Annual report 2008
Binck Bank
- Profile of BinckBank
- Key figures
- Chairman's message
- Important events in 2008
- BinckBank N.V. shares
- Vision, mission, strategy and objectives
- Strengths, weaknesses, opportunities and threats
Key figures
|
|
2008 |
|
2007* |
|
Change % |
|
Customer figures |
|
|
|
|
|
|
Customer Accounts |
293,236 |
|
214,323 |
|
37% |
|
Retail |
284,709 |
|
206,933 |
|
38% |
|
Professional Services |
8,527 |
|
7,390 |
|
15% |
|
|
|
|
|
|
|
|
Number of transactions |
7,151,244 |
|
6,600,000 |
|
8% |
|
Retail |
6,807,997 |
|
6,335,000 |
|
7% |
|
Professional Services |
343,247 |
|
265,000 |
|
30% |
|
|
|
|
|
|
|
|
Funds entrusted (€) |
6,065,852,540 |
|
8,165,805,000 |
|
(26)% |
|
Retail |
5,001,484,037 |
|
6,855,821,000 |
|
(27)% |
|
Professional Services |
1,064,368,503 |
|
1,309,984,000 |
|
(19)% |
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
(x € 1,000) |
|
|
|
|
|
|
Net interest income |
40,640 |
|
41,387 |
|
(2)% |
|
Net fee & commission income |
101,181 |
|
110,942 |
|
(9)% |
|
Other operating income |
6,162 |
|
5,504 |
|
12% |
|
Results on investments |
1,230 |
|
286 |
|
330% |
|
Impairment losses (reversals) financial instruments |
(205) |
|
(1,625) |
|
(87)% |
|
|
|
|
|
|
|
|
Total revenue from operating activities |
149,008 |
|
156,494 |
|
(5)% |
|
|
|
|
|
|
|
|
Employee expenses |
(38,443) |
|
(37,569) |
|
2% |
|
Depreciation and amortisation |
(31,789) |
|
(3,188) |
|
897% |
|
Other operating expenses |
(37,316) |
|
(33,956) |
|
10% |
|
|
|
|
|
|
|
|
Total expenses |
(107,548) |
|
(74,713) |
|
44% |
|
|
|
|
|
|
|
|
Result from continuing operations |
41,460 |
|
81,781 |
|
(49)% |
|
|
|
|
|
|
|
|
Share in result of associates |
520 |
|
80 |
|
550% |
|
|
|
|
|
|
|
|
Result before tax |
41,980 |
|
81,861 |
|
(49)% |
|
|
|
|
|
|
|
|
Income tax expense |
(8,941) |
|
(16,637) |
|
(46)% |
|
Tax % |
21% |
|
20% |
|
|
|
|
|
|
|
|
|
|
Result after tax from continuing operations |
33,039 |
|
65,224 |
|
(49)% |
|
|
|
|
|
|
|
|
Result after tax from discontinued operations |
106 |
|
1,556 |
|
(93)% |
|
|
|
|
|
|
|
|
Net result for the year |
33,145 |
|
66,780 |
|
(50)% |
|
|
|
|
|
|
|
|
IFRS amortisation |
28,196 |
|
- |
|
|
|
Fiscal goodwill amortisation |
2,792 |
|
- |
|
|
|
|
|
|
|
|
|
|
Adjusted net profit ** |
64,133 |
|
66,780 |
|
(4)% |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Normalised adjusted net profit |
|
|
|
|
|
|
(x € 1,000) |
|
|
|
|
|
|
Adjusted net profit** |
64,133 |
|
66,780 |
|
(4)% |
|
Elimination one-off tax benefit |
- |
|
(4,310) |
|
|
|
Elimination integration costs Binck & Alex |
4,613 |
|
- |
|
|
|
Elimination discontinued operations |
(106) |
|
(1,556) |
|
|
|
Normalised adjusted net profit |
68,640 |
|
60,914 |
|
13% |
|
|
|
|
|
|
|
|
Information per share & ratios |
|
|
|
|
|
|
Earnings per share |
€ 0.43 |
|
€ 0.98 |
|
|
|
Adjusted earnings per share |
€ 0.83 |
|
- |
|
|
|
Dividend per share |
€ 0.41 |
|
€ 0.21 |
|
|
|
|
|
|
|
|
|
|
Cost Income ratio |
72% |
|
48% |
|
|
|
C/I ratio excluding IFRS amortisation |
53% |
|
48% |
|
|
|
C/I ratio excluding IFRS amortisation & integration costs |
50% |
|
48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet |
|
|
|
|
|
|
(x € 1,000) |
|
|
|
|
|
|
Cash and balances with central banks |
39,289 |
|
9,522 |
|
|
|
Banks |
244,412 |
|
422,028 |
|
|
|
Financial assets, investments |
1,578,224 |
|
1,398,662 |
|
|
|
Intangible and tangible assets |
387,556 |
|
413,356 |
|
|
|
Other Assets |
328,913 |
|
512,858 |
|
|
|
|
|
|
|
|
|
|
Customer deposits |
1,747,699 |
|
1,772,822 |
|
|
|
Financial Liabilities, Provisions, Other liabilities |
353,054 |
|
516,788 |
|
|
|
Equity |
477,641 |
|
466,816 |
|
|
|
|
|
|
|
|
|
|
Balance sheet total |
2,578,394 |
|
2,756,426 |
|
|
|
|
|
|
|
|
|
*) The comparative figures for 2007 are the pro forma combined results of BinckBank and Alex,
i.e. the reported results of Binck and Alex are combined.
