Natixis — Groupe BPCE — Q1 2021 Earnings Presentation
68 slides from Natixis's earnings presentation, May 6, 2021
Slide 1: Results for the 1st quarter of 2021
Results for the 1st quarter of 2021 May 6, 2021
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) 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
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) This presentation has been prepared for information purposes only. It does not constitute an offer to buy, or the solicitation of an offer to sell any securities of Natixis, or an offer to sell, in any jurisdiction, including France. This document is not meant to be disseminated in
Slide 4: Groupe BPCE delivered a strong performance in Q1-21
Groupe BPCE delivered a strong performance in Q1-21 Buoyant business momentum across all business lines Revenues +10.4%; Cost/income ratio down to 67.1%; Net income(1) +51.5% Group revenues: €6.1bn, +10.4% Revenues RB&I: revenues +5.3%; dynamic activity in retail banking, Insurance and FSE AWM: reve
Slide 5: Groupe BPCE results
1 Groupe BPCE results 2 Capital and liquidity 3 Business line results 4 Conclusion 5 RESULTS FOR THE 1ST QUARTER OF 2021
Slide 6: Q1-21 results – Restated figures
Q1-21 results – Restated figures Net income at €548m, x3 vs. Q1-20 Restated figures Q1-21 Q1-20 % Change €m Net banking income 6,099 5,448 11.9% Operating expenses (4,641) (4,524) 2.6% o/w expenses excluding Single Resolution Fund (4,210) (4,120) 2.2% Gross operating income 1,457 925 57.6% Cost of r
Slide 7: Q1-21 results – Exceptional items
Q1-21 results – Exceptional items Limited impact of exceptional items €m Q1-21 Q1-20 Revaluation of assets associated with DSN denominated in Net banking income Corporate center (3) (2) foreign currencies Contribution to the insurance guarantee fund Net banking income Insurance (7) Legal provision N
Slide 8: Q1-21 results – Underlying figures
Q1-21 results – Underlying figures Q1-21 net income at €1bn, driven by solid GOI growth (+45.0%) Underlying figures Q1-21 Q1-20 % Change €m Net banking income 6,131 5,552 10.4% Operating expenses (4,582) (4,484) 2.2% o/w expenses excluding Single Resolution Fund (4,151) (4,080) 1.7% Gross operating
Slide 9: Q1-21 results – Operating expenses
Q1-21 results – Operating expenses Cost discipline: operating expenses +0.8%(1) YoY OPERATING EXPENSES(2) in €m % Change Q1-21 / Q1-20 Retail Banking: operating expenses stable for BP and CE networks; large 2,229 positive jaws effect in Q1-21 BP & CE networks (0.2)% 2,224 FSE: costs under tight cont
Slide 10: Q1-21 results – Cost of risk/Asset quality
Q1-21 results – Cost of risk/Asset quality Continued prudent provisioning: cost of risk at €490m in Q1-21 COST OF RISK(1) S1/S2 S3 45 49 (in bps) 13 21 20 23 25 RB&I(2) 17 5 26 10 13 36 20 5 Cost of risk NPL ratio 163 €490m 2.6% -2.8% vs. Q1-20 +0.1 pp vs. Dec. 20 123 121 95 124 53 112 112 65 39 47
Slide 11: Digital & Data
Digital & Data Increased use of Data resources and Digital services developed to benefit our customers and their advisers Data resources and Digital services to support our customer advisers Q1-21 key figures DATA – AUTOMATION OF THE COLLECTION AND VERIFICATION OF CUSTOMER DOCUMENTS 11.1 million cus
Slide 12: Groupe BPCE's commitments to society
Groupe BPCE's commitments to society Acting in a responsible and sustainable manner for society at large Supporting our small business and corporate customers State-guaranteed loans: more than €32 billion disbursed at the end of April (approximately 207,500 loans) Promoting the development of long-t
Slide 13: Capital and liquidity
1 Groupe BPCE results 2 Capital and liquidity 3 Business line results 4 Conclusion 13 RESULTS FOR THE 1ST QUARTER OF 2021
Slide 14: Capital and Loss-absorbing Capacity
Capital and Loss-absorbing Capacity Strong capital and TLAC/MREL positions, well above the requirements CHANGE IN THE CET1 RATIO (in bps) 16.0% +3bps 16.1% +11bps +4bps Requirements Actual levels March 31, as at (10)bps 2021 March 31, 2021(1,3) CET1 ratio 9.32%(2) 16.1% (ECB) Total capital ratio 13.
