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)