Natixis — Groupe BPCE — Q1 2023 Earnings Presentation
66 slides from Natixis's earnings presentation, November 2023
Slide 1: Results
| @ GROUPE BPCE \ RESULTS
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements and comments relating to This financial information is not the equivalent of summary financial statements for the objectives and strategy of Groupe BPCE. By their very nature, these forward- an interim period as defined by IAS 34 “I
Slide 3: Solid commercial performance, limited decrease in revenues, strong capital & liquidity
Solid commercial performance, limited decrease in revenues due to interest rate transition phase, strong capital & liquidity positions DEVELOPMENTS PERFORMANCE STRENGTHS RB&I Reported net revenues €5.8bn; Strong capital Solid commercial performance for the BP -5% vs. Q1-22pf 15.0% CET1 ratio at end-
Slide 4: Groupe BPCE results
01 Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 5: Results: reported net banking income
Results: reported net banking income RETAIL BANKING & INSURANCE in €m GLOBAL FINANCIAL SERVICES in €m (7)% (11)% 4,205 +2% 3,891 3,469 3,093 +7% +41% (11)% +7% (4)% 1,782 1,822 295 315 127 180 231 205 1,038 970 812 784 BP & CE networks FSE Insurance Digital & RB&I CIB AWM GFS Payments RB&I(1) GFS Q1
Slide 6: Results: reported operating expenses
Results: reported operating expenses OPERATING EXPENSES in €m Stable OPEX 4,585 19 9 7 31 4,587 1 (21) (3) (30) (11) Q1-22pf BP & CE FSE Insurance Digital & Other network AWM CIB Corporate SRF Q1-23 networks Payments center contribution Stable operating expenses in a context of high inflation and re
Slide 7: Results: reported cost of risk/asset quality
Results: reported cost of risk/asset quality Stage 3 Stage 1/Stage 2 COST OF RISK(1) TOTAL PROVISIONS(3) (in €bn) In bps 37 Stage 1/Stage 2 cost of risk 20 23 21 14.3 23 17 13.5 13.8 13.9 at €70m in Q1-23 down 50% 12 14 10 12.9 YoY RB&I 10 11 14 15 8 2 56 Stage 1/Stage 2 provisions 8.9 8.4 44 9.4 9.
Slide 8: Results: reported Group P&L
Results: reported Group P&L % Change €m Q1-23 Q1-22pf vs. Q1-22pf Revenues at €5.8bn in Q1-23, down 5% due notably, as expected, to the increase in interest rates on regulated Net banking income 5,815 6,149 (5)% savings Operating expenses (4,587) (4,585) 0% Strong growth in commissions +12% o/w oper
Slide 9: Capital and liquidity
Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 10: Capital and Loss-absorbing Capacity
Capital and Loss-absorbing Capacity CHANGE IN THE CET 1 RATIO (in bps) Actual levels Requirements as at organic capital creation = 2bps March 31, 2023 March 31, 2023(1) CET1 ratio 9.53%(3) 15.0% +11bps +6bps 15.1% 15.0%(1) (ECB) (9)bps (1)bps (17)bps (1)bps Total capital 13.53%(3) 17.9% ratio (ECB)
Slide 11: Liquidity: 63% of 2023 MLT funding plan already completed
Liquidity: 63% of 2023 MLT funding plan already completed(1) 2023 MLT WHOLESALE FUNDING PLAN Structure of MLT wholesale funding raised in 2023(1,3) Target: €29bn(2) / Raised(1,2): €18.3bn or 63% ▪ TLAC funding Target: €10.0bn (€2bn Tier 2 / €8bn SNP) Unsecured bond issues Raised(1,2): €6.1bn or 61%
Slide 12: Business line results
Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 13: Retail Banking & Insurance: Banques Populaires
Retail Banking & Insurance Banques Populaires LOAN OUTSTANDINGS in €bn PRODUCTION Q1-23 vs. Q1-22 6,500 new professional customers YoY 7.2 4.3 (39)% Residential mortgages High level of loan outstandings at end +7% In €bn March-2023 fueled by residential 301 +1.5pp Average rate (%) mortgages +7% YoY,
