19.02.2016, 09:24
Dexia Group Consolidated Results 2015
OREANDA-NEWS. Dexia Group Consolidated Results 2015.
2015, a year of great achievement, resulting in a reduction of the Group’s systemic risk
• Redemption of the remaining guaranteed debt subscribed by Belfius and guaranteed bank bonds used within the framework of the special own-use mechanism approved by the ECB
• Simplification of the Group structure and launch of significant projects to optimise the operating model
• Further reduction of asset portfolios
Net income Group share 2015 at EUR +163 million; impact of impairment on Heta Asset Resolution AG (EUR -197 million) and of new levies and contributions (EUR -127 million)
• Net recurring income of EUR -328 million
• Positive contribution of accounting volatility elements at EUR +516 million
• Non-recurring income of EUR -24 million
Dexia’s Common Equity Tier 1 ratio at 15.9%1
• Impact of the 40% deduction of the non-sovereign AFS reserve from regulatory capital, in line with the schedule of the CRD IV Directive
• Risk-weighted assets declined over the year to EUR 51.4 billion, mainly due to the reduction of asset portfolios
Karel De Boeck, CEO of Dexia SA, stated that, “After significant efforts made to reach its target scope, the split of certain activities and then the reconstruction of operating platforms, in 2015, Dexia actively continued to implement its orderly resolution plan. The simplification of its structure remains a priority and major projects were commenced to reshape its operating model. Elements of the Bank’s recurring income show a positive trend but they do not explain the Group’s net profit for 2015. The results in fact largely benefit from the impact of accounting volatility elements.”
Robert de Metz, Chairman of the Board of Directors of Dexia SA, stated that, “The year 2015 was marked by a further reduction of Dexia’s systemic risk. In particular, the Group exited the special and exceptional funding mechanisms introduced in 2012, a key stage on the road to its resolution. 2015 also saw the recognition by the European supervisor of Dexia’s specific and unique situation. This is a major milestone on the path of Dexia’s orderly resolution, which remains the preferred route from a financial stability perspective. In fact the resolution model does not guarantee the Dexia Group the same capacity to adapt to all the new regulatory constraints as that of active banking groups, which by their nature are more flexible.”
Introduction
Economic recovery in the euro zone continued in 2015, driven in particular by the accommodating monetary policy of the European Central Bank. The year was marked by the continued decline in interest rates, the tightening of credit spreads resulting from the quantitative easing implemented by the European Central Bank, and the weakening of the euro against major world currencies.
The euro zone’s financial stability remains fragile however, and the financial markets showed increased volatility in connection to the Greek crisis in the first half-year, the slowdown of the Chinese and emerging markets economies, and the uncertainties surrounding the US Federal Reserve hike eventually announced in mid-December.
This volatility was reflected in the Group’s results, in particular in the high variation of accounting volatility elements. It is also a central theme explaining the variation of the size of the Dexia Group balance sheet during 2015.
During its 18 February 2016 meeting, the Board of Directors signed off on the 2015 consolidated financial statements of Dexia SA.
2015, a year of great achievement, resulting in a reduction of the Group’s systemic risk
• Redemption of the remaining guaranteed debt subscribed by Belfius and guaranteed bank bonds used within the framework of the special own-use mechanism approved by the ECB
• Simplification of the Group structure and launch of significant projects to optimise the operating model
• Further reduction of asset portfolios
Net income Group share 2015 at EUR +163 million; impact of impairment on Heta Asset Resolution AG (EUR -197 million) and of new levies and contributions (EUR -127 million)
• Net recurring income of EUR -328 million
• Positive contribution of accounting volatility elements at EUR +516 million
• Non-recurring income of EUR -24 million
Dexia’s Common Equity Tier 1 ratio at 15.9%1
• Impact of the 40% deduction of the non-sovereign AFS reserve from regulatory capital, in line with the schedule of the CRD IV Directive
• Risk-weighted assets declined over the year to EUR 51.4 billion, mainly due to the reduction of asset portfolios
Karel De Boeck, CEO of Dexia SA, stated that, “After significant efforts made to reach its target scope, the split of certain activities and then the reconstruction of operating platforms, in 2015, Dexia actively continued to implement its orderly resolution plan. The simplification of its structure remains a priority and major projects were commenced to reshape its operating model. Elements of the Bank’s recurring income show a positive trend but they do not explain the Group’s net profit for 2015. The results in fact largely benefit from the impact of accounting volatility elements.”
Robert de Metz, Chairman of the Board of Directors of Dexia SA, stated that, “The year 2015 was marked by a further reduction of Dexia’s systemic risk. In particular, the Group exited the special and exceptional funding mechanisms introduced in 2012, a key stage on the road to its resolution. 2015 also saw the recognition by the European supervisor of Dexia’s specific and unique situation. This is a major milestone on the path of Dexia’s orderly resolution, which remains the preferred route from a financial stability perspective. In fact the resolution model does not guarantee the Dexia Group the same capacity to adapt to all the new regulatory constraints as that of active banking groups, which by their nature are more flexible.”
Introduction
Economic recovery in the euro zone continued in 2015, driven in particular by the accommodating monetary policy of the European Central Bank. The year was marked by the continued decline in interest rates, the tightening of credit spreads resulting from the quantitative easing implemented by the European Central Bank, and the weakening of the euro against major world currencies.
The euro zone’s financial stability remains fragile however, and the financial markets showed increased volatility in connection to the Greek crisis in the first half-year, the slowdown of the Chinese and emerging markets economies, and the uncertainties surrounding the US Federal Reserve hike eventually announced in mid-December.
This volatility was reflected in the Group’s results, in particular in the high variation of accounting volatility elements. It is also a central theme explaining the variation of the size of the Dexia Group balance sheet during 2015.
During its 18 February 2016 meeting, the Board of Directors signed off on the 2015 consolidated financial statements of Dexia SA.
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