The net interest margin for the quarter under review amounted to 2.23%, up 6 basis points on the previous quarter and 15 basis points year-on-year (13 basis points on an organic basis).
The insurance service result (insurance revenues before reinsurance - insurance service expenses before reinsurance + net result from reinsurance contracts held) amounted to EUR 170 million, compared to EUR 172 million in the previous quarter and EUR 166 million in the year-earlier quarter. The insurance service result for the quarter under review breaks down into EUR 111 million for non-life insurance and EUR 58 million for life insurance. The non-life insurance combined ratio for the first half of 2026 came to an excellent 85%, compared to 87% for full-year 2025. Sales of non-life insurance products grew by 10% year-on-year, while life insurance sales were down 30% on the very high level recorded in the previous quarter and up 24% on the level in the year-earlier quarter. In the first half of 2026, non-life and life insurance sales were up 9% and 18% year-on-year, respectively.
Net fee and commission income was up 4% quarter-on-quarter and 14% yearon-year (11% on an organic basis). Assets under management increased by 10% quarter-on-quarter and by 17% year-on-year.
Trading & fair value income and insurance finance income and expense was up EUR 26 million and down EUR 58 million on the figure for the previous and year-earlier quarters, respectively. Net other income was in line with its normal run rate. Dividend income was up on the previous quarter’s level, since
the bulk of dividend income is traditionally received in the second quarter of the year.
Excluding the forex effect, operating expenses excluding bank and insurance taxes were down 1% quarter-on-quarter and up 6% year-on-year (5% on an organic basis). Bank and insurance taxes amounted to EUR 64 million, significantly less than the EUR 549 million recorded in the previous quarter, since the first quarter of the year traditionally includes the bulk of the bank and insurance taxes for the entire year. The cost/income ratio for the first half of 2026 came to 43%, compared to 46% for full-year 2025. In that calculation, certain non-operating items have been excluded, and bank and insurance taxes spread evenly throughout the year. When excluding all bank and insurance taxes, the cost/income ratio for the first half of 2026 amounted to 40%, compared to 41% for full-year 2025.
The Group’s liquidity position remained strong, with an LCR of 158% and NSFR of 133%. Its capital base remained robust, with an unfloored fully loaded common equity ratio of 14.4%.
“We recorded an excellent net profit of EUR 1 152 million in the second quarter of 2026. Compared to the previous quarter, our total income benefitted from higher levels of net interest income, insurance revenues, trading and fair value income, net fee and commission income and the seasonal peak in dividend income, while only net other income decreased”, said Johan Thijs, Chief Executive Officer.
“Consequently, when adding up the results for the first and second quarters of the year, our net profit for the first half of 2026 amounted to EUR 1 709 million, up 9% on the year-earlier figure. The recent acquisitions of 365.bank in Slovakia and Business Lease in the Czech Republic and Slovakia contributed EUR 29 million to our half-year profit figure”, the CEO explained.
“I would like to sincerely thank all our customers, employees, shareholders and other stakeholders for their trust and support. More than anything else, that trust and support is and remains fundamental to the success of our group both now and in the future”, Johan Thijs concluded.
The full report can be found here.
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