Slide 14: Retail Banking & Insurance: Caisses d'Epargne
Retail Banking & Insurance Caisses d’Epargne PRODUCTION Q1-23 vs. Q1-22 125,700 new active individual customers LOAN OUTSTANDINGS in €bn YoY 10 +6% High level of loan outstandings at end- 7 (29)% Residential mortgages 363 In €bn march 2023 fueled by residential mortgages 341 +7% YoY, +1% QoQ and equ
Slide 15: Retail Banking & Insurance: Financial Solutions & Expertise
Retail Banking & Insurance Financial Solutions & Expertise BREAKDOWN OF REVENUES PER BUSINESS LINE in Q1-23 3% Consumer credit 8% 23% Consumer credit: continued strong momentum Factoring with personal loan and revolving credit outstanding Leasing 15% up 9% YoY; NBI affected by the growing pressure o
Slide 16: Retail Banking & Insurance: Insurance
Retail Banking & Insurance Insurance(1) LIFE INSURANCE AuM(2) in €bn PREMIUMS(2) in €bn 4.1 4.0 (4)% 1.3 0.5 1.1 Life insurance AuM(2): +4% vs. end- +10% March 2022 86.6 83.7 (6)% €3.1bn gross inflows(2) for Life insurance in Q1-23. Unit-linked products accounted for 42% of AuM at Net inflows Net in
Slide 17: Retail Banking & Insurance: Digital & Payments 1/2
Retail Banking & Insurance Digital & Payments 1/2 % Change PAYMENTS €m(1) Q1-23 % Change(2) at constant scope(3) Payment Solutions : dynamic activity (card transactions +10.6%bps vs. Q1-22) and continued evolution of payment uses: development of Net banking income 205 (11)% (1)% contactless payment
Slide 18: Retail Banking & Insurance: Digital & Payments 2/2
Retail Banking & Insurance Digital & Payments 2/2 DIGITAL HIGHLIGHTS 2023 KEY FIGURES The number of individual and professional customers equipped with Secur'Pass exceeds the 10-million mark • 10 million individual and professional customers equipped with Secur'Pass to complete customers active on m
Slide 19: Retail Banking & Insurance: Business Line P&L
Retail Banking & Insurance Business Line P&L €m(1) Q1-23 % Change(2) Strong dynamic loan book expansion in all markets: Net banking income 3,891 (7)% • Residential mortgages: +7% YoY to €395bn • Equipment loans: +8% YoY to €187bn Operating expenses (2,496) 1% • Consumer loans +7% YoY to €39bn Gross
Slide 20: Global Financial Services: Asset & Wealth Management
Global Financial Services Asset & Wealth Management ASSETS UNDER MANAGEMENT(1) in €bn AM revenues slightly down 3% vs. Q1-22 due to lower average AuM Other affiliates Private assets AuM: up 3% QoQ, with positive inflows and significant positive 41 market effect 3.3 1,112 1,079 (9) 94 AM flows(1): €1
Slide 21: Global Financial Services: Corporate & Investment Banking
Global Financial Services Corporate & Investment Banking NET REVENUES(1) in €m GLOBAL MARKETS FIC-T revenues: €372m up 14% vs. Q1-22 very dynamic activity in FI-Rates benefiting from interest rates volatility offsetting 987 989 lower revenues from Commodities 926 100 112 Equity revenues: €159m, down
Slide 22: Global Financial Services: Business Line P&L
Global Financial Services Business Line P&L €m(1) Q1-23 % Change Constant Fx AWM % change Net revenues down 4% vs. Q1-22 due to: Net banking income 1,822 2% 0% Lower asset-based fees down YoY following the average AuM drop (-10%(2) at constant FX vs. Q1-22) o/w AWM 784 (4)% (6)% Lower performance fe
Slide 23: Conclusion
Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 24: Conclusion
Conclusion SUSTAINED BALANCE SHEET ONGOING FOCUS ON AMONG COMMERCIAL LOW RISK PROFILE EFFICIENCY THE STRONGEST DEVELOPMENT IN EUROPE • Solid commercial performance • Tight control of operating • Proven efficiency • 15.0% CET1 ratio across RB&I businesses; expenses, stable vs. Q1-22 of diversified bu
