That made the nationalized bank and insurer Thursday.
SNS REAAL is split after the nationalization in early 2013 in a bank portion (SNS Bank) and insurance portion (Vivat). The split was almost completed in 2014 and is expected to be completed this year.
SNS Bank, which remained in the hands of the government, performed last year solid. A net profit of 151 million euros was achieved.
That profit was impacted by one-time contribution to the nationalization of SNS REAAL and amortization. Excluding non-recurring items, net profit of 31 million euros compared to 2013, to 294 million.
The buffer of the bank to absorb potential financial shocks, also increased in 2014 opchte 2013 and also meets international requirements.
New customers
SNS Bank grew last year, net 98,000 new customers and managed to double its market share in mortgages to nearly 4 percent. The bank managed nearly 11 percent of total private savings in the Netherlands.
The bank profits this year is expected of the economic recovery, which amortization ” progressive ” may fall.
Insurer
For insurance part Vivat was 2014 was a difficult year. By incidentals finished the year with 605 million in the red. Adjusted for non-recurring expenses dropped the net profit of the parent company of Real Insurance and Zwitserleven by 37 percent to 85 million.
On February 16, announced Finance Minister Jeroen Dijsselbloem to be sold that Vivat 150 million to the Chinese Angbang. The sale is expected to close in the third quarter.
Vivat market conditions remain challenging, expected SNS. In the first months of the year fell developments along on the financial markets, but low interest rates remain a problem for the insurer.
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