annual results 2009 - zonebourse.com€¦ · annual results 2009 2009 a great year for binckbank...

Annual results 20092009 a great year for BinckBank

• Adjusted net profit in FY09 Q4 €21.8m (adjusted EPS €0.29)• Adjusted net profit in FY09 €78.1m (adjusted EPS €1.04)• Final dividend proposed of €0.31

This document has not been audited

2Jaarbericht 2009


Table of contentsKey figures annual comparison • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 3Key figures quarterly comparison• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 4 Report of the Executive Board

Chairman’s message • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 5Review of the consolidated results • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 6Review business unit Retail • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 9Review business unit Professional Services • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •11Financial position and risk management • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •12Events after balance sheet date and outlook • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •13

Financial statements I Consolidated Balance Sheet • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •14II Consolidated income statement • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •15III Consolidated statement of realised and unrealised results • • • • • • • • • • • • • • • • • • • • • • • • • • • • •16IV Condensed consolidated cash flow statement • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •16V Consolidated statement of changes in equity • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •17VI Selected explanatory notes • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •18

Key share data BinckBank N.V. • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •24Further information BinckBank N.V. • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •25

This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparity, the Dutch version shall prevail. No rights may be derived from the translated document.

3Jaarbericht 2009


Key figures annual comparison(x €1,000) FY09 FY08 Δ FY08Customer figures*Customer accounts 373,574 272,826 37%

Retail 348,188 264,299 30%Professional Services 25,386 8,527 198%

Number of transactions 9,617,181 7,151,244 34%Retail 9,144,980 6,807,997 34%Professional Services 472,201 343,247 38%

Assets under Administration (AuA) 10,942,742 6,065,852 80%Retail 8,031,695 5,001,484 61%Professional Services 2,911,047 1,064,368 174%

Income statementNet interest income 43,825 40,640 8%Net fee and commission income 129,240 101,181 28%Other operating income 9,661 6,162 57%Result from financial instruments 4,353 1,230 254%Impairments of financial assets (857) (205) 318%Total revenue from operating activities 186,222 149,008 25%

Employee expenses 43,185 38,443 12%Depreciation and amortisation 35,939 31,789 13%Other operating expenses 43,388 37,316 16%Total operating expenses 122,512 107,548 14%

Profit from continuing operations 63,710 41,460 54%

Share in profit / (loss) of associates and joint ventures (1,466) 520 -382%

Result before tax 62,244 41,980 48%

Taxation (15,083) (8,941) 69%

Result after tax from continuing operations 47,161 33,039 43%

Result after tax from discontinued operations - 106 -100%

Net result 47,161 33,145 42%IFRS amortisation 28,196 28,196

Fiscal goodwill amortisation 2,792 2,792

Adjusted net result 78,149 64,133 22%

Average number of shares outstanding during the year 74,897,706 76,870,870 Adjusted EPS 1.04 0.83 25%

Balance sheet & capital adequacyBalance sheet total 2,930,010 2,578,394 14%Equity 480,359 477,641 1%Total available capital 95,569 77,295 24%BIS ratio 18.4% 17.2%Solvency ratio 13.0% 13.6%

Cost / income ratioCost / income ratio 66% 72%C/I ratio excl. IFRS amortisation 51% 53%

* The number of accounts for the business unit Retail has been adjusted to reflect the fact that in some cases an account has been opened and an account number allocated, but identification of the account holder has not taken place. See page 10 for further details. With effect from Q2 2009, the client data for the BPO clients are included in the business unit Professional Services. The comparative figures for Professional Services have not been adjusted.

4Jaarbericht 2009


Key figures quarterly comparison(x €1,000) FY09 Q4 FY09 Q3 FY08 Q4 Δ Q3 Δ Q4Customer figures*Customer accounts** 373,574 351,238 272,826 6% 37%

Retail** 348,188 325,638 264,299 7% 32%Professional Services 25,386 25,600 8,527 -1% 198%

Number of transactions 2,379,010 2,483,854 2,097,199 -4% 13%Retail 2,243,053 2,366,274 2,004,044 -5% 12%Professional Services 135,957 117,580 93,155 16% 46%

Assets under Administration (AuA) 10,942,742 10,224,640 6,065,852 7% 80%Retail 8,031,695 7,551,530 5,001,484 6% 61%Professional Services 2,911,047 2,673,110 1,064,368 9% 174%

Income statementNet interest income 13,388 11,177 10,331 20% 30%Net fee and commission income 38,248 35,457 27,862 8% 37%Other operating income 4,453 1,771 1,916 151% 132%Result on investments (1,248) 858 1,570 -245% -179%Impairment losses (reversals) financial instruments 21 (23) (336) -191% -106%

Total revenue from operating activities 54,862 49,240 41,343 11% 33%

Employee expenses 10,439 11,382 9,375 -8% 11%Depreciation and amortisation 9,818 9,350 7,981 5% 23%Other operating expenses 15,852 9,600 11,780 65% 35%Total operating expenses 36,109 30,332 29,136 19% 24%

Profit from continuing operations 18,753 18,908 12,207 -1% 54%

Share in profit / (loss) of associates and joint ventures

(137) (467) 310 -71% -144%

Result before tax 18,616 18,441 12,517 1% 49%

Taxation (4,524) (4,711) (2,230) -4% 103%

Result after tax from continuing operations

14,092 13,730 10,287 3% 37%

Net result 14,092 13,730 10,287 3% 37%IFRS amortisation 7,049 7,049 7,049

Fiscal goodwill amortisation 698 698 698

Adjusted net result 21,839 21,477 18,034 2% 21%Adjusted earnings per share 0,29 0,29 0,23 - 26%

Balance sheet & capital adequacyBalance sheet total 2,930,010 3,133,913 2,578,394 -7% 14%Equity 480,359 473,379 477,641 1% 1%Total available capital 95,569 91,051 77,295 5% 24%BIS ratio 18.4% 19.6% 17.2%Solvency ratio 13.0% 12.5% 13.6%

Cost / income ratioCost / income ratio 66% 62% 70%Cost / income ratio excl. IFRS amortisation 53% 47% 53%

* The number of accounts for the business unit Retail has been adjusted to reflect the fact that in some cases an account has been opened and an account number allocated, but identification of the account holder has not taken place. See page 10 for further details. With effect from Q2 2009, the client data for the BPO clients are included in the business unit Professional Services. The comparative figures for Professional Services have not been adjusted.

