[PDF] Belfius Bank 4 août 2022 outstanding

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Half-yearly

2Belfius Bank

Contents

31H 2022 - Belfius Bank

4Belfius Bank

51H 2022 - Belfius Bank

61H 2022 - Belfius Bank

Management report —

INCOME?,????,???

EXPENSES(???)(???)

GROSS INCOME??????

NET INCOME BEFORE TAX ??????

NET INCOME AFTER TAX ??????

NET INCOME GROUP SHARE??????

TOTAL ASSETS???,??????,???

TOTAL LIABILITIES???,??????,???

TOTAL SHAREHOLDERS" EQUITY??,?????,???

TOTAL EQUITY??,?????,???

71H 2022 - Belfius Bank

Management report — Key gures and ratings

Ratings of Belus Bank as at 4 August 2022

Highlights

91H 2022 - Belfius Bank

Management report - Highlights

101H 2022 - Belfius Bank

Sustained commercial activity in

all segments in 1H 2022

Management report - Highlights

111H 2022 - Belfius Bank

Resilient nancial performance

in 1H 2022 (1) The acquisition has been concluded per end of June 2022. In 1H 2022, Belus made again a detailed review of its credit risk portfolio and continued to calibrate its IFRS 9 provisions: the Russian-Ukrainian war and the geo-political, economic and financial turmoil aggravated by that, additional Covid-19 related lockdowns in China, and historically very high ination readings worldwide. This led in 1H 2022 again to a slightly of EUR +13 million (net reversal) - compared to EUR +31 million or a net reversal in 1H 2021 - benefiting from a partial reversal of the Covid-19 induced ex-ante credit risk provisions set aside from 2020 onwards.

As a result, the

amounted to EUR 545 million in 1H 2022 compared to EUR 542 million in 1H 2021. The amounted to EUR 116 million in 1H 2022 compared to EUR 136 million in 1H 2021, showing an effective tax rate (21%) slightly below the statutory tax rate (25%), benefitting from higher non taxable results (positive result on credit spread hedges in Ireland, capital gains on real estate project, etc.) and innovation deduction regime in line with our innovation investments.

As a consequence,

1H 2022 reached EUR 428 million

compared to EUR 406 million in 1H 2021. This is Belfius" highest 1H net income since its origins, back in 2011. Beyond these resilient financial results, Belfius continues to invest in its future with a very clear focus on sustainability, a value that has been in our DNA since our origins, and on digitalization. This state of mind is at the core of all the major strategic and innovative initiatives supported by Belfius in 1H 2022: : Belfius has taken green mobility a step further, becoming the majority shareholder of CenEnergy (1) after a few years of active commercial collaboration. Belfius" majority stake in this Belgian scale-up will propagate safe and clever electric charging infrastructure across Belgium with adjacent e-mobility services. This move reinforces Belfius" position in sustainable mobility, next to its participations in Cyclis Bike Lease and Skipr with its Mobility as a Service App;

Belfius Bike Insurance won a

: this market recognition supports Belfius" focus on assisting Belgian Society in its shift towards low carbon mobility; in mutual funds and Branch 23 went to “Sustainable" investments (art 9 or art 8 under SFDR);

131H 2022 - Belfius Bank

Solid solvency ratios and sound

liquidity position (2)

Environmental, Social and

Governance

Management report - Environmental, Social and Governance

151H 2022 - Belfius Bank

1. Being and remaining carbon neutral, with an ever-shrinking

footprint

2. Opting for 100% green electricity, a choice we have made since 2008

3. Supporting our society year after year through Belgian charities

4. Giving women every opportunity and guaranteeing equal pay

5. Going for a 100% meaningful investment offer

6. Giving absolute priority to future-proof infrastructure for Belgian

society

161H 2022 - Belfius Bank

Financial

results

191H 2022 - Belfius Bank

Preliminary notes

to the consolidated nancial statements

Management report - Financial results

201H 2022 - Belfius Bank

Analysis of the

condensed consolidated interim balance sheet

Management report - Financial results

211H 2022 - Belfius Bank

Contribution

Bank into group (fi)

Contribution

Insurance

into group (fi)

Contribution

Bank into group (fi)

