Natixis — Groupe BPCE — H1 2013 Earnings Presentation
77 slides from Natixis's earnings presentation, Aug 6, 2013
Slide 1: Results for the 2nd quarter and the 1st half of 2013
August 6, 2013 Results for the 2nd quarter and the 1st half of 2013
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: Robust results and strong commercial dynamics of the core business lines
Robust results and strong commercial dynamics of the core business lines: growth in net income attributable to equity holders of the parent, excluding the revaluation of own debt, +30.4% in Q2-13 Q2-13 net income attributable to equity holders of the parent excluding the revaluation of own debt: €
Slide 4: Contents
Contents 1. Results of Groupe BPCE 2. Capital adequacy and liquidity 3. Results of the business lines August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 4
Slide 5: Q2-13 results of Groupe BPCE
1. Q2-13 results of Groupe BPCE Sharp growth in attributable net income1: +30.4% Pro forma results Q2-13 / Core Q2-13 / business Q2-13 Q2-12 Q2-12 In millions of euros lines2 % change Q2-13 % change Net banking income 1 5,765 4.2% 5,409 6.0% Operating expenses -4,022 3.2% -3,583 3.6% Gross operating
Slide 6: H1-13 results of Groupe BPCE
1. H1-13 results of Groupe BPCE Robust results in a sluggish economic environment Pro forma results H1-13 / Core H1-13 / business H1-13 H1-12 H1-12 In millions of euros lines2 % change H1-13 % change Net banking income 1 11,455 2.4% 10,732 3.3% Operating expenses -7,967 1.5% -7,091 1.8% Gross operat
Slide 7: Revenue and cost synergies
1. Groupe BPCE results Revenue synergies generated ahead of target Cost synergy target achieved 6 months earlier than anticipated Revenue synergies between Natixis and the Banque Populaire and Caisse d’Epargne networks Cost synergies End of June 2013 Target of €1bn at the end of 2013 achieved 6 mo
Slide 8: Cost of risk remains at moderate levels
1. Results of Groupe BPCE Cost of risk remains at moderate levels Cost of risk in bp Commercial Banking and Insurance1 Commercial Banking and Insurance > €435m in Q2-13 • +€55m vs. Q2-12 (restated to account for provisions for a specific case) • +€82m vs. Q1-13 > Cost of risk of the BP and CE netw
Slide 9: GAPC: target for winding up completely in mid-2014 confirmed
1. Results of Groupe BPCE GAPC: target for winding up GAPC completely in mid-2014 confirmed Risk-weighted assets1 (in €bn) Asset disposals completed in 2013: €2.6bn in Q2-13, or €3.6bn in H1-13 with a -68% very limited discount 68% decline in risk-weighted assets under Basel 31 since December 20
Slide 10: Contents
Contents 1. Results of Groupe BPCE 2. Capital adequacy and liquidity 3. Results of the business lines August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 10
Slide 11: Common Equity Tier 1 ratio under Basel 3 at 9.5%
2. Capital adequacy and liquidity Common Equity Tier 1 ratio under Basel 31 at 9.5% as of end-June 2013 Common Equity Tier 1 ratio under Basel 31 Continued improvement of capital adequacy: Common Equity Tier 1 ratio under Basel 31 of 9.5% at June 30, 2013 > +20bp vs. March 31, 2013 > Chiefly thank
Slide 12: Reduction in the loan-to-deposit ratio to 125%
2. Capital adequacy and liquidity In one year, 8-point reduction in the Group’s loan-to-deposit ratio1, which now stands at 125% Liquidity reserves and short-term funding 103 97 2 90 Liquidity reserves of €160bn, covering 137% of short-term funding outstandings Group’s loan-to-deposit ratio1: do
Slide 13: 2013 MLT funding requirements already satisfied
2. Capital adequacy and liquidity 2013 MLT funding requirements already satisfied 96% of the funding plan completed with MLT funding plan completed at July 15, 2013 €20.2bn1 raised at July 15, 2013 > Unsecured bond issues: €14.1bn > Covered bond issues: €6.1bn Average maturity at issue: 5.6 year
Slide 14: Contents
