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Annual Report 2017

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Annual Report 2017 ANNUAL REPORT 2017 CONTENTS Profile of Belfius 2 Our mission and ambition 6 Management report 9 Consolidated financial statements 129 Non-consolidated financial statements 287 Performance Measures – APM 296 Global Reporting Initiative (GRI) - table 304 Abbreviations 308 Additional information 310 BELFIUS BANK Annual report 2017 1 PROFILE OF BELFIUS Belfius is a Belgian banking and insurance group wholly owned by the Belgian federal state through the Federal Holding and Investment Company (FHIC). At the end of 2017, total consolidated balance sheet amounted to EUR 168 billion. Simplified group structure(1) FHIC BELFIUS INSURANCE BELFIUS INVESTMENT PARTNERS 100% BELFIUS BANK 100% BELFIUS COMMERCIAL FINANCE CREFIUS 100% 100% BELFIUS LEASE 100% BELFIUS AUTO LEASE BELFIUS LEASE SERVICES(2) 100% 100% (1) For more details, see the list of subsidiaries of the consolidated financial statements in this annual report. (2) Belfius Lease Services operates under the same brand (logo) as Belfius Lease. 2 Annual report 2017 BELFIUS BANK PROFILE OF BELFIUS OUR MAIN COMMERCIAL SUBSIDIARIES OUR ACTIVITIES 1. Belfius Insurance Belfius organises its commercial activities into its Retail and Com- mercial segment and Public and Corporate segments. Insurance company marketing life and non-life insurance products, savings products and investments for individuals, the self-employed, 1. Retail and Commercial liberal professions, companies and the public and social sector. At the end of 2017, total consolidated balance sheet of Belfius Belfius Bank offers individuals, self-employed persons, the liberal Insurance amounted to EUR 22 billion(1). professions and SMEs a comprehensive range of retail, commercial and private banking and insurance products and services. Belfius 2. Crefius Bank serves its approximately 3.5 million customers through its integrated omni-channel distribution network, which includes Company servicing and managing mortgage loans. At the end of 671 branches, its modern interaction platform, Belfius Connect, and 2017, total balance sheet of Crefius amounted to EUR 42 million(2). a large number of automatic self-banking machines. Belfius has also been developing a digital strategy and is now leader in mobile 3. Belfius Auto Lease banking in Belgium, with over 1 million active mobile users. Its ambition is to offer all basic banking and insurance products through Company for operational vehicle leasing and car fleet management, the mobile, paperless, end-to-end and real-time channels by 2020. maintenance and claims management services. At the end of 2017, total balance sheet of Belfius Auto Lease amounted to Belfius Insurance, a subsidiary of Belfius Bank, offers insurance EUR 311 million(2). products to retail customers through the Belfius Bank branch net- work, as well as through the tied agent network of DVV insurance. 4. Belfius Lease Belfius’s bank-insurance model is fully integrated, with insurance expertise at Belfius Bank branches and omni-channel distribution Company for financial leasing and renting of professional capital capabilities. Belfius Insurance also offers insurance products through goods. At the end of 2017, total balance sheet of Belfius Lease Corona Direct Insurance, the fastest growing full direct insurer in amounted to EUR 773 million(2). Belgium that is active exclusively via digital and call channels and “affinity partners”, which are external parties with which Corona 5. Belfius Lease Services collaborates and which offer Corona insurance products. Financial leasing and renting of professional capital goods to the 2. Public and Corporate self-employed, companies and liberal professions. At the end of 2017, total balance sheet of Belfius Lease Services amounted to Belfius offers financial services to the Belgian public sector and EUR 1,943 million(2). social organisations (including hospitals, schools, universities and retirement homes). It provides these clients with a wide and inte- 6. Belfius Commercial Finance grated range of products and services, including credit lending, treasury management, insurance products, financial markets products Company for financing commercial loans to debtors, debtor in- and financial IT tools. Belfius’s corporate banking activities are solvency risk cover and debt recovery from debtors (factoring). At focused on large- and medium-sized corporates which have a the end of 2017, total balance sheet of Belfius Commercial Finance decision-making centre in Belgium as well as corporates offering amounted to EUR 907 million(2). services to the public sector. 