Results for the 1st quarter of 2015 of Groupe BPCE

May 6, 2015

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]

  • Banque Populaire and Caisse d’Epargne retail banking networks

    • Growth in customer deposits & savings in both networks: +€28bn year-on-year

    • 3.0% increase in loan outstandings year-on-year, with a recovery in loans to corporate customers

  • Insurance

    • Portfolio of P&C, provident and health insurance contracts: +9.3%

    • Total life funds: +4.4% and dynamic new fund inflows

  • Core business lines of Natixis

    • 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

    • Investment Solutions: record-breaking quarter for Asset Management; net new fund inflows of €19bn in Q1-2015 and aggregate Assets under Management of €820bn

    • SFS: offers rolled out in the retail banking networks; consumer loan outstandings (+9%), AuM inemployee savings schemes (+13%) and electronic payment transactions (+6%)

A ROBUST BASIS OF RESULTS[2] IN Q1-2015

  • Revenues[3] of the Group’s core business lines up 8.0% to €5.9bn (+5.5% at constant exchange rates)

  • 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

  • Income before tax (excluding exceptional items and IFRIC 21) stands at €1.8bn (+21.7%)

  • Published net income attributable to equity holders of the parent of €626m

 

CONTINUED STRENGTHENING OF OUR BALANCE SHEET

  • 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)

  • Leverage ratio[5] of 4.6% on March 31, 2015 (+10bps compared to end-2014)

  • The loan-to-deposit ratio stood at 119%[6] on March 31, 2015, down 2 points compared to end-2014

  • 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

  1. ^ Core business lines: Commercial Banking & Insurance, Wholesale Banking, Investment Solutions, and Specialized Financial Services
  2. ^ 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
  3. ^ Excluding exceptional items (see table on page 3)
  4. 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
  5. ^ 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
  6. ^ Excluding SCF (Compagnie de Financement Foncier, the Group’s société de crédit foncier – a French legal covered bonds issuer)

 

 

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