Slide 15: Liquidity
Liquidity ≈54% of the 2021 MLT wholesale funding plan(1) raised as at 30 April 2021 MLT wholesale funding: revised 2021 plan and execution YTD(2) Structure of MLT wholesale funding(3) ʘ €22bn(1): €11.8bn raised YTD(1,2) or ≈54% raised in 2021 YTD(2) • €4bn of Tier 2 and/or Senior Non-Preferred debt:
Slide 16: Business line results
1 Groupe BPCE results 2 Capital and liquidity 3 Business line results 4 Conclusion 16 RESULTS FOR THE 1ST QUARTER OF 2021
Slide 17: Retail Banking & Insurance
Retail Banking & Insurance Very good quarter driven by strong commercial momentum; Large positive jaws effect and prudent provisioning Loan outstandings: €621bn, +11.3% YoY On-balance sheet deposits & savings(1): o/w residential mortgages +8.3% YoY €535bn, +11.0% YoY o/w consumer loans +2.6% YoY o/w
Slide 18: Retail Banking & Insurance – Banques Populaires
Retail Banking & Insurance – Banques Populaires Strong increase in GOI: +19.7% in Q1-21 LOAN OUTSTANDINGS - in €bn - DEPOSITS & SAVINGS PRODUCTION + 15.7 % + 12.8 % Retail market – P&C 107 335 +50% In thousands of contracts 72 264 297 228 18 Off-balance sheet D&S 81 70 57 69 Retail market – Personal
Slide 19: Retail Banking & Insurance – Caisses d'Epargne
Retail Banking & Insurance – Caisses d’Epargne Strong increase in GOI: +21.9% in Q1-21 LOAN OUTSTANDINGS - in €bn - DEPOSITS & SAVINGS PRODUCTION +8.4% 484 +8.7% 446 175 +28% Retail market – P&C 136 In thousands of contracts 320 139 9 134 295 Off-balance sheet D&S 155 +34% Retail market – Personal 1
Slide 20: Retail Banking & Insurance – Financial Solutions & Expertise
Retail Banking & Insurance – Financial Solutions & Expertise Commercial dynamism of the business activities compared to a high base in Q1-20; Positive jaws effect Business activities Breakdown of revenues per business line in Q1-21 ʘ Consumer credit: very good sales momentum in personal loans, +22%
Slide 21: Retail Banking & Insurance - Insurance
Retail Banking & Insurance - Insurance Scope: Insurance division of Natixis Solid commercial activity and financials Life(1) and Personal protection insurance Premiums(1) In €bn Life insurance AuMs(1) ʘ Total life insurance AuMs at €75.7bn at end-March 2021 4.3 €3.5bn of gross inflows and €2.3bn net
Slide 22: Retail Banking & Insurance – Payments / Oney Bank
Retail Banking & Insurance – Payments / Oney Bank PAYMENTS Net revenues up 4% YoY in Q1-21 despite COVID-related restriction measures Scope: Payments division of Natixis in France ʘ Payment Processing & Services: number of card transactions processed up 2% Underlying figures(1) Q1-21 % Change vs. Q1
Slide 23: Asset & Wealth Management
Asset & Wealth Management Continued AuM growth and fee rate sustained at ~37bps(1) Assets under management(2) (in €bn) AuMs: +3% QoQ with positive net inflows, market effect and FX impact Controlling affiliates WCM IM 22 1,153 9 6 74 AM net inflows(1): ~€6bn on LT products in Q1-21 driven by North 1
Slide 24: Corporate & Investment Banking
Corporate & Investment Banking Strong increase in revenues: +38.3% YoY Global markets: Net revenues(1) (in €m) 929 845 ʘ FICT revenues up QoQ at €330m in Q1-21, although down YoY due 733 126 96 to a lower contribution from Treasury and FX that benefited from the high 522 661 market volatility of end
Slide 25: Conclusion
1 Groupe BPCE results 2 Capital and liquidity 3 Business line results 4 Conclusion 25 RESULTS FOR THE 1ST QUARTER OF 2021
Slide 26: Conclusion
