Results for the 3rd quarter of 2024

KEY FIGURES¹

Q3-24: strong growth in net banking income, +8% vs. Q3-23, to €5.9bn; gross operating income up +13% thanks to a positive jaws effect; reported net income up 1% to €925m

9M-24: revenues increased by 3% YoY to €17.3bn, driven by all business lines; 12% growth in gross operating income; reported net income2 reached €2.6bn, up 8% vs. 9M-23

Solvency and liquidity levels meeting the highest standards, increasing CET1 ratio to 15.7%3 after booking the coming impacts of SGEF and Nagelmackers acquisitions ; LCR stood at 154%4 end-September 2024

BUSINESS LINES³

Retail Banking & Insurance Net banking income up 4% in Q3-24, notably driven by the rebound in net interest margin; revenues up 1% YoY in 9M-24; 658,000 new clients⁵ YtD for the Banque Populaire and Caisse d’Epargne networks

• Local and regional financing: 1% growth in loan outstandings year-on-year, reaching €719bn end-September 2024
• 1% YoY increase in deposits & savings⁶ at end-September 2024, bringing an additional €10bn for a total of €679bn
• Insurance: gross inflows of €11.2bn for life insurance in 9M-24. The equipment rate⁷ for P&C and Personal Protection insurance stood at 34.6% at end-September 2024, +0.5% YtD. Strong growth in premiums, +16% vs. 9M-23
• Financial Solutions & Expertise: 3% growth in NBI vs. 9M-23 notably driven by Leasing and Consumer Credit businesses
• Digital & Payments: 5% increase in the number of transactions per card at end-September 2024 YoY
   

GLOBAL FINANCIAL SERVICES Continued strong growth in revenues, +12% in Q3-24 YoY, thanks to sustained commercial performance in Corporate & Investment Banking and Asset Management; net banking income up 8% YoY in 9M-24

• Corporate & Investment Banking: 12% increase in NBI in Q3-24 YoY; revenues up 4% for Global Markets driven by the Fixed-income and Equity businesses; 17% growth in NBI for Global Finance; NBI up 38% in Investment Banking in Q3-24 YoY and very strong momentum in M&A activities with revenues multiplied by 1.7 in Q3-24

• Asset & Wealth Management: +10% YtD in assets under management for Natixis IM, reaching the all-time level of €1,279bn at end-September 2024, notably thanks to very dynamic net inflows of €41bn in 9M-24, including €24bn in Q3-24. NBI up 12% vs. T3-23. Strong dynamic in new inflows on Fixed-income products, especially for Loomis Sayles and DNCA
   

P&L / CAPITAL³

Expenses kept under tight control, stable vs. 9M-23. Improvement in cost/income ratio in Q3-24 to 67.9%

Prudent provisioning policy: cost of risk stood at €1.5bn in 9M-24, up vs. a low basis of comparison in 9M-23, which included S1/S2 provision reversals. Cost of risk down 7% in Q3-24 QoQ

Financial strength: increase in the CET1 ratio to 15.7%³ at end-September 2024 including coming impacts of SGEF and Nagelmackers acquisitions; liquidity reserves stand at €328bn

STRATEGIC DEVELOPMENTS

Rollout of the Vision 2030 strategic plan in line with the targeted trajectory; Groupe BPCE has already successfully begun to implement its strategic growth initiatives

• France: active acquisition of new clients in the retail banking networks, AuM of more than €100bn in Life Insurance, and growth in the customer equipment rate in P&C insurance, reaching a total of 34.6% at end-September 2024

• Europe: project to acquire Société Générale Equipment Finance (scheduled for Q1-25) and Nagelmackers (scheduled for late 2024/early 2025) progressing according to their initial timetables

• International: very high net inflows for Loomis Sayles (€25bn YtD), continued development of CIB in the US and APAC region

2024 OLYMPICS

Full success of the Group’s Premium Partnership with the Olympic & Paralympic Games Paris 2024

• Success of the payments system operated by BPCE: 12.1 million tickets sold on the world's largest ticketing platform

• Financing of emblematic infrastructures, such as the Athletes Village, illustrating our position as the leading private provider of finance for sports infrastructure in France

• Record performances: 136 athletes and para-athletes supported by Group companies qualified for the Games and won 51 medals, equal to more than 37% of all medals won by France

• 28,000 guests welcomed during the period of the Games; more than 10,000 employees involved

Nicolas Namias, Chairman of the Management Board of BPCE, said: “The 3^rd quarter of the year was a particularly intense period for Groupe BPCE, both in terms of sport – with the exceptional success of the Paris 2024 Games, which we helped to make possible thanks to the involvement of our employees, our professional expertise, and our support for France's largest team of athletes and para athletes – as well as in terms of the performance of our business lines in banking, insurance, and asset management activities.

With 8% growth in revenues this quarter, all our business lines contributed to this performance characterized by a set of high-quality financial metrics (13% growth in gross operating income) and by particularly buoyant commercial activities leading to the acquisition of almost 660,000 new clients since the beginning of the year. These results testify to the effectiveness of the actions taken in recent months. The development of our VISION 2030 strategic plan has been accompanied by several initiatives enabling us to take full advantage of the project’s strong initial momentum.

The Retail Banking & Insurance division has seen its net interest margin return to growth, as previously anticipated, helping to drive the revenue growth enjoyed by the Banques Populaires and Caisses d'Epargne. Our global businesses – Natixis CIB and Natixis IM – achieved an excellent performance notably illustrated by strong growth in the financing of CIB clients and extremely dynamic inflows in asset management.

Lastly, the Group has consolidated its financial strategy with an increase in its CET1 ratio to 15.7% - a figure that already takes account of the coming impact of the new acquisitions undertaken – and leaves us ideally placed to realize our strategic growth ambitions.”

^{1 See the notes on methodology annexed to this press release 2 Group share 3 Estimated ratio at end-September 2024 4 Average monthly LCRs in Q3-24 5 137,300 additional active clients over the last 9 months 6 On-balance sheet savins & deposits within the scope of the Retail Banking & Insurance business unit 7 Scope of the individual clients in the BP and CE retail banking networks}