Contribution

Insurance

into group (fi) TOTAL ASSETS???,???59%, 259,22???,??fi5 , 5, ?,??? ??,???SG, rii??,???rs,skai??,??? ??,???Gi,SGtkk?,??? ,rirai(?,???) ??,???Gi,SGtkk?,??? ,rirai(?,???) ???,???ka,akSr,BB ???,??fiGit, Sar,BBG?,fi?? ???,???k ,a kr,aat???,??fiGiG, ksr,arS?,fi?? ??ikk???iGtr?? ?,???G,itrGs???krtGr(fi?) ??,???G ,rs Gi,aSk??,???Gs,iiik,rks(?,???) ??,fi??Gs,sS s,Sir?fi,???Gr,GSsr,BtB(?,fi??) ?,???Gk r,a S?,?fi?tGGS,kat(???) ?,???ats aG?,??fi sS ks(?fi) ?,???ir,tr ?,???ir,iak(???) fi,???B,kiki?,???s,kiSt(?,???) TOTAL LIABILITIES?fi?,??fi5 , 5,%?fifi,???592,925,9?,??? ??,??fiGs,rGBi??,?fi?Gs,rBai?? ?,???S,skiG?,??fis,rtaG?,fi?? ?,???S,skiG?,??fis,rtaG?,fi?? ???,???Gir,riri??fi,fi??GiB,BaSi?,??? ???,???Gir,Sssi??fi,fi?fiGiB,BtBi?,??? ??rki??rsi(?) ??,???tS,Grsi??,???SG,kGsGfi,??? ??,???Gs,GGai??,???tr,sSGG?,??? fi,???B,itki?,?fi?a,SBri(???) ?,???ir,tr ?,???ir,iak(???) ??,???Gr,iitGa?,??fik,itaGG(?,?fi?) ??,???iGt,GkG??,???iGG,Gas(?,???) ?,???G, rSi?,???G,ssti(??) ?,???G, rSi?,???G,ssti(??)

TOTAL SHAREHOLDERS"

EQUITY??,???5,5 2??,fi??5,25 5(??fi)

??,???Gi,i Grkk??,???Gi,GSarks?? ???aaSt ???a k (???)

TOTAL EQUITY??,???5, 9??,???5,9552(???)

??,???Gi,GSBBts??,fi??Gi,tGSskG(??fi) ???rkai???rkai? ??iSt??iSr?

Management report - Financial results

221H 2022 - Belfius Bank

Management report - Financial results

231H 2022 - Belfius Bank

Management report - Financial results

241H 2022 - Belfius Bank

Analysis of the condensed consolidated

statement of income Summarised condensed consolidated interim statement of income fiH ???fiContribution Bank into group

Contribution

Insurance

into group fiH ????Contribution Bank into group

Contribution

Insurance

into group

Evolution

225, 29%

akaGkGBiBG k

SStrr(Ga)

GkGS

S iGtSaaG

isGi B (t t)(s)(ttS)(r) (%)(52)(%)(5 )

5% 5 9

SiGGr(G)

iiii 95%5
(kB)(Sk)(BB)(tB) iiii

255 255

Management report - Financial results

251H 2022 - Belfius Bank

261H 2022 - Belfius Bank

Management report - Financial results

271H 2022 - Belfius Bank

Segment

reporting

Management report - Segment reporting

291H 2022 - Belfius Bank

INDIVIDUALS

ENTREPRENEURS,

ENTERPRISES

& PUBLIC

GROUP CENTER

Balance Sheet

?fi/fi?/?fi

AssetsLiabilitiesEquity

(fi) (In billions of EUR)

AssetsLiabilitiesEquity

Key figures of the segment reporting (unaudited)

(In millions of EUR)

Cost of risk

Impairments on (in)tangible assets()()

Tax (expense) income()()()

Non-controlling interests

of which banking group() of which insurance group (1) (In millions of EUR)

Cost of risk()()

Impairments on (in)tangible assets()

Tax (expense) income()()()

Non-controlling interests

of which banking group() of which insurance group (1)

(1) Note that the statement of income represents the contribution of Belfius Bank and of Belfius Insurance Group to the consolidated statement of income.

