Continued delivery on transformation and remediation milestones 

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

Commercial growth accelerating: rising growth in mortgages and deposits 

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

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

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

Roland Boekhout, CEO ASN Bank 

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

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

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

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

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

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

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

Read more at Results & presentations.
 

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

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

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

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

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

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

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

• 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. 

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 

• 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.

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.