** BinckBank decided to report the French saving accounts separately from now on. The comparative figures for FY09 Q3 have been adjusted.

5Jaarbericht 2009


Report of the Executive BoardChairman’s message

2009 was a year in which the faith of investors was restored. The markets provided many opportunities, and after a moderate first quarter with a low point for the AEX in March, prices found their way upwards again. The AEX, in which many of our customers invest, rose just over 36% in 2009. Due to the AEX rally, many of our customers saw their portfolios rise in value once more. For BinckBank it is of course crucial that investors seem to have regained their confidence in the market, and are once again actively trading. The positive market developments have a direct effect on the results achieved by BinckBank in 2009. This year, we have opened the largest number of new accounts since our incorporation, with more than 100,000 new accounts in the Netherlands, Belgium and France collectively.

As a result of our large-scale marketing campaign on national TV, we achieved accelerated growth in the number of accounts in France in Q4 2009. We also realised strong growth in Belgium, in addition to good growth opportunities offered by the Dutch market. This achievement is mainly due to our focus on providing high-quality products and services. I am of course extremely proud that Alex and Binck were once again chosen as the best broker in the Netherlands multiple times, and that we were able to share in such an honour for the first time in Belgium as well. Test-Aankoop, the Belgian Consumers’ Association, qualified Binck as ‘Best Buy’. I see this as recognition of the quality of our products and our client focus, also in Belgium.

Q4 was another good period in financial terms. The number of transactions declined slightly, which was no particular surprise as December is normally a quiet month for the markets. Nonetheless, total fee and commission income was up 8% compared to Q3, mainly due to the good results achieved by Alex Asset Management in 2009. For these good results, BinckBank received a performance fee from its asset management clients. The adjusted net profit of €22m was 2% higher than in Q3. The adjusted net profit for the whole of 2009 came to €78m. At the General Meeting of Shareholders on 26 April 2010, we will propose a final dividend of €0.31 per share. The total dividend for 2009 will consequently amount to €0.52 per share.

A non-recurring loss of €3.3m is recognised in Q4 in relation to the failures of Icesave, Indover and DSB. We consider it essential that confidence is restored in the banking system, and that private investors and savers must be able to keep their money at any bank operating in the Netherlands without this being a cause for concern. We expect to become more actively involved in the savings market again in the future.

We completed the negotiations for the purchase of our new head office in Q4, which was delivered in January. We will move to the Eurocenter I building near to the Amsterdam – RAI station in the second half of 2010.

On the basis of the results realised, we have set new medium-term targets. With the exception of savings, these targets have all been adjusted upwards. Ultimately, the realisation of our targets should enable us to achieve our ambition of becoming Europe’s largest online bank for investors. Our formula of a good product range and exceptional client focus offered at competitive prices, is proving just as successful in France as it has been in the Netherlands and Belgium. This bolsters our confidence for the future, and our belief in the potential for expanding into other European countries based on our successful business model.

Koen Beentjes,Chairman of the Executive Board, BinckBank

6Jaarbericht 2009


Review of the consolidated results 2009

Adjusted net profit in 2009In 2009 the adjusted net profit rose 22% to €78.1m. The increase was mainly due to the rise in the number of accounts (up 37%) and the associated increase in the number of transactions (up 34%). Operating expenses rose 14%, partly due to several large non-recurring items. The adjusted net profit per share in 2009 consequently amounts to €1.04, an increase of 25% compared to 2008 (€0.83).The adjusted net profit in Q4 2009 was up 2% compared to Q3, rising to €21.8m (FY09 Q3: €21.5m). The adjusted net profit per share thus remained unchanged at €0.29. The increase was mainly due to a 20% rise in net interest income and an 8% increase in net fee and commission income. Net interest incomeNet interest income in 2009 came to €43.8m, compared to €40.6m in 2008 (+8%). Due to the deteriorated situation in the money and capital markets, interest income on the investment portfolio fell in 2009, because a substantial proportion of the portfolio had to be reinvested at lower market interest rates. Despite the fall in interest rates, BinckBank was able to maintain its interest margin through timely adjustment of credit interest on its brokerage and savings accounts in line with the reduced return on its investments.The increase in net interest income was mainly due to the increase in funds entrusted to €2.1 billion (+ 20%) and a sharp rise in collateralised lending to €410.2m (+80%). Collateralised lending rose almost to the level seen before the credit crisis (€452.8m at end FY08 Q1). The equity markets began a strong recovery in March 2009, prompting our clients to increase their take-up of collateralised lending. The increase in funds entrusted occurred mainly in the brokerage accounts, while assets in savings accounts remained more or less unchanged.

BinckBank realised net interest income of €13.4m in Q4, which is 20% higher than in Q3. This was mainly due to a sharp increase in collateralised lending of €65m (+19%).

Collateralised loans Net interest income

228 229

298345

410

-50

100150

200250300350400450500

FY08 Q4 FY09 Q1 FY09 Q2 FY09 Q3 FY09 Q4

x € million

Net fee and commission incomeNet fee and commission income rose from €101.2m in 2008 to €129.2m in 2009 (+28%). The increase stems from the growth in the number of brokerage accounts, the average number of transactions per account and the average net fee and commission income per transaction. The number of brokerage accounts (excluding asset management accounts) increased in 2009 at a steady pace from 212,005 to 289,170 (+36%), partly as a result of the recovery in equities which prompted many private investors to enter the market. The growth was accompanied by an increase in the number of transactions from 7.2m in 2008 to 9.6m in 2009 (+34%).

10,222

9,038

11,177

13,388

10,331

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000


(x € 1,000)

7Jaarbericht 2009


The fact that the average income per transaction nevertheless declined from €14.15 in 2008 to €13.44 in 2009 is largely due to the large number of transactions executed at no cost in connection with marketing campaigns (Sprinters and “member gets member”). The decline in average income per transaction was, however, amply offset by the increase in the number of accounts and the increased number of transactions.

In Q4, net fee and commission income rose by 8% in comparison to Q3, from €35.5m to €38.2m. The number of transactions, however, declined slightly (-4%), since December is traditionally a month with lower trading volumes. The increase of 8% in net fee and commission income was chiefly due to the good results of Alex Asset Management and the associated variable performance fee.