Contents 1. Results of Groupe BPCE 2. Capital adequacy and liquidity 3. Results of the business lines August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 14
Slide 15: Commercial Banking and Insurance
3. Results of the business lines Commercial Banking and Insurance Pro forma results Q2-13 / H1-13 / Q2-13 Q2-12 H1-13 H1-12 In millions of euros % change % change Net banking income 3,844 7.0% 7,547 3.1% 1 Excluding changes in provisions for home 1 3,828 6.4% 7,514 2.4% purchase savings schemes Banq
Slide 16: Commercial Banking and Insurance
3. Results of the business lines Commercial Banking and Insurance Unless specified to the contrary, all changes are vs. Q2-12 Commercial activities of the BP and CE Contribution to income before tax in Q2-13 networks > Strong momentum in developing the customer base and creating more intense custo
Slide 17: Results of the Banque Populaire banks
3. Results of the Banque Populaire banks Unless specified to the contrary, all changes are vs. Q2-12 Savings: change over the past year Customer base: marked success in winning (as a %) new customers during the 6-month period and intensification of commercial relations > +71,000 individual and +12
Slide 18: Results of the Caisses d'Epargne
3. Results of the Caisses d’Epargne Unless specified to the contrary, all changes are vs. Q2-12 Savings: change over the past year Customer base: positive development in the (as a %) number of customers using banking services > Principal active customers using banking services: +7.5% > Continued d
Slide 19: Real estate Financing: strong growth in commercial activities
3. Results of the business lines Real estate Financing1: strong growth in commercial activities Unless specified to the contrary, all changes are vs. Q2-12 Implementation of Crédit Foncier’s Loan outstandings3 (in €bn) 2012 – 2016 strategic plan > Dynamic commercial performance of the core busines
Slide 20: Insurance
3. Results of the business lines Insurance: continued strong growth of Non-Life, Provident and Health insurance activities Unless specified to the contrary, all changes are vs. Q2-12 Insurance1 Business activity indicators Life insurance (CNP Assurances) Life insurance: recovery in revenues, +17%
Slide 21: International
3. Results of the business lines International Unless specified to the contrary, all changes are vs. Q2-12 International Business activity indicators Principal entity contributing to this business line: BPCE International et Outre-mer Savings1 (in €bn) Savings: +7.3% > Robust growth in demand depo
Slide 22: Other networks
3. Results of the business lines Other networks Unless specified to the contrary, all changes are vs. Q2-12 Other networks Business activity indicators Principal entity contributing to this core business line: Banque Palatine Savings2 (in €bn) Savings: buoyant growth in deposits (+12.8%) > Strong
Slide 23: Natixis core business lines
3. Results of the business lines Natixis core business lines: Wholesale Banking, Investment Solutions, SFS Pro forma results Q2-13 / H1-13 / Q2-13 Q2-12 H1-13 H1-12 In millions of euros % change % change Net banking income 1,565 3.6% 3,185 3.7% Wholesale Banking 678 -3.4% 1,477 0.8% Investment Solut
Slide 24: Wholesale Banking
3. Results of the business lines Wholesale Banking: good resistance in Q2-13 activity despite more difficult market conditions at the end of the quarter Unless specified to the contrary, all changes are vs. Q2-12 Financing activities Change in revenues (in €m) Commercial banking > Good commercial
Slide 25: Investment Solutions
3. Results of the business lines Investment Solutions: strong growth in net revenues and income before tax in Q2-13 Unless specified to the contrary, all changes are vs. Q2-12 Asset Management Asset Management: AuM (in €bn) Net inflows in medium-/long-term products: €6.8bn in H1-13 (€2.4bn in Q2-1
Slide 26: SFS: good commercial dynamics with Groupe BPCE networks
