Bank Nederlandse Gemeenten

BNG Profit EUR 278 Million

    The Hague, The Netherlands, March 8, 2010 (ots/PRNewswire) - BNG closes the 2009 financial year with a net profit of EUR 278 million (2008: EUR 158 million). As a result of the low money market interest rate, interest results have risen by EUR 60 million. The increased marketability of interest bearing securities has lead to an increase of the result financial transactions by EUR 104 million. The proposed dividend payout to shareholders amounts to EUR 139 million.

    BNG is the bank of and for authorities and public sector institutions. Despite difficult market conditions, during the year under review, the bank continued to offer uninterrupted lending at competitive rates to its core client groups - local authorities, housing associations and health care and educational institutions - and strengthened its market position.

    The long-term lending amounts to EUR 8.6 billion (2008: EUR 10.5 billion). This development is a repercussion of clients' reduced willingness to invest as a result of the uncertain economic developments. In contrast, the short-term lending offered to clients in 2009 averages EUR 5.8 billion (2008: EUR 3.9 billion). Anticipating the economic recovery and making use of the very low rates for short-term lending, local authorities in particular have financed themselves short-term to a greater extent than in the past.

    The cautious but continuous recovery of confidence in financial institutions during 2009 has increased the activity on the international capital markets. This had a favourable effect, particularly in the second half of 2009, on the amount of the spreads payable by the bank for credit and liquidity risks and on the variation in maturity of new issues. In 2009, BNG attracted EUR 14.1 billion in long-term funding for long-term lending and refinancing (2008: EUR 13.1 billion). The triple A ratings of the bank were reconfirmed and investor confidence in BNG has been maintained. This was amongst others reflected in relatively favorable purchase prices. That benefit was transferred to clients in their rates.

    BNG is confidently looking forward to 2010. The interest result is expected at about the level of 2009. However, given the fragile economic recovery, the increased volatility of results and all of the remaining uncertainties, the bank does not consider it wise to make a statement about the 2010 net profit.

    On 29 April 2010 BNG will publish its Annual Report 2009 on its investors site (http://www.bng.com).

@@start.t1@@      CONSOLIDATED INCOME STATEMENT 2009
      in millions of Euros
                                                                 2009                          2008
      - Interest income                              2,628                         4,524
      - Interest expenses                          2,291                         4,247
      Interest result                                    337                            277
      Income from associates and                      2                              (1)
      joint ventures
      - Commission income                                36                              25
      - Commission expenses                              6                                5
      Commission result                                  30                              20
      Results financial transactions              40                            (64)
      Foreign exchange results                         0                                2
      Other income                                            2                                9
      Total income                                         411                            243
      - Staff costs                                         35                              32
      - Other administrative expenses            24                              27
      Staff costs and other administrative    59                              59
      expenses
      Depreciation                                            2                                2
      Operating expenses                                 61                              61
      Profit before tax                                 350                            182
      Taxation                                                (72)                          (24)
      Net profit                                            278                            158
      CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2009
      in millions of Euros
      Assets                                            31/12/2009         31/12/2008
      Cash and cash equivalents                         655                    497
      Banks                                                      7,683                 8,956
      Loans and advances                                79,305                75,699
      Financial assets at fair value
      via the income statement                        2,983                 3,001
      Financial assets available
      for sale                                                 5,531                 5,185
      Other financial assets                          8,002                 7,695
      Associates and joint ventures                  106                    105
      Property and equipement                              23                      24
      Other assets                                              208                    203
      Total assets                                        104,496              101,365
      Liabilities
      Banks                                                      5,615                 3,285
      Funds entrusted                                      7,070                 6,439
      Subordinated loans                                    174                    170
      Debt securities                                    79,935                79,157
      Financial liabilities at fair
      value via the income statement                 351                    791
      Other financial liabilities                  8,854                 9,359
      Other liabilities                                      244                    185
      Total liabilities                                102,243                99,386
      Equity                                                    2,253                 1,979
      Total liabilities and equity              104,496              101,365@@end@@

    This is an unofficial translation of the press release Winst BNG EUR 278 miljoen which is provided for convenience only. In the event of any ambiguity, the Dutch text will prevail.

ots Originaltext: Bank Nederlandse Gemeenten
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
CONTACT:  For further information contact: BNG, Aart Rietveld,
BNGspokesman, Postbus 30305, 2500 GH THE HAGUE, T +31-70-3750-609,
Emc@bng.nl.



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