Conclusion Strong foundations for the upcoming 2021-2024 strategic plan Solid quarter, driven by dynamic business growth across all business lines Revenue growth and cost discipline leading to significant improvement in cost/income ratio Continued prudent provisioning Strong capital and liquidity po
Slide 27: Annexes
Annexes 27 RESULTS FOR 1ST QUARTER OF 2021
Slide 28: Content
Annexes Content Consolidated results of Groupe BPCE Retail Banking & Insurance ʘ Note on methodology ʘ Income statement and quarterly series ʘ Reconciliation of restated data to reported data ʘ Banque Populaire and Caisse d’Epargne – quarterly series ʘ Income statement: reconciliation of alternative
Slide 29: Note on methodology (1/4)
Annexes Note on methodology (1/4) Presentation of restated quarterly results Following the announcement on February 25, 2020 of the sale of a In its capacity as the central institution, BPCE SA organizes, coordinates 29.5% stake in Coface, all impacts relating to this transaction are and supervises
Slide 30: Note on methodology (2/4)
Annexes Note on methodology (2/4) Restatement of the impact of IFRIC 21 Operating expenses The results, cost/income ratios and ROE, after being restated The operating expenses correspond to the aggregate total of the to account for the impact of IFRIC 21, are calculated on the basis “Operating Expen
Slide 31: Note on methodology (3/4)
Annexes Note on methodology (3/4) Digital indicators The percentage of consumer loans initiated via digital pathways is the The change of the number of active Secur'pass customers is the number number of consumer loans initiated via digital pathways that have of active Secur'pass customers at the en
Slide 32: Note on methodology (4/4)
Annexes Note on methodology (4/4) Total loss-absorbing capacity Liquidity The amount of liabilities eligible for inclusion in the numerator Total liquidity reserves comprise the following: used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is ʘ Central bank-eligible assets include: ECB
Slide 33: Reconciliation of restated data to reported data
Annexes Reconciliation of restated data to reported data GROUPE GROUPE BPCE BPCE In millions of euros Q1-21 Coface H2O AM Q1-21 Q1-20 Coface H2O AM Q1-20 Reported Restated reported restated Net banking income 6,117 (19) 6,099 5,543 (95) 5,448 Operating expenses (4,655) 14 (4,641) (4,546) 22 (4,524)
Slide 34: Q1-21 results: reconciliation of alternative performance measures
Annexes Q1-21 results: reconciliation of alternative performance measures to restated data Net Operating Income Net income banking expenses before tax - Group income share excluding In millions of euros Coface Restated Q1-21 results 6,099 (4,641) 1,043 547 H2O restatement (19) 14 3 4 Revaluation of
Slide 35: Q1-20 results: reconciliation of alternative performance measures
Annexes Q1-20 results: reconciliation of alternative performance measures to restated data Net Operating Associates Income Net income banking expenses before tax - Group income share excluding In millions of euros Coface Restated Q1-20 results 5,448 (4,524) 53 475 244 H2O restatement (95) 22 (73) (2
Slide 36: Reconciliation of 2020 data to pro forma data (1/2)
Annexes Reconciliation of 2020 data to pro forma data (1/2) Retail banking and Q1-20 Q2-20 Q3-20 Q4-20 Insurance Net Net Net Net In millions of euros Operating Income Operating Income Operating Income Operating Income banking Net income banking Net income banking Net income banking Net income expens
Slide 37: Reconciliation of 2020 data to pro forma data (2/2)
