Natixis — Groupe BPCE — Q1 2024 Earnings Presentation
64 slides from Natixis's earnings presentation, May 2024
Slide 1: Results for the 1st quarter of 2024
@ GROUPE BPCE oney BAKE I NATIXIS 4 NATIXIS
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements and comments relating to The financial information presented in this document relating to the fiscal period the objectives and strategy of Groupe BPCE. By their very nature, these forward- ended March 31, 2024, has been drawn up in
Slide 3: Strong increase in reported net income; financial strength at the highest level
Strong increase in reported net income; financial strength at the highest level; dynamic of all our client franchises; strategic external growth operation DEVELOPMENTS PERFORMANCE STRENGTHS RB&I SOLVENCY Good commercial activities achieved by BP & Net revenues €5.8bn in Q1-24, almost stable YoY, +5%
Slide 4: Groupe BPCE, fully engaged to support all its clients, is entering into a new phase of growth
Groupe BPCE, fully engaged to support all its clients, is entering into a new phase of growth… GROUPE BPCE HAS MOBILIZED EXTENSIVELY IN FAVOR OF THE FRENCH … AND WITH ITS UNIVERSAL ECONOMY TO SUPPORT ITS CLIENTS OVER THEIR VARIOUS NEEDS … BUSINESS MODEL, GROUPE BPCE IS BENEFITING FROM ITS 3 ENGINES
Slide 5: …and adding strategic moves to complete its footprint
…and adding strategic moves to complete its footprint GROUPE BPCE HAS THE OBJECTIVE TO EXPAND ITS FOOTPRINT IN EUROPE IN SPECIALIZED FINANCING AND TO DIVERSIFY ITS REVENUES. IN LINE WITH THIS TARGET, GROUPE BPCE ANNOUNCES THE SIGNING(1) OF A MoU(2) WITH SOCIÉTÉ GÉNÉRALE TO ACQUIRE THE ACTIVITIES(3)
Slide 6: Groupe BPCE results
01 Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 7: Results: reported net banking income
Results: reported net banking income RETAIL BANKING & INSURANCE in €m GLOBAL FINANCIAL SERVICES in €m (5)% (4)% +4% 3,903 +4% +5% +5% 3,763 +3% +6% 3,105 2,942 1,933 1,854 327 1,074 1,102 830 315 215 781 188 205 180 BP & CE networks FSE Insurance Digital & RB&I CIB AWM GFS Payments RB&I(1) GFS Q1-23
Slide 8: Results: reported operating expenses
Results: reported operating expenses OPERATING EXPENSES IN €m -10% +3.7% excluding SRF contribution 4,587 36 4,151 44 44 4 4 18 4,002 (1) (2) (585) Q1-23 SRF Q1-23 excl. BP & CE FSE Insurance Digital & Other AWM CIB Corporate Q1-24 contribution SRF networks Payments network center RB&I: • Slight inc
Slide 9: Results: reported cost of risk/asset quality
Results: reported cost of risk/asset quality Stage 3 Stage 1/Stage 2 COST OF RISK TOTAL PROVISIONS(2) (in €bn) LOW COST OF RISK REFLECTING PRUDENT In bps(1) 35 PROVISIONING POLICY SINCE 17 14 17 16 YEARS AND THE POSITION OF 14.2 14.3 14.4 15 21 30 13.5 13.8 GROUPE BPCE ON ITS MARKET 24 23 RB&I 2 5 1
Slide 10: Results: reported Group P&L
Results: reported Group P&L % Change €m Q1-24 Q1-23 vs. Q1-23 Net revenues at €5.8bn in Q1-24, almost stable YoY and +5% QoQ Net banking income 5,753 5,815 (1)% Net interest margin at €1,9bn in Q1-24, Operating expenses (4,151) (4,587) (10)% down 4% YoY o/w operating expenses excluding SRF contribut
Slide 11: Capital and liquidity
Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 12: Capital and Loss-absorbing Capacity
Capital and Loss-absorbing Capacity HIGH LEVEL IN SOLVENCY Change in the CET 1 ratio (in bps) Actual level Organic capital creation +14bps Requirements as at March 31, 2024 March 31, 2024(1) +19bps 15.6% +3bps 15.6%(1) CET1 ratio 10.45%(2) 15.6% (5)bps +2bps (ECB) (19)bps Total capital 14.48%(2) 18.