Number of brokerage accounts* Number of transactions

212 227261 273 289

-

60

120

180

240

300

360

FY08 Q4 FY09 Q1 FY09 Q2 FY09Q3 FY09 Q4

(x 1,000)

Net commission income

Other operating incomeThe other operating income item includes the result from Syntel. Income from Syntel increased in 2009, mainly due to increased activities and the sale of software licences. Other operating income in 2009 came to €9.7m. The positive development in other operating income in Q4 2009 compared to Q3 2009 is largely due to increased direct sales of Syntel licences and the supply of customised software.

Result from financial instrumentsThe net result from financial instruments before tax at year-end 2009 amounted to €4.4m. From the end of 2008, BinckBank has built a position in securities issued by financial institutions. BinckBank reduced this position later in the year in order to diversify risk. Due to the favourable developments in the financial markets, this sale was profitable. In addition, a number of financial instruments were sold at a loss in Q4 which were no longer appropriate under BinckBank’s investment policy due to credit-rating downgrades.

* The number of accounts for the business unit Retail has been adjusted to reflect the fact that in some cases an account has been opened and an account number allocated, but identification of the account holder has not taken place. See page 10 for further details.

2,097

2,484 2,3792,235

2,520

-

500

1,000

1,500

2,000

2,500

3,000


(x 1,000)

27,862

35,45738,248

24,081

31,454

-5

10

15202530

354045


(x € 1,000)

8Jaarbericht 2009


Impairments of financial assetsIn 2009 the item impairment of financial assets includes a sum of €0.7m relating to a downward revaluation of a loan to an associate.

Operating expensesOperating expenses consist of employee expenses, depreciation and amortisation and other operating expenses. In 2009 total operating expenses increased from €107.6m in 2008 to €122.5m in 2009 (+14%). Employee expenses rose €4.7m, depreciation and amortisation rose €4.1m and other operating expenses increased by €6.1m. Despite the increased expenses in absolute terms, the cost/income ratio excl. IFRS amortisation improved from 53% in 2008 to 51% in 2009. The increase in employee expenses was mainly due to a rise in the number of full-time employees from 475 at year-end 2008 to 526 at year-end 2009, and the higher costs of the key staff incentive plan. Under this plan, phantom shares in BinckBank are allocated to key employees within the organisation on a long-term basis. Since the share price of BinckBank N.V. rose 130% last year, from €5.45 to €12.54, additional reserves were formed for the key staff incentive plan. Depreciation increased because BinckBank had to shorten the economic life of various components in the data centre as a result of the migration of the old Alex and Binck data centres to the new IT platform. The non-recurring depreciation applied to these IT components came to €1.7m. Other operating expenses rose, mainly as a result of additional marketing costs for Belgium and France (+€2.7m), additional IT consultancy costs relating to the migration of the data centres, consultancy costs incurred for various revenue-generating projects, costs of the new premises, and obligations arising from the deposit guarantee scheme.

Operating expenses rose in Q4 by 19% compared to Q3, from €30.3m to €36.1m. Employee expenses fell 8%, depreciation and amortisation rose 5% and other operating expenses increased sharply, by 65% (+ €6.3m). The rise in other operating expenses was due to intensified marketing activities, especially in Belgium and France (+ €1.6m). Moreover, BinckBank had to make a contribution to the deposit guarantee scheme in connection with the bankruptcies of Icesave and Indover, and has made a provision for the contribution expected in relation to the failure of DSB. The total effect of this for BinckBank was an increase in other operating expenses of €3.3m.

Operating expenses

10.411.411.010.49.4

15.99.69.38.711.8

9.8

9.38.08.2 8.5

0

8

15

23

30

38


x € million

29.227.3 28.8

36.1

30.3

Employee expenses Other operating expenses

Depreciation & amortisation

9Jaarbericht 2009


Review business unit RetailEuropean online bank for private investors

(x €1,000) FY09 Q4 FY09 Q3 FY08 Q4 Δ Q3 Δ Q4

Customer accounts* 348,188 325,638 264,299 7% 32%

Netherlands 295,885 282,374 238,948 5% 24%

Brokerage accounts 217,890 208,964 178,127 4% 22%

Saving accounts 67,104 63,617 53,273 5% 26%

Asset management accounts 10,891 9,793 7,548 11% 44%

Belgium 32,757 29,449 22,269 11% 47%


France** 19,546 13,815 3,082 41% 534%


Saving accounts 6,409 4,557 - 41% 100%

Number of transactions 2,243,053 2,366,274 2,004,044 -5% 12%

Netherlands 1,802,741 1,953,028 1,818,987 -8% -1%

Belgium 252,078 258,121 164,114 -2% 54%

France 188,234 155,125 20,943 21% 799%

Assets under Administration 8,031,695 7,551,530 5,001,484 6% 61%

Netherlands 6,894,120 6,555,363 4,593,798 5% 50%

Brokerage accounts 5,774,656 5,450,413 3,605,443 6% 60%

Saving accounts 783,361 837,232 861,240 -6% -9%

Asset management accounts 336,103 267,718 127,115 26% 164%

Belgium 875,176 814,113 389,201 8% 125%


France 262,399 182,054 18,485 44% 1320%


Saving accounts 90,821 57,928 - 57% 100%

Income statementNet interest income 11,383 8,982 8,916 27% 28%

Net fee and commission income 35,126 32,353 25,571 9% 37%

Other operating income 878 158 320 456% 174%

Result from financial instruments (1,170) 728 1,221 -261% -196%

Impairments of financial assets 20 (23) (336) -187% -106%

Total revenue from operating activities

46,237 42,198 35,692 10% 30%

Employee expenses 7,710 8,999 7,518 -14% 3%

Depreciation and amortisation 9,274 9,085 7,817 2% 19%

Other operating expenses 14,309 8,890 10,885 61% 31%

Total operating expenses 31,293 26,974 26,220 16% 19%

Profit 14,944 15,224 9,472 -2% 58%* The number of account holders for the business unit Retail has been adjusted to reflect the fact that in some cases an account has been opened and an account number allocated, but identification of the account holder has not taken place. See page 10 for further details.

** BinckBank decided to report the French saving accounts separately from now on. The comparative figures for FY09 Q3 have been adjusted.