3. Results of the business lines SFS: good commercial dynamics with Groupe BPCE networks in Q2-13 and H1-13 Unless specified to the contrary, all changes are vs. Q2-12 Sureties & financial guarantees Net revenues: +5% in Q2-13 and +7% in Premiums issued on the individual customer H1-13 vs. H1-12;
Slide 27: Equity interests
3. Equity interests1 Pro forma results Q2-13 / H1-13 / Q2-13 Q2-12 H1-13 H1-12 In millions of euros % change % change Net banking income 425 -1.0% 821 -3.8% Operating expenses -345 2.7% -688 -1.1% Gross operating income 79 -14.5% 133 -15.6% Cost of risk 4 ns 3 ns Income before tax 85 -10.1% 142 -9.5
Slide 28: Equity interests: Coface and Nexity
3. Equity interests Unless specified to the contrary, all changes are vs. Q2-12 Coface Credit insurance turnover (in €m) Turnover: 5% decline, reflecting the slowdown in customer activities Enhanced income before tax > €47m in Q2-13, up by +2% > €81m in H1-13, +12% vs. H1-12 Combined ratio: 88
Slide 29: Conclusion
4. Conclusion The Group is generating robust and significantly improved results while simultaneously adapting to new regulations and faced with a lackluster business environment The Group is financing the French economy (loan outstandings: +5.7%) while simultaneously modifying its balance sheet
Slide 30: Annexes
August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 Annexes
Slide 31: Annexes
Annexes Groupe BPCE Wholesale Banking, Investment Solutions > Organizational structure of Groupe BPCE and SFS > Income statement: reconciliation of pro-forma > Income statement consolidated data to published consolidated data Equity interests > Income statement > Income statement > Income stat
Slide 32: Organizational structure of Groupe BPCE
Annex - Groupe BPCE Organizational structure of Groupe BPCE at August 6, 2013 August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 32
Slide 33: Reconciliation of pro-forma to published data (Q2-13)
Annex - Groupe BPCE Income statement : reconciliation of pro-forma consolidated data to published consolidated data Wholesale Banking, Investment Q2-13 Groupe BPCE Commercial Banking & Insurance Solutions & Specialized Total core businesses Workout portfolio management Other businesses Financial Ser
Slide 34: Reconciliation of pro-forma to published data (H1-13)
Annex - Groupe BPCE Income statement : reconciliation of pro-forma consolidated data to published consolidated data Wholesale Banking, Investment Commercial Banking & Groupe BPCE Solutions & Specialized Total core businesses Workout portfolio management Other businesses H1-13 Insurance Financial Ser
Slide 35: Quarterly income statement
Annex - Groupe BPCE Quarterly income statement Groupe BPCE In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 5,671 5,313 5,512 5,679 5,728 Operating expenses -3,899 0 -3,926 0 -4,157 0 -3,944 0 -4,023 0 Gross operating income 1,772 1,387 1,355 1,735 1,705 Cost / income ratio 68.8
Slide 36: Quarterly income statement per business line
Annex - Groupe BPCE Quarterly income statement per business line Wholesale Banking, Workout portfolio Commercial Banking Investment Solutions Total core businesses Equity interests management & Groupe BPCE & Insurance & Specialized Other businesses Financial Services In millions of euros Q2-13 Q2-12
Slide 37: Interim income statement per business line
Annex - Groupe BPCE Interim income statement per business line Wholesale Banking, Workout portfolio Commercial Banking Investment Solutions Total core businesses Equity interests management & Groupe BPCE & Insurance & Specialized Other businesses Financial Services In millions of euros H1-13 H1-12 H
Slide 38: Consolidated balance sheet
Annex - Groupe BPCE Consolidated balance sheet March 31, March 31, ASSETS in €m June 30,2013 Dec. 31, 2012 LIABILITIES in €m June 30,2013 Dec. 31, 2012 2013 2013 C ash and amounts due from central banks 65,662 53,389 53,792 Amounts due to central banks 2 2 0 Financial assets at fair value through pr
