Dexia narrows half-year loss

City A.M. Reporter
NATIONALISED Franco-Belgian financial group Dexia yesterday posted a smaller net loss in the first half of 2013 than in the same period last year as its funding costs dipped.

Dexia, about 95 per cent owned by France and Belgium, said it made a net loss of €905m (£779.2m) in the first half of 2013, against a €1.17bn loss a year ago.

The overall size of its balance sheet fell by 31 per cent in the first half of 2013 to €247bn, mainly because of the sale of its French lending unit Societe de Financement Local.