Management report — Segment reporting

301H 2022 - Belfius Bank

The assets and liabilities allocated to Individuals (IND) and Entrepreneurs, Enter- prises and Public entities (E&E&P) reect the commercial activities of those business lines. Where IND shows an excess of funding, E&E&P is more asset driven. As a whole, the commercial balance sheet shows a funding excess with a sound 86% loan to deposit ratio at the end of June 2022. Note that there are no internal sales or purchases between segments, the assets and liabilities within a segment are those generated and originated by the business lines. The equity allocated to Individuals and E&E&P is a normative regulatory equity, which is derived from the regulatory risk exposures of these business lines multi- plied by 13.5% (Belfius" minimum operational CET 1 ratio).

Management report - Segment reporting

311H 2022 - Belfius Bank

1. Commercial performance IND

in 1H 2022

321H 2022 - Belfius Bank

Individuals

(unaudited) ?fi/fi?/?fi (fi) ??/??/??Evolution

Individuals

(unaudited) ?fi/fi?/?fi??/??/??Evolution

Individuals

(unaudited) ?fi/fi?/?fi??/??/??Evolution

Management report - Segment reporting

331H 2022 - Belfius Bank

341H 2022 - Belfius Bank

2. Financial results IND in 1H 2022

351H 2022 - Belfius Bank

Financial Results IND

fiH ???fifiH ???? www.bel?us.com

Ratios

(1) fiH ???fifiH ????

Normative regulatory equity & risk exposures

(1) ?fi/fi?/?fi??/??/??

Management report - Segment reporting

361H 2022 - Belfius Bank

1. Commercial performance

E&E&P in 1H 2022

(unaudited)

TOTAL SAVINGS AND INVESTMENTS??.???.?+?.?%

Management report - Segment reporting

371H 2022 - Belfius Bank

Entrepreneurs, Enterprises & Public

(unaudited) ?fi/fi?/?fi??/??/??Evolution

Entrepreneurs, Enterprises & Public

(unaudited) fiH ???fifiH ????Evolution

381H 2022 - Belfius Bank

2. Financial results E&E&P in

1H 2022

391H 2022 - Belfius Bank

INCOME??????

COSTS(???)(???)

GROSS INCOME??????

NET INCOME BEFORE TAXES??????

NET INCOME AFTER TAXES??????

NET INCOME GROUP SHARE??????

ADJUSTED NET INCOME

(1) www.bel?us.com

Management report - Segment reporting

401H 2022 - Belfius Bank

fifififi ALM

Liquidity bond portfolio

ALM

Yield bond portfolio

DerivativesCredit guarantees

Management report — Segment reporting

411H 2022 - Belfius Bank

(1) Nominal amount.

1. ALM Liquidity bond

portfolio The ALM Liquidity bond portfolio is part of Belfius Bank"s total LCR liquidity buffer and is well diversified with high credit and liquidity quality. At the end of 1H 2022, the ALM Liquidity bond portfolio stood at EUR 6.9 billion (1) , up EUR 0.1 billion, or 1%, compared with December 2021. At the end of 1H 2022, the portfolio was composed of sovereign and public sector bonds (64%), covered bonds (29%), corporate bonds (7%) and asset- backed securities (<1%). Belgian and Italian government bonds in the ALM Liquidity bond portfolio both amounted to EUR 1.5 billion (1) and EUR 0.9 billion (1) respectively. At the end of 1H 2022, the ALM Liquidity bond portfolio had an average life of 7.9 years, and an average rating of A- (100% of the portfolio being investment grade) compared with A- at year-end 2021.

2. ALM Yield bond

portfolio The ALM Yield bond portfolio of Belfius Bank was used to manage excess liquidity (after optimal commercial use in the business lines) and consisted mainly of high-quality bonds from international issuers. At the end of 1H 2022, the ALM Yield bond portfolio stood at EUR 3.3 billion (1) , down 5%, compared with December

2021, and was composed of corporates (76%), sovereign

and public sector (12%), asset-backed securities (8%), and financial institutions (4%). Almost 85% of corporate bonds, composed mainly of long-term ination-linked bonds, are issued by highly regulated UK hospitals, infrastructure companies and utilities such as water and gas distribution companies. These bonds are of satisfactory credit quality and the majority of these bonds are covered by credit protection from a credit insurer (monoline insurer) that is independent from the bond issuer. At the end of 1H 2022, the ALM Yield bond portfolio had an average life of 19.0 years. The average rating of the ALM Yield bond portfolio stood at A-. 96% of the portfolio was investment grade.These portfolios and activities are further described below.

