Belfius: H1 2020 Impacted by COVID-19 Related Provisions
Belfius Bank SA/NV (Belfius or the Group) reported a net attributable profit of EUR 21 million in H1 2020, down from a net attributable profit of EUR 304 million in H1 2019. The drop in profits was mainly driven by high levels of provisions to cover the expected deterioration in economic conditions as a result of the Coronavirus Disease (COVID-19). Nevertheless, results were supported by solid performance in insurance, core revenue growth and cost control. DBRS Morningstar notes that H1 2020 profits stemmed mainly from the positive contribution by Belfius Insurance (EUR 89 million) that offset the negative contribution of Belfius Bank (EUR 68 million).
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