• (2023: EUR 81 million, after tax EUR 60 million)
• The Total Capital ratio remains strong at 19.1% (2023: 16.9%)
• Significant growth of mortgage and savings portfolio with respectively EUR 3 billion (+21%) and EUR 1.5 billion (+17%)
Due to our continuous strategic focus on growth and diversification of our portfolio as well as economies of scale, Achmea Bank's operating result increased to EUR 92 million in 2024 (2023: EUR 81 million). This increase was mainly driven by a higher interest result of EUR 24 million and higher fees and commission income of EUR 12 million, partly offset by higher operating expenses (EUR 29 million).
The interest result increased by EUR 24 million to EUR 228 million due to strong growth of the mortgage portfolios. The on- balance mortgage portfolio grew to EUR 17.4 billion (2023: EUR 14.4 billion). This strong growth was realised with origination of Centraal Beheer mortgages, acquisition of mortgage portfolios and mandates for the external mortgage platforms. The retail savings portfolio increased to EUR 10.1 billion (2023: EUR 8.6 billion). The growth of mortgages and retail savings increased the customer base of Centraal Beheer, and therefore, supported and strengthened the growth ambition of Achmea Bank and Centraal Beheer. The client satisfaction of Centraal Beheer Financial Services remained high with a NPS score of 32.
On October 1 2024, Achmea Bank successfully acquired Syntrus Achmea Hypotheekdiensten B.V. and its two subsidiaries, Achmea Hypotheken B.V. and Attens Hypotheken B.V. This entity manages the operational activities for the mortgage portfolios, totalling about EUR 33 billion, including EUR 11 billion on balance for Achmea Bank. This acquisition enables Achmea Bank to service a growing mortgage portfolio, resulting in an increase in fees and commission income of EUR 12 million, alongside higher operating expenses. The efficiency ratio for Achmea Bank in 2024 is 59.7% (2023: 55.6%).
The negative fair value result of EUR 4 million in 2024 (2023: EUR 8 million negative) is a result related to derivatives for hedging the interest rate risk. This result is compensated in other reporting periods, generally reflecting a pull to par as the derivatives approach maturity.
The Total Capital Ratio remains strong at 19.1% (31 December 2023: 16.9%). The increase is mainly due to the addition of the 2023 (EUR 30 million) and 2024 (EUR 34 million) result and the issuance of the subordinated bond of EUR 125 million. Achmea Bank has received approval from DNB to add the net result for 2024 to the reserves. In 2023, the bank received the Advanced IRB status from DNB which allows the Bank to use advanced internal models to determine credit risk, further strengthening the bank's credit risk management and data driven strategy. Until Achmea Bank receives the approval from DNB, Achmea Bank is expected to apply a 100% SA-output floor. S&P confirmed Achmea Bank's Issuer Credit Rating Outlook per 19 June 2024 of A-/stable, and Fitch confirmed its issuer Default Rating of A/Stable per 23 April 2024.
Achmea Bank is proud to be part of Achmea's Retirement Services strategy, which aims to enhance the financial health and self-reliance of every individual across the Netherlands, by allowing customers to generate income for today and tomorrow through our Centraal Beheer financial services platform. This strategy is aligned with Achmea's purpose of "Sustainable Living Together".
About Achmea Bank
Achmea Bank N.V., part of Achmea, offers mortgages, savings products and investment services to retail customers in the Netherlands in close collaboration with Centraal Beheer and Achmea Investment Management. In addition, the bank invests in mortgages provided by a.s.r. and DMFCO. Achmea Bank contributes to Achmea's strategy for Retirement Services by enabling customers to generate income for today and tomorrow and to live and work carefree. Achmea Bank holds a banking licence and is authorised to provide financial services under the Financial Supervision Act (Wft). Achmea Bank has about €17 billion of mortgages on its balance sheet and approximately € 10 billion in savings. Subsidiary Syntrus Achmea Hypotheekdiensten B.V. manages the operational activities for the mortgage portfolios of the brands Centraal Beheer, Attens Hypotheken, Syntrus Achmea Hypotheken and Tellius. Together, they represent an outstanding mortgage volume of about €33 billion. Achmea Bank is based in Tilburg and also has offices in Amsterdam and Apeldoorn. www.achmeabank.nl
Read full press release:
https://www.achmeabank.nl/-/media/achmeabank/documenten/nieuws/eng/press-release---achmea-bank-reports-an-operating-profit-before-taxes-of-eur-92-million.pdf
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