Slide 39: Goodwill
Annex - Groupe BPCE Goodwill Dec. 31, Acquisitions Other June 30, in millions of euros Impairment Conversion 2012 /Disposals movements 2013 Commercial Banking 909 - - - 1 - 910 and Insurance entities Natixis 2,634 1 - 16 -3 2,648 Equity interests 706 1 - - - 707 TOTAL 4,249 2 - 17 -3 4,265 Goodwill
Slide 40: Statement of changes in shareholders' equity
Annex – Financial structure Statement of changes in shareholders’ equity Equity attributable to in millions of euros equity holders of the parent December 31, 2012 50,554 Distribution -440 Capital increase (cooperative shares) 410 Income 1,537 Impact of change in accounting standards -175 Remunerati
Slide 41: Reconciliation of shareholders' equity to Tier-1 capital
Annex – Financial structure Reconciliation of shareholders’ equity to Tier-1 capital under Basel 2.5 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 + €0.8bn of deeply subordinated notes issued
Slide 42: Prudential ratios under Basel 2.5 and credit ratings
Annex – Financial structure Prudential ratios under Basel 2.5 and credit ratings June 30, March 31, December 31, June 30, 2012 20131 2013 2012 Total risk-weighted €391bn €394bn €381bn €386bn assets Core Tier-1 capital €40.8bn €40.1bn €40.9bn €38.8bn Tier-1 capital €46.3bn €45.6bn €46.5bn €44.5bn Cor
Slide 43: Risk-weighted assets under Basel 2.5
Annex – Financial structure Risk-weighted assets under Basel 2.5 Breakdown of risk-weighted assets June 30, March 31, December 31, June 30, 2012 20131 2013 2012 Credit risk €333bn €334bn €323bn €327bn Market risk €19bn €21bn €19bn €22bn Operational risk €39bn €39bn €39bn €37bn Total risk-weighted €3
Slide 44: Commercial Banking and Insurance: quarterly income statement
Annex – Commercial Banking and Insurance Quarterly income statement Commercial Banking & Insurance In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 3,646 3,601 3,759 3,752 3,891 Operating expenses -2,456 -2,469 -2,627 -2,483 -2,549 Gross operating income 1,190 1,132 1,132 1,269
Slide 45: Quarterly income statement per business line
Annex – Commercial Banking and Insurance Quarterly income statement per business line Insurance, International & Other Banques Populaires Caisses d'Epargne Real Estate Financing (*) Commercial Banking & Insurance networks In millions of euros Q2-13 Q2-12 % Q2-13 Q2-12 % Q2-13 Q2-12 % Q2-13 Q2-12 % Q
Slide 46: Interim income statement per business line
Annex – Commercial Banking and Insurance Interim income statement per business line Insurance, International & Other Banques Populaires Caisses d'Epargne Real Estate Financing (*) Commercial Banking & Insurance networks In millions of euros H1-13 H1-12 % H1-13 H1-12 % H1-13 H1-12 % H1-13 H1-12 % H1-
Slide 47: 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 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 1,468 1,487 1,507 1,555 1,629 Operating expenses -1,039 0 -1,046 0 -1,052 0 -1,038 0 -1,076 0 Gross operating income 429 441
Slide 48: Banque Populaire network: savings
Annex - Commercial Banking and Insurance Banque Populaire network: savings (in €bn) % change Q2-13 / Q2-12 Demand deposits +7.2% Passbook savings +14.8% accounts Regulated home +0.3% savings plans Term accounts, PEP +13.3% Mutual funds -15.6% Employee savings -19.7% Life insurance +2.5% Other1 -10.0
Slide 49: Banque Populaire network: loan outstandings
Annex - Commercial Banking and Insurance Banque Populaire network: loan outstandings (in €bn) % change Q2-13 / Q2-12 Real-estate loans +4.1% Consumer loans and +2.7% short-term credit facilities Equipment loans +0.5% Other -2.4% Total loans +2.4% August 6, 2013 Results for the 2nd quarter and the 1s
Slide 50: Caisse d'Epargne network: savings
Annex - Commercial Banking and Insurance Caisse d’Epargne network: savings (in €bn) % change Q2-13 / Q2-12 Demand deposits +8.3% Passbook savings +6.5% accounts Regulated home +3.4% savings plans Term accounts, PEP & +9.7% miscellaneous BPCE bonds placed in +1.5% the CE network Mutual funds & -10.2%