Annexes Reconciliation of 2020 data to pro forma data (2/2) Corporate & Q1-20 Q2-20 Q3-20 Q4-20 Investment Banking Net Net Net Net In millions of euros Operating Income Operating Income Operating Income Operating Income banking Net income banking Net income banking Net income banking Net income expe
Slide 38: Exceptional items and IFRIC effects per business line
Annexes Exceptional items and IFRIC 21 effects per business line Q1-21 RETAIL BANKING AWM CIB CORPORATE GROUPE BPCE In millions of euros & INSURANCE CENTER Impact of exceptional items (15) (6) (22) (39) (82) (excl. Coface & H2O) Impact of IFRIC 21 (87) (4) (25) (351) (467) Total impact on Income bef
Slide 39: Restated quarterly income statement per business line
Annexes Groupe BPCE: restated quarterly income statement per business line CORPORATE RETAIL BANKING ASSET & WEALTH CORPORATE GROUPE & INVESTMENT & INSURANCE MANAGEMENT CENTER BPCE BANKING In millions of euros Q1-21 Q1-20pf Q1-21 Q1-20pf Q1-21 Q1-20pf Q1-21 Q1-20pf Q1-21 Q1-20pf % Net banking income
Slide 40: Groupe BPCE: restated quarterly series
Annexes Groupe BPCE: restated quarterly series GROUPE BPCE In millions of euros Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 Net banking income 5,448 5,163 5,487 6,312 6,099 Operating expenses (4,524) (3,827) (3,894) (4,343) (4,641) Gross operating income 925 1,335 1,593 1,969 1,457 Cost of risk (504) (981
Slide 41: Consolidated balance sheet
Annexes Consolidated balance sheet ASSETS LIABILITIES March 31, 2021 Dec. 31, 2020 March 31, 2021 Dec. 31, 2020 (in millions of euros) (in millions of euros) Cash and amounts due from central banks 180,452 153,403 Amounts due to central banks Financial assets at fair value through profit or loss 199
Slide 42: Statement of changes in shareholders' equity
Annexes Statement of changes in shareholders' equity Equity attributable to equity In millions of euros holders of the parent December 31, 2020 72,683 Distributions - Capital increase (cooperative shares) 512 Impact of acquisitions and disposals on non-controlling interests (minority interests) (11)
Slide 43: Financial structure: changes in regulatory capital and fully-loaded ratios
Annexes Financial structure: changes in regulatory capital and fully-loaded ratios Reconciliation of shareholders’ equity to total capital Regulatory capital(1) (in €bn) 78.2 78.9 In billions of euros March 31, 2021 Dec. 31, 2020 9.3 9.2 Equity attribuable to equity holders of the parent 73.9 72.7 2
Slide 44: Financial structure: MDA trigger threshold
Annexes Financial structure: MDA trigger threshold Capital Capital Pillar I Pillar II conservation G-SIB Countercyclical Pillar I Pillar II conservation G-SIB Countercyclical 12/31/2020 requirement requirement buffer buffer buffer Total 03/31/2021 requirement requirement buffer buffer buffer Total S
Slide 45: Financial structure: prudential ratios and credit ratings
Annexes Financial structure: prudential ratios and credit ratings Long-term SENIOR PREFERRED credit ratings March 31, 2021(1) Dec. 31, 2020 Dec. 31, 2019 (May 6, 2021) Total risk-weighed assets €434bn €431bn €422bn A+ negative outlook Common Equity Tier-1 capital €69.7bn €69.0bn €66.0bn Tier-1 capit
Slide 46: TLAC / MREL ratio
Annexes TLAC / MREL ratio TLAC(1) RATIO (as a % of risk-weighted assets) MREL(1) RATIO (as a % of risk-weighted assets) 30.7% 25.0% 6.8% 23.9% 5.1% 19.5% 5.1% Eligible Senior Preferred debt 2.7% Senior Non-Preferred 2.7% Senior Non-Preferred Tier 2 Tier 2 Additional Tier 1 Additional Tier 1 CET1 CET
Slide 47: Risk-Weighed Assets
Annexes Risk-Weighed Assets BREAKDOWN PER BUSINESS LINE (in €bn) BREAKDOWN PER TYPE OF RISK(1) (in €bn) 431 434 431 434 13% 13% Other 9% 9% 3% 4% 16% 16% 3% 3% Corporate & Operational Risk Investment Banking 88% 87% Market Risk 68% 68% Asset & Wealth Credit Risk Management Retail Banking & Insurance
