Results for the 2nd quarter and 1st half of 2015 of Groupe BPCE
Enhanced results net income of €841m in Q2-15 (+2.3%) and of €1,850m in H1-2015 (+9.7%).
COMMERCIAL DYNAMISM IN ALL OUR CORE BUSINESS LINES[1]:
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Banque Populaire and Caisse d’Epargne retail banking networks
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Growth in deposits & savings: +€28bn year-on-year to €618bn
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Loan outstandings up 2.7% year-on-year
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Insurance
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Sustained growth in the non-life portfolio: +9.7% year-on-year
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3.8% growth in life funds and substantial increase in the impact of unit-linked contracts
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Core business lines of Natixis
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Wholesale Banking: buoyant new loan production in the Structured finance activity (+€14bn in H1-15) and very good performance achieved by the Equity derivatives business
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Investment Solutions: record-breaking half year for net asset management inflows (+€29bn in H1-2015) taking assets under management to €812bn at June 30, 2015, DNCA included (+€17bn)
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SFS: very good momentum maintained in the Specialized financing business, notably in Consumer finance (outstandings up 9%) and in Sureties & Financial guarantees (premiums up 22%)
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A ROBUST BASIS OF RESULTS[2] IN H1-2015
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Revenues[3] generated by the Group’s core business lines up by 7.2% vs. H1-14 (+4.5% at constant exchange rates) and by 6.3% vs. Q2-14 (+3.7% at constant exchange rates)
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Cost/income ratio[1] improved by 2.2 percentage points vs. H1-14
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Cost of risk down 25bps in Q2-15 vs. 41bps in Q1-15 and 33bps in Q2-14
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Net income[1]of the core business lines: +14.1% in H1-15, to €2bn, and +15.8% in Q2-15 to €1bn
CONTINUED STRENGTHENING OF THE BALANCE SHEET STRUCTURE
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Common Equity Tier-1 ratio[4] stood at 12.4% at June 30, 2015 (+20bps vs. Q1-15) and the overall capital adequacy ratio[4] came to 15.9% (+20bps vs. Q1-15), including the acquisition of DNCA
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Leverage ratio[5] equaled 4.8% at June 30, 2015 (+20bps vs. Q1-15)
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Customer loan-to-deposit ratio came to 119%[6] at June 30, 2015, down 2 percentage points compared with Dec. 31. 2014
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Liquidity reserves covered 132% of short-term funding and MLT & subordinate maturities ≤ 1 yearat June 30, 2015, up 12 percentage points since Dec. 31. 2014
Read the full results of the 2nd quarter and 1st quarter 2015 attached.
Footnotes
- a, b, c Excluding non-economic and exceptional items and excluding the impact of IFRIC 21
- ^ Q2 and H1-2014 results are presented pro forma (cf. the note on methodology at the end of this press release); unless specified tothe contrary, all changes use the same reference base of June 30, 2014
- ^ Excluding non-economic and exceptional items
- a, b Estimate at June 30, 2015 – CRR/CRD4 without transitional measures after restating to account for deferred tax assets on tax loss carryforwards
- ^ Estimate at June 30, 2015 according to the rules of the Delegated Act published by the European Commission on October 10, 2014 - without transitional measures CRR/CRD4 after restating to account for deferred tax assets on tax loss carryforwards
- ^ 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, with its business model as a universal cooperative bank represented by 9 million cooperative shareholders, is currently the 2nd-largest banking group in France. With its 105,000 employees, it serves a total of 36 million customers – individuals, professionals, corporates, investors, and local government bodies – around the world. It operates in the retail banking and insurance sectors in France via its two major Banque Populaire and Caisse d’Epargne banking networks, along with Banque Palatine. With Natixis, it also runs global business lines specializing in Asset & Wealth management, Corporate & Investment Banking, Insurance and Payments. Through this structure, it is able to offer its customers a comprehensive, diversified range of products and services: solutions in savings, investment, cash management, financing, and insurance. The Group's financial strength is recognized by four financial rating agencies: Moody's (A1, stable outlook), Standard & Poor's (A+, negative outlook), Fitch (A+, negative outlook) and R&I (A+, stable outlook).
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