10Jaarbericht 2009


Business unit Retail The business unit Retail provides online investment services to private investors in the Netherlands, Belgium and France. In the Netherlands these services are offered through the labels Alex and Binck, and outside the Netherlands through the Binck label only.

The NetherlandsThe number of accounts in the Netherlands was up 5% compared to the previous quarter. The number of accounts has been adjusted for both the comparative figures and for 2009 to reflect the fact that in some cases an account has been opened and an account number allocated, but identification of the account holder has not taken place. This concerns a total of 20,410 Dutch accounts, involving 16,350 brokerage accounts, 3,472 savings accounts and 588 asset management accounts. These are mainly accounts that had been opened before 1 January 2008. The accounts concerned, in which no activity has taken place, will be closed.

The number of transactions declined slightly, by 5% in comparison to Q3. This was no surprise, since December is often a quiet month in the markets with lower trading volumes. Asset management once again generated excellent results. The number of asset management accounts and the assets under management increased by 11% and 26% respectively. Compared to the end of 2008, the assets managed by Alex Asset Management have risen by 164%. Rather than switching from equities to bonds and vice versa, the asset management model withdraws from the market when there is a declining trend. During the crisis year of 2008, this protected our clients from suffering heavy losses. In 2009 Alex Asset Management once again produced an excellent return.

BelgiumBinckBank achieved a strong increase in the number of accounts in Belgium in Q4, with the highest inflow of accounts since we started operations in that country. More than 3,300 accounts were opened in Q4. At year-end 2009, the total number of accounts in Belgium was 32,757. The assets of our Belgian customers increased by 8%, partly due to the continuing rally in the equity markets and new cash inflow.

FranceThe large-scale marketing campaign on French national television led to an acceleration of growth in number of accounts. In total the number of accounts increased with 41% compared to Q3 to 19,546. In France customers can opt for opening a brokerage account, a savings account, or a brokerage account & a savings account. The last option was reported only as a brokerage account. As from now on BinckBank will report all brokerage and savings accounts separately.

11Jaarbericht 2009


Review business unit Professional ServicesEuropean online securities bank for professional parties

(x €1,000) FY09 Q4 FY09 Q3 FY08 Q4 Δ Q3 Δ Q4

Number of accounts* 25,386 25,600 8,527 -1% 198%

Netherlands* 24,871 25,201 8,310 -1% 199%

Belgium 515 399 217 29% 137%

Number of transactions* 135,957 117,580 93,155 16% 46%

Netherlands 130,834 113,923 89,913 15% 46%

Belgium 5,123 3,657 3,242 40% 58%

Assets under administration* 2,911,047 2,673,110 1,064,368 9% 174%

Netherlands 2,749,176 2,543,157 991,394 8% 177%

Belgium 161,871 129,953 72,974 25% 122%

Income statementNet interest income 2,005 2,195 1,415 -9% 42%

Net fee and commission income

3,122 3,104 2,291 1% 36%

Other operating income 3,575 1,613 1,596 122% 124%

Result from financial instruments

(78) 130 349 -160% -122%

Impairments of financial assets 1 - - 100% 100%

Total revenue from operating activities 8,625 7,042 5,651 22% 53%

Employee expenses 2,729 2,383 1,857 15% 47%

Depreciation and amortisation

544 265 164 105% 232%

Other operating expenses 1,543 710 895 117% 72%

Total operating expenses 4,816 3,358 2,916 43% 65%

Profit 3,809 3,684 2,735 3% 39%

* With effect from FY09 Q2, the client data of the BPO clients have been included in the business unit Professional Services. The

comparative figures have not been adjusted.

The business unit Professional Services serves asset managers, banks and insurers. The subsidiary company Syntel also forms part of the business unit Professional Services.

The results of the business unit Professional Services are mainly driven by the assets under administration and the number of transactions settled for clients. Both the number of transactions and the assets under administration increased in Q4. The number of transactions was up 16% and assets under administration increased by 9%.

12Jaarbericht 2009


Financial position and risk management

At the end of 2009, BinckBank has a sound capital and liquidity position. BinckBank’s total equity at year-end 2009 stands at €480.4m. The total available Tier 1 capital rose in Q4 by €4.5m to €95.6m. The solvency ratio increased from 12.5% to 13%, and is therefore higher than our lower limit of 12%. The BIS ratio declined in Q4 from 19.6% to 18.4% at year-end 2009, as a result of a higher capital requirement under Pillar I for operational risk. The capital requirement for operational risk as of 31 December 2009 is calculated according to the basic indicator approach as 15% of the revenue in the previous reporting year. Since revenue increased sharply in 2009 (+25%), the capital requirement for operational risk has also increased, leading to a decline in the BIS ratio in Q4.

Calculation of equity and Tier 1 capital

(x € 1,000) FY09 Q4 FY09 Q3 FY08 Q4

Issued share capital 7,607 7,607 7,709

Share premium 386,978 386,978 392,395

Treasury shares (18,097) (13,592) (5,628)

Other reserves 56,710 59,317 50,020

Unappropriated profit 47,161 33,069 33,145

Total Equity 480,359 473,379 477,641

Less: goodwill (152,929) (152,929) (152,929)

Less: other intangible assets (192,537) (199,633) (220,920)

Less: fair value reserve (13,789) (16,339) (8,832)

Less: proposed dividend (23,582) (11,837) (16,190)

Core capital 97,522 92,641 78,770

Less: investments in financial subsidiaries (1,953) (1,590) (1,475)

Total available capital (A) - Tier 1 95,569 91,051 77,295

Total required capital (B) - Pillar I 41,521 37,155 36,034

Total required capital (C) - Pillar I + II 58,668 58,234 45,534

BIS ratio (= A/B * 8%) 18.4% 19.6% 17.2%

Solvency ratio (=A/C * 8%) 13.0% 12.5% 13.6%

13Jaarbericht 2009


Events after balance sheet date and outlook

At 12 February 2010 SNS Bank and BinckBank signed a letter of intent for the outsourcing of the execution and administration of securities transactions for customers of SNS Bank.

Given BinckBank’s strong growth, we look forward to 2010 with confidence. However, since we are affected by developments in the financial markets, BinckBank will not issue any statement with regard to financial targets for 2010. The focus of management will remain at all times on continuing growth in the number of accounts, client-driven innovation and cost control.

