Natixis — Groupe BPCE — Q2 2012 Earnings Presentation
78 slides from Natixis's earnings presentation, Aug 2, 2012
Slide 1: Results for the 2nd quarter and the 1st half of 2012
August 2, 2012 Results for the 2nd quarter and the 1st half of 2012
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future event
Slide 3: Groupe BPCE's results hold up well in Q2-12
Groupe BPCE’s 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 improved by 50 basis points compared with Q1-12: core Tier-1 ratio of 10
Slide 4: Groupe BPCE's results hold up well in Q2-12 (net income)
Groupe BPCE’s results hold up well in Q2-12 against a background marked by an economic downturn and persistent financial tensions Net income attributable to equity holders of the parent of €668m, stable vs. Q1-12 (+0.5%) and down compared with the high level achieved in Q2-111 (-27.6%), marked by
Slide 5: Contents
Contents 1. Capital adequacy and liquidity Adapting the Group to its new environment 2. Results of Groupe BPCE 3. Results of the core business lines August 2, 2012 Results for the 2nd quarter and 1st half of 2012 5
Slide 6: Capital adequacy enhanced by 50 basis points vs. March 31, 2012
1. Capital adequacy and liquidity Capital adequacy enhanced by 50 basis points vs. March 31, 2012: Basel 2.5 Core Tier-1 ratio of 10.0%1 Change in capital (in €bn) and ratios2 1 Estimate at June 30, 2012 2 Excluding the floor effect which applied until Dec. 31, 2011 3 Dec. 31, 2010 – Capital and rat
Slide 7: Tight management of risk-weighted assets
1. Capital adequacy and liquidity Tight management of risk-weighted assets Change in risk-weighted assets1 (in €bn) Breakdown of risk-weighted assets 1 Risk-weighted assets, excluding the floor effect which applied until Dec. 31, 2011 – Estimate at June 30, 2012 August 2, 2012 Results for the 2nd qu
Slide 8: Core Tier-1 capital surplus of €3.1bn vs. EBA requirement
1. Capital adequacy and liquidity Confirmation that the level required by the EBA was reached in Q2-12, with a Core Tier-1 capital surplus €3.1bn Core Tier-1 ratio at June 30, 2012 9% EBA-required level at June 30, 2012 +15 bp +20 bp - 25 bp2 + 15 bp 10.0%1 9.75% 9.5% 1 Estimate at June 30, 2012 2 C
Slide 9: Basel 3 Common Equity Tier-1 target above 9% in 2013
1. Capital adequacy and liquidity Confirmation of the target of achieving a Common Equity Tier-1 ratio under Basel 3, without transitional measures1, in excess of 9% in 2013 > +90 bp -15 bp > 9%1 10.0%2 1 After restating for deferred tax assets 2 Estimate at June 30, 2012 August 2, 2012 Results for
Slide 10: 76% of liquidity reduction target achieved
1. Capital adequacy and liquidity 76% of the Group’s liquidity reduction target in its wholesale funding needs achieved at June 30,2012 Rest of the Group, including Commercial Natixis (CIB and GAPC) Banking and Insurance > €60bn reduction in liquidity requirements > Continued increase in on-balance
Slide 11: MLT funding: 80% of the 2012 program completed
1. Capital adequacy and liquidity MLT funding: 80% of the 2012 program completed at July 20, 2012 / average maturity of 6.8 years Medium/long-term funding plan completed at 2012 medium/long-term funding plan July 20, 2012 MLT funding pool for BPCE > 79% of the €18bn program completed > €14.2bn rai
Slide 12: Contents
Contents 1. Capital adequacy and liquidity Adapting the Group to its new environment 2. Results of Groupe BPCE 3. Results of the core business lines August 2, 2012 Results for the 2nd quarter and 1st half of 2012 12
Slide 13: Stability in net income vs. Q1-12
2. Results of Groupe BPCE Stability in net income vs. Q1-12, against a background of economic downturn and financial strains in Europe Q2-12 / Q2-12 / in millions of euros Q2-12 Q2-111 Q1-12 Net banking income 5,671 -5.0% +4.1% Operating expenses -3,899 -1.5% -1.4% Gross operating income 1,772 -11.8
Slide 14: Core business lines: net income impacted by adaptation measures
2. Results of Groupe BPCE Core business lines: net income impacted by measures taken to adapt to changes in banking regulations and by the economic slowdown Core business Q2-12 / Q2-12 / H1-12 / in millions of euros H1-12 lines1 Q2-11 Q1-12 H1-11 Q2-12 Net banking income 5,170 -5.2% -2.8% 10,488 -3.
