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Groupe BPCE: results for the first quarter of 2013

Robust Q1-13 results in an adverse economic environment

  • Net income attributable to equity holders of the parent of €754m, up +13.2% versus Q1-12; net income attributable to equity holders of the parent, but excluding the revaluation of BPCE's own debt, remains stable at €760m
  • Enhanced revenues: 4.2% vs. Q1-12
  • Tightly managed operating expenses: -0.2% versus Q1-12; 3.1-point reduction in the cost/income ratio (versus Q1-12) to 69.5%
  • Cost of risk contained in the core businesses: 33 basis points (1)  in Q1-13 versus 34 bp1(1) in Q4-12

Reinforced financial structure

Common Equity Tier-1 ratio under Basel 3 (2)  improved by 40 basis points in Q1-13; Common Equity Tier-1 ratio under Basel 32 (on a pro forma basis to account for the CIC buyback project): 9.3%

Liquidity reserves of €147bn equal to 139% of short-term refinancing outstandings at March 31, 2013

Completion of the 2013 medium-/long-term refinancing program well ahead of schedule: 67% completed at the end of March 2013 (3)

Commercial Banking & Insurance: good commercial performance (4)

  • Success of the drive to attract new customers confirmed for priority targets:
    • Banque Populaire: active individual customers (banking and insurance) +4.9%
    • Caisse d’Epargne: principal active customers using banking services +7.8%
  • Buoyant growth in savings deposits (+3.9%) driven by on-balance sheet products (+7.7% (5))
  • Commitment to finance the French economy: 5.0% (6) increase in loan outstandings
  • Strong growth in property & health insurance contracts: 26% rise in net premium income in Q1- 13

Natixis: dynamic commercial activity of the core business lines

  • Extremely dynamic new loan production in the Wholesale Banking division, especially outside Europe
  • Positive net inflows in Asset Management, with particularly buoyant activities in the US market
  • Growth in revenues generated by Specialized Financing in an adverse economic environment in France

Continued reduction in the risk profile

  • Natixis: acceleration of the GAPC asset disposal program with €2.4m (7)  completed as at May 2, 2013 (including €1bn in Q1-13); intention to wind up GAPC by mid-2014
  • Crédit Foncier: international asset disposals completed in 2013 up to the end of April in an amount of €1.9bn (including €0.7bn in Q1-13)

(1) Cost of risk expressed in annualized basis points on gross customer loan outstandings at the beginning of the period
(2) Estimate at March 31, 2013 – Without transitional measures and after restatement for deferred tax assets and subject to the finalization of regulatory provisions.
(3) Including amounts raised at the end of 2012 in excess of the 2012 program.
(4) Unless specified to the contrary, all variations are expressed in terms of Q1-12
(5) Banque Populaire and Caisse d’Epargne retail banking networks, excluding centralized savings products.
(6) Banque Populaire and Caisse d’Epargne retail banking networks, Crédit Foncier and Banque Palatine.
(7) Management data