Bouwfonds (development, financing and asset management) recorded good results in 2002. Although market conditions became gradually more uncertain in the course of the year, they affected operations only as from the fourth quarter. Against this backdrop, the 19% growth in net profit is a very satisfactory performance.
Higher profit despite significantly heavier tax burden.
Net profit amounted to Ã¢âÂ¬ 127.2 million. That is 19% more than in 2001, when a net profit of Ã¢âÂ¬ 106.5 million was earned. Net income was up 26% and reached Ã¢âÂ¬ 436.4 million. At Ã¢âÂ¬ 200.5 million, the operating result before taxes was 35% higher than the Ã¢âÂ¬ 148.6 million achieved in 2001. Profit before taxes from financing activities amounted to Ã¢âÂ¬ 134.5 million, which was 51% higher than the 2001 figure of Ã¢âÂ¬ 89.2 million. The profit on development activities was virtually unchanged at Ã¢âÂ¬ 63.9 million (2001: Ã¢âÂ¬ 64.7 million). Two years after the start of Bouwfonds´ asset management operations, they made a small contribution to profits.
The tax burden increased from Ã¢âÂ¬ 40.6 million in 2001 to Ã¢âÂ¬ 70.7 million in the year under review.
Total assets grew by 15% to Ã¢âÂ¬ 24.4 billion (2001: Ã¢âÂ¬ 21.1 billion). The total loan portfolio grew by 14% to Ã¢âÂ¬ 22.1 billion (2001: Ã¢âÂ¬ 19.4 billion), equal to 91% of total assets. Furthermore, property assets (mainly consisting of building sites and work in progress) increased by 37%, reaching Ã¢âÂ¬ 1.7 billion (2001: Ã¢âÂ¬ 1.2 billion).
The BIS ratio closed slightly lower but was still at the 11.0% level which Bouwfonds aims for. The efficiency ratio (total expenses as a percentage of total income) amounted to 48.5%. At the end of the year under review, shareholders´ equity amounted to Ã¢âÂ¬ 1,070 million, 12% higher than at the end of 2001.