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Belgium's Belfius Banque posts 13% YOY rise in FY'17 profit

Belgium-based Belfius Banque SA reported consolidated full-year 2017 net income group share of €606 million, up 13% from €535 million a year ago.

Return on average equity for the year amounted to 7.0%, compared to 6.4% in 2016. The net interest margin stood at 1.24% in 2017, compared to 1.15% a year earlier.

Net interest income rose on a yearly basis to €1.48 billion from €1.41 billion, while fee and commission income increased to €534 million from €497 million in 2016. Cost of risk for the year reached €33 million, compared to €116 million in 2016.

The fully loaded common equity Tier 1 ratio stood at 15.9% at 2017-end based on the Basel III Danish Compromise method, compared to 16.1% at the end of 2016. On a phased-in basis, the CET1 ratio stood at 16.1% at the end of 2017, compared to 16.6% at 2016-end.

The Solvency II ratio of Belfius Insurance SA before dividend was 230% at the end of 2017, compared to 217% at 2016-end. After dividend, the Solvency II ratio was 219% at 2017-end, compared to 207% at the end of 2016.