Slide 51: Caisse d'Epargne network: loan outstandings
Annex - Commercial Banking and Insurance Caisse d’Epargne network: loan outstandings (in €bn) % change Q2-13 / Q2-12 Real-estate loans +8.9% Consumer loans and short- +4.0% term credit facilities Equipment loans +9.0% Other +14.2% Total loans +8.5% August 6, 2013 Results for the 2nd quarter and the
Slide 52: 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 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 199 190 208 183 187 Operating expenses -130 0 -145 0 -169 0 -136 0 -129 0 Gross operating incom
Slide 53: Wholesale Banking, Investment Solutions and SFS: quarterly income statement
Annex – Wholesale Banking, Investment Solutions and SFS Quarterly income statement Wholesale Banking, Investment Solutions & Specialized Financial Services In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 1,510 1,450 1,573 1,620 1,565 Operating expenses -1,003 -979 -1,062 -1,025
Slide 54: Quarterly income statement per business line
Annex – Wholesale Banking, Investment Solutions and SFS Quarterly income statement per business line Wholesale Banking, Investment Wholesale Banking Investment Solutions SFS Solutions & Specialized Financial Services In millions of euros Q2-13 Q2-12 % Q2-13 Q2-12 % Q2-13 Q2-12 % Q2-13 Q2-12 % Net ba
Slide 55: Quarterly income statement per business line
Annex – Wholesale Banking, Investment Solutions and SFS Quarterly income statement per business line Wholesale Banking Investment Solutions In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 702 688 684 798 679 Net banking income
Slide 56: Interim income statement per business line
Annex – Wholesale Banking, Investment Solutions and SFS Interim income statement per business line Wholesale Banking, Investment Wholesale Banking Investment Solutions SFS Solutions & Specialized Financial Services In millions of euros H1-13 H1-12 % H1-13 H1-12 % H1-13 H1-12 % H1-13 H1-12 % Net bank
Slide 57: Equity interests: quarterly income statement
Annex – Equity interests Quarterly income statement Equity interests In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 430 412 445 396 425 Operating expenses -336 -344 -356 -343 -345 Gross operating income 94 68 89 53 80 Cost of risk -2 -2 2 -1 4 Income before tax 95 67 61 56 86
Slide 58: Equity interests: interim income statement
Annex – Equity interests Interim income statement per business line Nexity Coface & Natixis Private Equity Other Equity Interests Equity Interests In millions euros H1-13 H1-12 % H1-13 H1-12 % H1-13 H1-12 % H1-13 H1-12 % Net banking income 415 416 -0.2% 405 436 -7.1% 1 2 -50.0% 821 854 -3.9% Operati
Slide 59: 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 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 85 -150 -265 -89 -153 Operating expenses -104 0 -134 0 -112 0 -93 0 -95 0 Gross operating incom
Slide 60: 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 en millions d'euros Q2-13 Q2-12 Q2-13 Q2-12 Q2-13 Q2-12 Net banking income 24 71 -177 14 -153 85 Operating expenses -24
Slide 61: 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 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 In millions of euros Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net banking income 71 98 159 60 24 Net banking income 14 -248 -42
Slide 62: 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 H1-13 H1-12 H1-13 H1-12 H1-13 H1-12 Net banking income 84 93 -326 -316 -242 -223 Operating expenses
Slide 63: GAPC: detailed exposure as of June 30, 2013
Annex – Workout portfolio management and “Other businesses” – GAPC: detailed exposure as of June 30, 2013 Risk-weighted assets under Basel 3 Guaranteed portfolios (Financial Guarantee & TRS) Type of asset Notional Net Value RWA Discount rate (nature of portfolio) before guarantee in €bn in €bn in €b