Slide 15: 2010-2013 strategic plan "Together": Review of synergies
2. 2010-2013 strategic plan “Together” Review of synergies Revenue synergies generated between Natixis and Cost synergies ahead of the linearized objective the Banque Populaire and Caisse d'Epargne networks End of June 2012 End of June 2012 2013 target 2013 target €494m €810m €771m €1bn Linearized o
Slide 16: Growth in the cost of risk remains moderate
2. Results of Groupe BPCE Growth in the cost of risk that remains, however, at a moderate level (45 bp1) given the Group’s business portfolio Cost of risk in bp1 Cost of risk (in €m) 1 Cost of risk excluding Greek government bond impairment and non-recurring impairment provisions in Q3-11, expressed
Slide 17: Higher cost of risk owing to economic downturn
2. Results of Groupe BPCE Higher cost of risk owing to the downturn in economic activity and the impact of a specific case from Commercial Banking and Insurance Cost of risk in bp1 Commercial Banking and Insurance CIB, Investment Solutions, SFS Core business lines Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 1 Cos
Slide 18: Limited exposure to peripheral sovereign debts
2. Results of Groupe BPCE Limited exposure to the sovereign debts of peripheral European countries Net direct exposure of credit institutions in the banking portfolio1 (in €m) 2 Net exposures of insurance companies3 (in €m) Exposure to Greek debt fully liquidated in Q2-12 Aggregate net exposure
Slide 19: GAPC: pursuit of the asset-disposal program
2. Results of Groupe BPCE GAPC: pursuit of the asset-disposal program Risk-weighted assets1 (in €bn) Pursuit of the asset-disposal program: €0.8bn disposed of in Q2-12 and €2bn in H1-12 at a limited discount (chiefly related to securitization operations involving a deduction from regulatory capita
Slide 20: Contents
Contents 1. Capital adequacy and liquidity Adapting the Group to its new environment 2. Results of Groupe BPCE 3. Results of the core business lines August 2, 2012 Results for the 2nd quarter and 1st half of 2012 20
Slide 21: Marked predominance of retail banking activities in France
3. Results of the core business lines Marked predominance of retail banking activities in France Business contribution to Group1 net banking Business contribution to Group1 income before income in Q2-12 (as a %) tax in Q2-12 (as a %) Retail Banking: 71% Retail Banking: 66% of which 68% in France of
Slide 22: Commercial Banking and Insurance
3. Results of the core business lines Commercial Banking and Insurance Q2-12 / Q2-12 / in millions of euros Q2-12 Q2-11 Q1-12 % change % change Net banking income 3,661 -4.8% -2.6% Excluding changes in provisions for home purchase savings schemes 3,667 -3.9% -2.8% BP – excluding changes in provision
Slide 23: Commercial Banking and Insurance: activities
3. Results of the core business lines Commercial Banking and Insurance Unless specified to the contrary, all changes are vs. Q2-11 Commercial activities Contribution to net banking income in Q2-12 > Growth in customer base with the ongoing drive to attract new customers in the retail networks > Co
Slide 24: Banque Populaire banks: savings deposits and loan outstandings
3. Results of the core business lines Banque Populaire banks: savings deposits and loan outstandings driven by growth in the customer base Unless specified to the contrary, all changes are vs. Q2-11 Savings deposits: growth in 1 year (as a %) Customer base: intensification of customer relations dr
Slide 25: Caisses d'Epargne: strong momentum in customer base
3. Results of the core business lines Caisses d’Epargne: continued strong momentum in developing the customer base and driving savings and lending activities Unless specified to the contrary, all changes are vs. Q2-11 Customer base: confirmed success of the Savings deposits: growth in 1 year (as a
Slide 26: Real estate Financing
3. Results of the core business lines Real estate Financing1: the business activity held up well in a context of sharp decline in the real estate financing market Unless specified to the contrary, all changes are vs. Q2-11 Implementation of the 2012-2016 strategic plan of Crédit Foncier de France
Slide 27: Insurance: momentum driven by Non-Life, Provident and Health
