06.08.2015, 14:33
Dexia: Dexia Group Consolidated Results H1 2015
OREANDA-NEWS. Dexia Group Consolidated Results H1 2015
Net income Group share for H1 2015 positive at EUR 4 million
• Recurring net income of EUR -292 million, impacted by the EUR -197 million provision on Heta Asset Resolution AG and the weight of contributions and taxes (EUR -44 million)
• Positive contribution of accounting volatility elem ents of EUR 317 million over the half-year, principally associated with the valuation of collat eralised derivatives, despite the impact of the fir st application of the Funding Valuation Adjustment (EU R -140 million)
• Non-recurring income of EUR -22 million, including the voluntary multiannual contribution to the support funds for local authorities and the hospita l sector in France (EUR -28 million)
EUR 6 billion reduction of the balance sheet total at EUR 241 billion as at 30 June 2015; important movements over the half-year, due t o the volatile financial environment
• EUR 6.4 billion asset portfolio reduction over the half-year at a constant exchange rate, of which EUR 2.4 billion in asset disposals
• Strong quarterly variation of cash collateral paid to derivative counterparties; outstanding fairly st able between the end of December 2014 and the end of Jun e 2015
Favourable evolution of the Group’s liquidity struc ture, marked by a reduced recourse to central bank funding
• Sustained guaranteed issue activity, short and long term, combined with continuing development of the use of secured funding
• Liquidity reserve of EUR 13.2 billion at the end of June 2015
Dexia’s Common Equity Tier 1 ratio at 15.0%
• Impact of the 20% additional deduction of the non-s overeign AFS reserve from regulatory capital, in line with the schedule provided by the CRD IV Direc tive
• Account taken of an Additional Valuation Adjustment of EUR -165 million in the calculation of the regulatory capital
• Risk-weighted assets relatively stable, at EUR 54.2 billion as at 30 June 2015
Karel De Boeck, CEO of Dexia, stated that, “ The results and financial indicators for the half-y ear reflect the severe volatility of the environment in which the G roup’s resolution is taking place. Over the half-ye ar, this volatility materialised with a positive contributio n from accounting volatility elements to the financ ial results. It is also visible through the evolution of the balanc e sheet between the end of 2014 and the end of Marc h 2015, and then between the end of March and the end of June 2015. ”
Robert de Metz, Chairman of the Board of Directors of Dexia SA, stated that, “ I salute the Group’s prudent liquidity management, which enabled it to repay imp ortant funding lines and to cope with a sharp incre ase in the liquidity requirement in Q1 2015, induced by th e evolution of the financial environment. This poli cy will continue to be followed in the future, with mainten ance of the liquidity reserve, in order to anticipa te possible tensions on the financial markets. ”
Net income Group share for H1 2015 positive at EUR 4 million
• Recurring net income of EUR -292 million, impacted by the EUR -197 million provision on Heta Asset Resolution AG and the weight of contributions and taxes (EUR -44 million)
• Positive contribution of accounting volatility elem ents of EUR 317 million over the half-year, principally associated with the valuation of collat eralised derivatives, despite the impact of the fir st application of the Funding Valuation Adjustment (EU R -140 million)
• Non-recurring income of EUR -22 million, including the voluntary multiannual contribution to the support funds for local authorities and the hospita l sector in France (EUR -28 million)
EUR 6 billion reduction of the balance sheet total at EUR 241 billion as at 30 June 2015; important movements over the half-year, due t o the volatile financial environment
• EUR 6.4 billion asset portfolio reduction over the half-year at a constant exchange rate, of which EUR 2.4 billion in asset disposals
• Strong quarterly variation of cash collateral paid to derivative counterparties; outstanding fairly st able between the end of December 2014 and the end of Jun e 2015
Favourable evolution of the Group’s liquidity struc ture, marked by a reduced recourse to central bank funding
• Sustained guaranteed issue activity, short and long term, combined with continuing development of the use of secured funding
• Liquidity reserve of EUR 13.2 billion at the end of June 2015
Dexia’s Common Equity Tier 1 ratio at 15.0%
• Impact of the 20% additional deduction of the non-s overeign AFS reserve from regulatory capital, in line with the schedule provided by the CRD IV Direc tive
• Account taken of an Additional Valuation Adjustment of EUR -165 million in the calculation of the regulatory capital
• Risk-weighted assets relatively stable, at EUR 54.2 billion as at 30 June 2015
Karel De Boeck, CEO of Dexia, stated that, “ The results and financial indicators for the half-y ear reflect the severe volatility of the environment in which the G roup’s resolution is taking place. Over the half-ye ar, this volatility materialised with a positive contributio n from accounting volatility elements to the financ ial results. It is also visible through the evolution of the balanc e sheet between the end of 2014 and the end of Marc h 2015, and then between the end of March and the end of June 2015. ”
Robert de Metz, Chairman of the Board of Directors of Dexia SA, stated that, “ I salute the Group’s prudent liquidity management, which enabled it to repay imp ortant funding lines and to cope with a sharp incre ase in the liquidity requirement in Q1 2015, induced by th e evolution of the financial environment. This poli cy will continue to be followed in the future, with mainten ance of the liquidity reserve, in order to anticipa te possible tensions on the financial markets. ”
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