First-quarter 2011 results
Another quarter of growth in revenues and earnings capacity Further reduction in risk-weighted assets
Net revenues1 excluding non-operating items: €1,743m, +4% vs Q1-102
Net income (Group share) excluding the fair-value adjustment of own senior debt:
€488m vs €467m (+4% vs Q1-102) with a tax rate of 31.5% vs 11.3% in Q1-10
Net income (Group share): €412m
Retail banking contribution: €149m, +8% vs Q1-10
Annualized ROE after tax: 9.9%3
Core businesses4: increased revenues and profitability, confirming the robustness of the business model
Revenues of the core businesses4:
€1,564m , +6% vs Q1-102
Income before tax of the core businesses4:
€584m , +28% vs Q1-102
Sound growth and profitability for the businesses:
CIB: net revenues €821m, +4% vs Q1-10 / ROE of 21.0%
Investment Solutions: net revenues €472m, +11% vs Q1-10 / ROE of 34.2%
Specialized Financial Services: net revenues €271m, +5% vs Q1-102 / ROE of 13.6%
Financial structure: further increase in the Core Tier 1 ratio
Core Tier 1 ratio: 8.1% (+20 basis points compared with December 31, 2010)
Tier 1 ratio: 11.0% (after buyback of €800m in deeply subordinated notes in March 2011)
RWAs excluding CCIs: -4%; total RWAs: -2% (compared with December 31, 2010) Net sovereign exposure to Greece close to zero
The consolidated results of Natixis were reviewed by the Board of Directors on May 11, 2011.
1 Excluding GAPC and income from discontinued operations
2 Pro forma mainly the consolidation of GCE Paiements, Cicobail and Oceor Lease
3 Excluding non-operating items (details in the appendices)
4 Core businesses: Corporate and Investment Banking, Investment Solutions, Specialized Financial Services
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About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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