism financing (Wwft). The second fine concerns shortcomings in risk management as a result of which the bank does not meet the sound business operations-related requirements pursuant to the Wft.

Roland Boekhout, CEO of de Volksbank: “It is extremely painful that DNB imposed two fines on us for not having two significant elements of our business operations in order. This is not in keeping with what we stand for as bank. It is our duty to comply with laws and regulations. As a bank, we have disappointed our customers, colleagues and partners. We sincerely apologise for this.

A bank such as de Volksbank must without any doubt have a clear organisational structure with unambiguous reporting lines and policies aimed at managing relevant risks. We are working very hard to adequately and sustainably remediate the identified deficiencies. The Transformation programme that has been initiated will help us simplify our organisational structure, thus making it more efficient. It will enable us to better serve our 3 million customers, to improve our data quality and IT systems and structurally comply with laws and regulations. This is how we are taking steps towards building a customer-centric, strong and effective bank.”

Role of gatekeeper (Wwft)

In the examinations into compliance pursuant to the Wwft, DNB identified deficiencies, including inadequate monitoring of risks and, therefore, the failure to identify risks, or the failure to identify them in time. The system that generates alerts about customers and their transactions does not function properly. The deficient monitoring and major backlogs in the follow-up of detected alerts are the reasons for the fine. To structurally give substance to its role of gatekeeper and fight financial crime, the bank has taken the following measures:

• In June 2024, Gwendolyn van Tunen took up the position of Chief Financial Crime Officer (CFCO) in the Executive Committee. At de Volksbank, the CFCO is responsible for fulfilling the role of gatekeeper and fight financial crime.
• In August 2024, a Systematic Integrity Risk Assessment (SIRA) was submitted. DNB determined that this SIRA complies with the minimum regulatory requirements.
• At the end of 2024, de Volksbank submitted a remediation plan to combat financial crime to DNB, incorporating the feedback from the supervisory authorities. We remain in close contact with DNB about our approach and execution. Implementation of the remediation plan to structurally fight money laundering and the financing of terrorism has now begun.
• Within this context, the new Anti-Financial Crime (AFC) organisation will start with effect from 1 February 2025.
• De Volksbank has recruited professionals with in-depth Wwft knowledge to organise and execute the remediation plan. Additionally, bank-wide training programmes were introduced.
• Improvements have been made to the transaction monitoring follow-up processes and the identified backlogs were largely eliminated by year-end 2024.

Sound business operations (Wft)

De Volksbank had not structured its business activities in such a way as to ensure sound business operations over the period 2018 up to and including 2023. In the investigation period, de Volksbank failed to manage relevant risks, including credit and counterparty risks, capital risks and operational risks. The breach is mainly due to an ineffective framework of internal governance and internal controls. As a result, de Volksbank had insufficient overview and understanding of the possible risks to which it was exposed and the way to manage and mitigate these risks.

To sustainably and structurally set up its sound business operations, de Volksbank has taken measures that include the following:

• In April 2024, Saskia Hoskens was appointed and started as Chief Risk Officer (CRO) of de Volksbank.
• In the autumn of 2024, de Volksbank started a large-scale Transformation programme to simplify its organisational structure including a flat structure, clear mandates and responsibilities. De Volksbank has thus taken important steps to meet the supervisory authority’s requirements.
• In the risk domain, the bank works systematically to structurally comply with regulatory requirements, including the governance. As part of ongoing supervision, the bank maintains an continuous dialogue on the progress of these improvement projects with the supervisory authorities.
• Additional investments are being made in, for example, data and data modeling experts.
• Additional investments are also still required to improve data quality and IT systems.

Strict compliance with laws and regulations and meeting the requirements set by supervisory authorities are of the utmost importance for de Volksbank. Hence, the bank maintains an ongoing, constructive dialogue with the supervisory authorities on this matter.

The fines will be charged to the result for 2024. De Volksbank will publish its annual figures for 2024 on 14 February 2025.

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

The intention is to take these provisions over 2024. We will further specify the provisions with the publication of our 2024 annual results, scheduled for 14 February 2025.

