Half-year figures 2022: NWB Bank on track as the sustainable water bank, even in uncertain times

  • Social and sustainable lending to the public sector in the first half of 2022 at €4.0 billion
  • Nearly 40% of our long-term funding requirement met by issuance of ESG bonds
  • Net profit 19% higher than first half of 2021

In the first half of 2022, NWB Bank provided €4.0 billion in social and sustainable lending to the Dutch public sector. Despite the uncertain geopolitical and economic times, we were also able to meet our own funding requirement on favourable terms in the past six months. Net profit for the first six months of 2022 amounted to €80 million. Total assets at the end of June were €91 billion.

The sustainable water bank

As the sustainable water bank, we  provide our clients in the Dutch public sector with appropriate financing at the most favourable terms possible. We help to keep the burden on citizens as low as possible and work towards implementing affordable sustainable practices in the Netherlands. Core clients such as water authorities, housing associations and municipalities play an important role in the energy transition, but other organisations and projects in the public sector that focus on water and/or sustainability are also eligible for financing.  

In the first half of 2022, we provided a total of €4.0 billion in financing. The demand for loans among our clients decreased slightly compared to the first half of 2021, when we provided a record €6.1 billion in loans. We had expected this decrease, which is partly the result of lower refinancing requirements on the part of our clients. It is however noteworthy that in the first half of the year, our clients favoured longer maturities because of the inverted yield curve; the interest rate on loans with a maturity of more than 15 years was generally lower than for shorter maturities.

Stable funding

Despite the uncertainty in the financial markets, we continued to raise funds on favourable terms in the past six months. We raised a total of €9.7 billion in long-term loans on the international capital market. Almost 40% of this was raised through ESG bonds. We did this with SDG Housing Bonds, the proceeds of which are used to finance affordable and sustainable social housing in the Netherlands.

Strong capital and liquidity ratios

Our capital and liquidity ratios are strong. The Tier 1 ratio, excluding the interim net profit, was 42.3%. The leverage ratio on 30 June was 8.0%, well above the 3% minimum standard. At 463%, the Liquidity Coverage Ratio (LCR) at the end of June was even well above the minimum requirement of 100%. The LCR is temporarily especially high because market interest rates have risen. As a result, we need to hold less cash collateral with our counterparties in our derivatives portfolio. The retention of the previously attracted TLTRO financing also impacts the LCR. The Net Stable Funding Ratio (NSFR) at the end of June was 151%.

Healthy profit

Net profit for the first half of 2022 was €80 million, which is higher than for the first half of 2021 (€67 million). The profit rose to a significant extent due to a more positive result from financial transactions, and this, in turn, was attributable to factors such as early redemptions and maturity extensions. The net interest income was also higher and, as in 2020 and 2021, the earlier participation in the TLTRO due to the attractive rates also contributed to the profit level. As a bank that does not seek to maximise profit, we have passed on the benefit of the TLTRO to clients through new lending in recent years. However, because these loans often have a longer maturity than those of the favourable TLTRO rate, there is a shift in the result over time.


We expect to be able to meet the financing needs of the Dutch public sector in the remainder of the year in the same socially responsible and sustainable way as in the first six months. We remain cautious in expressing expectations for net profit in 2022. Although in the first half of the year the war in Ukraine, and its impact on the economy and the international capital market, had little to no negative impact on our organisation, it is and remains an uncertain factor. Also, because of the dependence on possible further interest rate increases by the ECB, we cannot yet make a statement about the contribution of the TLTRO to our net profit.


KEY FIGURES (in millions of euros)





30 June 2022

31 December 2021

Long-term loans and advances (nominal value)1






Tier 1 capital



Total assets



Risk-weighted assets







30 June 2022

31 December 2021

Net interest income



Results from financial transactions



Operating income



Operating expenses



Bank tax



Resolution levy



Income tax



Net profit







30 June 2022

31 December 2021

Tier 1 ratio



CET 1 ratio



Cost/income ratio3



Leverage ratio4



Leverage ratio (not adjusted for promotional assets)



Liquidity Coverage Ratio



Net Stable Funding Ratio







30 June 2022

31 December 2021

Volume newly issued sustainable bonds



CO2 emission equivalents from operating activities p.p. (in tonnes)




1 Loans including interest-bearing securities granted to local governments

2 Applying the effective tax burden taken into account  the bank tax due in October

3 ‘Cost’ concerns the operating expenses and ‘income’ concerns operating income

4 Taking into account the proportional calculation for promotional banks according to CRR II as of 27 June 2019

5 Applying Decision (EU) 2021/1074 of 18 June 2021 on the temporary exclusion of certain exposures to central banks from the total exposure measure in view of the COVID-19 pandemic (ECB/2021/27)


More information?

Simon Zwagemakers
Head of Legal & Corporate Affairs / Corporate Secretary
+31 70 416 62 59
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