Results for the 4th quarter and full year 2020
Major strategic move
Groupe BPCE announced a project to simplify its structure and filed a public tender offer on Natixis’ shares
Capital
Continued strengthening of our capital position, well above requirements
CET1 ratio: 16.0% (1), +492bps over MDA trigger threshold
Commitment to sustainability recognized
Significant increase in the rating of Groupe BPCE by Vigeo Eiris, from “Robust” to “Advanced”
For its 1st assessment, CDP rates Groupe BPCE at A- , one of the highest in the banking sector
Revenues
Robust Group revenues: €22.5bn (-4.5% in 2020); strong business momentum in Q4-20, revenues +2.5%
RB&I: solid increase in revenues, +2.6% in 2020; strong dynamics across all business lines
AWM: strong core revenue(2) generation thanks to diversification; positive net inflows of €11bn(2) in Q4-20
CIB: back to growth in Q4-20 with top-line recovery.
Operating expenses
Continued decrease in costs: -2.9%(3) in 2020 YoY
Positive jaws effect in RB&I in 2020 and implementation of Natixis’ new transformation program
Cost of risk
Cost of risk at 41 bps in 2020, o/w 19 bps of S1/S2 provisions reflecting a prudent provisioning
Net income
€636m(4) in Q4-20 (-16.5%) and €2.1bn(4) in 2020 (-38.1%)
Underlying figures, unless otherwise indicated (1) Estimated ratio at December 31, 2020 (2) Excluding H2O AM (3) Excluding exceptional items and regulatory costs (4) Net income Group share excluding Coface net contribution and after IFRIC 21 restatement
Laurent Mignon, Chairman of the Management Board of Groupe BPCE, made the following statement: “All the teams, in all the companies of our Groupe, were present this year and lived up to the exceptional situation we have experienced. I am very proud of it and I want to thank them. Our mobilization was remarkable and massive in supporting our customers with the swift implementation of all support measures, whether moratoriums, loans guaranteed by the state or specific support for the health sector. The results of the Groupe are solid, they fully demonstrate the effectiveness of our decentralized and diversified model. Our Groupe is also very solid financially, cautious about future risks and in full capacity to prepare for the future and face the challenges ahead. When we are preparing our future strategic plan, the project that we have just announced of simplification of our organization, reflects our new ambitions in the service of financing of the economy of all our customers and our employees. The strength of our Groupe is also based on our co-operative model, close to the territories, combining performance and vision long term; we are and will remain particularly committed to continuing to serve projects of our clients, in the service of society and economic recovery”.
Source : Groupe BPCE website