The templates were centrally filled in by the EBA and sent afterwards for verification by banks and supervisors. Banks had the chance to correct any errors detected and to resubmit correct data through the regular supervisory reporting channels, and to add specific information as required to further clarify individual data.

The outcome of the EU-wide Transparency Exercise can be downloaded on the EBA website.

The Tier 2 notes were issued under de Volksbank’s Green Bond Framework, which has been assessed against the EU Taxonomy as of September 2023 by ISS-ESG. For more information on our Green Bond Framework, please refer to our website.

The green subordinated Tier 2 notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue

On 4 October 2024, de Volksbank announced that it would simplify and improve its business model and processes to operate more effectively and to strengthen the bank commercially and operationally. The uncertain macroeconomic conditions are putting pressure on the bank’s revenues. At the same time, costs are increasing and large investments are needed to comply with laws and regulations. Significant investments are also needed to improve the data quality and IT systems. The transformation sets in motion fundamental changes that should lead to an effective, cost-efficient bank that is committed to people and society and where customer relations come first.

Roland Boekhout, CEO of de Volksbank: “We deliberately choose to share our plans now, even though not all details have been worked out yet. Instead of waiting, we are already setting the course and taking action where possible. Our employees, customers and partners deserve clarity about the steps we are going to take to become a stronger, future-proof bank that builds on a broad social foundation.”

Rationalisation of the brand portfolio

The bank is moving towards one strong retail brand in stages. As part of de Volksbank, bank brands SNS, ASN Bank, RegioBank and BLG Wonen have in common that they differentiate themselves in the Dutch banking landscape through strong customer relations and by making social impact. By combining these forces, we are creating one recognisable, strong bank brand with a distinctive social profile that makes banking easy and accessible for its 3 million customers. A bank that contributes to solutions for challenges in Dutch society, such as sustainability, financial health and affordable housing. The convergence of SNS, ASN Bank, RegioBank and BLG Wonen will be implemented with due care and in stages. Implementation will start in 2025 and is expected to be completed within 3 years. We will announce the brand name later this year.

Optimisation of the distribution model

The combination of mobile banking and a nationwide network of local branches remains distinctive in the customer proposition. It allows us to offer daily digital convenience and a branch nearby for moments that matter to customers. In addition to our franchise formulas, the intermediary channel remains crucial for the distribution of mortgages.

We will also optimise the existing network of SNS Shops and RegioBank branches, leading to a reduction in the number of branches. At this stage, it is too early to give an indication of how many branches will be affected. We will work out the reorganisation in consultation with our franchise contract partners and the Works Council. The guiding principle is that we maintain our nationwide coverage with a healthy, sustainable return for both the franchiser and franchisee.

Simpler organisation structure

The movement to one brand, the optimisation of the distribution model and associated simpler organisation structure leads to a reduction in the number of jobs. In this phase of the transformation it is expected that between 700 - 750 full-time jobs disappear by 1 July 2025, of the total of approximately 4,500 jobs at the end of June 2024. We cannot rule out compulsory redundancies. A Social Plan is available for employees in question. A related reorganisation provision is expected to be taken for the financial year 2024.

De Volksbank expects to achieve a structural cost saving of approximately € 70 million on an annual basis through this staff reduction. To comply with increasing laws and regulations, additional running costs are incurred to combat financial crime and in the area of risk management. This also includes temporary hiring of external staff. These temporary costs partially offset the above-mentioned structural FTE cost savings.

Roland Boekhout: “Increasing pressure on revenues and persistently high costs require an proactive and fundamental approach. We have to work simpler and faster. A simpler organisational structure, with short lines, clear mandates and responsibilities, will make us more effective. This suits a retail bank with a clear range of banking services such as savings, payments and mortgages.

The movement from our four brands towards one strong bank brand is an essential step in this transformation. One brand that stands out as a sympathetic challenger in the Dutch market, a bank that is committed to people and society and that is close to its customers. Thus, we combine our strengths to serve customers even better. I am very much aware of the fact that this process has a big impact on our colleagues, who demonstrate commitment to and passion for their work every day. Colleagues who will lose their job as a result of the transformation will be guided from work to work as much as possible. With this simplification, we are taking important steps to becoming an attractive bank for retail and SME customers.”

