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Dexia posts H1 net loss of €419M

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Dexia posts H1 net loss of €419M

Belgian lender Dexia SA reported first-half net loss, group share of €419 million compared to a loss of €296 million during the same period a year ago.

The bank's first-half 2018 interest income was €4.52 billion, compared to €4.94 billion a year ago. Commission income was down year on year to €4 million from €7 million. The bank registered a net banking loss of €198 million compared to net banking income of €9 million a year ago.

The bank's operating loss was €398 million, compared to an operating loss of €248 million a year before.

After the financial position of a project in Spain worsened, the bank sold loans worth €69 million and incurred a loss of €5 million.

Dexia said that the application of IFRS 9 accounting generated a positive impact on its capital. The common equity Tier 1 ratio stood at 24.9% at Jan. 1, 2018.

Meanwhile, Dexia Chief Risk Officer Johan Bohets has expressed his wish to leave the lender. The bank named Giovanni Albanese as his successor.