Results for the 3rd quarter and first 9 months of 2014 of the Groupe BPCE

November 4, 2014

Results[1] for the 3rd quarter and first 9 months of 2014: robust net income attributable to equity holders of the parent[2] of €2.5bn in 9M-14 (+8.2%) and of €810m in Q3-14 (+4.0%), leading to a CET1 ratio[3] of 11.5% (+110bp in 9 months)


[1] Q3-13 and 9M-13 results are presented pro forma to account for the transfer of BPCE Assurances to Natixis Assurances and to reflect the buyback (and subsequent cancellation) by the Banque Populaire banks and Caisses d’Epargne of the Cooperative Investment Certificates (CICs) held by Natixis

[2] Excluding revaluation of own debt

[3] Estimate as at Sept. 30, 2014 – CRR/CRD 4 without transitional measures and after restatement to account for deferred tax assets.


  • Bouyant commercial activity
    • Banque Populaire and Caisse d’Epargne retail banking networks
    • On-balance sheet deposits & savings[1] up by 5.3% year-on-year versus 9M-13
    • Loan outstandings increased by 3.7% year-on-year versus 9M-13
    • Core business lines of Natixis
    • Wholesale Banking: 2.4% growth in net banking income in 9M-14 and new loan production of €20bn in the Structured financing business at end-September 2014
    • Investment Solutions: record net inflows of €24bn in 9M-14 for the asset management business, with 15.9% revenue growth during the period
    • Specialized Financial Services: 2% growth in Specialized financing revenues in 9M-14
  • A base of recurring income for Groupe BPCE founded on the strong performance of the core business lines
    • Growth in revenues: +3.5% à €17.7bn in 9M-14 and +3.2% to €5.8bn in Q3-14
    • Decline in the cost of risk[2]: 27bp in Q3-14 vs. 31bp in Q3-13
    • Net income generated by the core business lines: +9.6%, reaching                                                                                         
    • €2.7bn in 9M-14, and +15.1% in Q3-14, rising to €975m

Net income attributable to equity holders of the parent2 of €2.5bn in 9M-14, +8.2% vs. 9M-13, and of €810m in Q3-14, +4.0% vs. Q3-Q13

    A strong balance sheet with capital adequacy reinforced still further
    • High level of capital adequacy: Common Equity Tier-1 ratio3 of 11.5% (+110bp in 9 months) and a total capital adequacy ratio3 of 15.0% (+190bp in 9 months)
    • Leverage ratio[3] of 4.5% as at Sept. 30, 2014
    • Liquidity reserves: €168bn as at Sept. 30, 2014, covering 161% of short-term funding

[1] Excluding centralized savings products

[2] Cost of risk expressed in annualized basis points on gross customer outstandings at the beginning of the period.

[3] Estimate at Sept. 30, 2014 in accordance with the rules of the Delegated Act published by the European Commission on October 10, 2014