PwC will act as de Volksbank’s new external auditor starting with the period in 2026. De Volksbank’s current external auditor is Ernst & Young Accountants (EY).

The SNP notes were issued under de Volksbank’s Green Bond Framework, which has been assessed against the EU Taxonomy as of September 2023 by ISS-ESG. For more information on our Green Bond Framework, please refer to our website.

The green SNP notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue

• Strong customer relationship: increase in number of active multi-customers to 1.204 million (year-end 2023: 1.164 million); improvement in customer-weighted Net Promoter Score to +5 (year-end 2023: -1) and Customer Relationship Score to 56 (year-end 2023: 53) 
• Positive impact on society: improvement of climate-neutral balance sheet to 76% (year-end 2023: 75%), due to an increase in purchased green bonds with a strong focus on renewable energy projects

Strong commercial growth due to resilient economy despite global geopolitical tensions

• Growth in residential mortgage portfolio to € 50.5 billion (year-end 2023: € 49.2 billion). Increase in new mortgage production to € 3.1 billion (1H23: € 2.2 billion); increase in market share of new mortgage production to 6.2% (1H23: 5.1%)
• Increase in SME loans of € 83 million (1H23: € 78 million) to € 1,318 million
• Retail savings increased to € 45.1 billion (2023: € 43.6 billion)
• Assets under management (AuM) stable at € 4.2 billion

Sound net profit in a changing interest rate environment

• Net profit 7% lower at € 231 million; return on equity of 11.5% (1H23: 13.6%)
• Total income down 10% to € 661 million, driven by a 15% decrease in net interest income, mainly due to lower margins on savings and lower ALM- and money market-related net interest income, partly compensated by higher other income. Net fee and commission income up 9%
• Total operating expenses 5% lower at € 371 million, driven by lower regulatory levies and a non-recurring VAT gain. These elements more than offset the impact of wage inflation, an increase in staff and higher anti-financial crime costs
• Impairment charges recorded a € 30 million release resulting in € 38 million lower risk costs (1H23: a charge of € 8 million), largely driven by impairment reversals for residential mortgages, due to an improved macroeconomic outlook and higher house prices
• CET1 capital ratio lower at 19.7% (year-end 2023: 20.2%), as a result of higher risk-weighted assets. Liquidity Coverage Ratio lower at 158% (1H23: 262%), mainly due to more efficient use of excess liquidity. Leverage ratio higher at 5.2% (year-end 2023: 5.1%), reflecting an increase in CET1 capital

De Nederlandsche Bank (DNB) started two administrative fine procedures 

• In 2023, we announced that DNB had concluded that de Volksbank does not adequately identify and assess its risks related to money laundering, the financing of terrorism and customer integrity and intended to start an internal procedure to impose an administrative fine. In the meantime, DNB has started the procedure to impose this fine 
• Furthermore, DNB notified us in the first half of 2024 that, following the outcome of a supervisory review conducted at the request of the ECB on sound operational management at de Volksbank, it also intends to impose an administrative fine for alleged risk management-related shortcomings in previous years
• The final outcome of both administrative fines procedures is as yet unclear and the financial impact, which may be significant, cannot be estimated reliably at present

Roland Boekhout, Chair of the Executive Committee of de Volksbank

“In 2024, against the background of an uncertain and unpredictable geopolitical environment, de Volksbank entered the fourth year of implementing its strategic plan for the period 2021-2025. Our efforts over the last few years to improve customer relationships are paying off: the customer-weighted average Net Promoter Score of our brands showed a sound improvement, and we saw a further increase in the number of active multi-customers. Furthermore, de Volksbank has been included in Sustainalytics’ 2024 list of Top Rated ESG Companies on the basis of its 2023 ESG Risk Rating, which underlines that we attach great importance to our role as a social and sustainable bank.

