Results for the 3rd quarter of 2025 of Groupe BPCE
Q3-25 net income: +24%
KEY FIGURES1
Q3-25: 9% YoY growth in net banking income, to €6.4bn, driven by organic growth across all business lines
- Gross operating income up 22%, reflecting very strong control over expenses
- Sharp decline in the cost/income ratio2, which now stands at 63.3%, -4.6pp YoY
- Net income3: €1.1bn, +24% YoY
9M-25: NBI of €19bn, +10% YoY; gross operating income up 22%; cost/income ratio2 at 65.9%, down 4pp YoY
Net income3 of €3bn, +13% YoY, +19% excluding the exceptional tax
- Very high solvency and liquidity levels: growth in the CET1 ratio to 16.4%4 and LCR at 148%5 at end-September 2025
BUSINESS LINES
RETAIL BANKING & INSURANCE
+13% YoY revenue growth in the first 9 months of 2025 and +15% YoY in Q3-25, supported by good commercial momentum and the rebound of the net interest margin; robust expansion of the client base of the Banque Populaire and Caisse d’Epargne retail banking networks with the addition of 630,000 new clients6
Local & regional financing: new home loan production up 35% in Q3-25
€13bn growth in deposits7 over a 12-month period, reaching a total of €704bn at end-September 2025
Insurance: gross life fund inflows8 equal to €12.1bn in 9M-25; premium income up 11% in non-life insurance YoY
Financial Solutions & Expertise: 31% revenue growth in 9M-25 YoY, including BPCE Equipment Solutions since March 1, 2025; strong dynamic activity in the consumer credit, leasing, and factoring activities
Digital & Payments: net banking income up 8% in 9M-25 YoY with sustained commercial development in payments and 12% revenue growth for Oney Bank
GLOBAL FINANCIAL SERVICES
Net banking income up by 7% in 9M-25 and up by 4% in Q3-25 YoY at constant FX rates; revenues generated by the Corporate & Investment Banking business unit up 10% in 9M-25 at constant FX rates; high net inflows of €23bn in Asset Management in 9M-25
Corporate & Investment Banking: net banking income of €3.7bn in 9M-25, supported by strong growth in Global Markets activities, representing a YoY growth of 17%, including 12% growth in the Equity and 18% in the Fixed-income businesses; stable net banking income for Global Finance, with dynamic activity in Real Assets
- Asset & Wealth Management: Natixis IM's average assets under management grew by 8% YoY to €1,301bn at end-September 2025; net inflows of €1bn in Q3-25 and of €23bn in 9M-25, driven in particular by the expertise of Solutions, also with Loomis Sayles and DNCA in Fixed Income activities; Net banking income of €2.6bn in 9M-25, up 2% YoY at constant exchange rates
P&L /CAPITAL4
Cost/income ratio2 at 63.3% in Q3-25 and at 65.9% in 9M-25, representing a significant YoY improvement of 4.6pp and 4.0pp respectively thanks to very tight control over expenses while simultaneously pursuing investments
Prudent provisioning policy and cost of risk slightly higher in line with the Group's position in the French economy: €587m in Q3-2025, i.e. 27bps, and 27bps in 9M-2025
Financial strength: CET1 ratio up to 16.4%4 at end-September 2025; liquidity reserves stand at €303bn
ACCELERATION OF GROUPE BPCE'S EXPANSION IN EUROPE / FINANCIAL INNOVATION
Project to acquire novobanco, Portugal's 4th-largest bank: signing of legal documentation with Lone Star on August 1st for 75% of the bank’s capital; signing of legal documentation with the Portuguese government and Resolution Fund on October 29 for 25% of the capital, enabling BPCE to become the bank's sole shareholder. Acquisition expected to be finalized in H1-269
Support for French and European sovereignty: issuance of the first European Defense Bond to finance the defense industry for €750m; support for Bpifrance in the structuring and distribution of a defense fund chiefly invested in unlisted companies, accessible to individual investors
BPCE Assurances successfully completed its first RT1 and Tier 2 bond issue on the financial markets
Nicolas Namias, Chairman of the Management Board of BPCE, said: "The results for the third quarter of 2025 reflect the very good performance achieved by Groupe BPCE's business lines. The sharp 9% rise in net banking income went together with very tight control over expenses, enabling the Group to record a historically low underlying cost/income ratio of 63.3% and 24% growth in net income to a total of 1.1 billion euros.
The 15% growth in revenues generated this quarter by the Banques Populaires and Caisses d'Épargne retail banking networks illustrates once again the effectiveness of our cooperative business model based on our in-depth understanding of the local markets and the close relationships we have built with our clients. Natixis's business lines posted solid results, with strong performances in Corporate & Investment Banking and a positive contribution from Asset Management.
We have continued to pursue our European project with the signature of an agreement with the Portuguese public authorities with a view to giving us a 100% equity stake in novobanco. We also demonstrated our commitment to the defense sector with the launch of the first European Defense Bond and established a partnership with Bpifrance to make it easier for individual clients to obtain access to investments in unlisted companies. BPCE Assurances also reasserted its growth ambitions by completing its first public offering of subordinated debt.
I would like to express my warmest thanks to our 100,000 employees, whose commitment has enabled us to unite these strategic, commercial, and financial dynamics in favor of our clients, our cooperative shareholders, and the development of local and regional France.”
1See the notes on methodology annexed to this press release 2Underlying cost to income ratio 3Group share 3 Estimated at end-September 2025 4 Average monthly LCRs in Q3-25 6 630,000 additional active clients since the beginning of the year 7 On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit 8Excluding the reassurance treaty with CNP Assurance 9Subject to obtaining the usual regulatory approvals