After the summer, BinckBank will also take up residence in its new office at the Eurocenter I near to the Amsterdam – RAI station. BinckBank purchased this new head office for €24.7m in November 2009. Delivery took place in January 2010.

Furthermore AEX and AMX stocks were successively added to TOM in early 2010.

Due to its good results BinckBank has again raised its medium-term targets. The basic principles will, however, remain the same, and BinckBank will continue to focus on further growth in the Netherlands and abroad, with the objective of becoming Europe’s largest online bank for investors.

Medium term targets

Medium term targetsPrevious targets end

FY12New targets end

FY13Realisation end FY09

Dutch Retail brokerage accounts 250,000 330,000 217,890

Belgium Retail brokerage accounts 40,000 90,000 32,757

French Retail brokerage accounts 40,000 80,000 13,137

Number of BPO contracts - 10 2

Total savings €1.5 billion €1.5 billion €874 million

Total assets under administration €10 billion €15 billion €11 billion

14Jaarbericht 2009


Financial statements 2009I. Consolidated balance sheet

(x € 1,000) 31 december 2009 31 december 2008

Cash and balances with central banks 48,936 39,289

Banks 179,692 244,412

Financial assets designated at fair value through profit and loss

37,294 37,033

Available-for-sale financial assets 1,511,903 1,298,233

Loans and receivables 410,169 227,725

Held-to-maturity investments 8,329 12,558

Investments in Associates and Joint Ventures 1,953 2,675

Intangible assets 348,561 378,338

Property, plant and equipment 12,512 9,218

Current tax assets 1,972 4,623

Deferred tax assets 5,988 5,980

Other assets 14,286 9,311

Prepayments and accrued income 48,828 35,774

Derivative positions held on behalf of clients 299,587 273,225

TOTAL ASSETS 2,930,010 2,578,394

Customer deposits 2,089,814 1,747,699

Provisions 2,660 93

Current tax liabilities 282 201

Deferred tax liabilities 14,490 8,116

Other liabilities 21,210 48,069

Accruals and deferred income 21,608 23,350

Derivative positions held on behalf of clients 299,587 273,225

TOTAL LIABILITIES 2,449,651 2,100,753

EQUITY 480,359 477,641

TOTAL EQUITY AND LIABILITIES 2,930,010 2,578,394

15Jaarbericht 2009


II. Consolidated income statement

(x € 1,000) FY09 Q4 FY08 Q4 FY09 FY08

Revenue

Interest income 18,768 23,485 71,048 95,500 Interest expense (5,380) (13,154) (27,223) (54,860)

Interest income, net 13,388 10,331 43,825 40,640

Fee and commission income 49,037 37,453 172,710 139,577 Fee and commission expense (10,789) (9,591) (43,470) (38,396)

Fee and commission income, net 38,248 27,862 129,240 101,181

Other operational income 4,453 1,916 9,661 6,162

Result from financial instruments (1,248) 1,570 4,353 1,230

Impairments of financial assets 21 (336) (857) (205)

Total revenue from operating activities 54,862 41,343 186,222 149,008

Expenses

Employee expenses 10,439 9,375 43,185 38,443 Depreciation and amortisation 9,818 7,981 35,939 31,789 Other operating expenses 15,852 11,780 43,388 37,316 Total expenses 36,109 29,136 122,512 107,548

Result from continuing operations 18,753 12,207 63,710 41,460 Share of profit / (loss) associates and joint ventures (137) 310 (1,466) 520 Result before tax 18,616 12,517 62,244 41,980 Taxes (4,524) (2,230) (15,083) (8,941)

Result after tax from continuing operations 14,092 10,287 47,161 33,039

Result after tax from discontinued operations - - - 106

Net results 14,092 10,287 47,161 33,145

Earnings per share (EPS) in € 0.19 0.13 0.63 0.43

16Jaarbericht 2009


III. Consolidated statement of realised and unrealised results

(x € 1,000) FY09 Q4 FY08 Q4 FY09 FY08

Net profit 14,092 10,287 47,161 33,145

Other comprehensive incomeExchange differences on translation of foreign operations

(82) (50) (70) (139)

Net (loss)/gain on available-for-sale financial assets (4,045) 17,903 10,912 14,395

Gains and losses realised through the profit and loss 664 (513) (4,093) (292)

Income tax relating to components of other comprehensive income

831 (4,782) (1,862) (3,929)

Other comprehensive income, net of tax (2,632) 12,558 4,887 10,035

Total comprehensive income, net of tax 11,460 22,845 52,048 43,180

IV. Condensed consolidated cash flow statement

(x € 1,000) FFY09 FY08

Cash flow from operating activities 207,831 552,321

Cash flow from investment activities (213,473) (672,379)

Cash flow from financing activities (49,431) (33,572)

Net cash flow (55,073) (153,630)

Opening balance of cash and cash equivalents 283,701 437,331

Closing balance of cash and cash equivalents 228,628 283,701

Movement in cash and cash equivalents (55,073) (153,630)

The cash and cash equivalents presented in the consolidated cash flow statement are included in the consolidated balance sheet under the following headings at the amounts stated below:

Cash and balances with central banks 48,936 39,289

Due from banks 179,692 244,412

Cash and cash equivalents in assets held for sale - -

Total 228,628 283,701

17Jaarbericht 2009


V. Consolidated statement of changes in equity Geplaatstaandelenkapitaal

Agioreserve

In-gekochte

eigenaandelen

Reservereële

waarde

Onver-deeld

resultaat

Overige reserves

Totaaleigen

vermo-gen

(x € 1,000)1 January 2009 7,709 392,395 (5,628) 8,832 33,145 41,188 477,641

Net result - - - - 47,161 - 47,161

Other comprehensive income

- - - 4,957 - (70) 4,887

Total comprehensive income

- - - 4,957 47,161 (70) 52,048

Payment of final dividend

- - - - - (15,773) (15,773)

Payment of interim dividend

- - - - - (15,670) (15,670)

Grants of rights to shares

- - - - - 101 101

Treasury shares - - (17,988) - - - (17,988)