7. Belfius Investment Partners Belfius Insurance also offers insurance products to public and corpo- rate customers that are tailored to their specific needs, leveraging Company for administration and management of funds. At the end its deep client and market understanding. of 2017, total balance sheet of Belfius Investment Partners amounted to EUR 144 million(2) and assets under management amounted to EUR 17.7 billion. OUR STAFF MEMBERS At the end of 2017, Belfius’ operations gave employment to 6,432 staff members, and there were approximately 3,800 persons working in the Bank’s and Insurer’s independent networks. (1) For more details, see the annual report 2017 of Belfius Insurance. (2) Total IFRS balance sheet before consolidation adjustments. BELFIUS BANK Annual report 2017 3 PROFILE OF BELFIUS KEY FIGURES Consolidated statement of income (In millions of EUR) 2013 2014 2015 2016 2017 INCOME 1,834 2,071 2,184 2,259 2,355 EXPENSES (1,424) (1,448) (1,396) (1,366) (1,369) GROSS OPERATING INCOME 410 623 787 893 986 Cost of risk 109 (59) (93) (116) (33) Impairments on (in)tangible assets (1) (5) (13) 3 9 NET INCOME BEFORE TAX 518 560 682 780 963 Tax expense (73) (100) (176) (244) (357) NET INCOME AFTER TAX 445 460 506 535 606 Non-controlling interests 0 (2) 0 0 0 NET INCOME GROUP SHARE 445 462 506 535 606 of which Bank 230 245 290 335 435 Insurance 215 217 216 201 171 Consolidated balance sheet (In millions of EUR) 2013 2014 2015 2016 2017 TOTAL ASSETS 182,777 194,407 176,962 176,721 167,959 of which Loans and advances due from banks and central banks 31,569 33,472 24,894 27,114 24,358 Loans and advances to customers 87,722 87,158 87,189 89,702 90,057 Investments held to maturity 0 2,835 5,017 5,393 5,442 Financial assets measured at fair value through profit or loss 5,512 6,100 3,223 2,986 3,240 Financial assets available for sale 28,074 25,087 19,734 18,820 17,983 Derivatives 23,190 31,130 25,944 25,307 20,303 TOTAL LIABILITIES 176,156 186,481 168,302 167,709 158,438 of which Due to banks 29,236 21,408 11,538 12,582 11,110 Customers borrowings and deposits 61,625 66,514 68,163 74,171 76,274 Financial liabilities measured at fair value through profit or loss 8,461 9,167 6,916 7,524 8,893 Debt securities and subordinated debts 28,077 29,999 28,691 25,380 23,226 Derivatives 28,602 38,165 30,060 29,573 21,264 TOTAL EQUITY 6,621 7,927 8,660 9,012 9,521 of which Core shareholders’ equity 7,343 7,804 8,309 8,694 9,084 Gains and losses not recognised in the statement of income (738) 119 350 318 437 Net income group share Total equity In millions of EUR In millions of EUR 606 9 521 9 012 535 8 660 506 7 927 445 462 6 621 EUR 194.4 billion 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 4 Annual report 2017 BELFIUS BANK PROFILE OF BELFIUS Ratios(1) 2013 2014 2015 2016 2017 Return on equity (ROE) 6.1% 6.0% 6.3% 6.4% 7.0% Return on assets (ROA) 0.22% 0.24% 0.27% 0.30% 0.35% Cost-income ratio (C/I ratio) 77.6% 69.9% 63.9% 60.5% 58.1% Asset quality ratio 2.36% 2.33% 2.29% 2.54% 1.99% Coverage ratio 53.6% 56.0% 57.1% 54.4% 63.3% Liquidity Coverage Ratio (LCR) 120% 122% 132% 127% 130% Net Stable Funding Ratio (NSFR) N/A 100% 108% 110% 116% Solvency ratios 2013 2014 2015 2016 2017 CET 1 ratio Phased In(2) 13.8% 14.7% 15.9% 16.6% 16.1% CET 1 ratio Fully Loaded(2) 11.5% 13.2% 14.9% 16.1% 15.9% Total capital ratio Phased In(2) 15.1% 16.1% 17.7% 19.4% 18.6% Total capital ratio Fully Loaded(2) 12.5% 14.3% 16.2% 18.4% 18.1% Leverage ratio Phased In N/A N/A 5.3% 5.4% 5.6% Leverage ratio Fully Loaded N/A N/A 4.9% 5.3% 5.5% Solvency II – ratio (before dividend) N/A N/A 209%(3) 217% 230% Solvency II – ratio (after dividend) N/A N/A 199%(3) 207% 219% (1) Unaudited. (2) For the determination of the Common Equity Tier 1 capital under Basel III, the regulatory authority asks Belfius to apply a prudential deconsolidation of Belfius Insurance and to apply a risk weighting of 370% on the participation. This is commonly known as “Danish compromise”. (3) Pro forma. CSR as a business driver 2015 2016 2017 Total volume of investment funds managed based on sustainable criteria (SRI) under management (in millions of EUR) 1,973 2,193 3,070 Total volume of investments managed based on the Portfolio21 criteria under management (in millions of EUR) 15,487 15,489 15,094 Human capital 2015 2016 2017 Staff members Male Female Total Male Female Total Male Female Total TOTAL 3,392 3,209 6,601 3,294 3,135 6,429 3,307 3,125 6,432 RATINGS OF BELFIUS BANK AS AT 31 MARCH 2018 Stand-alone rating(1) Long-term rating Outlook Short-term rating Fitch a- A- Stable F2 Moody’s baa2 A2 Positive Prime-1 Standard & Poor’s bbb+ A- Stable A-2 (1) Intrinsic creditworthness BELFIUS BANK Annual report 2017 5 PROFILE OF BELFIUS OUR MISSION AND AMBITION We aspire and endeavour to make a maximum contribution to the Belgian economy, and to provide optimal service and the ultimate custo- mer experience on the market.
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