Belfius posts record profits and seeks partial privatisation
Belfius has posted a record net profit of 1.127 billion euros for the 2024 financial year and will pay a record dividend for the fourth consecutive year. The federal government – the bank’s sole shareholder – will receive 445 million euros, according to the annual results presented on Friday.
The bank, which has 3.8 million customers, has had an “extremely solid” year. Since 2011, when it was created after the break-up of Dexia, the company has brought in 2.961 billion euros for the state.
Savings and investments climbed 6 per cent to 197.5 billion euros, driven by “extremely strong” organic growth and positive market effects. This growth was largely due to the successful recovery of customer funds following the maturity of the Belgian government bond last September.
"We would prefer … an investor who can support us in our banking, insurance and asset management activities but also technologically"
Re=Bel, Belfius’ online investment platform, had a record year, reaching 127,100 users, an increase of more than one-third. The group’s equity continued to grow, reaching 12.2 billion euros.
Meanwhile, CEO Marc Raisière said the bank wants the federal government to sell a 20 per cent stake to a private investor. Belfius has been calling for partial privatisation for several years. The government began working on an IPO in 2018, but those plans were put on hold.
Defence fund
Prime minister Bart De Wever's new government wants to sell a series of shareholdings to boost a defence fund. The possibility of privatising part of Belfius in the process is being discussed, Raisière confirmed on Friday.
Belfius advocates selling one-fifth of its capital. “We think 20 per cent would be a good first step,” Raisière said. “We would prefer a private placement, to have an investor who can support us in our banking, insurance and asset management activities but also technologically.”
© PHOTO ANP / HOLLANDSE HOOGTE / PETER HILZ
Related news
