Q2 and H1 2026 results

>> KEY FIGURES ^[2]

  Q2-26    

Net banking income up 13% vs. Q2-25 to €7.2bn, record quarter

Sharp increase in gross operating income, up +33% YoY, thanks to very tight cost control

Cost/income ratio ^[3] at 60.9%, -5.5pp YoY

Net income ^[1] of €1.3bn, +38% YoY

  H1-26  

Net revenues up 10% over the year to stand at €13.9bn driven by all the businesses

Strong growth in gross operating income, up 25%

Cost/income ratio ^[3] at 62.9%, -4.4pp YoY

Net income of €2.4bn, +30% YoY

Very high level of solvency: CET1 ratio of 15.5% ^[4] at end-June 2026, including the acquisition of novobanco 

>> BUSINESS LINES

  RETAIL BANKING IN FRANCE   

Net banking income up 13% in Q2-26 and in H1-26, driven by business momentum and net interest income

• 415,000 new clients won YTD for the Banques Populaires and Caisses d’Epargne
• +€24bn off-balance sheet savings year on year for the two retail banking networks, and loan outstandings up 2% year on year

  RETAIL BANKING IN EUROPE   

Net banking income grew by 94% in H1 2026, at €687m, including novobanco since April 30, 2026

• Credit ^[5] outstandings up 6% YTD at end-June 2026 for novobanco
• New loan production up 18% year on year in H1-26 for BPCE Equipment Solutions

  INSURANCE AND ASSET MANAGEMENT  

Net banking income up 9% in Q2-26 YoY, including +33% for Insurance and +4% for Asset Management at constant exchange rates

• €10bn in life insurance gross inflows in H1-26 for BPCE Assurances, +13% year on year
• +€67bn ^[6] in assets under management in H1-26 YTD in Asset Management, of which €18bn in net inflows

  CORPORATE AND INVESTMENT BANKING        

Net banking income increased by 8% in Q2-26 YoY at constant exchange rates

• Revenues up 16% for Global Markets in Q2-26 YoY at constant exchange rates, including +59% for Equity
• Net banking income up 2% for Global Banking in Q2-26 YoY at constant exchange rates

>> INCOME STATEMENT & CAPITAL

Cost/income ratio of 60.9% in Q2-26 and 62.9% in H1-26, showing a marked improvement of 5.5pp and 4.4pp respectively year on year thanks to tight control over expenses that include a sustained investment program

Stage 3 cost of risk of €671m in Q2-26, or 29bps, stable vs. Q1-26. Prudent provisioning policy including 4bps for future risks in Q2-26

Financial strength: CET1 ratio of 15.5% ^[3] at end-June 2026, including the acquisition of novobanco in Q2-26; liquidity reserves of €332bn and LCR of 141% at end-June 2026

Nicolas Namias, Chairman of the Management Board of BPCE, said: “This summer has been marked by very large-scale wildfires, in France and in several other European countries. I want to express Groupe BPCE’s solidarity with the people affected, and with all those working to respond to these events. To support the clients of the Banques Populaires and Caisses d’Epargne, we have deployed an emergency response plan with immediate, concrete and local measures, covering both insurance and financing. The mobilization of our teams in the field - even as some of our own staff members are directly affected - illustrates what it means to be a regional cooperative group, and I thank them all for their exemplary commitment.

Groupe BPCE has delivered an excellent second quarter: record revenues to €7.2bn and net income improved by a strong 38%, driven by vigorous growth across all businesses and a marked improvement in the cost/income ratio. In what remains an uncertain economic and geopolitical environment, this result reflects our continued commitment to our clients and the relevance of our Vision 2030 strategic plan.

In Retail Banking in France, the Banques Populaires and Caisses d’Epargne, together with Financial Solutions & Expertise, confirmed their momentum in winning new clients across every region. Retail Banking in Europe, which for the first time brings together novobanco, BPCE Equipment Solutions and Oney, posted very dynamic results. The Insurance and Asset Management businesses continued to grow with sustained inflows. Lastly, Corporate and Investment Banking delivered a record-breaking quarter, benefiting in particular from growth in the Equity business.

Execution of our Vision 2030 strategic project continued apace this quarter. The real estate business line has initiated projects in France aimed at increasing our origination and distribution capacity. In Europe, the integration of novobanco within BPCE, effective since April 30, is already evident in our results and makes the benefits of this second domestic retail banking market tangible.”

 

^{[1] Group share
[2] See the notes on methodology appended to this press release
[3] Underlying cost/income ratio
[4] Estimate at end-June 2026
[5] Credit (net) is the sum of customer loans and debt securities associated with credit operations with clients
[6] Europe including Dynamic Solutions and Vega IS; US including WCM IM; Excluding Wealth Management AuM}