Cancelled shares (102) (5,417) 5,519 -

Transfer of retained earnings to other reserves

- - - - (33,145) 33,145 -

31 December 2009 7,607 386,978 (18,097) 13,789 47,161 42,921 480,359

Geplaatstaandelenkapitaal

Agioreserve

In-gekochte

eigenaandelen

Reservereële

waarde

Onver-deeld

resultaat

Overige reserves

Totaaleigen

vermo-gen

1 January 2008 7,709 392,395 (487) (1,342) 32,155 36,386 466,816

Net result - - - - 33,145 - 33,145

Other comprehensive income

- - - 10,174 - (139) 10,035

Total comprehensive income

- - - 10,174 33,145 (139) 43,180

Payment of final dividend

- - - - - (11,560) (11,560)

Payment of interim dividend

- - - - - (15,413) (15,413)

Grants of rights to shares

- - - - - 58 58

Treasury shares - - 378 - - (299) 79

Cancelled shares - - (5,519) - - - (5,519)

Transfer of retained earnings to other reserves

- - - - (32,155) 32,155 -

31 December 2008 7,709 392,395 (5,628) 8,832 33,145 41,188 477,641

18Jaarbericht 2009


VI. Selective explanatory notes

General informationBinckBank N.V., incorporated and established in the Netherlands, is a public limited liability company subject to Dutch law. The shares of BinckBank N.V. are publicly traded. The registered office of BinckBank N.V. is at Vijzelstraat 20, 1017 HK in Amsterdam.

BinckBank N.V. (BinckBank) is an online bank for investors and is ranked among the top five in Europe. As an online broker, BinckBank offers its clients fast and low-cost access to all major financial markets worldwide. Moreover, as an asset management bank, BinckBank provides support to its clients in the management of their capital through online asset management services and online savings accounts. In addition to fast and low-cost order execution, BinckBank also provides services to professional clients in the field of the administrative processing of securities and cash transactions by means of an outsourcing agreement (BPO), or the licensing of the related software. The company has offices in the Netherlands, Belgium, France and Spain.

The consolidated figures for BinckBank over the 2009 financial year have been prepared by the Management Board of BinckBank and approved prior to publication in accordance with the resolution of the Management Board and the Supervisory Board of 18 February 2010.

Accounting principlesThe summary consolidated figures for the 2009 financial year have been prepared in accordance with IAS 34 Interim Financial Reporting as accepted within the European Union. The summary does not contain all the information required for full financial statements and should be read in combination with the consolidated 2008 financial statements. The summary consolidated figures are in euros and all figures are rounded to the nearest thousand (€ x 1,000), unless otherwise stated.

Valuation principlesThe summary consolidated figures for the 2009 financial year have been prepared in accordance with the principles used in the consolidated financial statements of 31 December 2008, with the exception of new activities and the application of new standards and interpretations as described below.

New and amended IFRS standards and IFRIC interpretations applying to financial years beginning on 1 January 2009BinckBank has introduced the following new and amended IFRS standards and IFRIC interpretations applying to financial years beginning on 1 January 2009:• IAS 1 - Presentation of financial statements. The amended standard distinguishes between movements in equity arising from direct transactions with the owners of the company and other movements. The statement of movements in equity contains detailed information regarding direct transactions with the owners and the other movements are presented separately per equity component. The standard also introduces a statement of realised and unrealised results, in which all the income and expenses included in the income statement are presented, as well as all the unrealised results not included in the income statement. This can be in the form of either one statement or two related statements. The presentation of comparative figures for previous periods has been adjusted.• IFRS 7 - Financial Instruments: Provision of Information. Part of the revised standard relates to improvements in the disclosure of the fair value of financial instruments. The standard requires a disclosure for each category of the three levels of financial instruments valued at fair value and specific disclosures of reclassifications of financial instruments between the levels. Detailed disclosures are furthermore required for financial instruments included in level 3. The disclosures regarding the liquidity of derivative instruments have also been amended.

19Jaarbericht 2009


• IFRS 8 - Operating Segments. IFRS 8 replaces IAS 14 - Segmented Information. IFRS 8 requires that the financial and descriptive information reported for business segments is the same as the information used internally for the evaluation of the results of business segments and for decision-making regarding the allocation of resources. BinckBank uses the same performance measures and reporting structures for its internal performance measurement as it uses for its external reporting.

The following new and amended IFRS standards and IFRIC interpretations are compulsory from 1 January 2009, but have no effect on the financial position and results of BinckBank:

• IFRS 2 - Share-based payments• IAS 23 - Borrowing costs• IAS 32 and IAS 1 - Financial Instruments puttable and obligations arising on liquidation• IFRIC 9 and IAS 39 Reassessment of embedded derivatives• IFRIC 13 - Loyalty programmes• IFRIC 14 and IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction.

Improvement of IFRS standards In May 2008 the IASB published a first draft of changes to the standards, mainly intended to remove inconsistencies and for clarification. Different transition provisions apply for each standard.

• IAS 23 Borrowing costs: The definition of borrowing costs has been revised, as a result of which two separate components of borrowing costs (interest on loans taken up and amortisation) are combined into one term: the interest expense by the effective interest method under IAS 39. BinckBank has adjusted its accounting principle accordingly. This had no effect on the financial position. • IAS 27 Consolidated and separate financial statements: This amendment clarifies that if a parent company includes a subsidiary company in its separate financial statements at fair value under IAS 39, this treatment is continued after the subsidiary has subsequently been classified as held for sale. This amendment has no effect on the financial position and results of BinckBank. • IAS 28 Investments in associates: o This amendment concerns a reduction in the information provided for entities if associates are reported in accordance with IAS 39.If an associate is included at fair value under IAS 39, the only provision of IAS 28 that applies – since the associate is then exempt from the provisions of IAS 28 – is that information must be provided regarding the nature and extent of any significant restrictions on the ability of associates to transfer funds to the entity in the form of cash dividends, or to repay loans. o It is further clarified that in the test for impairment (including any reversal of an impairment loss) an investment in an associate is treated as a single asset. An impairment is therefore not separately allocated to the goodwill included in the amount of the investment. BinckBank has adjusted its accounting principle accordingly. This had no effect on its financial position. • IAS 31 Interests in joint ventures: This amendment concerns a reduction in the information provided for entities if the entities over which collective control is exercised are reported in accordance with IAS 39.

If a joint venture is included at fair value under IAS 39, the only requirement of IAS 31 that applies – since it is then exempt from the provisions of IAS 31 – is that information must be provided regarding the liabilities entered into by the venturer, as well as summary information regarding the assets, liabilities, income and expenses. BinckBank has adjusted its accounting principle accordingly. This had no effect on its financial position.

