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Groupe BPCE: Results for the 3rd quarter and the first 9 months of 2013

Robust results in Q3-13 and 9M-13. Net income attributable to equity holders of the parent, excluding the revaluation of the Group’s own debt, has increased by 10.7% compared with Q3-12 to €779 million, and by 12.3% compared with 9M-12 to €2,319 million

Strong commercial dynamism

  • Robust growth in revenues generated by the core business lines[1] : +7.1%[2]  in Q3-13 vs. Q3-12
  • Growth in Commercial Banking and Insurance outstandings: on-balance sheet savings +9.9%[3]  and loan outstandings +6.2%[4]
  • Natixis: strong growth in revenues from all business lines (Wholesale Banking +7.5%, Investment Solutions +14.7%, Specialized Financial Services +8.7% in Q3-13 vs. Q3-12)

Confirmation of the positive trends in results[2] in 2013

  • Q3-13 attributable net income[2], excluding the revaluation of the Group’s own debt: €779 million, up 10.7% compared with Q3-12
  •  9M-13 attributable net income[2], excluding the revaluation of the Group’s own debt: €2,319 million, up 12.3% compared with 9M-12
  • The cost of risk remains moderate in a lackluster economic environment (31 bp in Q3-13 vs. 36 bp in Q2-13)

Continued strengthening of the financial structure

  • Common Equity Tier-1 ratio under Basel 3[2,5] : 9.9%, +40 bp compared with June 30, 2013
  • Two Tier-2 bond issues completed since July 2013 (€1 billion in July and $1.5 billion in October): overall capital adequacy ratio under Basel 3[5,6]  increased to 12.7%
  • Group’s loan-to-deposit ratio[7]  +126% (-6 points vs. September 30, 2012)

Accelerated disposal of non-customer assets

  • GAPC: disposal of assets of €4.7 billion during the first nine months of 2013, making it possible to confirm that GAPC will be wound up by mid-2014
  •  Crédit Foncier: €3.1 billion of international asset disposals completed in the first nine months of 2013


[1]Commercial Banking and Insurance, Wholesale Banking, Investment Solutions and Specialized Financial Services.
[2]Pro forma of the buyback and subsequent cancellation by the Banque Populaire banks and the Caisses d’Epargne of the Cooperative Investment Certificates (CICs) held by Natixis.
[3]Banque Populaire and Caisse d’Epargne retail networks, excluding centralized savings products.
[4]Banque Populaire and Caisse d’Epargne retail networks.
[5]Estimate at Sept. 30, 2013, CRR/CRD4, as applied by Groupe BPCE, without transitional measures and after restatement to account for deferred tax assets.
[6]Including the October 2013 bond issue.
[7]Excluding SCF (Compagnie de Financement Foncier, the Group’s société de crédit foncier - a French legal covered bonds issuer).