Slide 25: Annexes
@ GROUPE BPCE BANQUE M7 CAISSE =a) cneon 9 POPULAIRE KA verarcne SUR cooPerane oney BANE A NATIXIS NATIXIS
Slide 26: Content
Content Consolidated results of Groupe BPCE Retail Banking & Insurance • Notes on methodology • Income statement and quarterly series • Reconciliation of reported data to pro forma data • Banque Populaire and Caisse d’Epargne – quarterly series • Income statement: reconciliation of reported data to
Slide 27: Notes on methodology (1/4)
Notes on methodology (1/4) • IFRS 17 provides for the estimation at inception of the Contractual Presentation of the pro -forma quarterly results Service Margin (CSM) of a group of insurance contracts recognized in • The main pro-forma restatement concerns the transition to IFRS 17. the balance shee
Slide 28: Notes on methodology (1/4)
Notes on methodology (1/4) Creation of the Digital & Payments division Net banking income • The Payments and Oney business lines have been brought together • Customer net interest income, excluding regulated home savings within a single Digital & Payments division. schemes, is computed on the basis
Slide 29: Notes on methodology (2/4)
Notes on methodology (2/4) Cost of risk Total loss-absorbing capacity • The cost of risk is expressed in basis points and measures the level of The amount of liabilities eligible for inclusion in the numerator used to risk per business line as a percentage of the volume of loan calculate the Total L
Slide 30: Notes on methodology (3/4)
Notes on methodology (3/4) Business line indicators – BP & CE networks Liquidity Average rate (%): the average customer rate for home loans corresponds Total liquidity reserves comprise the following: to the weighted average of actuarial rates for committed home loans, • Central bank-eligible assets
Slide 31: Notes on methodology (4/4)
Notes on methodology (4/4) Digital indicators The number of active customers using mobile apps or websites The number of external transfers made via Instant Payment corresponds corresponds to the number of customers who have made at least one visit to the number of instant fund transfers carried out
Slide 32: Reconciliation of Q1-22 data to pro forma data
Reconciliation of Q1-22 data to pro forma data Groupe BPCE Q1-22 pf Net banking Operating Cost of Share in net income Gains or losses Income Net income In millions of euros income expenses risk of associates on other assets before tax - Group share Reported figures 6,575 (4,961) (424) 17 37 1,244 78
Slide 33: Q1-23 & Q1-22 results: reconciliation to alternative performance measures
Q1-23 & Q1-22 results: reconciliation of reported data to alternative performance measures Net banking Operating Cost of Gains or losses Income Net income €m income expenses risk on other Assets before tax - Group share Reported Q1-23 results 5,815 (4,587) (326) 49 968 533 Business lines/ Transforma
Slide 34: Underlying cost to income ratio excluding SRF
Groupe BPCE: underlying cost to income ratio excluding SRF Net banking Operating Cost income €m income expenses ratio Q1-23 reported figures 5,815 (4,587) Impact of exceptional items 4 (56) SRF (585) Q1-23 underlying figures excluding SRF 5,810 (3,946) 67.9% Net banking Operating Cost income €m inco
Slide 35: Quarterly income statement per business line
Groupe BPCE: quarterly income statement per business line RETAIL BANKING GLOBAL FINANCIAL CORPORATE GROUPE & INSURANCE SERVICES CENTER BPCE €m Q1-23 Q1-22pf Q1-23 Q1-22pf Q1-23 Q1-22pf Q1-23 Q1-22pf % Net banking income 3,891 4,205 1,822 1,782 102 162 5,815 6,149 (5)% Operating expenses (2,496) (2,4