3. Results of the core business lines Insurance: momentum driven by Non-Life, Provident and Health insurance Unless specified to the contrary, all changes are vs. Q2-11 Insurance1 Business activity indicators Life insurance: downturn in a sluggish Life insurance (CNP Assurances) environment > Prem
Slide 28: International
3. Results of the core business lines International Unless specified to the contrary, all changes are vs. Q2-11 International Business activity indicators Principal entity contributing to this core business line: BPCE International et Outre-mer Savings deposits (in €bn) Customer base: > Dynamic tr
Slide 29: Other networks
3. Results of the core business lines Other networks Unless specified to the contrary, all changes are vs. Q2-11 Other networks Business activity indicators Principal entity contributing to this core business line: Savings deposits1 (in €bn) Banque Palatine Customer base: drive to win new customer
Slide 30: Core business lines of Natixis: CIB, IS and SFS
3. Results of the core business lines Core business lines of Natixis: CIB, IS and SFS Q2-12 / Q2-12 / in millions of euros Q2-12 Q2-11 Q1-12 % change % change Net banking income 1,509 -6.3% -3.2% Corporate & Investment Banking 701 -15.8% -7.8% Investment Solutions 494 +4.2% -3.5% Specialized Financi
Slide 31: CIB: good resistance in an adverse business environment
3. Results of the core business lines CIB: good resistance in an adverse business environment Unless specified to the contrary, all changes are vs. Q2-11 Financing activities Revenues for the quarter (€m) Commercial Banking > Operational selectivity against a background of disintermediation in Eur
Slide 32: IS: continued investments in a less favorable environment
3. Results of the core business lines IS: continued investments in a less favorable business environment Unless specified to the contrary, all changes are vs. Q2-11 Asset Management Assets under management (€bn) Negative net inflows of -€2.5bn in Q2-12 (excluding money market assets) in an adverse
Slide 33: SFS: increase in profitability in Q2-12
3. Results of the core business lines SFS: increase in profitability in Q2-12 Unless specified to the contrary, all changes are vs. Q2-11 Specialized Financing Factored sales (€bn) Growth in the Factoring business, boosting the performance of Specialized Financing +11% > Strong momentum in new bus
Slide 34: Equity interests
3. Equity interests Q2-12 / Q2-11 Q2-12 / Q1-12 in millions of euros Q2-12 % change % change Net banking income 442 -6.0% +1.4% Operating expenses -341 -3.9% -7.6% Gross operating income 101 -12.2% +50.7% Cost of risk -1 -90% -66.7% Income before tax 103 -4.6% +58.5% Net income attributable to 36 +1
Slide 35: Equity interests: Coface and Nexity
3. Equity interests Coface core activities1 Coface revenues (in €m) Credit insurance revenues: at €766m in H1-12, + 6% +7% vs. H1-11, and +3% in Q2-12 vs. Q2-11 + 2% Significant improvement in profitability: income before tax of €52m, +58% vs. Q1-12, and +21% vs. Q2-11 Enhanced combined ratio:
Slide 36: Annexes
August 2, 2012 Results for the 2nd quarter and the 1st half of 2012 Annexes
Slide 37: Annexes contents
Annexes Groupe BPCE CIB, Investment Solutions and SFS > Organizational structure of Groupe BPCE > Income statement > Income statement > Income statement per business line Equity interests > Consolidated balance sheet > Income statement > Goodwill Workout portfolio management Financial stru
Slide 38: Organizational structure of Groupe BPCE
Annex - Groupe BPCE Organizational structure of Groupe BPCE August 2, 2012 Results for the 2nd quarter and 1st half of 2012 38
Slide 39: Quarterly income statement
Annex - Groupe BPCE Quarterly income statement Groupe BPCE In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 6 116 5 480 5 839 5 450 5 671 Operating expenses -4 096 -3 702 -4 077 0 -3 953 -3 899 0 Gross operating income 2 020 1 778 1 762 1 497 1 772 Cost / income ratio 67,0% 67,6
Slide 40: Quarterly income statement per business line
Annex - Groupe BPCE Quarterly income statement per business line CIB, Investment Commercial Workout portfolio Solutions & Banking & Total core businesses Equity interests management & Groupe BPCE Specialized Insurance Other businesses Financial Services In millions of euros Q2-12 Q2-11 Q2-12 Q2-11 Q
Slide 41: Interim income statement per business line
