2010 first quarter results...11 assets under administration fr 3% be 9% nl 88% assets by country...

2010 First Quarter Results26 April 2010

Koen Beentjes CEOEvert Kooistra CFO

2

Agenda results FY10 Q1

I. Update FY10 Q1II. Financial positionIII. Events after 31/03/2010 & outlook 2010 IV. Q&A

Part I

Update FY10 Q1

4

Business Highlights FY10 Q1

• Adjusted EPS €0.26 <--> consensus €0.28

• Number of transactions in FY10 Q1 2.1 million <--> consensus 2.5 million

• 18,166 new accounts opened, total number of accounts 392,240

• Professional Services signed LOI with SNS Bank

• Assets under administration more than €1 billion in Belgium

• Binck introduced BinckTrader in France

• Datacenter migration successfully finalised. Software migration of Alex and Binck will be focussed on preparation for European roll-out hereafter

5

40.6

4.5

1.8

24.1

10.2

FY09 Q1

38.231.1Net fee & commission income

54.946.0Total net revenues

(1.2)(0.2)Results on investments & impairment losses on fin. instr.

4.52.9Other operating income

13.412.2Net interest income

FY09 Q4FY10 Q1 in € million

36.1

15.9

9.8

10.4

30.9

11.2

8.5

11.2

27.3

8.7

8.2

10.4

Depreciation & amortisation

Other operating expenses

Total operating expenses

Employee expenses

14.1

4.5

18.6

(0.2)

18.8

(0.4)(0.4)Other non operating income

10.2

2.7

12.9

13.3

11.2Net profit

3.5Tax expense

14.7Profit (loss) before tax

15.1Profit (loss) from cont. operations

0.70.70.7Fiscal goodwill amortisation

17.921.818.9Adjusted net profit

67%66%67%Cost / income ratio

7.07.07.0IFRS amortisation

50%53%52%Cost / income ratio excl. IFRS amortisation

Profit & Loss Statement quarterly comparison

6

• Growth in brokerage accounts• Brokerage accounts FY10 Q1: 225,917• Brokerage accounts FY09 Q4: 217,890

• Growth in asset management accounts • FY10 Q1 accounts: 11,913• FY09 Q4 accounts: 10,891

• Savings accounts increased• FY10 Q1 accounts: 69,626• FY09 Q4 accounts: 67,104

• Decrease in number of transactions• Trades FY10 Q1: 1,511,878• Trades FY09 Q4: 1,802,741

• Assets under Administration (AuA)• FY10 Q1: €7.6 billion• FY09 Q4: €6.9 billion

Highlights FY10 Q1: Retail Netherlands

-16%

4%

9%

4%+2,522

+1,022

+8,027

- 290,863

+ €0.7 billion 10%

Retail NL

7

Retail BE

Highlights FY10 Q1: Retail Belgium

7%

-0.5%

15%+ €129 million

-1,323

+2,384


• Small decline in number of transactions• Trades FY10 Q1: 250,755• Trades FY09 Q4: 252,078

• Strong growth in AuA• FY10 Q1: €1.0 billion • FY09 Q4: €875 million

8

Highlights FY10 Q1: Retail France

22%

18%+1,124

+ 2,935

Retail FR


• Growth in savings accounts• Savings accounts FY10 Q1: 7,533• Savings accounts FY09 Q4: 6,409

• Number of transactions• Trades FY10 Q1: 214,752• Trades FY09 Q4: 188,234

• Strong growth in AuA• FY10 Q1: €324 million• FY09 Q4: €262 million

14%

23%+ €62 million

+26,518

9

• Brokerage accounts• Customer accounts FY10 Q1: 26,038• Customer accounts FY09 Q4: 25,386

• Number of transactions• Trades FY10 Q1: 139,330• Trades FY09 Q4: 135,957

• Growth in AuA• FY10 Q1: €3.4 billion• FY09 Q4: €2.9 billion

Highlights FY10 Q1: Professional Services

3%

2%

17%+ €0.5 billion

+3,373

+ 652

ProfessionalServices

10

Drivers of commission income

273261227289 303

686460

7477

109

8

1112

0

100

200

300

400

500

FY09 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY10 Q1

Th

ou

sa

nd

s

Brokerage accounts Saving accounts Asset Management

14.71

14.27

12.48

10.78

16.08

8

10

12

14

16

18

20


EU

R

Customer account growth (FY10 Q1: + 18,166 accounts)

Average commission per transaction

Total number of transactions (FY10 Q1: 2.1 million)

251

69

116155

188

215

1.5121.9532.0201.868 1.803

258268195 252

139

103

115118

136

0

500

1.000

1.500

2.000

2.500

3.000


Th

ou

sa

nd

s

Retail NL Retail BE Retail FR Prof Services

• FY10 Q1 customer account growth (+5%) to 392,240 • FY10 Q1 transaction volume in line with FY09 Q1 volume

(ex sprinters 312,173)• FY10 Q1 transaction volume generated considerably more

commission income than comparable quarter in FY09 (FY10 Q1: 31.1 million vs FY09 Q1: 24.1 million)

• Reduced market volatility resulted in less transactions in FY10 Q1: 2.1 million vs 2.4 million in FY09 Q4

• FY10 Q1 annualised income per brokerage account € 568

11

Assets under Administration

FR

3%

BE

9%

NL

88%

Assets by country

Assets under Administration (excl. savings) Assets by business unit

Retail

72%

Professional

Services

28%

5.2

7.5

9.410.1

11.4

0

2

4

6

8

10

12


EU

R (

billio

ns

)

0

50

100

150

200

250

300

350

400

In

de

x

AuA AEX

• Assets under Administration (excl. savings) in FY10 Q1 grew with 13% to €11.4 billion and outperformed AEX

• French customer base is growing as well as the amount of AuAas a percentage of total assets

12

Marketing costs

00

026

4

206

249

295

171

209

0

50

100

150

200

250

300

350


EU

R

Savings account Brokerage account (Incl. Asset M an.)

