Achmea Bank reports an operating profit before taxes of € 40 million

• Operating profit before taxes of EUR 40 million for the first half of 2025.  
• On balance mortgage portfolio grew to EUR 18.7 billion (+8%). 
• The capital position remains strong with a Total Capital ratio of 22.1% as of 30 June, 2025.

Operating profit before taxes of EUR 40 million for the first half of 2025. On balance mortgage portfolio grew to EUR 18.7 billion (+8%).  The capital position remains strong with a Total Capital ratio of 22.1% as of 30 June, 2025. The operating profit before taxes amounts to EUR 40 million in the first half of 2025 (H1 2024: EUR 55 million). The operating profit decreased through a lower interest result (EUR 11 million), a lower fair value result (EUR 10 million), higher operating expenses (EUR 20 million) and was partly offset by higher fees and commission income (EUR 24 million). 

Although there was further growth of the mortgage portfolio, the interest result tightened to EUR 106 million (H1 2024: EUR 117 million) due to a decreasing interest margin. The most important driver behind this, is the rapidly lowered ECB interest rate. The on-balance mortgage portfolio grew strong to EUR 18.7 billion (year-end 2024: EUR 17.4 billion). This strong growth was achieved through the origination of Centraal Beheer mortgages (EUR 1.0 billion), mandates for external mortgage platforms (EUR 0.7 billion) and the acquisition of a mortgage portfolio (EUR 0.6 billion). The retail savings portfolio remains stable at EUR 10.2 billion (year-end 2024: EUR 10.1 billion). The growth of our mortgage portfolio increased the customer base of Centraal Beheer, thereby supporting and strengthening the growth ambitions of Achmea Bank and Centraal Beheer.  

The negative fair value result of EUR 8 million in the first half of 2025 (H1 2024: EUR +2 million) is an accounting result related to derivatives for hedging interest rate risk. This accounting result is compensated in other reporting periods, generally reflecting a pull to par as the derivatives approach maturity.  

The number of defaults on the mortgage portfolio remained low, in line with its inherently low credit risk profile, resulting in a limited release of the loan loss provision. 

With the acquisition of Syntrus Achmea Hypotheekdiensten B.V. (as per October 2024), Achmea Bank services a growing mortgage portfolio of EUR 34 billion resulting in an increase in fees and commission income, alongside higher operating expenses. The total related contribution to the operating result before taxes is EUR 3 million. The efficiency ratio for Achmea Bank is 64.1% (2024: 59.7%) in the first half of 2025 and is higher as a result of the lower interest result and the acquisition of the servicing mortgage activities.  

The capital position improved with a Total Capital ratio of 22.1% (year-end 2024: 19.1%). The relative high increase in the capital ratio is a result of the implementation of the Capital Requirements Regulation III. This improvement is mainly due to the change in risk weights for mortgages. Under CRR-III, for loans up to 55% of the loan-to-value (LTV), the risk weights are 15 percentage points lower than under CRR-II. Due to a mortgage portfolio with a relatively low LTV, the Bank benefits significantly from these changes, resulting in a positive impact on our capital position.  

Achmea Bank retained its sound liquidity position with liquidity ratios well above internal and external limits. Achmea Bank has a diversified funding mix, comprising retail funding as well as unsecured and secured wholesale funding with different maturity profiles. In the first half of 2025 Achmea Bank issued two tranches of EUR 0.5 billion under its EUR 10 billion Soft Bullet Covered Bond Program and issued EUR 0.5 billion in Senior Preferred Green Bonds under its EUR 10 billion Debt Issuance Program.  

S&P confirmed the Issuer Credit Rating Outlook of A-/stable per 13 June 2025, and Fitch confirmed the issuer Default Rating of A/Stable per 20 March 2025.

Achmea Bank is proud to be part of Achmea's Retirement Services strategy, which aims to make the whole of the Netherlands financially fit and self-reliant by allowing customers to generate income for today and tomorrow. This strategy is aligned with Achmea's purpose of "Sustainable Living Together”.