Financial Results as at 30 June 2016

PARIS - The half-year report entitled “Condensed Interim Financial Statements as at 30 June 2016” is now available online.

In accordance with IAS 34 standard “Interim Financial Reporting”, the CEB publishes an Interim Report on its non-audited condensed half-year accounts which is structured in a manner similar to that of the Annual Report.

In an economic and financial environment that remains challenging throughout Europe, the CEB approved 26 new projects for a total amount of € 2 869 million during the first half of 2016, a significant increase of 72% compared to the first half of 2015, mainly due to accelerating lending activity, which is also linked to the migrant and refugee crisis. Loan disbursements totalled € 799 million during the first half of 2016, a year-on-year increase of 17%.

The CEB’s unaudited net profit for the first half of 2016 reached € 46.9 million, i.e. a decrease of 23% compared to the first half of 2015, primarily related to:

• a negative variation in the mark-to-market value of financial instruments of € 9.9 million, and
• a decrease of € 4.5 million in interest margin.
  

Operating expenses remained stable at € 23.4 million.

The CEB’s total assets reached € 26 851 million, increasing by 6.9% compared to year-end 2015, primarily due to:

• outstanding loans amounting to € 13 732 million, i.e. + 2.4% compared to year-end 2015, and
  
• liquid assets totalling € 8 033 million, i.e. + 26.7% compared to year-end 2015 (€ 6 342 million), mostly due to the increase in money market deposits.
  

Equity increased by 1.9% since year-end 2015 to reach € 2 762 million.

Since the beginning of 2016, the CEB has launched five issues with a total principal amount of € 2.6 billion, representing 80% of the 2016 borrowing authorisation of € 3.3 billion.