Revenues, i.e. € 3,904 million, showed a reduction by - 8.0% compared to the same period last year. Excluding extraordinary and nonrecurring revenues, the decrease amounted to - 7.5%.
Such a decrease takes place in a period of highly unstable financial markets, particularly in the 3rd quarter, which influenced, at varying degrees, all of the Group’s business lines, except the first and most important of all: Public Finance. The latter has indeed seen its underlying revenue grow by + 4.3%.
Conversely, Retail Financial Services, Investment Management Services and Capital Markets activities have all also seen their income decrease.
Operating expenses amounted to € 2,382 million, i.e. a decrease by - 1.4% compared to the first 9 months of 2001. However, based on a similar scope, and extraordinary charges excluded, operating expenses have decreased by - 3.2%.
Gross Operating Income amounted to € 1,522 million, against € 1,830 million for the first 9 months of 2001, i.e. a decrease by - 16.8%. Based on a similar scope and extraordinary items excluded, the decrease amounts to - 13.9%.
Cost of Risk for the first 9 months of 2002 amounted to € 582 million, as opposed to € 173 million over the same period in 2001. It includes an exceptional allowance of € 437 million, mainly written in the 3rd quarter of 2002, to cover measures taken at Dexia Bank Nederland.
Net Income, at € 957 million, decreased by - 13.3%, and by - 10.7% based on a similar scope and extraordinary items excluded.
ROE (Return on Equity) amounted to 16.0%2 on a yearly basis. It was 18.8%2 over the same period in 2001.
Net Income per Share amounted to € 0.83 for the first 9 months of the year. It was € 0.96 for the first 9 months of 2001.
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(source: Dexia SA)
