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Financial Results as at 30 June 2019

15 October 2019

PARIS-The half-year report “Condensed Interim Financial Statements as at 30 June 2019” of the Council of Europe Development Bank (CEB) is now available online.

In compliance with IAS 34 “Interim Financial Reporting” standard, the CEB has published today the Half-year Report of its non-audited condensed interim accounts.

In a challenging economic environment, the CEB attained a sound operational performance during the first half of 2019.

The stock of projects approved awaiting financingamounted to € 7.4 billion compared to € 7.9 billion as at 31 December 2018. A total of 19 new projects worth € 1.8 billion were approved in the first half of 2019 compared to 25 projects worth € 2.2 billion for the same period last year. Disbursements on 63 loans were made for an amount of € 1.9 billion during the six months ended 30 June 2019, compared to disbursements on 36 loans amounting to € 1.1 billion during the first half of 2018.

The CEB’s unaudited net profit for the six months ended 30 June 2019 amounted to € 52.6 million, i.e. an increase by 4.8% compared to the same period in 2018 (€ 50.2 million), mainly due to the increase in the net interest margin (+ € 4.7 million) and despite the negative impact of the cost of risk (- € 1.2  million).

The CEB’s total assets reached € 29 406 million, an increase of 20.8% from € 24 348 million at 31 December 2018.

Since the beginning of 2019, the CEB has issued nine bonds,with a total principal amount of € 3.5 billion, representing 70% of the 2019 borrowing authorisation of € 5.0 billion approved by the CEB’s Administrative Council. Among these nine bonds, the CEB issued its third social inclusion bond.

Equity increased by 0.2% for the first semester to reach € 3 029 million.

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Erratum: This press release replaces the one published on the same topic on 9 October 2019.

Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (AA+ with Fitch Ratings, outlook positive, AAA with Standard & Poor's, outlook stable and Aa1 with Moody's, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.

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