The net income before discontinued operations and minority interests amounted to EUR 635 million at 30 June 2012, up from EUR 503 million at 30 June 2011 (+26%) ([1]). Fortis Bank realized a net profit attributable to shareholders of EUR 541 million in the first half year of 2012 compared to EUR 71 million in the first half of 2011 (which was mainly impacted by the legal structuring related to the merger of Türk Ekonomi Bankasi (TEB) with Fortis Bank Turkey (FBT) for an amount of EUR 317 million).
These results are driven by sound commercial revenues in most entities of Fortis Bank and especially in Belgium and Turkey, with a continued growth in deposits and mortgage loans in Retail Banking Belgium.
The total balance sheet of Fortis Bank amounted to EUR 352 billion at the end of June 2012, EUR 6 billion or 2% higher compared to the end of 2011, mainly due to an increase of EUR 13 billion related to the change in consolidation method of the leasing companies from equity method to full consolidation.
From a geographical point of view and based on the location of the Fortis Bank companies, 78% of the assets are located in Belgium, 9% in Luxembourg and 13% in other countries.
The solvency of Fortis Bank remained very strong during the first half year of 2012 with a Tier 1 ratio of 14,8% and a total capital ratio of 18,5% well above the regulatory required minimum of 8%. The liquidity of Fortis Bank likewise remained solid. The loan-to-deposit ratio, based on customer loans and deposits, amounted to 106% at 30 June 2012.
CEO Max Jadot comments: "These half year results demonstrate that BNP Paribas Fortis is playing its role in the Belgian economy. The continuing growth in both deposits and lending shows that we are performing our basic task of financing the real economy.
Our results remained resilient in spite of the difficult economic and financial context. We will continue to focus on improving our operational efficiency and on providing a high quality service to our customers.
I would like to take this opportunity to thank all our clients for the trust they place in us and also our staff for their consistent commitment to the development of the Bank going forward."
For more details, you can consult the Financial Report First half year 2012, including the report of the college of accredited statutory auditors, of Fortis Bank SA/NV.
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Figures included in this document are unaudited.
The Financial Report First half-year 2012 and this document includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about Fortis Bank and its subsidiaries and investments, developments of Fortis Bank and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally or in Fortis Banks' principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this document speaks as of the date of this document. Fortis Bank undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. The information contained in this document as it relates to parties other than Fortis Bank or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein.
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BNP Paribas Fortis is part of BNP Paribas, which has a presence in 80 countries with nearly 200,000 employees, including more than 150,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
Rated AA- by Standard & Poor's, BNP Paribas is one of the best rated banks in the world.
Under the name BNP Paribas Fortis, the bank offers the Belgian market a comprehensive package of financial services for private individuals, the self-employed, professionals and SMEs. In the insurance sector, BNP Paribas Fortis works closely with Belgian market leader AG Insurance. The bank also provides wealthy individuals, corporations and public and financial institutions with custom solutions for which it can draw on BNP Paribas’ know-how and international network.
More information is available at www.bnpparibasfortis.com and www.bnpparibas.com.
[1] The comparison between the 2012 and 2011 first half year results on a line-by-line basis, is still largely impacted by the consequences of several on-going integration initiatives between Fortis Bank and BNP Paribas Group, amongst others the acquisition by BGL BNP Paribas end of March 2012 of an additional 16,7% of shares in BNP Paribas Leasing Solutions (BPLS), obtaining as such control on BPLS (50% + 1 share) from Q1 2012 onwards and the reorganisation of the activities in Turkey in 2011.
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