Annex - Groupe BPCE Interim income statement per business line CIB, Investment Commercial Workout portfolio Solutions & Banking & Total core businesses Equity interests management & Groupe BPCE Specialized Insurance Other businesses Financial Services In millions of euros H1-12 H1-11 H1-12 H1-11 H1-
Slide 42: Consolidated balance sheet
Annex - Groupe BPCE Consolidated balance sheet Assets Liabilities in millions of euros June 30, 2012 Dec. 31, 2011 in millions of euros June 30, 2012 Dec. 31, 2011 C ash and amounts due from central banks 12 349 15 995 Amounts due to central banks 4 15 Financial assets at fair value through profit o
Slide 43: Goodwill
Annex - Groupe BPCE Goodwill Dec. 31, Acquisition Other June 30, in millions of euros Impairment Conversion 2011 / Disposal movements 2012 Commercial Banking 937 - - +1 - 938 and Insurance entities Natixis 2,668 -10 -5 +29 - 2,682 Equity interests 900 +12 - - - 912 TOTAL 4,505 +2 -5 +30 - 4,532 Good
Slide 44: Statement of changes in shareholders' equity
Annex – Financial structure Statement of changes in shareholders’ equity in millions of euros Equity attributable to equity holders of the parent December 31, 2011 45,136 Distribution -491 Capital increase (cooperative shares) 2,039 Income 1,333 Remuneration of deeply subordinated notes and related
Slide 45: Reconciliation of shareholders' equity to Tier-1 capital
Annex – Financial structure Reconciliation of shareholders’ equity to Tier-1 capital in billions of euros 1 Deeply subordinated notes: €4.6bn of BPCE deeply subordinated notes included in equity attributable to equity holders of the parent + €1.1bn of deeply subordinated notes issued by Natixis incl
Slide 46: Prudential ratios and credit ratings
Annex – Financial structure Prudential ratios1 and credit ratings June 30, December 31, June 30, 20122 2011 2011 Credit risk €327bn €335bn €356bn Market risk €22bn €17bn €14bn Operational risk €37bn €36bn €31bn Total risk-weighted assets €386bn €388bn €401bn Tier-1 capital €44.5bn €41.1bn €41.3bn Co
Slide 47: Commercial Banking and Insurance: quarterly income statement
Annex – Commercial Banking and Insurance Quarterly income statement Insurance, International & Other Banques Populaires Caisses d'Epargne Real Estate Financing * Commercial Banking & Insurance networks In millions of euros Q2-12 Q2-11 % Q2-12 Q2-11 % Q2-12 Q2-11 % Q2-12 Q2-11 % Q2-12 Q2-11 % Net ban
Slide 48: Commercial Banking and Insurance: quarterly income statement
Annex – Commercial Banking and Insurance Quarterly income statement Commercial Banking & Insurance In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 3 845 3 656 3 884 3 759 3 661 Operating expenses -2 472 -2 358 -2 576 -2 512 -2 456 Gross operating income 1 373 1 298 1 308 1 247
Slide 49: Banque Populaire banks and Caisses d'Epargne
Annex – Commercial Banking and Insurance Banque Populaire banks and Caisses d’Epargne Banques Populaires In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 1 619 1 546 1 598 1 560 1 488 Operating expenses -1 021 -1 000 -1 055 0 -1 048 -1 039 0 Gross operating income 598 546 543 51
Slide 50: Commercial Banking and Insurance: interim income statement
Annex – Commercial Banking and Insurance Interim income statement Insurance, International & Other Banques Populaires Caisses d'Epargne Real Estate Financing ** Commercial Banking & Insurance networks In millions of euros H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % Net bank
Slide 51: Banque Populaire network: savings deposits
Annex - Commercial Banking and Insurance Banque Populaire network: savings deposits (in €bn) % change Q2-12 / Q2-11 Demand deposits +2.0% Passbook savings +13.0% accounts Regulated home +2.1% savings plans Term accounts, PEP +6.5% Mutual funds -5.0% Employee savings +0.9% Life insurance -4.1% Others
Slide 52: Banque Populaire network: loan outstandings
Annex - Commercial Banking and Insurance Banque Populaire network: loan outstandings (in €bn) % change Q2-12 / Q2-11 Consumer loans -1.1% Real estate loans +5.4% Short-term credit facilities -0.4% Equipment loans +2.9% Others +8.2% Total loans +4.0% August 2, 2012 Results for the 2nd quarter and 1st
Slide 53: Caisse d'Epargne network: savings deposits
