Geopolitical instability increased further in 2026 due to escalating conflicts in the Middle East. This has disrupted energy prices, trade flows and industrial supply chains, requiring adjustments to inflation and growth forecasts. In Belgium, we now anticipate year-on-year inflation of 2.8% instead of 1.8%, while our nowcasting indicates growth will slow to 0.1% in the third quarter of 2026, mainly due to elevated oil prices. This has also had a negative impact on the value of thermal used cars at Arval. Nevertheless, the Belgian economy is proving to be resilient, with no significant rise in insolvency levels in the first half of 2026.

In these volatile times, our strength as a universal bank lies in our ability to support all customer segments with a full suite of banking and insurance services. This is reinforced by a high-performance digital platform and a variable-cost physical distribution network. Reinforcing access to our products and services will remain a key strategic focus in the coming years.

On 1 June, we announced our financial targets for Commercial and Private Banking activities in Belgium (CPBB) up to 2030. These include a pre-tax return on net equity (RoNE) of approximately 22% by 2028 and 25% by 2030. We will achieve this by leveraging on our #1 market positions across core client franchises, streamlining our operating model and accelerating our digital & AI transformation. The finalisation of our new distribution agreement with AG Insurance in the second quarter of 2026, combined with a broker partnership, will enable us to offer a broader range of insurance solutions. By moving away from the tied-agent model, we will increase flexibility in product offerings for clients with more complex needs – ​ such as Private Banking clients, Professionals, Local Businesses and MidCaps – while creating cross-selling opportunities.

Our revenues grew by +4%*, despite the negative impact of the second-hand vehicle prices at Arval (+10%* excluding this impact), with most business lines contributing positively. Our net profit reached EUR 1.5 billion, including EUR 0.6 billion of gain on the sale of our stake in AG Insurance. The year-on-year variance at constant scope and forex and excluding exceptional items is -7%* or +15%* excluding Arval’s used-car impact, despite a EUR 148 million rise in the cost of risk, primarily driven by higher provisions on non-performing loans (mainly at TEB in Türkiye and CIB).

Our cost/income ratio came to 55.5%, while the return on normative equity (RoNE) was 10.4%. With a CET1 ratio of 14.0%1 and a liquidity coverage ratio of 130%, we remain a well-capitalised and resilient bank, ready to support our clients across economic cycles.

Our Belgian operations² reported rising net profit in the first half of 2026, driven by higher margins and commission revenues, while investments were made to enhance future growth and operational efficiency. Excluding the gain from the sale of the AG Insurance stake, the net profit rose by EUR 75 million year-on-year (+16%). This growth was mainly driven by EUR 263 million (+11%) higher revenues and lower costs, supported by a one-off reduction in the Deposit Guarantee Scheme contribution and ongoing cost discipline. These positive effects were partially offset by an increased cost of risk related to international clients.

In Belgium, total loans reached EUR 157.5 billion (+0.8%), while deposits grew to EUR 165.7 billion (+1.2%), with a shift from current accounts toward term and savings products. Off-balance-sheet products also expanded significantly to EUR 116.9 billion, including a 5.7% rise in life insurance and a 16.6% increase in mutual funds. New loan production amounted to EUR 17.3 billion.

Most accessible bank for retail and private banking customers

During the first half of 2026, digital adoption of our services continued to grow, solidifying our position as the largest digitised customer base on the Belgian market. Easy Banking App sessions increased by 4% compared to the first half of 2025, with 2.77 million active users (+3%). We expanded end-to-end mobile sales and empowered customers with self-service tools. With our digital assistant Samy we achieved a 77% resolution rate in almost 0.8 million conversations in the first half of 2026. These efforts earned us Euromoney’s ‘Best Digital Bank for Consumers 2026’ award.

Our client franchise saw strong customer growth across all segments, with customer acquisition increasing 46% year-on-year. Our individual customers also took out more loans, with mortgage production realising a 14.6% year-on-year increase reaching EUR 3.9 billion. Variable-rate mortgages accounted for 21.7% of the total, up from just 7% in the first half of 2025. Consumer credit grew by 7.6%, driven primarily by energy-efficient renovation loans and auto financing.

Our insurance business sustained strong growth in the first half of 2026, with a 2.7% growth to 1.1 million contracts in private non-life insurance, a 60% increase in premium income in non-life insurance for professional clients, and solid commercial dynamics in life insurance. Following the extended distribution agreement with AG Insurance, our focus now shifts to the concrete rollout of this new phase. This phase combines commercial growth, operational simplicity, and digital customer and employee journeys into a single, reinforced insurance approach.

