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Abonner Bank Nederlandse Gemeenten

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).
    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
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.

Contact:

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