We had a good start to 2024 with strong financial and commercial results, reflected in the growth of our residential mortgage and SME loan portfolios. In a changing interest rate environment, our net profit showed a limited decline compared to the first half of 2023, mainly as a result of lower net interest income. Operating expenses went down, due to a decline in regulatory levies and a non-recurring VAT refund. As a result of an improved macroeconomic outlook and higher house prices, we saw a reversal of loan impairments.

In 2023, we announced that DNB had concluded that de Volksbank does not adequately identify and assess its risks related to money laundering, the financing of terrorism and customer integrity and intended to start an internal procedure to impose an administrative fine. In the meantime, DNB has in fact started this procedure. Furthermore, DNB notified us that, following the outcome of a supervisory review on sound operational management at de Volksbank, they also intend to impose an administrative fine for alleged risk management-related shortcomings in previous years.

Finally, I would like to emphasise that I have been impressed so far by the great commitment and passion of all our colleagues to grow and develop the social identity of the bank, while continuously improving customer relationships. I also recognise that the bank has to go a step further in simplifying and improving its business model and processes, and I will prepare for this together with my fellow board members. But ultimately this commitment is a solid base for the future of de Volksbank.”

Read more at Results & presentations 
Watch the analyst webcast (11:00 AM) 

Marinka van der Meer: “Over the past six years, de Volksbank has developed strongly in the areas of customer relationships and social impact, the two pillars of our strategy. De Volksbank’s brands are highly appreciated by customers thanks in part to the customer-centric services and our clear social profile. The bank is close to my heart, and I would like to express my thanks to de Volksbank and all colleagues for this great journey.''

Gerard van Olphen, Chair of the Supervisory Board: “Over the past years, Marinka worked hard to turn de Volksbank’s mission into reality: making a positive impact for customers, society, employees and the shareholder through banking with a human touch. With her passion for customers and her drive to increase the social impact of what we do as a bank, she has made a contribution to de Volksbank’s distinctive social profile in the Dutch banking landscape.”

Composition of the Executive Committee
With effect from 1 July 2024, the Executive Committee van de Volksbank will consist of six members. Roland Boekhout (CEO), André Haag (CFO), Saskia Hoskens (CRO) are the statutory members. In addition, three non-statutory members serve on the Executive Committee: Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and Gwendolyn van Tunen (CFCO).

Gwendolyn van Tunen has been active in the financial sector for more than 25 years, the last 20 of which in various national and international management positions in the fields of compliance, corporate governance and operations. In various positions, she gained extensive knowledge and experience in national and international laws and regulations and integrity risks. Gwendolyn has held the position of Compliance Director at de Volksbank since 2021. Prior to that she fulfilled the role of Chief Compliance Officer at ABN AMRO for seven years. She started her career as an auditor.

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: "The Supervisory Board is pleased with the appointment of Gwendolyn van Tunen as CFCO in the Executive Committee. With this appointment, I am convinced that de Volksbank now has the required decisiveness to gain more speed to fulfil its role of gatekeeper in a structural manner.”

Roland Boekhout, Chair of the Executive Committee of de Volksbank: “On behalf of the Executive Committee, I welcome Gwendolyn as CFCO. It helps us that, with her background as Compliance Director, she is well acquainted with the challenges and our priority to combating financial crime. With her appointment, we strengthen the safeguarding of customer integrity measures to effectively combat money laundering and the financing of terrorism.”

Composition of the Executive Committee
As from 24 June 2024, the Executive Committee of de Volksbank consists of seven members. Roland Boekhout (CEO), André Haag (CFO), Saskia Hoskens (CRO) and Marinka van der Meer (CCO) are the statutory members. In addition, three non-statutory members serve on the Executive Committee: Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and Gwendolyn van Tunen (CFCO).

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: “We are pleased to welcome such an experienced all-round banker like Roland to de Volksbank, against the backdrop of current geopolitical tensions, rapid technological developments and changing economic conditions impacting the bank's business operations. Besides being an accomplished and competent banker, Roland is known as a connecting and inspiring leader with strong customer focus and extensive knowledge of and experience in driving complex (digital) change processes in a regulated environment. The initiatives deployed to improve our business operations, especially in the areas of customer integrity, regulations and our IT foundation, are a high priority. I am convinced that with his background, Roland is ideally suited to effectively shape the transition to a future-proof bank.”