Marketing costs

4,2394,279

3,165 3,1162,736

1.000

1.500

2.000

2.500

3.000

3.500

4.000


EU

R (

th

ou

sa

nd

s)

Marketing costs per retail account

• Marketing activities at similar levels as in FY10 Q1, in line with marketing budget for 2010

• Marketing costs per retail account rose due to:• Increased marketing activity in the Netherlands and

Belgium in FY10 Q1• Marketing activity in France continued at the same

high level• Marketing costs per customer in France higher

13

Operating expense & Cost/Income ratio

52%

50%

52%

47%

53%

38%

43%

48%

53%

58%


Operating expenses Cost Income ratio (ex IFRS)

10.4 11.0 11.4 10.4 11.2

8.79.3 9.6

11.215.9

8.28.5

9.3

9.8

8.5

0

8

15

23

30

38


EU

R (

millio

ns

)

Employee expenses Other operating expenses Depreciation & amortisation

Other

operating

expenses

36%

Employee

expenses

37%

Depreciation &

amortisation

27%

Breakdown cost base

27.3 28.8 30.3

• FY10 Q1 operating expenses back at more normalised levels• FY09 Q4 operating expenses incidentally high due to one cost

items such as:• Additional IT depreciation old datacenters• Payments to the Dutch Deposit Guarantee System

• F10 Q1 employee expenses increased vs Q4 FY09, as in FY09 Q4 there was a release of an accrual for performance-related pay of the board. The executive board of BinckBank rejected part of their performance-related pay for 2009

36.1

30.9

Part II

Financial position

15

Solid financial position BinckBank FY10 Q1

• Strong equity FY10 Q1 €495.2 million (FY09 Q4: €480.4 million)

• Tier I capital at €104 million (FY09 Q4: 95.6 million)

• Solvency ratio remained stable at 13.0% (FY09 Q4:13.0%)

• Required capital considerably higher due to increased credit and interest-rate risk both under Pillar I and Pillar II

16

Capital position & solvency ratios

13.0% 13.0%

13.8%

13.1%

12.5%

10%

11%

12%

13%

14%

15%


Total Available Capital vs Total Required Capital

104

96

80

8691

4442

373637

49 50

58

64

59

20

40

60

80

100

120


EU

R (

millio

ns

)

Total Available Capital Required Capital Pillar I Required capital Pillar I+II

Solvency ratios

• Growth total available capital due to amortisation of intangibles and accelerated as a result of postponement share buy-back programme

• Increase required capital Pillar I due to acquisition of new building (€2.0 million)

• Growth of required capital Pillar II due to increased interest rate risk as result of strong increase of funds entrusted and increased impact of concentration risk in loan book and margin risk

• Solvency ratio remained stable at 13% and is well above company’s internal minimum rate

Minimum solvency target at 12%

17

Allocation of funds entrusted

421410

229

298345

0

100

200

300

400

500


EU

R (m

illio

n)

• Yield on investment portfolio decreased from FY09 Q4 3.14% to FY10 Q1 2.81%

• €485 million up for reinvestment in 2010:• 30% in Q2• 60% in Q3• 10% in Q4

• Expected return on reinvestment currently 1.75%• PIIGS exposure 25% of portfolio (Spain and Ireland)• Average duration FY10 Q1 1.38 years

Allocation funds entrusted

Collateralised lending

Funds entrusted end FY10 Q1: €2.3 billion

1.216

796836

837874

909

1.3601.3561.111989

0

500

1.000

1.500

2.000

2.500


EU

R (

th

ou

sa

nd

s)

Brokerage Savings

Investment AA-

7%

Investment AA

2%

Investment AA+

2%

Investment AAA

62%

Collaterised

lending

18%

Cash

9%

Part III

Outlook

19

Events after 31/03/2010 and outlook 2010

• TOM received MTF license from AFM in March 2010

• Binck lowered prices in the Netherlands as of 6 April 2010; estimated negative impact €5 million

• Alex decreased interest on savings account from 2.0% to 1.7%

• BinckProTrader will be launched shortly in the Netherlands

• 2010 the year of product innovations & introductions

• Management focus on:• Further customer growth • Innovation of products & services• (Preparation) for European roll-out • Expanding Professional Services business unit• TOM

Part IV

Q&A

21

Contact details

Anneke HoijtinkManager Investor [email protected]+31 (0)20 522 0372+31 (0) 6201 98 337www.binck.com

AddressVijzelstraat 201017 HK AmsterdamThe Netherlands

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Cautionary Statement regarding Forward-Looking Statements

This presentation may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this document that expresses or implies our intentions, beliefs, expectations, forecasts, estimates or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections, as they are currently available to the management of BinckBank N.V. Forward-looking statements therefore speak only as of the date they are made, and we take no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual future results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, without limitation, the conditions in the financial markets, the reliability of our risk management policies, procedures, systems and methods.

The forward-looking statements contained in this announcement are made as of the date hereof, and we assume no obligation to update any of the forward-looking statements contained in this document.

2010 first quarter results...11 assets under administration fr 3% be 9% nl 88% assets by country...

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