Results for the 1st quarter of 2025 of Groupe BPCE

KEY FIGURES¹

Net banking income up 10% YoY to €6.3bn
Very robust commercial performance in retail banking activities and global business lines
Gross operating income up by 21%
Good control over costs and improvement of the cost/income ratio, which now stands at 68.2%.
Net income² at €910m, +4% YoY
Reported net income³ including exceptional corporate income tax at €835m
Very high levels of solvency and liquidity
CET1 ratio at 16.2%⁴ and LCR at 151%⁵ at end-March 2025
 

BUSINESS LINES / ACTIVITIES

RETAIL BANKING & INSURANCE  Strong growth in revenues in Q1-25 (+10% YoY), driven by a continued rebound in the net interest margin and a good momentum in commissions; Growth in the client base of the Banque Populaire and Caisse d'Epargne retail banking networks, with the acquisition of 230,000 new clients

• Local & regional financing: 1% YoY growth in loan outstandings, reaching a total of €725bn at end-March 2025
• Customer deposits⁶ up €18bn YoY, reaching €705bn at end-March 2025
• Insurance: gross inflows⁷ of €4.7bn in life insurance in Q1-25. Non-life premiums up 10% YoY
• Financial Solutions & Expertise: successful integration of BPCE Equipment Solutions in the first quarter of 2025 in line with the agreed terms and timetable; BPCE has become the No.1 European player in equipment leasing
• Digital & Payments: launch of Estreem in February aimed at creating a major European player in payment processing
   

GLOBAL FINANCIAL SERVICES  Strong revenue growth, +9% in Q1-25 YoY; Quarterly net banking income at a record level in Corporate & Investment Banking, up 13%; 3% revenue growth in Asset Management with continued inflows in France and in the US

• Corporate & Investment Banking: revenues of €1.2bn in Q1-25 driven by strong momentum in Global Markets activities, +40% YoY growth in NBI generated by the Equity business and +22% in Fixed-income; 7% NBI growth for Global Finance with the development of Real Assets activities, notably in Infrastructure, Energy or Aviation. 10% NBI growth in Investment Banking
• Asset & Wealth Management: Natixis IM's average assets under management growth of 8% YoY, reaching €1,260bn at end-March 2025; net inflows of €7bn in Q1-25 boosted, in particular, by the Fixed-Income expertise of Loomis Sayles and DNCA; net banking income of €856m, up 3% YoY
   

P&L /CAPITAL⁸

Cost/income ratio of 68.2% in Q1-25, marking a clear improvement of 3.3pp thanks to well managed operating expenses.
Prudent provisioning policy: cost of risk equal to €651m in Q1-25, including a provision of approximately €100m for future risks (Stage 1/Stage 2) and an incurred cost of risk of €554m, equal to 26bps, down 12% vs. Q4-24.
Financial strength: CET1 ratio of 16.2%³ after acquisitions at end-March 2025; liquidity reserves of €304bn
 

Nicolas Namias, Chairman of the Management Board of BPCE, said: “Groupe BPCE achieved a very good financial performance in the first quarter of 2025 with a 10% growth in net banking income and a net income at 910 million euros, underpinned by strong commercial activity across all businesses and the continued repricing of our assets.

With almost 230,000 new clients, the Banques Populaires and Caisses d'Epargne enjoyed strong momentum in new client acquisition and demonstrated their ability to satisfy their clients’ needs across all regions. The insurance business made good progress with gross life insurance inflows of 4.7 billion euros, a result that illustrates our capacity to support our clients in a demanding financial environment. The business lines managed by Natixis delivered solid results, with a strong 13% increase in net banking income for the corporate & investment banking reaching a record level, while asset management business recorded positive net inflows of 7 billion euros.

Our Vision 2030 strategic project is being pursued in a disciplined manner, as demonstrated by the successful integration of BPCE Equipment Solutions into the Financial Solutions & Expertise business unit, making BPCE the leader in equipment leasing in Europe. In the Payments segment, we created a new player, Estreem, destined to become a European leader in payment processing activities.

These very strong results illustrate the strength of our cooperative business model and our ability to deliver our Vision 2030, thanks to the commitment of our 100,000 employees, serving our customers, our cooperative shareholders, and the regions in which we operate. The current environment more than ever highlights the relevance of our strategic project aimed at supporting all our clients facing the major environmental, technological, demographic and geopolitical transitions to enable everyone to build their future with confidence.”

^{1 See the notes on methodology appended to this press release 2 Group share excluding exceptional corporate income tax 3 Group share 4 Estimate as at March 31, 2025 based on CRR3/CRD6 rules applicable from 1 January 2025, including Basel IV phase-in 5 Average month-end LCRs for Q1-25 6 On-balance sheet deposits and savings within the scope of the Retail Banking & Insurance business unit 7 Including the reinsurance treaty with CNP Assurances 8 Estimated figures at end-March 2025}