Slide 48: Leverage ratio
Annexes Leverage ratio(1) In billions of euros March 31, 2021 Dec. 31, 2020 Tier-1 capital 69.7 69.0 Balance sheet total 1,487.3 1,446.3 Prudential restatements (121.5) (119.5) Prudential balance sheet total(1) 1,365.8 1,326.8 Adjustments related to exposure to derivates (3) (23.1) (32.5) Adjustment
Slide 49: Financial conglomerate
Annexes Financial conglomerate FINANCIAL CONGLOMERATE RATIO CRR/CRD IV(2) viewpoint Restatements Financial conglomerate viewpoint +3.8 Banking CR (1) (CRR/CRD IV) Regulatory capital + Total capital (in €bn) 78.9 78.9 82.7 82.7 82.8 Insurance CR(1) (Solvency 2) RESTATEMENTS APPLIED - 1 2 3 +7.4 66.2
Slide 50: Liquidity reserves and short-term funding
Annexes Liquidity reserves and short-term funding TOTAL LIQUIDITY RESERVES OF GROUPE BPCE(1) SHORT-TERM FUNDING AND MLT DEBT MATURING (in €bn) IN THE SHORT TERM (in €bn) Coverage ratio of short-term funding + MLT debt maturing in the short-term by liquidity reserves(2) 318 246% 234% 307 188% 247 146
Slide 51: Retail Banking & Insurance: quarterly income statement
Annexes Retail Banking & Insurance: quarterly income statement BANQUE CAISSE FINANCIAL SOLUTIONS OTHER RETAIL BANKING POPULAIRE D'EPARGNE INSURANCE PAYMENTS & EXPERTISE NETWORKS & INSURANCE NETWORK NETWORK Q1-21 Q1-20pf % Q1-21 Q1-20pf % Q1-21 Q1-20pf % Q1-21 Q1-20pf % Q1-21 Q1-20pf % Q1-21 Q1-20pf
Slide 52: Retail Banking & Insurance: quarterly series
Annexes Retail Banking & Insurance: quarterly series RETAIL BANKING & INSURANCE Q1-20 pf Q2-20 pf Q3-20 pf Q4-20 pf Q1-21 In millions of euros Net banking income 4,076 4,010 4,098 4,276 4,298 Operating expenses (2,794) (2,577) (2,620) (2,816) (2,760) Gross operating income 1,281 1,433 1,478 1,460 1,
Slide 53: Banque Populaire and Caisse d'Epargne networks quarterly series
Annexes Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series BANQUE POPULAIRE NETWORK Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 1,572 1,483 1,588 1,672 1,669 Operating expenses (1,092) (1,016) (1,053) (1,082) (1,078) Gross op
Slide 54: Retail Banking & Insurance deposits and loans
Annexes Retail Banking & Insurance DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) 836.2 Change YoY Change YoY 760.1 +10.0% +11.3% 251.4 620.9 204.7 558.1 +22.8% Sight deposits 207.2 344.0 189.4 +9.4% Passbook savings accounts 317.7 +2.0% Regulated home savings plans 80.6 82.3 (4.0)% Term acc
Slide 55: Retail Banking & Insurance: Banque Populaire network
Annexes Retail Banking & Insurance: Banque Populaire network DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 334.9 +12.8% +15.7% 297.0 264.0 128.4 103.1 228.2 +24.6% Sight deposits Passbook savings accounts 144.2 +14.1% 132.2 65.2 +2.7% Regulated home savings plans 57.1
Slide 56: Retail Banking & Insurance: Caisse d'Epargne network
Annexes Retail Banking & Insurance: Caisse d’Epargne network DEPOSITS & SAVINGS (in €bn) LOAN OUTSTANDINGS (in €bn) Change YoY Change YoY 446.5 483.9 +8.4% +8.7% 114.2 93.4 320.3 294.8 +22.3% Sight deposits 140.9 Passbook savings accounts 131.2 +7.3% Regulated home savings plans 195 +1.8% 181.4 Term
Slide 57: Retail Banking & Insurance: FSE quarterly series
Annexes Retail Banking & Insurance: FSE quarterly series FINANCIAL SOLUTIONS & EXPERTISE Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 288 262 284 300 295 Operating expenses (159) (141) (150) (154) (157) Gross operating income 130 120 134 146 138 Cost of risk (24) (26