**) Net profit adjusted for IFRS amortisation and the additional tax benefit on the difference
between the commercial and fiscal amortisation of intangible assets and goodwill acquired on the
purchase of Alex.
|
Business segmentation |
2008 |
|
2007* |
|
Change % |
|
(x € 1,000) |
|
|
|
|
|
|
Net interest income |
40,640 |
|
41,387 |
|
(2)% |
|
Retail |
37,187 |
|
39,106 |
|
(5)% |
|
Professional Services |
3,453 |
|
2,281 |
|
51% |
|
|
|
|
|
|
|
|
Net commission income |
101,181 |
|
110,942 |
|
(9)% |
|
Retail |
92,981 |
|
103,407 |
|
(10)% |
|
Professional Services |
8,200 |
|
7,535 |
|
9% |
|
|
|
|
|
|
|
|
Other operating income |
6,162 |
|
5,504 |
|
12% |
|
Retail |
960 |
|
- |
|
100% |
|
Professional Services |
5,202 |
|
5,504 |
|
(5)% |
|
|
|
|
|
|
|
|
Investments result |
1,230 |
|
286 |
|
330% |
|
Retail |
933 |
|
286 |
|
226% |
|
Professional Services |
297 |
|
- |
|
100% |
|
|
|
|
|
|
|
|
Impairment losses (reversals) on financial instruments |
(205) |
|
(1,625) |
|
(87)% |
|
Retail |
(205) |
|
(1,625) |
|
(87)% |
|
Professional Services |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Total income from operating activities |
149,008 |
|
156,494 |
|
(5)% |
|
Retail |
131,856 |
|
141,174 |
|
(7)% |
|
Professional Services |
17,152 |
|
15,320 |
|
12% |
|
|
|
|
|
|
|
|
Staff costs |
(38,443) |
|
(37,569) |
|
2% |
|
Retail |
(30,992) |
|
(29,479) |
|
5% |
|
Professional Services |
(7,451) |
|
(8,090) |
|
(8)% |
|
|
|
|
|
|
|
|
Depreciation & amortisation |
(31,789) |
|
(3,188) |
|
897% |
|
Retail |
(31,157) |
|
(2,455) |
|
1169% |
|
Professional Services |
(632) |
|
(733) |
|
(14)% |
|
|
|
|
|
|
|
|
Other operating expenses |
(37,316) |
|
(33,956) |
|
10% |
|
Retail |
(34,686) |
|
(32,200) |
|
8% |
|
Professional Services |
(2,630) |
|
(1,756) |
|
50% |
|
|
|
|
|
|
|
|
Total operating expenses |
(107,548) |
|
(74,713) |
|
44% |
|
Retail |
(96,835) |
|
(64,134) |
|
51% |
|
Professional Services |
(10,713) |
|
(10,579) |
|
1% |
|
|
|
|
|
|
|
|
Result from continuing operations (before tax) |
41,460 |
|
81,781 |
|
(49)% |
|
Retail |
35,021 |
|
77,040 |
|
(55)% |
|
Professional Services |
6,439 |
|
4,741 |
|
36% |
|
|
|
|
|
|
|
|
Cost / income ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Income ratio |
72% |
|
48% |
|
|
|
C/I ratio Retail |
73% |
|
45% |
|
|
|
C/I Professional Services |
62% |
|
69% |
|
|
|
|
|
|
|
|
|
*) The comparative figures for 2007 are the pro forma combined results of BinckBank and Alex,
i.e. the reported results of Binck and Alex are combined.