Slide 13: Liquidity: 60.5% of 2024 funding plan already completed
Liquidity: 60.5% of 2024 funding plan already completed(1,3) 2024 MLT WHOLESALE FUNDING PLAN COMPLETION Structure of MLT wholesale funding raised in 2024(2) TARGETS 48% Unsecured bonds FUNDING (excl. ABS*) €17.1bn (60.5%) €28.3bn Covered bonds TLAC €6.0bn (71.1%) €8.5bn 39% (TIER 2 + SENIOR NON PREF
Slide 14: Business line results
Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 15: Retail Banking & Insurance: Banques Populaires
Retail Banking & Insurance Banques Populaires LOAN OUTSTANDINGS in €bn PRODUCTION Q1-24 vs. Q1-23 DYNAMIC BUSINESS ACTIVITY, STRONG CONFIDENCE FROM OUR CLIENTS AND 4.3 1.8 Residential mortgages CONTINUED SUPPORT FOR THE PROFESSIONAL (57)% In €bn stable AND CORPORATE DEVELOPMENT 301 300 4.2% +1.6pp A
Slide 16: Retail Banking & Insurance: Caisses d'Epargne
Retail Banking & Insurance Caisses d’Epargne LOAN OUTSTANDINGS in €bn PRODUCTION Q1-24 vs. Q1-23 SOLID DYNAMIC BOTH IN CREDIT AND 7.1 Residential mortgages DEPOSIT ACTIVITIES CONTINUED SUPPORT 3.5 (50)% +3% In €bn 363 372 4.3% +1.6pp Average rate (%) 2.7% 110,400 new individual clients(1) YTD Equipm
Slide 17: Retail Banking & Insurance: Financial Solutions & Expertise
Retail Banking & Insurance Financial Solutions & Expertise % BREAKDOWN OF REVENUES PER BUSINESS LINE in Q1-24 €m(1) Q1-24 Change Net banking income 327 4% Consumer credit Operating expenses (162) 3% 25% 23% Leasing Gross operating income 166 5% Factoring Cost of risk (24) x4 Socfim 3% €327m Income b
Slide 18: Retail Banking & Insurance: Insurance
Retail Banking & Insurance Insurance(1) LIFE INSURANCE AuM(2) in €bn PREMIUMS(2) in €bn GLOBAL TURNOVER(2) REACHED €5.5BN IN Q1-24 UP +39% YOY 5.5 +39% DRIVEN BY A STRONG COMMERCIAL ACTIVITY 1.7 +7% 2.3 0.6 4.0 +43% 96.6 Net revenues : up 5% vs. Q1-23 driven 92.0 by the Insurance margin growth AuM a
Slide 19: Retail Banking & Insurance: Digital & Payments
Retail Banking & Insurance Digital & Payments DIGITAL & AI % €m (1) Q1-24 Change 11.5 million clients active on mobile apps at end-March 2024 (+8% vs. March 2023) among 13.5 million active digital clients of Banques Populaires and Caisses d’Epargne (+4% vs. March 2023) Net banking income 215 5% AI f
Slide 20: Retail Banking & Insurance: Business Line P&L
Retail Banking & Insurance Business Line P&L STRONG COMMERCIAL ACTIVITY €m(1) Q1-24 % Change AND BENEFITS FROM THE ONGOING ASSET REPRICING Net banking income 3,763 (4)% Loan book expansion in all markets, with ongoing asset repricing • Residential mortgages: +1% YoY to €400bn Operating expenses (2,5
Slide 21: Global Financial Services: Corporate & Investment Banking
Global Financial Services Corporate & Investment Banking NET REVENUES(1) in €m Revenues at €1.1bn in Q1-24, up 3% YoY 1,074 1,102 GLOBAL MARKETS 1,056 1,002 1,034 50 40 25 42 Net revenues: €537m in Q1-24 stable YoY 114 129 43 131 110 181 Equity revenues: stand at €145m in Q1-24 with a resilient clie
Slide 22: Global Financial Services: Asset & Wealth Management
Global Financial Services Asset & Wealth Management AuM(1): reached €1,225bn up 5% YTD with positive net inflows, ASSETS UNDER MANAGEMENT(1) in €bn market effect and FX impact 1,225 AM flows(1): net inflows reached €6bn in Q1-24 mainly in fixed 39 14 income products (€8bn net flows) 1,166 4 2 Solid
Slide 23: Global Financial Services: Business Line P&L
Global Financial Services Business Line P&L Constant €m(1) Q1-24 % Change Fx % STRONG COMMERCIAL AND FINANCIAL PERFORMANCE DELIVERED BY THE change GLOBAL BUSINESSES, REVENUES UP 5% IN Q1-24 YOY AT CONSTANT FX Net banking income 1,933 4% 5% o/w AWM 830 6% 7% CIB Net revenues reached €1.1bn in Q1-24 u
Slide 24: Conclusion
Groupe BPCE results Capital and liquidity Business line results Conclusion
Slide 25: Conclusion
Conclusion LEADING POSITIONS AND SOLID STARTING NEW STEPS OF FUNDAMENTALS DEVELOPMENT COMMERCIAL ACTIVITY EXPAND GROUPE BPCE'S FOOTPRINT IN EUROPE • Good commercial performance in RB&I: 241,000 new clients(1) YTD IN EQUIPMENT SPECIALIZED FINANCING across all segments Signing(4) of a MoU with Société
