February 8, 2018 / 11:39 AM / a year ago

Dutch bank NIBC doubles profit in run-up to possible IPO

AMSTERDAM, Feb 8 (Reuters) - Dutch bank NIBC said on Thursday its net profit had more than doubled last year and it was making good progress with its latest preparations for a possible stock market listing.

“A final decision will be made at a later date and will be dependent upon market circumstances,” the Hague-based bank said of the strategic review announced last August.

NIBC, owned by private equity firm JC Flowers, said 2017 net profit had more than doubled to 213 million euros ($261 million), helped by the sale of a German real estate portfolio.

JC Flowers prepared NIBC for an IPO a decade ago, but had to change course when the financial crisis crippled the bank, which had made large bets on U.S. subprime mortgage loans.

The U.S. buyout firm paid 1.8 billion euros when it bought NIBC, which is largely active in mortgages and loans to small and medium-sized companies in the Netherlands, Germany and Britain, from Dutch pension funds in 2005.

NIBC has undertaken a major overhaul since the crisis, adding retail services to its business lines. ($1 = 0.8174 euros) (Reporting by Bart Meijer; editing by Alexander Smith)

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