Slide 64: Non-performing loans and impairment
Annex – Risks Groupe BPCE: non-performing loans and impairment in millions of euros June 30, 2013 Dec. 31, 2012 Dec. 31, 2011 Gross outstanding customer loans 589,687 586,479 583,062 O/w non-performing loans 22,459 21,921 20,255 Non-performing / gross outstanding loans 3.8% 3.7% 3.5% Impairment reco
Slide 65: Networks: non-performing loans and impairment
Annex - Risks Networks: non-performing loans and impairment Banque Populaire banks in millions of euros June 30, 2013 Dec. 31, 2012 Dec. 31, 2011 Gross outstanding customer loans 168,231 165,115 160,048 O/w non-performing loans 8,565 8,227 7,738 Non-performing/gross outstanding loans 5.1% 5.0% 4.8%
Slide 66: Breakdown of commitments as at June 30, 2013
Annex – Risks Breakdown of commitments as at June 30, 2013 Breakdown of commitments by Breakdown of commitments to Corporates and counterparty Professionals by industrial sector €1,036bn 1 of which 13% in France August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 66
Slide 67: Geographical breakdown of commitments
Annex - Risks Geographical breakdown of commitments as at June 30, 2013 Banks Sovereigns Corporates August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 67
Slide 68: Exposure to sovereign debts of peripheral European countries
Annex - Risks Exposure to the sovereign debts of peripheral European countries Net direct exposure of credit institutions in the banking portfolio1 (in €m) Net exposures of insurance companies2 (in €m) 1 Methodology drawn up by the European Banking Authority (EBA) for the October 2012 capital requir
Slide 69: Exposure to European sovereign risks
Annex – Risks Exposure to European sovereign risks1 (in €m) as at June 30, 2013 based on the model drawn up by the EBA2 In millions of euros Indirect Provisions and Direct sovereign Net direct exposure, excluding derivatives, at June sovereign write-off on exposure in Net direct positions, excluding
Slide 70: Exposure to countries subject to a rescue plan
Annex - Risks Exposure1 to countries subject to a rescue plan (in €bn) at June 30, 2013 Total Total banking banking Sovereign in billions of euros Corporates Other portfolio portfolio debt June 30, March 31, 2013 2013 Cyprus 0.1 0.1 0.0 0.2 0.2 Greece 0.0 0.3 0.0 0.3 0.4 Ireland 0.2 0.5 1.1 1.8 2.0
Slide 71: Sensitive exposures: Foreword
Annex - Sensitive exposures Recommendations of the Financial Stability Forum Foreword With the exception of the summary provided 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 exposure
Slide 72: Summary of sensitive exposures
Annex - Groupe BPCE FSF report at June 30, 2013 Summary of sensitive exposures Groupe BPCE Total Total in millions of euros Natixis (excl. Natixis) June 30, 2013 March 31, 2013 Net exposure CDOs of ABS (Asset-backed Securities) US residential market 0 114 114 120 Net exposure 1,072 1,522 2,594 4,257
Slide 73: 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, Q2-13 Q2-13 2013 2013 2013 Portfolio at fair value through profit or loss 46 0 0 46 84 Portfolio at fair value
Slide 74: 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, Q2-13 Q2-13 2013 2013 2013 Portfolio at fair value through profit or loss 1 0 0 1 1 Portfolio at fair value through shareholder
Slide 75: 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, Q2-13 Q2-13 2013 2013 2013 Portfolio at fair value through profit or
Slide 76: Protections acquired
Annex - Sensitive exposures (excluding Natixis) Protections acquired Credit enhancers (monoline) Protection acquired from credit enhancers by Crédit Foncier for financial assets is in the form of financial guarantees (and not CDS) and represents a guarantee attached to the enhanced asset These e
Slide 77: Results for the 2nd quarter and the 1st half of 2013
August 6, 2013 Results for the 2nd quarter and the 1st half of 2013 77