Slide 26: Annexes
@ GROUPE BPCE oney BAKE I NATIXIS 4 NATIXIS
Slide 27: 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 28: Notes on methodology (1/3)
Notes on methodology (1/3) Net banking income Presentation of the pro -forma quarterly results • Customer net interest income, excluding regulated home savings schemes, is • The 2023 quarterly series are presented pro forma with changes computed on the basis of interest earned from transactions with
Slide 29: Notes on methodology (2/3)
Notes on methodology (2/3) Total loss-absorbing capacity Loan outstandings and deposits & savings The amount of liabilities eligible for inclusion in the numerator used to • Restatements regarding transitions from book outstandings calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determin
Slide 30: Notes on methodology (3/3)
Notes on methodology (3/3) Liquidité B u s i n e s s l i n e i n d i c a t o r s – B P & C E n e t w o r ks Total liquidity reserves comprise the following: Average rate (%) for residential mortgages : the average client rate for residential mortgages corresponds to the weighted average of actuarial
Slide 31: Reconciliation of 2023 reported data to pro forma data
Reconciliation of 2023 reported data to pro forma data Retail banking and Insurance Q1-23 Q2-23 Q3-23 Q4-23 Net banking Operating Income Income Net Net banking Operating Income Income Net Net banking Operating Income Income Net Net banking Operating Income Income Net In millions of euros income expe
Slide 32: Q1-24 & Q1-23 results: reconciliation to alternative performance measures
Q1-24 & Q1-23 results: reconciliation of reported data to alternative performance measures Gains or Net banking Operating Cost of Income Net income €m losses on income expenses risk before tax - Group share other assets Reported Q1-24 results 5,753 (4,151) (382) 0 1,233 875 Business lines/Corporate
Slide 33: Underlying cost to income ratio excluding SRF
Groupe BPCE: underlying cost to income ratio excluding SRF Underlying Net banking Operating €m cost income ratio income expenses excluding SRF Q1-24 reported figures 5,753 (4,151) Impact of exceptional items 1 (38) 71,5% Q1-24 underlying figures excluding SRF 5 752 (4 113) Underlying Net banking Ope
Slide 34: 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 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 % Net banking income 3,763 3,903 1,933 1,854 57 57 5,753 5,815 (1)% Operating expenses (2,547) (2,497) (1,368
Slide 35: Groupe BPCE: quarterly series
Groupe BPCE: quarterly series GROUPE BPCE €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Net banking income 5,815 5,467 5,455 5,462 5,753 Operating expenses (4,587) (3,799) (3,812) (4,129) (4,151) Gross operating income 1,228 1,667 1,642 1,332 1,602 Cost of risk (326) (342) (319) (744) (382) Income before tax 968
Slide 36: Consolidated balance sheet
Consolidated balance sheet ASSETS LIABILITIES March 31, March 31, 2024 Dec. 31, 2023 Dec. 31, 2023 €m €m 2024 Cash and amounts due from central banks 135,637 152,669 Amounts due to central banks 4 2 Financial assets at fair value through profit or 221,280 214,782 Financial liabilities at fair value
Slide 37: Statement of changes in shareholders' equity
Statement of changes in shareholders' equity Equity attributable to €m shareholders’ equity December 31, 2023 84,407 Distributions 0 Change in capital (cooperative shares) 303 Impact of acquisitions and disposals on non-controlling interests (minority 8 interests) Income 875 Changes in gains & losse
Slide 38: Changes in regulatory capital and fully-loaded ratios
Financial structure: changes in regulatory capital and fully-loaded ratios Regulatory capital (in €bn) 83.4 84.6 12.2 13.1 €bn March 31, 2024 Dec. 31, 2023 Tier-2 capital Equity attribuable to shareholders’ equity 85.7 84.4 29.3 29.4 Cooperative shares Cancelation of hybrid securities in equity CET1
Slide 39: Financial structure: distance to MDA