Slide 36: Groupe BPCE: quarterly series
Groupe BPCE: quarterly series GROUPE BPCE €m Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 Net banking income 6,149 6,569 6,309 6,252 5,815 Operating expenses (4,585) (4,250) (4,258) (4,608) (4,587) Gross operating income 1,564 2,319 2,051 1,644 1 228 Cost of risk (411) (457) (347) (772) (326) Income before tax 1
Slide 37: Consolidated balance sheet
Consolidated balance sheet ASSETS LIABILITIES March 31, 2023 March 31, 2023 €m €m Cash and amounts due from central banks 147,754 Amounts due to central banks 6 Financial assets at fair value through profit or loss 200,180 Financial liabilities at fair value through profit or loss 191,705 Hedging de
Slide 38: Statement of changes in shareholders' equity
Statement of changes in shareholders' equity Equity attributable to shareholders’ equity €m Groupe BPCE December 31, 2022 82,079 Impact of changes relating to the first-time application of IFRS 17 312 Impact of changes relating to the first-time application of IFRS 9 to insurance (455) activities Ja
Slide 39: Changes in regulatory capital and fully-loaded ratios
Financial structure: changes in regulatory capital and fully-loaded ratios Regulatory capital (in €bn) 82.4 83.1 €bn March 31, 2023 Dec. 31, 2022 12.7 13.6 Tier-2 capital Equity attribuable to shareholders’ equity 28.7 29.0 83.1 82.1 Groupe BPCE Cooperative shares Cancelation of hybrid securities in
Slide 40: Financial structure: distance to MDA
Financial structure: distance to MDA Capital Pillar I Pillar II conservation G-SIB Countercyclical Capital Jan. 1, 2023 requirement requirement buffer buffer buffer (CCyB) Total Pillar I Pillar II conservation G-SIB Countercyclical March 31, 2023 requirement requirement buffer buffer buffer (CCyB) T
Slide 41: Prudential ratios and credit ratings
Financial structure: prudential ratios and credit ratings March 31, 2023(1) Dec. 31, 2022 Dec. 31, 2021 Long-term SENIOR PREFERRED credit ratings (May 3, 2023) Total risk-weighed assets €463bn €461bn €441bn AA- Common Equity Tier-1 negative outlook €69.5bn €69.7bn €69.8bn capital Tier-1 capital €69.
Slide 42: TLAC / MREL ratio
TLAC / MREL ratio TLAC(1,2) RATIO (as a % of risk-weighted assets) MREL(1,2) RATIO (as a % of risk-weighted assets) 31.4% 7.0% Eligible Senior Preferred debt 25.0% 24.4% 21.5% Senior Non-Preferred 5.4% 5.4% Senior Non-Preferred 4.0% 4.0% Tier 2 Tier 2 CET1 CET1 15.0% 15.0% 2023 TLAC March 31, 2023 2
Slide 43: Risk-Weighted Assets
Risk-Weighted Assets BREAKDOWN PER BUSINESS LINE (in €bn) BREAKDOWN PER TYPE OF RISK(1) (in €bn) 463 461 463 461 9% 9% 8% 8% Other 3% 3% Operational Risk 20% 20% Global Financial Services Market Risk Retail Banking & 88% 88% Insurance Credit Risk 72% 72% Dec. 31, 2022 Marc 31, 2023 Dec. 31, 2022 Mar
Slide 44: Leverage ratio
Leverage ratio €bn March 31, 2023(1) Dec. 31, 2022 Tier-1 capital 69.5 69.7 Balance sheet total(2) 1,503.8 1,530.5 Prudential restatements (104.2) (127.0) Prudential balance sheet total(2) 1,399.6 1,403.5 Adjustments related to exposure to derivates (3) (15.7) (26.3) Adjustments related to security
Slide 45: Financial conglomerate
Financial conglomerate Financial conglomerate FINANCIAL CONGLOMERATE RATIO CRR/CRD IV(2) Restatements viewpoint viewpoint +4.4 Banking CR (1) (CRR/CRD IV) Regulatory capital + Total capital 87.5 Insurance CR(1) (Solvency 2) (in €bn) 83.1 RESTATEMENTS APPLIED - 1 2 3 +4.6 71.2 Shift from a Cancellati
Slide 46: Liquidity reserves and short-term funding