Annex - Commercial Banking and Insurance Caisse d’Epargne network: savings deposits (in €bn) % change Q2-12 / Q2-11 Demand deposits +7.7% Passbook savings +6.4% accounts Regulated home +4.4% savings plans Term accounts, PEP & -3.5% miscellaneous BPCE bonds placed in +3.7% the CE network Mutual funds
Slide 54: Caisse d'Epargne network: loan outstandings
Annex - Commercial Banking and Insurance Caisse d’Epargne network: loan outstandings (in €bn) % change Q2-12 / Q2-11 Consumer loans +0.5% Real estate loans +9.6% Short-term credit facilities -0.2% Equipment loans +12.3% Others -2.9% Total loans +9.1% August 2, 2012 Results for the 2nd quarter and 1s
Slide 55: Real estate Financing; Insurance, International and Other networks
Annex – Commercial Banking and Insurance Real estate Financing Insurance, International and Other networks Real Estate Financing In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 238 232 218 211 199 Operating expenses -169 -147 -166 0 -142 -130 0 Gross operating income 69 85 52 6
Slide 56: CIB, Investment Solutions and SFS: quarterly income statement
Annex - CIB, Investment Solutions and SFS Quarterly income statement CIB, Investment Solutions & CIB Investment Solutions SFS Specialized Financial Services In millions of euros Q2-12 Q2-11 % Q2-12 Q2-11 % Q2-12 Q2-11 % Q2-12 Q2-11 % Net banking income 701 833 -15,8% 494 474 4,2% 314 303 3,6% 1 509
Slide 57: CIB, Investment Solutions and SFS: quarterly income statement
Annex - CIB, Investment Solutions and SFS Quarterly income statement CIB, Investment Solutions & Specialized Financial Services In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 1 610 1 251 1 437 1 559 1 509 Operating expenses -982 -919 -960 0 -987 -998 0 Gross operating income 6
Slide 58: Quarterly income statement per business line
Annex - CIB, Investment Solutions and SFS Quarterly income statement per business line CIB Investment Solutions In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 833 550 612 760 701 Net banking income 474 411 531 512 494 Operatin
Slide 59: Interim income statement per business line
Annex - CIB, Investment Solutions and SFS Interim income statement per business line CIB, Investment Solutions & CIB Investment Solutions SFS Specialized Financial Services In millions of euros H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % Net banking income 1 461 1 685 -13,3% 1 006 948 6,
Slide 60: Equity interests: quarterly income statement
Annex – Equity interests Quarterly income statement per business line Equity interests Equity interests In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 470 416 431 436 442 Net banking Operating income expenses 470 -355 416 -342
Slide 61: Equity interests: interim income statement
Annex – Equity interests Interim income statement Nexity Coface & Natixis Private Equity a Other equity interests Equity interests Nexity Coface & Natixis Private Equity a Other equity interests Equity interests In millions of euros H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % H1-12 H1-11 % In millions
Slide 62: Workout portfolio management and Other businesses: quarterly income statement
Annex – Workout portfolio management and “Other businesses” Quarterly income statement Workout portfolio Workout portfolio Other businesses management & Other management businesses In millions of euros Q2-12 Q2-11 Q2-12 Q2-11 Q2-12 Q2-11 Net banking income 42 140 17 51 59 191 Operating expenses -40
Slide 63: Workout portfolio management and Other businesses: quarterly income statement
Annex – Workout portfolio management and “Other businesses” Quarterly income statement Workout portfolio management & Other businesses In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 191 157 87 -304 59 Operating expenses -287 -83 -137 -85 -104 0 Gross operating income -96 74 -5
Slide 64: Workout portfolio management and Other businesses: quarterly income statement
Annex – Workout portfolio management and “Other businesses” Quarterly income statement Workout portfolio management Other businesses In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 In millions of euros Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Net banking income 140 -54 128 23 42 Net banking income 51 211 -4
Slide 65: Workout portfolio management and Other businesses: interim income statement