Financial structure: distance to MDA Capital Capital Countercycl Pillar I Pillar II conservation G-SIB Countercyclical Pillar I Pillar II conservation G-SIB ical buffer Jan. 2, 2024 requirement requirement buffer buffer buffer (CCyB) Total March 31, 2024 requirement requirement buffer buffer (CCyB)
Slide 40: Prudential ratios and credit ratings
Financial structure: prudential ratios and credit ratings March 31, 2024(1) Dec. 31, 2023 Dec. 31, 2022 Long-term SENIOR PREFERRED credit ratings (May 2, 2024) Total risk-weighed assets €459bn €458bn €461bn A+ Common Equity Tier-1 stable outlook €71.5bn €71.2bn €69.7bn capital Tier-1 capital €71.5bn
Slide 41: 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) 34.7% 8.6% 26.1% 27.3% Eligible Senior Preferred debt 22.4% Senior Non-Preferred 7.0% 7.0% Senior Non-Preferred 3.5% Tier 2 3.5% Tier 2 CET1 CET1 15.6% 15.6% 2024 TLAC March. 31, 2024
Slide 42: Risk-Weighted Assets
Risk-Weighted Assets BREAKDOWN PER BUSINESS LINE (in €bn) BREAKDOWN PER TYPE OF RISK(1) (in €bn) 458 459 458 459 Other 9% 9% 9% 8% 3% 3% Operational Risk 19% 20% Global Financial Services Market Risk Retail Banking & 88% 88% Insurance Credit Risk 72% 72% Dec. 31, 2023 March 31, 2024 Dec. 31, 2023 Ma
Slide 43: Leverage ratio
Leverage ratio €bn March 31, 2024(1) Dec. 31, 2023 Tier-1 capital 71.5 71.2 Balance sheet total(2) 1,545.2 1,539.3 Prudential restatements (113.1) (105.6) Prudential balance sheet total(2) 1,432.0 1,433.7 Adjustments related to exposure to derivates (3) (14.7) (18.1) Adjustments related to security
Slide 44: Financial conglomerate
Financial conglomerate Financial conglomerate FINANCIAL CONGLOMERATE RATIO CRR/CRD IV(2) Restatements viewpoint viewpoint +4.7 Banking CR (1) (CRR/CRD IV) Regulatory capital + Total capital 89.3 Insurance CR(1) (Solvency 2) (in €bn) 84.6 RESTATEMENTS APPLIED - 1 2 3 +4.7 74.8 Shift from a Cancellati
Slide 45: 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 (2) maturing in the short-term by liquidity reserves 335 324 186% 178% 302 161% 289 147% 1
Slide 46: 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 Q1-24 Q1-23 % Q1-24 Q1-23 % Q1-24 Q1-23 % Q1-24 Q1-23 % Q1-24 Q1-23 % Q1-24 Q1-23 % Q1-24
Slide 47: Retail Banking & Insurance: quarterly series
Retail Banking & Insurance: quarterly series RETAIL BANKING & INSURANCE Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 €m Net banking income 3,903 3,640 3,709 3,576 3,763 Operating expenses (2,497) (2,460) (2,359) (2,499) (2,547) Gross operating 1,406 1,180 1,350 1,077 1,217 income Cost of risk (308) (252) (302) (64
Slide 48: Banque Populaire and Caisse d'Epargne networks quarterly series
Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series BANQUE POPULAIRE NETWORK Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 €m Net banking income 1,569 1,442 1,469 1,382 1,489 Operating expenses (1,018) (1,015) (961) (975) (1,043) Gross operating 551 427 508 407 445 income Cos
Slide 49: Retail Banking & Insurance: deposits & savings and loan outstandings
Retail Banking & Insurance DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 899 924 +3% +2% 236 253 717 706 (7)% Sight deposits 1% Passbook savings accounts 232 231 (8)% Regulated home savings plans 395 400 39% Term accounts 72 78 1% Residential mortgages X4.5 BPCE bonds
Slide 50: Banque Populaire network: deposits & savings and loans
Retail Banking & Insurance: Banque Populaire network DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 384 3% 0% 372 119 301 300 130 (8)% Sight deposits 0% Passbook savings accounts 75 168 167 (7)% Regulated home savings plans 75 20 46% Term accounts (1)% Residential mortg
Slide 51: Caisse d'Epargne network: deposits & savings and loans
Retail Banking & Insurance: Caisse d’Epargne network DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 507 524 +3% +3% 372 363 107 114 (6)% Sight deposits 156 230 154 224 +1% Passbook savings accounts (8)% Regulated home savings plans 52 57 +29% Term accounts +2% Residenti
Slide 52: FSE quarterly series
