REPORT
OF THE EXECUTIVE BOARD
The provisions, including the revenue from advisory
services, increased from NLG 2.8 million in 1991 to
NLG 3.8 million in 1992.
The income from non-consolidated participations in
1992 of NLG 4.8 million remained virtually unchanged
on that in 1991.
The other income for 1992 rose from NLG 4.9 million to
NLG 5.9 million. Other expenses rose from NLG 10.9
million in 1991 to NLG 14.2 million in 1992.
The consolidated mortgage portfolio and other lending
amounted at the end of 1992 to NLG 6.3 billion (1991:
NLG 5.7 billion). The mortgage portfolio amounted at
the end of 1992 to NLG 5.0 billion.
Thanks partly to the retention of profits the financial
position was further improved: at the end of 1992 group
equity amounted to NLG 608.5 million, compared with
NLG 575.2 million at the end of 1991.
At the end of the year the hank was unexpectedly
confronted by a potential claim from the Ministry of
Finance with respect to the sale in the first half of the
1980s of a number of companies with fiscal replacement
reserves. We emphatically contest this claim, which
runs to tens of millions of guilders. In doing so we have
the support of our advisers and we view with confidence
any legal proceedings instituted by the Ministry.
Future
Our policy remains directed towards the continuing
growth of our loan portfolio and other realty-related
activities; we are also working continually at improving
and expanding our links with and services to our clients,
for example by expanding our range of products and by
selective internationalization.
We expect that the number of employees will fall
slightly in 1993. The level of investment will remain
virtually unchanged.
In 1993 the performance in the United States will no
longer affect the result.
We expect a substantial increase in the result in the
current financial year.
Utrecht, March 10, 1993
W.A.J.M. van der Heijden
R.f. Kahlmann
Th.L.J. Zitman