Roland Boekhout: “I am honoured by the confidence the shareholder and the Supervisory Board have placed in me to lead this fine bank. I look forward to setting to work and contributing to a stable and sustainable future of de Volksbank together with all my colleagues, thus making a positive impact for customers, society, employees and the shareholder alike.”

Composition of the Executive Committee
With effect from 22 May 2024, the Executive Committee will consist of seven members. Roland Boekhout (CEO), André Haag (CFO), Saskia Hoskens (CRO) and Marinka van der Meer (CCO) are the statutory members. In addition, three non-statutory members serve on the Executive Committee: Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and a CFCO (yet to be filled).

Ernst & Young Accountants LLP was reappointed as external auditor for 2024 and 2025.

Furthermore, at the AGM, Roland Boekhout was appointed to the Executive Board of de Volksbank for a term of 4 years ending at the 2028 AGM. He will take on the role as Chief Executive Officer.

At the AGM, the Executive Committee and the Supervisory Board expressed their thanks to Martijn Gribnau, whose term as CEO ended at the close of the meeting, for his passion and efforts in driving the bank forward over the last four years.

Martijn Gribnau, Chief Executive Officer of de Volksbank: “On behalf of the Executive Committee, I wish to extend a warm welcome to Saskia Hoskens. Her personal vision on banking fits seamlessly with ‘banking with the human touch’ that de Volksbank stands for. With her background, positive energy and connective leadership style, we expect her to make a significant contribution to achieving our strategic priorities and the future of de Volksbank.” 

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: “The Supervisory Board is pleased with the appointment of Saskia Hoskens as CRO and member of the Executive Committee of de Volksbank. With her extensive experience in the banking sector, she has successfully completed large change management processes. With her decisive leadership, Saskia has what it takes to make a valuable contribution to further improving de Volksbank’s financial and operational robustness.” 

Saskia Hoskens: “I am looking forward to begin my new job at de Volksbank and to contribute to further strengthening the bank’s position in the Dutch market. This requires excellent customer service that is integrated seamlessly with effective risk management. Stakeholders expect a bank to be operationally strong, to comply with laws and regulations, to be mindful of social interests and to take good care of its customers. I am happy to commit to that." 

Composition of the Executive Committee 
De Volksbank is making good progress on the recruitment and selection process for the CEO and CFCO positions. The bank expects to be able to announce the appointment of a new CEO after the General Meeting of Shareholders, to be held in the second half of May 2024. 

As from 10 April 2024, the Executive Committee consists of seven members. Martijn Gribnau (CEO), André Haag (CFO), Saskia Hoskens (CRO) and Marinka van der Meer (CCO) are the statutory members. In addition, three non-statutory members serve on the Executive Committee: Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and a CFCO (yet to be filled).

• Strong customer relationship: increase in the number of active multi-customers to 1.164 million (year-end 2022: 1.087 million); stable customer-weighted Net Promoter Score (-1) and Customer Relationship Score (53) 
• Positive impact on society: improvement of climate-neutral balance sheet to 75% (year-end 2022: 62%), due to an increase in purchased climate bonds and investments in renewable energy projects, and improved data quality and updated emission factors

Growth in residential mortgages, SME loans and AuM; decrease in retail savings 

• Growth in residential mortgage portfolio to € 49.2 billion (year-end 2022: € 48.3 billion). Decrease in new mortgage production to € 5.1 billion (2022: € 7.4 billion) in line with a shrinking market
• Increase in SME loans of € 150 million (2022: € 255 million) to € 1,235 million
• Retail savings lower at € 43.6 billion (2022: € 44.5 billion)
• Assets under management (AuM) up by € 0.3 billion to € 4.2 billion, driven by higher stock markets

Sharp increase in net profit mainly driven by higher total income in a favourable interest rate environment