Liquidity reserves and short-term funding TOTAL LIQUIDITY RESERVES OF GROUPE BPCE(1) SHORT-TERM FUNDING AND MLT DEBT MATURING IN (in €bn) THE SHORT TERM (in €bn) Coverage ratio of short-term funding + MLT debt maturing in the short-term by liquidity reserves (2) 329 335 322 247% 178% 150% 141 Cash p
Slide 47: Non-financial ratings
Non-financial ratings RANKINGS - RATING + A- Top 21% banks worldwide D- C B A- A C Prime « C Prime » status – 1st decile of world banks(1) D- D+ C- C A+ AA Top 30% banks worldwide(2) CCC B BB BBB A AA AAA 15.8 Top 13% banks worldwide(3) >40 30 20 10 0 62/10 Top 3% 0 banks worldwide(4) 0 30 50 60 100
Slide 48: Retail Banking & Insurance: quarterly income statement
Retail Banking & Insurance: quarterly income statement BANQUE POPULAIRE CAISSE D'EPARGNE FINANCIAL SOLUTIONS & RETAIL BANKING & INSURANCE DIGITAL & PAYMENTS OTHER NETWORK NETWORK NETWORK EXPERTISE INSURANCE €m Q1-23 Q1-22pf % Q1-23 Q1-22pf % Q1-23 Q1-22pf % Q1-23 Q1-22pf % Q1-23 Q1-22pf % Q1-23 Q1-2
Slide 49: Retail Banking & Insurance: quarterly series
Retail Banking & Insurance: quarterly series RETAIL BANKING & INSURANCE Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 €m Net banking income 4,205 4,630 4,437 4,244 3,891 Operating expenses (2,481) (2,819) (2,756) (3,008) (2,496) Gross operating income 1,724 1,812 1,681 1,236 1,395 Cost of risk (330) (392) (366) (
Slide 50: Banque Populaire and Caisse d'Epargne networks quarterly series
Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series BANQUE POPULAIRE NETWORK Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 €m Net banking income 1,713 1,818 1,771 1,683 1,557 Operating expenses (1,003) (1,100) (1,115) (1,165) (1,018) Gross operating income 711 718 656 518 5
Slide 51: Retail Banking & Insurance: deposits & savings and loans
Retail Banking & Insurance DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 874 899 +3% +7% 253 706 266 663 (5)% Sight deposits 231 +5% Passbook savings accounts 395 219 369 (5)% Regulated home savings plans 78 +37% Term accounts +7% Residential mortgages 82 79 +15% BPCE
Slide 52: Banque Populaire network
Retail Banking & Insurance: Banque Populaire network DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 372 +4% +7% 356 301 130 282 137 +(5)% Sight deposits +7% Passbook savings accounts 168 75 156 71 (4)% Regulated home savings plans +7% Residential mortgages 21 +44% Term
Slide 53: Caisse d'Epargne network
Retail Banking & Insurance: Caisse d’Epargne network DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 500 507 +2% +6% 363 114 341 120 (5)% Sight deposits 224 154 210 147 +5% Passbook savings accounts (5)% Regulated home savings plans 57 +29% Term accounts +7% Residential
Slide 54: FSE quarterly series
Retail Banking & Insurance: FSE quarterly series FINANCIAL SOLUTIONS & EXPERTISE Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 €m Net banking income 295 332 321 328 315 Operating expenses (149) (163) (163) (180) (157) Gross operating income 146 169 158 148 158 Cost of risk (13) (27) (23) (45) (6) Income before ta
Slide 55: Insurance quarterly series
Retail Banking & Insurance: Insurance quarterly series INSURANCE Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 €m Net banking income 127 257 207 251 180 Operating expenses (36) (129) (123) (138) (43) Gross operating income 91 128 84 113 137 Income before tax 90 126 84 114 139 Net income – Group share 72 86 66 80
Slide 56: Digital & Payments quarterly series