Slide 58: Retail Banking & Insurance: Insurance quarterly series
Annexes Retail Banking & Insurance: Insurance quarterly series INSURANCE Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 222 229 221 233 240 Operating expenses (134) (116) (117) (123) (138) Gross operating income 88 113 104 110 102 Income before tax 77 111 103 106 104 N
Slide 59: Retail Banking & Insurance: Payments quarterly series
Annexes Retail Banking & Insurance: Payments quarterly series PAYMENTS Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 113 85 117 115 117 Operating expenses (93) (94) (97) (102) (103) Gross operating income 19 (9) 20 13 14 Income before tax 21 (9) 20 14 14 Net income –
Slide 60: Retail Banking & Insurance: Other networks quarterly series
Annexes Retail Banking & Insurance: Other networks quarterly series OTHER NETWORKS Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 197 189 184 189 181 Operating expenses (141) (123) (127) (146) (125) Gross operating income 56 67 57 44 56 Cost of risk (42) (60) (32) (52)
Slide 61: Asset & Wealth Management: quarterly series
Annexes Asset & Wealth Management: quarterly series ASSET & WEALTH MANAGEMENT Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 680 684 720 1,012 755 Operating expenses (559) (529) (565) (685) (587) Gross operating income 121 155 156 327 168 Cost of risk 1 (11) (10) (7) (
Slide 62: Corporate & Investment Banking: quarterly series
Annexes Corporate & Investment Banking: quarterly series CORPORATE & INVESTMENT BANKING Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 En millions d’euros Net banking income 680 511 695 885 925 Operating expenses (559) (478) (512) (556) (583) Gross operating income 121 33 183 330 342 Cost of risk (194) (275)
Slide 63: Corporate center: restated quarterly series
Annexes Corporate center: restated quarterly series CORPORATE CENTER Q1-20pf Q2-20pf Q3-20pf Q4-20pf Q1-21 In millions of euros Net banking income 13 (42) (26) 139 121 Operating expenses (612) (244) (197) (286) (711) Gross operating income (598) (286) (223) (148) (590) Cost of risk (8) (44) (38) (20
Slide 64: Performing & non-performing loans and impairment
Annexes Performing & non-performing loans and impairment In billions of euros March 31, 2021 Dec.31, 2020 Gross outstanding loans to customers and credit institutions 864.2 850.4 O/w S1/S2 outstandings 842.1 828.9 O/w S3 outstandings 22.1 21.5 Non-performing loans/gross outstanding loans 2.6% 2.5% S
Slide 65: Cost of risk by business lines
Annexes Cost of risk by business lines COST OF RISK(1) (in bps) 49 48 16 17 20 18 25 15 33 6 30 22 BP network 5 12 3 45 37 5 21 19 16 15 7 41 11 22 12 CE network 5 14 8 45 49 21 23 13 20 25 10 36 RB&I 17 5 26 13 20 5 163 123 121 95 124 112 112 53 65 CIB 11 39 9 30 47 6 55 49 29 29 32 18 26 19 24 25
Slide 66: Asset quality: limited exposures to sensitive sectors
Annexes Asset quality: limited exposures to sensitive sectors Diversified portfolio Exposure to sectors considered to be sensitive Breakdown of Group gross exposure per Corporate and small business Group exposures(2) counterparty at March 31, 2021(1) % % 4% Gross % of total Corporate customers of St
Slide 67: Breakdown of gross exposure at March 31, 2021
Annexes Breakdown of gross exposure at March 31, 2021(1) BREAKDOWN PER GEOGRAPHICAL REGION Financial institutions/local governments Central administrations/ Corporate customers Central banks and other sovereign exposures 4% 2% 4%1% 4% 2% 7% 7% 8% 9% 18% 24% 15% 71% 69% 55% France Centralization of r
Slide 68: groupebpce.com
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