Results for the 3rd quarter and first 9 months of 2015 of Groupe BPCE

November 4, 2015


Robust, recurring results: 9M-15 net income[2] 9M-15 up 4.5% to €2.7bn

Significant organic capital generation capacity: capital adequacy up 30bps in
Q3-15 to 12.7% of CET1 ratio[3]

[1] Q3 and 9M-14 results are presented pro forma (cf. the note on methodology included at the end of this press release); unless specified to the contrary, all changes use the same reference base of September 30, 2014

[2] Excluding non-economic and exceptional items, and excluding the impact of IFRIC 21

[3] Estimate at Sept. 30, 2015 - CRR/CRD4 without transitional measures after restating to account for deferred tax assets on tax loss carryforwards

Good commercial performance in all the core business lines[4]

Banque Populaire and Caisse d’Epargne retail banking networks

  • Deposits & savings stood at €623bn at Sept. 30, 2015 (+€29bn, of which +€31bn excluding centralized savings products), up 4.8% year-on-year
  • Loan outstandings rose by 3.9% year-on-year to reach €392bn (+€15bn) at Sept. 30, 2015


  • Strong momentum in life insurance with gross new inflows in excess of €10bn in 9M-15
  • Enhanced commercial activities in the non-life segment: turnover +6% in 9M-15

Core business lines of Natixis

  • Wholesale Banking: buoyant new loan production in the Structured financing activity equal to €20bn in 9M-15 and continued strong growth in Equity derivatives
  • Investment Solutions: net asset management inflows of €30bn in 9M-15, boosting assets under management to €776bn at September 30, 2015
  • SFS: continued rollout of products and services in the retail banking networks with, in particular, extremely good momentum achieved by all the Specialized financing businesses (revenues +7% vs 9M-14)

Robust, recurring results in the first nine months of 2015

  • Revenues2 up 4.6% in 9M-15 and stable in Q3-15 against a background of persistently low interest rates for the Commercial Banking activities and adverse market conditions in Q3-15 for the Wholesale Banking businesses
  • Cost of risk at the low level of 23bps in Q3-15
  • Net income2 of the core business lines: +10.9% in 9M-15, rising to €3.1bn

Continued strengthening of the Group’s CAPITAL ADEQUACY

  • Enhanced capital adequacy in Q3-15: CET1 ratio3 of 12.7% at Sept. 30, 2015 (+30bps vs. June 30, 2015) and total capital adequacy ratio3 of 16.1% (+20bps vs June 30, 2015) [3]
  • Total capital adequacy ratio target revised upward to 18%[5] for early 2019, in anticipation of the implementation of TLAC

Compliance with TLAC requirements with no reliance on senior debt[6]


[4] Core business lines: Commercial Banking & Insurance, Wholesale Banking, Investment Solutions, and Specialized Financial Services

[5] CRR-CRD4 without transitional measures; taking account of the estimated impact of the application of IFRS 9 at January 1st, 2018

[6] Assuming no change in regulations