NIBC Bank net profit at EUR 92 million for 2008
NIBC Bank net profit at EUR 92 million for 2008
* Net profit at EUR 92 million for the year 2008, despite the challenging market environment
* Fourth quarter results significantly impacted by market conditions resulting in a net loss of EUR 61 million, mainly driven by fair value adjustments and impairments on equity and mezzanine investments
* Strong capitalisation with Tier-1 ratio of 16.6% (core Tier-1 ratio at 13.5% and BIS-ratio at 18.9%) and continued focus on de-risking by reducing non-client related portfolios
* Further improved diversity of funding; over EUR 5 billion in external funding raised since the beginning of 2008
* Decrease of operational expenses by 14%
* Members of the Managing Board voluntarily waived their end of year performance bonus
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