Retail Banking & Insurance: FSE quarterly series FINANCIAL SOLUTIONS & EXPERTISE Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 €m Net banking 315 306 318 335 327 income Operating (157) (151) (154) (167) (162) expenses Gross operating 158 155 164 168 166 income Cost of risk (6) (19) (18) (54) (24) Income before tax
Slide 53: Insurance quarterly series
Retail Banking & Insurance: Insurance quarterly series INSURANCE Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 €m Net banking income 180 126 181 146 188 Operating expenses (43) (37) (42) (41) (42) Gross operating 137 89 139 105 146 income Income before tax 139 93 137 107 149 Net income – Group 109 83 103 81 113 sha
Slide 54: Digital & Payments quarterly series
Retail Banking & Insurance: Digital & Payments quarterly series DIGITAL & PAYMENTS €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Net banking 205 203 209 199 215 income Operating (161) (163) (157) (171) (160) expenses Gross operating 44 40 52 27 55 income Cost of risk (32) (41) (29) (69) (31) Income before 8 (6)
Slide 55: Other network quarterly series
Retail Banking & Insurance: Other network quarterly series OTHER NETWORK Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 €m Net banking income 97 97 99 91 91 Operating expenses (51) (52) (52) (63) (55) Gross operating 46 45 47 28 37 income Cost of risk (2) 2 (14) (19) (16) Income before tax 52 47 33 9 20 Net income –
Slide 56: 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 % Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Net banking income 830 781 1,102 1,074 1,933 1,854 4% Operating expenses (662) (644) (706) (661) (1,36
Slide 57: Global Financial Services: quarterly series
Global Financial Services: quarterly series GLOBAL FINANCIAL SERVICES €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Net banking 1,854 1,829 1,767 1,908 1,933 income Operating (1,305) (1,287) (1,283) (1,394) (1,368) expenses Gross operating 549 542 483 514 564 income Cost of risk 27 (91) (17) (73) (58) Income bef
Slide 58: Asset & Wealth Management: quarterly series
Asset & Wealth Management: quarterly series ASSET & WEALTH MANAGEMENT €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Net banking income 781 773 764 874 830 Operating expenses (644) (636) (633) (691) (662) Gross operating 137 137 131 183 168 income Cost of risk 6 (1) 11 (12) (5) Income before tax 184 136 143 165 1
Slide 59: Corporate & Investment Banking: quarterly series
Corporate & Investment Banking: quarterly series CORPORATE & INVESTMENT BANKING €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Net banking income 1,074 1,056 1,002 1,034 1,102 Operating expenses (661) (651) (650) (703) (706) Gross operating 412 405 352 331 396 income Cost of risk 21 (90) (28) (62) (54) Income bef
Slide 60: Corporate center: quarterly series
Corporate center: quarterly series CORPORATE CENTER €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Net banking income 57 (3) (21) (22) 57 Operating expenses (785) (52) (170) (237) (236) Gross operating income (728) (55) (191) (259) (179) Cost of risk (46) 1 0 (28) (28) Share in income of 2 0 1 (9) 3 associates Ga
Slide 61: Performing & non-performing loans and impairment
Performing & non-performing loans and impairment €bn March 31, 2024 Dec. 31, 2023 Gross outstanding loans to customers and credit institutions 966.9 963.7 O/w S1 outstandings 806.2 809.8 O/w S2 outstandings 137.1 131.1 O/w S3 outstandings 23.6 22.8 Non-performing loans/gross outstanding loans 2.4% 2
Slide 62: Cost of risk by business lines
Cost of risk by business lines S3 COST OF RISK(1) (in bps) S1/S2 36 17 14 16 29 16 17 24 BP network 23 23 7 24 (9) (6) (8) 23 15 12 10 9 11 CE network 22 16 22 20 5 1 (4) (9) (13) 35 17 14 z 17 30 16 15 21 RB&I 2 24 5 23 (10) (5) (7) 54 37 32 80 17 21 (12) 22 CIB 16 (1) (4) (1) (12) (26) (13) 35 Gro
Slide 63: Breakdown of gross exposures at March 31, 2024
Breakdown of gross exposures at March 31, 2024(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 4% 1% 4% 2%
Slide 64: groupeBPCE.com
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