Changes to the following standards as a result of improvements had no effect on the accounting principles, results and financial position of BinckBank.

20Jaarbericht 2009


• IFRS 5 Non-current assets held for sale and discontinued operations• IAS 1 Presentation of financial statements• IAS 16 Property, plant and equipment• IAS 19 Employee benefits• IAS 20 Accounting for government grants and disclosure of government assistance• IAS 29 Financial reporting in hyperinflationary economies• IAS 36 Impairment of assets• IAS 38 Intangible assets• IAS 39 Financial instruments: recognition and measurement• IAS 40 Investment property• IAS 41 Agriculture

New and amended IFRS standards and IFRIC interpretations applying to financial years beginning after 1 January 2009The following standards, amendments of standards and interpretations that have not yet taken effect or have not yet been ratified by the European Union have not yet been applied by BinckBank:

• IFRS 1 First-time adoption of International Financial Reporting Standards (revised), effective as of 1 January 2010. Since BinckBank is not a first-time adopter of IFRS, the revised standard does not apply.• IFRS 1 First-time adoption of International Financial Reporting Standards – Additional exemptions for first-time adopters, effective as of 1 January 2010. Since BinckBank is not a first-time adopter of IFRS, the revised standard does not apply. • IFRS 2 Share-based payments – share-based payment transactions settled in cash in a group, effective as of 1 January 2010. This change clarifies the scope of the standard and the treatment of share-based payment transactions settled in cash within a group. • IFRS 3 Business combinations (revised) and IAS 27 The consolidated and separate financial statements (amended), effective as of 1 July 2009. The changes pursuant to IFRS 3 (revised) and IAS 27 (amended) will be applied prospectively and affect future business combinations, loss of control over subsidiary companies and transactions with minority interests (minority shareholders). • IFRS 9 Financial instruments, effective as of 1 January 2013. BinckBank does not expect to apply this standard before 1 January 2013 and is currently studying and evaluating its effects.• IAS 24 Related party disclosures (revised), effective as of 1 January 2011. BinckBank does not expect to apply this standard before 1 January 2013 and is currently studying and evaluating its effects.• IAS 32 Financial Instruments: presentation – Classification of rights issues, effective as of 1 February 2010. BinckBank has concluded that this change has no effect on its financial position and results, since it has not issued any rights in foreign currency. • IAS 39 Financial Instruments: recognition and measurement – Eligible hedged items, effective as of 1 July 2009. BinckBank has concluded that this change has no effect on its financial position and results, since it does not hold any such hedged items. • IFRIC 12 – Service concession arrangements, effective as of 29 March 2009, does not apply to BinckBank.• IFRIC 15 Agreements for the construction of real estate, effective as of 1 January 2010, does not apply to BinckBank. • IFRIC 16 Hedges of a net investment in a foreign operation, effective as of 1 July 2009, does not apply to BinckBank. • IFRIC 17 Distribution of non-cash assets to owners, effective as of 1 November 2009, does not apply to BinckBank. • IFRIC 18 Transfers of assets from customers, effective for transactions after 1 July 2009, does not apply to BinckBank. • IFRIC 19 Extinguishing financial liabilities with equity instruments, effective as of 1 July 2010, does not apply to BinckBank.

• General improvements to IFRS standards (published in April 2009), various effective dates.

21Jaarbericht 2009


Associates and joint venturesJoint ventures are entities over which BinckBank exercises joint control. This control is established in an agreement and strategic decisions regarding financial and operating policy are taken by unanimous vote. Joint ventures are reported using the equity method from the date on which BinckBank has joint control for the first time until the date on which this control ceases. Under the equity method, BinckBank’s share in the results of the joint venture is reported in BinckBank’s income statement as “share in the result of associates and joint ventures”. BinckBank’s share in the movements in the reserves of the joint ventures is directly applied to BinckBank’s equity. The value of the joint ventures is adjusted for these results and movements in reserves. If a joint venture is valued at zero, no further losses are reported, unless BinckBank has entered into liabilities on behalf of the joint venture or has already made payments for the joint venture. Where necessary, the accounting principles of the joint ventures are adjusted in order to ensure consistency with the principles applied by BinckBank.

During 2009, €3m in capital was paid for a 50% interest in the joint venture with Optiver in the field of best-execution services, and BinckBank disposed of its 35% investment in Florint B.V.

Intangible assetsDuring 2009 the intangible assets were assessed for impairment on the basis of the indicators stated in IAS 36.12, in addition to the indicators identified by BinckBank. There was no indication of any impairment.

Tangible fixed assets In 2009 a start was made on the integration of the platforms of BinckBank and Alex Beleggersbank into one hybrid system which will retain the best applications in both systems. During the year ending on 31 December 2009, this investment amounted to €9.1m.

The economic life of the old data centres has been revised, partly due to the investment in the new data centre. As a result of this, depreciation increased by €1.7m.

Treasury sharesIn the period 1 January 2009 until 31 December 2009, BinckBank purchased 2,041,647 shares at an average price of €8.81. On 20 July 2009, 1,024,580 treasury shares were cancelled at an average price of €5.39.

Dividends A final dividend for 2008 of €0.21 per ordinary share was paid on 6 May 2009. An interim dividend of €0.21 per ordinary share was paid on 31 July 2009. After approval by the General Meeting of Shareholders, a final dividend of €0.31 per ordinary share will be paid on 3 May 2010.

Result before tax

Due to size, nature or incident, the following exceptional items are recognised in the result before tax in the period:

Result from financial instrumentsDuring 2009, assets available for sale forming part of the bond investment portfolio were sold with a profit on sale before tax of €4.4m.

Impairments of financial assetsFinancial assets were assessed for impairment during 2009. This led to an addition to the reserve for impairment of loans and receivables of €0.9m.

Share in the result of associates and joint venturesThis item includes BinckBank’s share of the start-up losses of TOM (The Order Machine), the joint venture between BinckBank and Optiver in the field of best-execution services.

Deposit guarantee scheme

22Jaarbericht 2009


The deposit guarantee scheme is intended to guarantee certain deposits by account holders if a bank goes bankrupt. The scheme provides security for deposits of up to €100,000 and applies per account holder per bank, regardless of the number of accounts held. In case of a joint account operated by two persons, the maximum applies per person. BinckBank incurred additional expenses in Q4 due to liabilities under the deposit guarantee scheme arising from the failures of Icesave and Indover. Moreover, BinckBank had to form a provision for the expected contribution to the deposit guarantee scheme in relation to the failure of DSB. BinckBank reported expenses totalling €3.3m in Q4 for liabilities under the deposit guarantee scheme.

