Belfius posts 476 million euros profit and moves towards partial privatisation
State-owned bank-insurer Belfius is preparing to open part of its capital to private investors, at the request of Finance minister Jan Jambon (N-VA). Chief executive Marc Raisière confirmed the move on Friday when presenting the group’s half-year results.
In the first six months of 2025, Belfius recorded a net profit of 476 million euros, slightly down on the same period last year. The Belgian government still owns 100 per cent of the bank, but Belfius has long argued for a partial sale to private shareholders. “It is not healthy for a regulator to also be the sole shareholder of a commercial company,” Raisière has previously said.
According to the CEO, the process advanced further in mid-July, when the Belgian Federal Holding and Investment Company (SFPIM) - Belgium’s 'sovereign wealth fund' - acting on behalf of the finance minister, formally requested that Belfius prepare for a capital opening. "Our teams are now working intensively on this," said Raisière, adding that he expects the government to make a decision before the end of the year. Belfius favours selling a 20–25 per cent stake through a private placement.
Selling Belfius now would make no sense
The plan has sparked political debate. Earlier this summer, Georges-Louis Bouchez, leader of the liberal MR party, suggested that Belfius should first merge with insurer Ethias. "Selling Belfius now would make no sense, either in terms of its stock market value or its current size. In the long term, a large bank-insurer will be much more valuable. It would also provide the country with a strategic industrial tool while ensuring the state receives a high dividend,” said the MR chairman in July.
In response, Raisière said that both scenarios could be pursued, but emphasised that opening the capital is the most important step for Belfius and its future.
Solid financial results
The insurer arm was the standout performer financially. Belfius Insurance delivered a net profit of 161 million euros in the first half of the year, which was up six per cent year-on-year and represented one-third of group earnings. In contrast, Belfius Bank’s contribution fell by four per cent to 316 million euros. Group revenues increased by four per cent to 2.28 billion euros, supported by a nine per cent rise in insurance income to 777 million euros. Meanwhile, net interest income from banking fell by three per cent to 972 million euros.
“We achieved solid financial results thanks to commercial growth and prudent risk management,” said chief financial officer Marianne Collin. The management team expects the performance of the banking division to improve in the second half of the year.
Belfius now manages over 200 billion euros in customer savings and investments, surpassing the 198.6 billion euros reported at the end of June. Its credit portfolio exceeds 120 billion euros. Raisière also confirmed plans to pay the Belgian state an additional extraordinary dividend of 500 million euros, on top of the 444.5 million euros already approved. Since resuming dividend payments in 2015, Belfius has returned almost 3.5 billion euros to its sole shareholder, the Belgian government.
© BELGA PHOTO ERIC LALMAND
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