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Results for the 2nd quarter and 1st half of 2012

Groupe BPCE: Results hold up well in Q2-12 against a background marked by an economic downturn and persistent financial tensions

Continued drive to prepare the Group for the Basel 3 regulatory environment:

  • Capital adequacy strengthened by 50 basis points compared with Q1-12: core Tier-1 ratio of 10.0%(1). Confirmation of the target of Core Tier-1 ratio under Basel 3 in excess of 9%(2) in 2013
  • €22.9 billion reduction in the Group’s wholesale funding requirements since June 30, 2011 (76% of the target for the end of 2013 has already been achieved).

Adaptation of the business models of the core business lines:

  • Banque Populaire and Caisse d’Epargne networks: customer deposits up by €29bn(3) since December 31, 2010, equal to an increase of 11.74%.
  • Implementation of Crédit Foncier’s medium-term plan: development projects launched, costs reduced by 21% compared with Q2-11, faster pace of disposals of the international portfolio and the buyback of related liabilities.
  • Adaptation of the business model of Natixis’ CIB division, renamed “Wholesale Banking”: adaptation of the organization to the “Originate to Distribute” model, implementation of measures announced in November 2011 (activities refocused on priority clientele, discontinuation of activities insufficiently profitable in the new environment), greater operating efficiency.
  • Improvement in operating efficiency: cost synergies worth €771m had been realized by June 30, 2012.

Major commitment by Groupe BPCE to financing the French economy:

  • Annual growth in loan outstandings of 6.4%(4) overall, including a 5.8% increase in loans granted to independent micro-enterprises and SMEs.

Net income attributable to equity holders of the parent of €668m, stable in Q2-12 compared with Q1-12 (+0.5%) but -27.6%(5) from the high Q2-11 level as a result of measures taken to adapt the core business lines to the new regulatory environment and the downturn in economic activity.


1 Estimate at June 30, 2012
2 Without transitional measures, after restating for deferred tax assets
3 Excluding centralized savings products
4 Banque Populaire and Caisse d’Epargne networks, Crédit Foncier and Banque Palatine
5 Pro forma to account for the disposal of Eurosic and Foncia in June and July 2011
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