• Net profit € 240 million higher at € 431 million; return on equity of 11.4% (2022: 5.2%)
• Total income up 47% to € 1,414 million. Increase in net interest income of 53%, benefitting from higher external interest rates with a positive impact on our margins on retail deposits. Net fee and commission income 25% higher, mainly driven by higher fees for basic banking services
• Operating expenses rose 23% to € 808 million, driven by wage inflation, an increase in the number of employees and investments in customer integrity, banking regulations and the IT foundation, supporting our objective to make our business operations more robust and resilient 
• Impairment charges decreased to € 15 million (2022: € 52 million), with nearly all loan portfolios contributing to the decline; credit quality of our loan portfolio remained sound

Capital position robust with capital ratios above our minimum targets

• CET1 capital ratio virtually unchanged at 20.2% (year-end 2022: 20.3%), as the impact of an increase in CET1 capital was offset by higher risk-weighted assets 
• CET1 capital ratio objective revised from at least 19% to at least 17%, taking into account the reduced uncertainty about the impact of the implementation of Basel IV 
• Leverage ratio higher at 5.1% (year-end 2022: 4.7%), reflecting the increase in CET1 capital and a lower balance sheet total
• Proposed dividend for 2023: € 164 million (2022: € 90 million), corresponding to a 40% pay-out ratio

Martijn Gribnau, Chair of the Executive Committee of de Volksbank

“In 2023, we continued to execute our strategy for the period 2021-2025 in a dynamic and uncertain market environment. Our brands’ customer relationships remained strong, as evidenced by a further increase in the number of active multi-customers. In May 2023, for the second year in a row, ASN Bank, RegioBank and SNS ranked 1, 2 and 3 in the survey into the ‘most customer-friendly bank’ in the Netherlands. And I am proud that de Volksbank has recently been included in Sustainalytics’ 2024 Top rated ESG companies list, based on its 2023 ESG risk rating score.

We achieved solid business and excellent financial results. Benefitting from higher ECB interest rates, our net interest income rose sharply. Furthermore, the introduction in 2022 of a fee for basic banking services contributed to a continued increase in fee and commission income. At the same time, higher staff costs and initiatives to improve the robustness of our operations, most notably in the field of customer integrity, banking regulations and our IT foundation, led to a strong increase in operating expenses. The quality of our mortgage portfolio continued to be high, which was reflected in low impairment charges. All in all, this resulted in a sharp increase in net profit.

In August of 2023, we announced that De Nederlandsche Bank has concluded that de Volksbank does not adequately identify and assess its risks related to money laundering, the financing of terrorism and customer integrity. In response to this, we have substantially scaled up our efforts to remedy the identified shortcomings. We expect to have addressed DNB’s imposed instruction to improve our Systematic Integrity Risk Analysis by 1 April 2024.

In the period ahead, we will continue to give priority to further improving the financial and operational robustness of our bank, with cost control high on the agenda. This should go hand in hand with the realisation of our strategy to be the bank with the strongest customer relationship and a proven social impact. I would like to thank our customers for their trust in our bank and our employees for their commitment and contribution to the results.''
 

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The EBA Board of Supervisors approved the package for the EU‐wide Transparency Exercise, which since 2016 is performed on an annual basis and published along with the Risk Assessment Report (RAR). The annual transparency exercise will be based solely on COREP/FINREP data on the form and scope to assure a sufficient and appropriate level of information to market participants.

The templates were centrally filled in by the EBA and sent afterwards for verification by banks and supervisors. Banks had the chance to correct any errors detected and to resubmit correct data through the regular supervisory reporting channels, and to add specific information as required to further clarify individual data.

The outcome of the EU-wide Transparency Exercise can be downloaded on the EBA website.

These past years were eventful and intense. Working long hours was gratifying, but at the same time has taken a toll on my private life. We have set a lot in motion in recent years and as a change manager, I am proud of the innovations we have realised and on which the bank can build. A logical moment for me to pass the baton shortly.”