Management report - Segment reporting

421H 2022 - Belfius Bank

4. Credit guarantees

5. Other Group Center

activities

3. Derivatives with

Dexia entities and

foreign counterparties

Management report - Segment reporting

431H 2022 - Belfius Bank

6. Financial results GC

in 1H 2022

Financial Results GC

fiH ???fifiH ???? www.bel?us.com

Capital

management

451H 2022 - Belfius Bank

Capital management at the

Bank (1)

Minimum CET 1 ratio Requirement

fi?fi??H fi?fifi

Management report - Capital management

461H 2022 - Belfius Bank

Management report - Capital management

471H 2022 - Belfius Bank

STARTING POINT FOR THE REGULATORY CORE OWN FUNDS??,?????,???

DEDUCTION OF FORESEEABLE DIVIDEND(???)(???)

TRANSITIONAL MEASURES FOR IFRS 9 PROVISIONS??????

GAINS AND LOSSES NOT RECOGNISED IN THE STATEMENT OF INCOME ??????

DEDUCTIONS AND PRUDENTIAL FILTERS (???)(???)

COMMON EQUITY TIER 1 CAPITAL (CET1 CAPITAL)??,?????,???

TIER 1 CAPITAL??,?????,???

TIER 2 CAPITAL?,????,???

REGULATORY OWN FUNDS (AFTER APPROBATION OF RESULT)??,?????,???

481H 2022 - Belfius Bank

(In millions of EUR)

REGULATORY RISK EXPOSURE??,?????,???(?,???)

Management report - Capital management

491H 2022 - Belfius Bank

CRR 2/CRD 5DANISH

COMPROMISE

DEDUCTION

METHODDANISH

COMPROMISE

DEDUCTION

METHOD

Management report - Capital management

501H 2022 - Belfius Bank

(In millions of EUR)

TIER 1 CAPITAL??,?????,???

LEVERAGE RATIO EXPOSURE???,??????,???

LEVERAGE RATIO (in %)

(1)

Management report - Capital management

511H 2022 - Belfius Bank

521H 2022 - Belfius Bank

Capital management at Belfius

Insurance

(1)

AVAILABLE FINANCIAL RESOURCES BEFORE

FORESEEABLE DIVIDEND?,????,???

AVAILABLE FINANCIAL RESOURCES AFTER

FORESEEABLE DIVIDEND?,????,???

Management report - Capital management

531H 2022 - Belfius Bank

(In millions of EUR)

SOLVENCY II CAPITAL REQUIREMENT?,????,???

(in %)

541H 2022 - Belfius Bank

Capital adequacy

fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fififififififififi fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fififififififififififi fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififi?fififi fififififi ???fi???

59%9 %22

Management report - Capital management

551H 2022 - Belfius Bank

Normative regulatory equity

fifififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fifififififififififififififififififi fififififififi

59%9 %22

E/ES/SE G/Gr/SS

TOTAL NORMATIVE REGULATORY EQUITY,,m

Risk management

Management report - Risk management

571H 2022 - Belfius Bank

Introduction

1.1. Firms and investment

1.2. Private Consumption

1.3. Ination

1.4. International context

581H 2022 - Belfius Bank

Belfius is closely monitoring the geopolitical risks related to the Russia- Ukraine conict that started at the end of February 2022.

10 years ago, Belfius made a commitment to “never again" conduct business

that it is not in line with its strategy, being meaningful and inspiring for the Belgian society. Belfius therefore strongly refocused its activities on the Belgian market. The result thereof is an immaterial impact of the conict in terms of direct exposures on Russian, Ukrainian or Belarus counterparts. Belfius direct exposure (Russian, Ukrainian and Belarus counterparties) is below EUR 1 million. The indirect impacts related to the Russia/Ukraine crisis also remain so far rather limited for the Enterprises and Entrepreneurs segment. The vulnerability of Enterprises and Entrepreneurs towards indirect effects like rising costs for raw materials, salaries and energy and the commodity scarcity will remain an area of attention in the upcoming months. Soaring ination remains also an attention and monitoring point for the Indivi- duals segment where the assessments of the Belfius loan portfolios didquotesdbs_dbs25.pdfusesText_31

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