Results for the 1st quarter of 2015 of Groupe BPCE
Groupe BPCE delivered a robust performance in Q1-2015, with attribut able net income (excluding exceptional items and the impact of IFRIC 21) of €1.0bn, representing a sharp increase (+16.1%) compared with Q1-2014
BUOYANT COMMERCIAL ACTIVITY IN ALL OUR BUSINESS LINES[1]
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Banque Populaire and Caisse d’Epargne retail banking networks
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Growth in customer deposits & savings in both networks: +€28bn year-on-year
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3.0% increase in loan outstandings year-on-year, with a recovery in loans to corporate customers
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Insurance
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Portfolio of P&C, provident and health insurance contracts: +9.3%
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Total life funds: +4.4% and dynamic new fund inflows
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Core business lines of Natixis
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Wholesale Banking: development of the main franchises; new loan production of €5.7bn in Structured financing and a very good performance in the Capital market activities
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Investment Solutions: record-breaking quarter for Asset Management; net new fund inflows of €19bn in Q1-2015 and aggregate Assets under Management of €820bn
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SFS: offers rolled out in the retail banking networks; consumer loan outstandings (+9%), AuM inemployee savings schemes (+13%) and electronic payment transactions (+6%)
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A ROBUST BASIS OF RESULTS[2] IN Q1-2015
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Revenues[3] of the Group’s core business lines up 8.0% to €5.9bn (+5.5% at constant exchange rates)
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Cost of risk remains moderate at 32 basis points, excluding the impact of provisions booked related to the operation concerning the Austrian public bank Heta
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Income before tax (excluding exceptional items and IFRIC 21) stands at €1.8bn (+21.7%)
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Published net income attributable to equity holders of the parent of €626m
CONTINUED STRENGTHENING OF OUR BALANCE SHEET
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Common Equity Tier-1 ratio[4] came to 12.2% on March 31, 2015 (+20bps compared to end-2014) and an overall capital adequacy ratio[4] of 15.7% (+10bps compared to end-2014)
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Leverage ratio[5] of 4.6% on March 31, 2015 (+10bps compared to end-2014)
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The loan-to-deposit ratio stood at 119%[6] on March 31, 2015, down 2 points compared to end-2014
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Liquidity reserves cover 128% of short-term funding requirements and MLT and subordinate
- maturities ≤ 1 year, up 8 percentage points compared to end-2014
Read the full results of the 2nd quarter and 1st quarter 2015 attached.
Footnotes
- ^ Core business lines: Commercial Banking & Insurance, Wholesale Banking, Investment Solutions, and Specialized Financial Services
- ^ Q1-2014 results are presented pro forma (cf. the note on methodology at the end of this press release); unless specified to the contrary, all changes use the same reference base of March 31, 2014
- ^ Excluding exceptional items (see table on page 3)
- a, b Estimate at March 31, 2015 – CRR/CRD4 without transitional measures CRR / CRD 4 after restating to account for deferred tax assets on tax loss carryforwards
- ^ Estimate at March 31, 2015 2015 according to the rules of the Delegated Act published by the European Commission on October 10, 2014 - without transitional measures CRR / CRD 4 after restating to account for deferred tax assets on tax loss carryforward
- ^ Excluding SCF (Compagnie de Financement Foncier, the Group’s société de crédit foncier – a French legal covered bonds issuer)
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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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