Results of Groupe BPCE for the 1st quarter of 2010
- Net banking income of 5,973 million euros, including 5,222 million euros generated by the core business lines, representing a 17% improvement compared with the first quarter of 2009
- Effective control over costs, reflecting the efforts made by all group entities and the initial cost synergies resulting from the strategic plan: “Together”
- Sharp decline in aggregate cost of risk and stabilization of the cost of risk of the core business lines at the – still high – level of the 4th quarter of 2009
- Net income attributable to equity holders of the parent of 1,010 million euros with the results of the core business lines multiplied by a factor of two
- Good performance delivered by the Commercial Banking and Insurance business line with an 18% increase in net banking income compared with the first quarter of 2009
- Confirmed recovery of Natixis with a 13% increase in the contribution of its core business lines to the group’s net banking income
- Robust financial structure with Tier-1 capital of 39.1 billion euros and a Tier-1 ratio of 9.5% (including 7.3% of Core Tier-1 capital), against 9.1% at December 31, 2009
On May 11, 2010, the Supervisory Board of BPCE examined the Group’s financial statements for the first quarter of 2010. These financial statements are compared with pro forma figures presenting the Group’s financial position at March 31, 2009 as if the merger between Groupe Banque Populaire and Groupe Caisse d’Epargne had already been completed at that date.
François Pérol, Chairman of the Management Board of BPCE, made the following statement:
“The results of Groupe BPCE for the 1st quarter of 2010 are encouraging. They mark a turnaround compared with the 1st quarter of 2009, a period particularly impacted by the financial crisis. These results continue the strong performance achieved in the 4th quarter of last year, and confirm the renewed profitability of the group. In a business environment that remains fragile, the group’s performance reflects the efforts made by all its employees, which represents a promising sign that we shall successfully achieve the goals of our strategic plan “Together” focused on customer service, efficiency and profitability.”
