BRUSSELS, Feb 23 (Reuters) - Franco-Belgian state-owned bank Dexia on Thursday said it made a profit last year and further reduced its balance sheet, but warned this may not be repeated in 2017.
Dexia, which had to be bailed out by Belgium, France and Luxembourg in 2011, said it made a net profit of 353 million euros ($372.5 million) and cut its balance sheet by 17.5 billion euros to 212.8 billion.
“However, this result cannot be extrapolated for the future, since these are the figures of a bank in resolution, which remains particularly sensitive to the volatility of the macroeconomic situation,” Dexia said in a statement.
Stripped of all of its active businesses, Dexia, once the world’s largest lender to governments and municipalities is now little more than a large heap of outstanding loans and bonds, of which the three governments guarantee some 73 billion euros. ($1 = 0.9477 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)