2023-09-01 10:04:53
The bank-insurer Belfius made a net profit of 479 million during the first half of 2023, an increase of 22% compared to the same period last year, announced its CEO Marc Raisière during a press conference on Friday. The latter hailed the “solid” results and underlined the good diversification of commercial activities and the strict financial and risk management in a context of interest rates in the process of normalization.
Belfius’ total revenue stood at €1.870 billion, up 12.1% compared to the first half of 2022. The bank’s net interest income also continues to increase (+30%) and thus reach a little over one billion euros.
Belfius Bank saw its contribution to the consolidated net profit increase for the third consecutive year to 364 million euros, while that of Belfius Insurance also increased to 115 million euros.
The “solidity” of the bank-insurer was the watchword of the presentation, its CEO and CFO insisting on its solvency ratio of 16.5% and its equity reaching 11 billion euros.
In terms of financing, the first half ended with the production of 11.8 billion euros in new long-term financing, all segments combined. Overall, financing is down 7% due to the fall in demand for mortgage loans from individuals.
The insurance sector posted solid results with 426 million premiums collected in non-life, excluding health, an increase of 7%. Premiums collected in Life amounted to 544 million, up 3%.
Referring to the one-year state bond at a rate of 2.81%, the CEO of Belfius was clear: “You cannot compare a state bond to a savings account.”
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