Annex – Workout portfolio management and “Other businesses” Interim income statement Workout portfolio Workout portfolio Other businesses management & Other management businesses In millions of euros H1-12 H1-11 H1-12 H1-11 H1-12 H1-11 Net banking income 65 312 -310 19 -245 331 Operating expenses -7
Slide 66: GAPC: Detailed exposure as of June 30, 2012
Annex – Workout portfolio management and “Other businesses” – GAPC: Detailed exposure as of June 30, 2012 Guaranteed portfolios (Financial Guarantee & TRS) Type of asset Notional Net Value RWA Discount rate (nature of portfolio) In €bn In €bn before guarantee in €bn ABS CDOs 1.6 0.6 59% Other CDOs 4
Slide 67: Groupe BPCE: non-performing loans and impairment
Annex – Risks Groupe BPCE: non-performing loans and impairment June 30, June 30, in millions of euros Dec. 31, 2011 2012 2011 Gross outstanding customer loans 588,672 583,062 572,050 O/w non-performing loans 21,583 20,255 19,537 Non-performing / gross outstanding loans 3.7% 3.5% 3.4% Impairment reco
Slide 68: Networks: non-performing loans and impairment
Annexe - Risks Networks: non-performing loans and impairment Banque Populaire banks (aggregated) June 30, Dec. 31, June 30, in millions of euros 2012 2011 2011 Gross outstanding customer loans 163,965 160,048 157,413 O/w non-performing loans 8,350 7,738 7,710 Non-performing/gross outstanding loans 5
Slide 69: Breakdown of commitments as at June 30, 2012
Annex – Risks Breakdown of commitments as at June 30, 2012 Breakdown of commitments by Breakdown of commitments to Corporates and counterparty Professionals by industrial sector 1 of which 15% in France August 2, 2012 Results for the 2nd quarter and 1st half of 2012 69
Slide 70: Geographical breakdown of commitments
Annex - Risks Geographical breakdown of commitments as at June 30, 2012 Banks Sovereigns Corporates August 2, 2012 Results for the 2nd quarter and 1st half of 2012 70
Slide 71: Exposure to European sovereign risks
Annex – Groupe BPCE Exposure to European sovereign risks1 (in €m) as at June 30, 2012 based on the model drawn up by the EBA2 Indirect Direct sovereign Net direct exposure, excluding derivatives, at June sovereign exposure in Net direct positions, excluding Gross direct 30, 2012 exposures in the der
Slide 72: Sensitive exposures: Foreword
Annex – Sensitive exposures Recommendations of the Financial Stability Forum Foreword With the exception of the summary on the next page, the following information is based on the scope of consolidation of Groupe BPCE (excluding Natixis) For specific details about the sensitive exposures of Nati
Slide 73: Summary of sensitive exposures
Annex - Groupe BPCE FSF report at June 30, 2012 Summary of sensitive exposures Total Groupe BPCE Total in millions of euros Natixis March 31, (excl. Natixis) June 30, 2012 2012 Net exposure CDOs of ABS (Asset-backed Securities) US residential market 0 187 187 394 Net exposure 1,213 3,693 4,906 3,899
Slide 74: Sensitive exposures: Other CDOs (unhedged)
Annex - Sensitive exposures (excluding Natixis) Other CDOs (unhedged) Net Net Gross Change in Other exposure exposure exposure in millions of euros value changes March. 31, June 30, June 30, Q2-12 Q2-12 2012 2012 2012 Portfolio at fair value through profit or loss 52 0 -5 47 100 Portfolio at fair va
Slide 75: Sensitive exposures: CMBS
Annex - Sensitive exposures (excluding Natixis) CMBS Net Net Gross Change in Other exposure exposure exposure in millions of euros value changes March 31, June 30, June 30, Q2-12 Q2-12 2012 2012 2012 Portfolio at fair value through profit or loss 2 0 0 2 2 Portfolio at fair value through shareholder
Slide 76: Sensitive exposures: RMBS
Annex - Sensitive exposures (excluding Natixis) RMBS Net Change in Other Net Gross Breakdown of residual UK RMBS portfolio exposure exposure exposure exposure by rating value changes in millions of euros March 31, June 30, June 30, Q2-12 Q2-12 2012 2012 2012 Portfolio at fair value through profit or
Slide 77: Sensitive exposures: Protections acquired
Annex - Sensitive exposures (excluding Natixis) Protections acquired Credit enhancers (monoline) Protection acquired from credit enhancers by Crédit Foncier de France is not included for the appraisal of hedged instruments (valued at zero) In this respect, it does not therefore reflect exposure
Slide 78: Results for the 2nd quarter and 1st half of 2012
August 2, 2012 Results for the 2nd quarter and 1st half of 2012 78