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Belgium's Dexia says 4Q profit fell 25 percent

Belgium's Dexia says 4Q profit fell 25 percent

Dexia Group, a Franco-Belgian lender, said Friday that net income fell 25 percent in the fourth quarter after revenue declined.
Net income in the three months through Dec. 31 was euro587 million (US$887.9 million) compared with euro786 million in the same period a year earlier, the company said in a statement. Revenue dropped 10 percent to euro1.7 billion (US$2.6 billion).
The company said the U.S. subprime crisis, where banks have given loans to risky lenders, has had "no material impact on (the) group's asset quality."
"The financial and subprime crisis had little effects on cash flows. Though the widening of credit spreads translates into negative mark-to-maket accounting adjustments on certain group assets, it has little consequence on our solvency ratios, on capital needs and on our past and future cash flows," Dexia said.
Dexia shares dipped 1.3 percent to euro15.76 (US$23.84) in Brussels.


Updated : 2021-01-28 05:18 GMT+08:00