SLIDE 1
2
- 1. Summary Highlights
- Belfius’ Net Income 2017 stands at EUR 606m, up 13% from 2016; Operational Net Income 2017
(excluding one-off elements) at EUR 615m, up 12% from 2016.
- Further growing commercial franchise and efficient financial management continue to support
the development of operational profit
- Net interest income of the bank increase of 5% despite low interest rate environment
- Fee & Commission income of the bank increase of 7% thanks to successful bancassurance
strategy and development of assets under management
- Costs remain well controlled at EUR 1,369m, even in light of accelerating investments in the
digitalization of banking services in Belgium, leading to C/I ratio of 58.1% (57.3% on operational basis)
- Benign economical and liquidity environments continue to translate into historically low cost of
risk which further benefited from reversal of provisions in 2017 (EUR - 33m in 2017 vs. EUR - 116m in 2016)
- New corporate tax law in Belgium1 leading to a one-off DTA value reassessment impacting 2017
net income by EUR -106m. Net income in 2017 would have been EUR 711m without this impact.
- Belfius continues to demonstrate solid solvency levels: 15.9% CET1 FL at consolidated level and
219% SII ratio for Belfius Insurance
- Strong results and benign financial markets further increasing net asset value to EUR 9.5bn
- Focus on operational and diversified profit capacity and efficiency to serve should allow for
sustainable dividend capacity. Indeed, based on these solid figures, Belfius Board of Directors will propose an ordinary dividend of EUR 363m (o.w. EUR 75m interim dividend already paid in September 2017) to the General Assembly, representing a dividend pay out ratio of 60% of the consolidated Net Income 2017.
Notes: 1. Lowering notional corporate income tax rates towards 29,58% in 2018-2019 and 25% in 2020