Our customers increased their investments across nearly all products, with particularly strong growth in savings certificates (+89%), Branch 23 financial insurance (+36%), and investment funds (+8%). Our competitive pricing for fixed-income products proved highly attractive. This appeal was further strengthened by a broad, appealing range of options, including varied investment horizons and payout structures.

Assets under management in the Priority and Private Banking segment grew by 10.4% compared to the first half 2025. This confirms the strong appeal of our offering to these clients. The new MyFamily Agreement proved highly attractive with more than 4,000 contracts signed since its January launch. Through this agreement, children of clients with a patrimonial arrangement benefit from their parents’ Private Banker or Wealth Manager’s expertise. This support covers Private Banking specific projects, such as property purchases or business launches, as well as preparation for managing their own (or future) wealth.

Maintained market-leading position in Corporate Banking

We further consolidated our position in the Belgian investment banking market, earning recognition by Euromoney as ‘Best Investment Bank 2026’ and ‘Best Bank for Large Corporates 2026’ in Belgium.

We achieved several noteworthy deals:

We supported Wyre with a EUR 4.4 billion debt financing package – the largest Belgian infrastructure financing to date. Wyre, a Belgian telecom and infrastructure operator, is a joint venture between Telenet (owned by Liberty Global, the broadband market leader in Flanders and Belgium) and Fluvius. The bank acted as Rating Advisor, Structuring Bank, Underwriter, Physical Bookrunner, Mandated Lead Arranger, Hedge Coordinator and Provider on the package. The transaction underscores our leading structuring and underwriting capabilities for top-tier sponsor clients in the digital infrastructure sector.We acted as Joint Underwriter and Arranger for a 3-year USD 1.5 billion Term Loan as well as the EUR 0.5 billion addition to the existing Revolving Credit Facility for UCB’s acquisition of the US clinical-stage biotech company Candid Therapeutics, further reinforcing UCB’s position as a leader in immunology innovation.We also led and structured EUR 1.15 billion of bridge loan and EUR 480 million of revolving credit facility for Interparking Group, a leading car park operator. This structuration supported the refinancing of existing credit facilities and capital expenditure following Interparking’s integration of Spanish operator Saba Infraestructuras. More recently, we served as one of the Global Coordinators for Interparking’s inaugural EUR 1.15 billion bond issuance.

New loan production in Corporate Banking (including CIB) in the first half of 2026 totalled EUR 8.4 billion and we maintained our #1 market share. In the local businesses segment, insurance premium income and contract volumes grew by 60%, reinforcing our ambitions as a key bancassurance player.

Digital banking adoption among business clients continued to accelerate, with Easy Banking Business (EBB) sessions across all channels increasing by 32.2% and EBB Mobile by 57.8%. Compared to the first half of 2025, the number of business users of our digital channels rose by 10%, with mobile users surging by 33%. Mobile is now a standard feature in almost all new contracts. Instant payments grew by 75%, replacing traditional SEPA credit transfers.

Our employees form the foundation of our leading franchise, customer service and financial performance. Their expertise and commitment drive the successful execution of our transformation. We continue to invest in their development through training with employees completing more than 35,000 days of training in the first half of 2026. We also empower them through the application of our AI and automation programmes in their daily tasks. Our AI tools generated output equivalent to 370 full-time employees as of the end of June 2026, with more than 90 use cases in production. AI and data mining will play an increasingly vital role in the back-office operations, particularly for Know Your Customer processes, cybersecurity and fraud detection.

Our customer initiatives have driven increased satisfaction across all segments, demonstrating positive relational and transactional NPS trends in retail banking alongside exceptionally high scores in private banking and corporate banking, building on an already strong baseline. This reflects our customers’ recognition of our services and the strong commitment of our employees. Our robust commercial and financial performance – achieved in a highly competitive and dynamic market – strongly positions the bank to address emerging customer trends, evolving expectations, and technological advancements throughout the second half of 2026 and beyond.

I’d like to thank all our employees for their efforts and our customers for the trust and confidence which they continue to place in us.

Download the full press release below:

Press release – 2026 Half Year Results.pdfPDF 359 KB

Photo galleries of Michael Anseeuw and Franciane Rays: