State bank Belvius achieved a record net profit of 935 million euros last year. This is the best result in the bank’s ten-year existence. Belvius proposes a dividend of 368.5 million euros, also a record. The Belgian state is the sole shareholder.
Belvius’ banking activity more than doubled its profits last year to 716 million euros. In 2020, the first corona year, the bank still had to make a number of provisions (453 million) for potential credit losses, but they were reversed in 2021. The vast majority of customers who applied for a temporary moratorium are now paying off again. In addition, banking activity benefited from higher credit volumes: the number of new mortgages rose by 20 percent to $7.8 billion. Belvius’ total loan portfolio exceeded 100 billion euros for the first time. The bank also generated more commission income (+18 percent) from the sale of investment products. Total circulation of savings and investments increased “unprecedented” by 10% to 134.4 billion euros.
The insurance branch of Belvius generated a slightly higher profit of €219 million, but revenue remained at the same level as in 2020. In life insurance there was more revenue (+11 per cent), but in non-life insurance there was an impact Great for last summer’s floods. This cost Belvius 24 million euros net.
Belvius proposes a dividend of 368.5 million euros. On Thursday, she said it was a new record. This brings the cumulative revenue that Belvius has returned to Belgian society since 2012 to approximately 1.7 billion euros. Ten years ago, the Belgian state put €4 billion on the table for the Belgian banking arm Dexia.
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