TaxTax is calculated at the estimated average rate of tax for the entire year 2009. The average tax rate is 24.2%.

Deferred tax liabilitiesThe movement in this item is primarily the result of deferred tax on the movement in the unrealised results on financial assets available for sale and the difference between the commercial and fiscal amortisation of the intangible assets relating to the acquisition of Alex.

Seasonal and cyclical factors International economic and cyclical factors and the credit crisis influence financial markets around the world, and consequently also affect the operating result of BinckBank.

Events after balance sheet date The legal delivery of the office premises took place on 18 January 2010. The total purchase price paid was €24.7m. BinckBank made an additional capital payment of €0.8m to TOM Holding B.V. on 27 January 2010.

23Jaarbericht 2009

1-1-2009 t/m 31-12-2009 1-1-2008 t/m 31-12-2008Voortgezette

bedrijfsactiviteitenBinck-Bank

Totaal

Voortgezette bedrijfsactiviteiten

Binck-Bank

Totaal(x € 1,000) RetailProfessional

ServicesRetail

Professional Services

Interest income 63,126 7,922 71,048 86,808 8,692 95,500

Interest expenses (26,645) (578) (27,223) (49,621) (5,239) (54,860)

Net interest income 36,481 7,344 43,825 37,187 3,453 40,640

Fee and commission income 151,274 21,436 172,710 122,653 16,924 139,577

Fee and commission expenses (32,864) (10,606) (43,470) (29,672) (8,724) (38,396)

Net fee and commission income

118,410 10,830 129,240 92,981 8,200 101,181

Other income 1,633 8,028 9,661 960 5,202 6,162

Result from financial instru-ments

3,870 483 4,353 933 297 1,230

Impairments of financial assets (773) (84) (857) (205) - (205)

Total revenue from operating activities 159,621 26,601 186,222 131,856 17,152 149,008

Employee expenses (33,579) (9,606) (43,185) (30,992) (7,451) (38,443)

Depreciation (34,715) (1,224) (35,939) (31,157) (632) (31,789)

Other operating expenses (39,761) (3,627) (43,388) (34,686) (2,630) (37,316)

Operating expenses (108,055) (14,457) (122,512) (96,835) (10,713) (107,548)

Result from continuing operat-ing activities

51,566 12,144 63,710 35,021 6,439 41,460

Share in the result of associ-ates and joint ventures

- - (1,466) - - 520

Result before taxes - - 62,244 - - 41,980 Taxes - - (15,083) - - (8,941)

Result after taxes (continuing operating activities)

- - 47,161 - - 33,039

Result after taxes (discontin-ued operating activities)

- - - - - 106

Net result - - 47,161 - - 33,145

Book value of assets 2,653,018 276,992 2,930,010 2,355,483 222,911 2,578,394

Liabilities 2,197,166 252,485 2,449,651 1,901,643 199,110 2,100,753

Segmentation by business unitThe segments of BinckBank concern the internal division of business activities into two divisions: Retail and Professional Services. Each division is managed by a member of the Management Board. The Management Board determines the performance targets, and authorises and monitors the budgets prepared for the divisions. The same principles for valuation and determination of the result are used for the divisions as are used for the consolidated balance sheet and income statement of BinckBank N.V.

For services rendered, Syntel has charged BinckBank €5.08m in 2009 (2008: €4.69m). This has been eliminated from the segmentation statement.

Op dit document is geen accountantscontrole toegepast

24Jaarbericht 2009


Key share data BinckBank N.V.

Share BinckBank vs AMX

ISIN code NL0000335578

Reuters symbol BINCK.ASBloomberg symbol BINCK NA

Stock market index AMX

Market capitalisation* (€ million) 954

Total number of issued shares* 76,068,928

Buy-back of company’s own shares*

2,070,509

Average daily turnover in shares 271,522

Opening price (1-1-2009) € 5.54

Highest price (intraday) €14.00

Lowest price (intraday) € 5.35

Closing price (31-12-2009) €12.54

* at 31 December 2009

0

2

4

6

8

10

12

14

16

dec-08 feb-09 apr-09 jun-09 aug-09 okt-09 dec-09

BINCK

AM X Index (normalized)

25Jaarbericht 2009


Further information BinckBank N.V.

BinckBank is an online bank for investors and is ranked among the top five in Europe. As an online broker, BinckBank offers its clients fast and low-cost access to all major financial markets worldwide. Moreover, as an asset management bank, BinckBank provides support to its clients in the management of their capital through online asset management services and online savings accounts. In addition to fast and low-cost order execution, BinckBank also provides services to professional clients in the field of the administrative processing of securities and cash transactions by means of an outsourcing agreement (BPO), or the licensing of the related software. The company has offices in the Netherlands, Belgium, France and Spain.

Today, 22 February 2009, an audio webcast will be held at 10.00 a.m. The presentation is available on www.binck.com under Pressroom > Publications. In addition, as from Wednesday, 24 February, the transcript of the audio webcast will be available on www.binck.com under Investor Relations.

Important dates in 2010*:- Publication annual report 2009 06 April 2010- Report first quarter 2010 26 April 2010- Shareholders’ meeting 26 April 2010- Ex-dividend 28 April 2010- Record date 30 April 2010- Payment of dividend 03 May 2010- Publication semi-annual report 2010 26 July 2010- Ex interim dividend 27 July 2010 - Record date interim dividend 29 July 2010- Payment interim dividend 2 August 2010- Third Quarter Report 2010 25 October 2010

* Dates may be subject to change

Investor Relations:Anneke HoijtinkTelephone: 0031 20 522 0372 / 0031 620 198 [email protected]

BinckBank N.V.Vijzelstraat 201017 HK Amsterdam (The Netherlands)www.binck.com

BinckBankVijzelstraat 201017 HK Amsterdam

Postbus 155361001 NA Amsterdam

t 020 522 03 72 f 020 320 41 76 e [email protected] i www.binck.com

annual results 2009 - zonebourse.com€¦ · annual results 2009 2009 a great year for binckbank...

Documents