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: “The Supervisory Board regrets that Martijn has decided not to seek a second term, but respects his decision. Early 2021, a tightened strategy was presented under his leadership, which is now paying off. The changes Martijn, with his characteristic energy, passion and commitment, initiated, contribute to the strong distinctive position of de Volksbank in the Dutch banking landscape. For this, I would like to sincerely thank him on behalf of the Supervisory Board and all our colleagues.”

Jeroen Dijst: “It is with pride and satisfaction that I had the opportunity to be part of de Volksbank and its brands for eight years. It was an exciting journey in which I wholeheartedly enjoyed banking for customers, employees, society and the shareholder on the basis our shared value ambition in order to work on the bank with the strongest customer relationships and the greatest proven social impact. From my responsibility as CRO, together with my teams and all our colleagues, I was able to make great strides in the areas of risk, compliance, financial care as well as in the interaction with supervisory authorities. After two terms in office, I am happy to make room for a new face."

Gerard van Olphen: “On behalf of the Supervisory Board I thank Jeroen for his contributions to our bank’s risk management and sustainability policy. Not least thanks to his dedication over the past eight years, we not only have a resilient bank that stood up well to the turbulent period with the COVID-19 pandemic, Ukraine war and rapid interest rate swing, we also have a social bank that adds value for customers, society, employees and the shareholder based on its mission of ‘Banking with a human touch’. We are grateful to Jeroen for this."

As a consequence of this change in the Executive Committee, the position of Chief Transformation Officer (CTO) will cease to exist. CTO Marjolein de Jongh is responsible for the transformation of de Volksbank into an agile bank and also has KYC in her portfolio. By mutual agreement, she will resign from her duties as from 1 November 2023. She will remain attached to de Volksbank as an adviser to the CEO and Chair of the Supervisory Board until 1 May 2024. The Executive Committee of de Volksbank thanks Marjolein for her contribution to de Volksbank and wishes her well for the future.

Composition of the Executive Committee
As from 1 November 2023, the Executive Committee will consist of seven members. Martijn Gribnau (CEO), André Haag (CFO), Jeroen Dijst (CRO) and Marinka van der Meer (CCO) are the statutory members. In addition three non-statutory members serve on the Executive Committee, namely Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and a vacancy for the CFECO. The foregoing is subject to the advice of the Works Council.

• Strong customer relationship: increase in the number of active multi-customers to 1,126,000 (year-end 2022: 1,087,000); customer-weighted Net Promoter Score higher at 0 (year-end 2022: -1)
• Positive impact on society: improvement of climate-neutral balance sheet to 66% (year-end 2022: 62%), mainly due to an increase in purchased climate bonds and investments in renewable energy projects 
   

Growth in residential mortgages, SME loans and AuM; retail savings stable

• Increase in residential mortgage portfolio to € 48.5 billion (year-end 2022: € 48.3 billion). Decrease in new mortgage production to € 2.2 billion (1H22: € 4.3 billion) in a shrinking market due to higher interest rates
• Solid growth in SME loans of € 78 million (1H22: € 145 million) to € 1,163 million
• Retail savings stable at € 44.5 billion, reflecting our steady and diversified customer base
• Assets under management (AuM) up by € 0.3 billion at € 4.2 billion, mainly due to a rebound of stock market prices

Sharp increase in net profit due to higher total income in a favourable interest rate environment

• Net profit € 153 million higher at € 248 million; return on equity amounted to 13.6% (1H22: 5.5%)
• Total income 59% higher at € 735 million. Net interest income up 78% benefitting from rising interest rates with a positive impact on our liability margins. Net fee and commission income 38% higher; other income 40% lower as the first half of 2022 included a substantial gain on swaptions
• Operating expenses 20% higher at € 389 million, mainly driven by investments in customer integrity, banking regulations and the IT foundation, supporting our objective to become operationally a more robust and resilient organisation
• Impairment charges lower at € 8 million (1H22: € 11 million); credit quality of our loan portfolio remained sound

Capital position remains robust with capital ratios above our minimum targets

• CET1 capital ratio virtually stable at 20.4% (year-end 2022: 20.3%), as the impact of higher risk-weighted assets was offset by an increase in CET1 capital
•  Leverage ratio higher at 4.8% (year-end 2022: 4.7%), reflecting the increase in CET1 capital

