News and Press releases

14/11/2012

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Groupe BPCE: results for the third quarter of 2012

Robust net income and good core business line performance - Continued steady reinforcement of the Group’s financial strength

In Q3-12, net income attributable to equity holders of the parent stood at €639 million, up 92.5% versus Q3-11 (1). Net income attributable to equity holders of the parent of €726 million in Q3-12, excluding the revaluation of the Group’s own debt

  • Revenues of the core business lines: €5 billion, +2.7% compared with Q3-11
  • Operating expenses of the core business lines: €3.4 billion, +2.5% (2) compared with Q3-11; -2.8% (2) compared with Q2-12
  • Cost of risk: €447 million, +13.5% compared with Q3-11 (excluding the impact of Greece), reflecting the downturn in the economic climate
  • Net income attributable to equity holders of the parent stood up well in 9M-12, reaching a total of €1,972 million, -12.0% compared with 9M-11 (3) ; excluding the revaluation of the Group’s own debt: €2,094 million, -3.4% compared with 9M-11(4)

Financial strength further reinforced before the implementation of the new Basel 3 regulatory framework

  • Capital adequacy: Core Tier-1 ratio of 10.5% , +40 basis points compared with Q2-12 and +140 basis points over the 9-month period
  • 104% (6) of the target for reducing the Group’s wholesale funding requirements by the end of 2013 has already been achieved; this target is confirmed despite the increase in the deposit ceiling on Livret A and LDD sustainable development passbook savings accounts, implemented on October 1, 2012
  • Liquidity reserves of €150 billion at September 30, 2012 (+€40 billion in 9 months)

Operating efficiency

  • Implementation of Natixis’ new operating efficiency program with a view to reducing aggregate costs by more than €300 million by the end of 2014
  • Cost synergies of €835 million generated at September 30, 2012 for the Group overall

Continued adaptation of the business models of the core business lines

  • Banque Populaire and Caisse d’Epargne retail networks: On-balance sheet savings deposits (7) up 7.9% year-on-year; continued growth momentum in the customer base
  • Natixis: Additional program designed to reduce the consumption of rare resources virtually complete at the end of Q3-12. Commercial dynamism of the core business lines with the easing of tensions in the euro zone
  • Crédit Foncier: Costs trimmed by 10% compared with 9M-11. Active balance sheet management: faster pace of disposals from the international portfolio (almost €1 billion in Q3-12) and transfer of €1 billion via the securitization of real estate loan outstandings in October 2012

 (1) Q3-11 impacted by the impairment of Greek government bonds.
 (2) Excluding new fiscal measures.
 (3) Pro-forma to account for the disposal of Foncia and Eurosic.
 (4) Pro-forma to account for the disposal of Foncia and Eurosic in June and July 2011
 (5) Estimate at September 30, 2012.
 (6) Actual achievement compared to the midpoint target of €30 billion.
 (7) Excluding centralized savings.