Retail Banking & Insurance: Digital & Payments quarterly series DIGITAL & PAYMENTS Q1-22pf €m Q1-22pf (at constant scope, Q2-22 Q3-22 Q4-22 Q1-23 excluding Bimpli) Net banking income 231 207 239 241 240 205 Operating expenses (182) (160) (184) (187) (222) (161) Gross operating income 49 47 54 53 18
Slide 57: Other network quarterly series
Retail Banking & Insurance: Other network quarterly series OTHER NETWORK Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 €m Net banking income 84 89 86 88 97 Operating expenses (50) (52) (49) (58) (51) Gross operating income 34 37 37 30 46 Cost of risk (5) (19) 0 (32) (2) Income before tax 29 19 39 0 52 Net income
Slide 58: Global Financial Services: quarterly income statement per business line
Global Financial Services: quarterly income statement per business line CORPORATE & ASSET AND WEALTH GLOBAL FINANCIAL INVESTMENT MANAGEMENT SERVICES BANKING €m % Q1-23 Q1-22pf Q1-23 Q1-22pf Q1-23 Q1-22pf Net banking income 784 812 1 038 970 1,822 1,782 2% Operating expenses (642) (644) (662) (631) (
Slide 59: Global Financial Services: quarterly series
Global Financial Services: quarterly series GLOBAL FINANCIAL SERVICES €m Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 Net banking income 1,782 1,769 1,692 1,863 1,822 Operating expenses (1,275) (1,252) (1,265) (1,376) (1,303) Gross operating income 507 517 427 487 519 Cost of risk (85) (84) (19) (60) 27 Income b
Slide 60: Asset & Wealth Management: quarterly series
Asset & Wealth Management: quarterly series ASSET & WEALTH MANAGEMENT €m Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 Net banking income 812 814 796 928 784 Operating expenses (644) (650) (640) (704) (642) Gross operating income 168 164 156 224 142 Cost of risk 6 (6) 4 1 6 Income before tax 189 158 160 226 189 N
Slide 61: Corporate & Investment Banking: quarterly series
Corporate & Investment Banking: quarterly series CORPORATE & INVESTMENT BANKING €m Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 Net banking income 970 955 897 935 1 038 Operating expenses (631) (602) (626) (671) (662) Gross operating income 339 353 271 263 376 Cost of risk (90) (78) (23) (61) 21 Income before ta
Slide 62: Corporate center: quarterly series
Corporate center: quarterly series CORPORATE CENTER €m Q1-22pf Q2-22 Q3-22 Q4-22 Q1-23 Net banking income 162 170 179 146 102 Operating expenses (829) (179) (236) (224) (788) Gross operating income (667) (9) (57) (79) (686) Cost of risk 4 18 38 (60) (46) Share in income of 3 3 (1) (31) 2 associates
Slide 63: Performing & non-performing loans and impairment
Performing & non-performing loans and impairment €bn Mar. 31, 2023 Dec.31, 2022 Gross outstanding loans to customers and credit institutions 946.2 938.9 O/w S1 outstandings 799.9 789.4 O/w S2 outstandings 126.0 128.1 O/w S3 outstandings 20.3 21.4 Non-performing loans/gross outstanding loans 2.1 % 2.
Slide 64: Cost of risk by business lines
Cost of risk by business lines COST OF RISK(1) (in bps) S3 37 S1/S2 28 22 9 22 22 10 17 12 19 12 15 17 BP network 9 28 15 13 17 15 16 CE network 8 7 12 10 7 10 11 2 5 37 23 z 21 17 20 23 12 14 10 RB&I 15 11 14 8 10 2 56 44 33 54 17 10 CIB 13 27 7 23 -13 2 6 -12 37 -1 Groupe 21 23 21 BPCE 13 17 16 14
Slide 65: Breakdown of gross exposures at March 31, 2023
Breakdown of gross exposures at March 31, 2023(1) Diversified portfolio Breakdown per geographical region Breakdown of Group gross Financial institutions/ Central administrations/ Corporate customers exposure per counterparty Local governments Central banks and other sovereign exposures 5% 1% 3% 2%
Slide 66: groupebpce.com
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