Based on a supervisory review, De Nederlandsche Bank (DNB) concluded that de Volksbank has not sufficiently identified and assessed its risks of money laundering and terrorist financing

• DNB concluded that de Volksbank is in violation of the Anti-Money Laundering and Anti-terrorism Financing Act (Wwft) and imposed an instruction to improve our Systematic Integrity Risk Analysis by 1 April 2024
• DNB also announced its intention to start a procedure for imposing an administrative fine

Statement of Martijn Gribnau, Chair of the Executive Committee of de Volksbank

“In the first half of 2023, we continued to execute our strategy ‘2021-2025’. The customer relationships of our retail brands remained strong, as evidenced by a further increase in the number of active multi-customers and slightly higher customer satisfaction rates. In May 2023, for the second year in a row, ASN Bank, RegioBank and SNS ranked 1, 2 and 3 in the survey ‘most customer-friendly banks’ in the Netherlands. BLG Wonen continued to focus on expanding its distribution reach and its services to independent financial advisers. And in the most recent survey of the Fair Bank Guide de Volksbank came out on top, with a score of nine out of ten on seven ESG themes.

We recorded strong results over the first half, benefitting from the rapid increase in ECB interest rates, while the first half of 2022 was still impacted by negative rates. As a result, our net interest income rose sharply. Furthermore, the introduction in 2022 of a fee for basic banking services contributed to a continued increase in fee and commission income. At the same time, higher staff costs and initiatives to improve the robustness of our operations, most notably in the field of customer integrity and our IT foundation, led to a strong increase in operating expenses. Despite the generally lower house prices, the quality of our mortgage portfolio continued to be high, which was reflected in low impairment charges. Bottom line, this resulted in a sharp increase in net profit.

We regret that we were unable to fulfill all our gatekeeper responsibilities with regard to customer integrity and that we are at this moment in violation of certain legal requirements of the Anti-Money Laundering and Anti-terrorism Financing Act. We are fully committed to remedy the shortcomings within the timeframe imposed by DNB.

Continuous improvement of our operations is a key enabler of creating the impact we want to make and will remain a key focus in the periods ahead. Consequently, our operating expenses will remain at elevated levels in the foreseeable future, partially offsetting the positive impact of higher market interest rates on our total income. Overall, we expect a substantially higher profit for 2023 as a whole. I am confident that we will successfully execute our strategy, aimed at adding value for all our stakeholders.”

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The adverse stress test scenario was carried out applying a static balance sheet assumption as at December 2022, and therefore does not take into account a bank’s future growth or management actions. In addition, the bank’s net interest income was capped at the 2022 level.

The adverse scenario assumes a worsening of geopolitical tensions leading to a severe decline in GDP with persistent inflation and high interest rates. This scenario is designed to ensure a significant severity of various macroeconomic and financial shocks across all EU countries. For example, the assumption with respect to Dutch house prices was a cumulative 32% decrease up to 2025.

The starting point of the stress test for de Volksbank, was a year-end 2022 CET1 capital ratio of 20.26%. Under the baseline scenario and EBA’s methodological instructions, de Volksbank would have a CET1 capital ratio of 18.91% in 2025. Under the adverse scenario, our CET1 capital ratio would stand at 10.01% in 2025. Our current overall CET1 capital requirement stands at 10.69%, implying partial use of the capital buffers. These buffers aim to enable banks to absorb losses while maintaining the provision of key services to the real economy.

Detailed results of the EBA EU-wide stress test are available on the website of the EBA.

The SNP notes were issued under de Volksbank’s Green Bond Framework, which has been assessed against the EU Taxonomy as of April 2021 by ISS-ESG. For more information on our Green Bond Framework, please refer to our website.

The green SNP notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue

The SNP notes were issued under de Volksbank’s Green Bond Framework, which has been assessed against the EU Taxonomy as of April 2021 by ISS-ESG. For more information on our Green Bond Framework, please refer to our website.

The green SNP notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue