News and Press releases

01/08/2017

Results(1) for the 2nd quarter and 1st half of 2017

All business lines enjoy strong commercial momentum
Income before tax up 13.5%(2) in H1 2017

EXCELLENT LEVELS OF ACTIVITY ACHIEVED BY THE BUSINESS LINES

Retail Banking: high business volumes

- 5.2% year-on-year growth in loan outstandings

- Increase in on-balance sheet savings & deposits (excl. centralized items) of €24bn YoY (+6.4%)

- Good performance achieved by the Specialized financing business, related to the intensification of relationships with the retail banking network

Growth in Insurance activities

- Life insurance: doubling of the proportion of unit-linked policies in gross inflows year-on-year

- Non-life insurance(3) : portfolio of contracts up 9% year-on-year

Asset management

- Positive net inflows in Europe and the United States

Corporate & Investment Banking (CIB)

- Strong commercial momentum across the board

- Significant growth in the contribution from the Asia platform

INCOME BEFORE TAX UP 13.5%(2) ON A YEAR-ON-YEAR BASIS, DRIVEN BY THE CIB DIVISION

Retail Banking stands up well

- Limited decline in income before tax of 1.6%, to €2.2bn(2)(4),  in H1-17

Substantial growth in contributions to income before tax from the Investment Solutions and CIB divisions

- Investment Solutions: income before tax(2)(4) up 14.0%, to approximately €600m in H1-17

- CIB: income before tax(2)(4) up 46.5%, to almost €850m in H1-17

Decline in the cost of risk

to 20bps in H1-17, lower than the business cycle average (30 to 35bps)

Attributable net income(2)(4) equal to €1.9bn in H1-17,

+11.3% if H1-16 tax relief is excluded

CONTINUED STRENGTHENING OF CAPITAL ADEQUACY

CET1 ratio(5): 14.7%, representing an improvement of 40bps since December 31, 2016

TLAC ratio(5): 20.0%, representing an improvement of 60bps since December 31, 2016

(1) H1-16 and Q2-16 pro forma (cf. the note on methodology at the end of this press release) ; unless specified to the contrary, all changes use the same reference base of June 30, 2016
(2) Excluding non-economic and exceptional items
(3) Entities included: CNP Assurances, Natixis Assurances, Prépar vie (gross inflows from the Banque Populaire and Caisse d'Epargne retail banking networks
(4) After restating to account for IFRIC 21
(5) Estimate at June 30, 2017 - CRR/CRD IV without transitional measures (except for deferred tax assets on tax loss carryforwards); additional Tier-1 capital takes account of subordinated debt issues that have become ineligible and capped at the phase-out rate in force