Natixis — Groupe BPCE — Q1 2019 Earnings Presentation
68 slides from Natixis's earnings presentation, May 9, 2019
Slide 1: Results for the 1st Quarter of 2019 of Groupe BPCE
RESULTS FOR THE 1ST QUARTER OF 2019 OF GROUPE BPCE MAY 9, 2019
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: Key Messages
KEY MESSAGES Solid revenues in Q1-19 (-1.2%1) Successful execution of strategic projects in a challenging environment, launched since June 2018 thanks to our diversified universal banking model The bulk of transformation costs already incurred ʘ RB&I: robust performance with sustained increase in re
Slide 4: Contents
CONTENTS 1 Results of Groupe BPCE 2 Capital and liquidity 3 Results of the business lines 4 Conclusion 4 RESULTS FOR THE 1ST QUARTER OF 2019
Slide 5: Reported net income -29.7% in Q1-19 owing to transformation costs
Q1-19 RESULTS 1/3 Reported net income -29.7%1 in Q1-19 owing to transformation costs Reported figures Q1-19 Q1-19 Q1-18 €m vs. Q1-18 Net banking income 5,953 6,010 -1.0% Operating expenses -4,686 -4,606 1.7% o/w expenses excluding SRF -4,310 -4,266 1.0% Gross operating income 1,267 1,404 -9.8% Cost
Slide 6: Exceptional items related to the implementation of strategic projects
Q1-19 RESULTS 2/3 Exceptional items related to the implementation of strategic projects Breakdown of transformation and reorganization costs in Q1-19 €m Q1-19 Q1-18 Revaluation of assets associated with deeply subordinated notes denominated in foreign Net banking income Corporate center 6 -12 52% cu
Slide 7: Solid performance in a challenging environment
Q1-19 RESULTS 3/3 Solid performance in a challenging environment Resilient revenues, significant cost reduction and limited decrease in net income: -4.2%1 Q1-19 Q1-19 Underlying figures Q1-19 Q1-18 pf vs. Q1-18 pf vs. Q1-18 pf €m constant FX Net banking income 5,947 6,022 -1.2% -2.3% Operating expen
Slide 8: Retail banking & Insurance: dynamic cost reduction of 2.3%
Q1-19 RESULTS – OPERATING EXPENSES Retail banking & Insurance: dynamic cost reduction of 2.3%1 Change in operating expenses1 (in €m) Breakdown of operating expenses1 in Q1-19 BP + CE retail banking networks 84% Financial Solutions & 9 7 Expertise 2,734 1 Payments -6 2,671 €2,671m -74 4,599 Insurance
Slide 9: Cost of risk at 17 bps, below our guidance
Q1-19 RESULTS – COST OF RISK Cost of risk at 17 bps, below our guidance for the current strategic plan (20 to 30 bps) Cost of risk1 NPLs & coverage ratio In bps Ratio of non-performing loans/gross loan outstandings BP network 23 23 27 28 21 15 17 3.2% 2.8% 2.7% CE network 22 January 1st, 2018 Dec. 3
Slide 10: Effective integration of Crédit Foncier activities and expertise
Q1-19 RESULTS – SUCCESSFUL EXECUTION OF STRATEGIC PROJECTS Effective integration of Crédit Foncier activities and expertise Announcement of the plan to integrate Crédit Foncier to ensure the long-term Signing Transfer of Crédit future of this bank’s of the agreements Foncier employees activities and
Slide 11: Contents
CONTENTS 1 Results of Groupe BPCE 2 Capital and liquidity 3 Results of the business lines 4 Conclusion 11 RESULTS FOR THE 1ST QUARTER OF 2019
Slide 12: CET1 and TLAC ratios at high levels
CAPITAL AND LOSS-ABSORBING CAPACITY CET1 and TLAC ratios at high levels Change in the CET1 ratio1 (in bps) +11bps 15.8% +17bps 15.6% Pro forma impacts: -14bps 15.4% - 35bps ʘ Acquisition of 50.1% of Oney Bank4 -22bps ʘ Acquisitions4 in AWM and in CIB ʘ Deduction from regulatory capital of irrevocabl
Slide 13: 60% of the medium-/long-term funding plan completed
LIQUIDITY 60% of the medium-/long-term funding plan completed Structure of MLT funding at April 30, 2019 2019 MLT funding plan of €20bn ʘ Unsecured segment: €13bn to €14bn Of which €3bn to €4bn of senior non-preferred debt Unsecured bond issues ʘ Secured segment: €6bn to €7bn of covered bonds and
Slide 14: Contents
CONTENTS 1 Results of Groupe BPCE 2 Capital and liquidity 3 Results of the business lines 4 Conclusion 14 RESULTS FOR THE 1ST QUARTER OF 2019
Slide 15: New segment reporting reflecting the implementation of strategic projects
RESULTS OF THE BUSINESS LINES New segment reporting reflecting the implementation of strategic projects BUSINESS LINES RETAIL ASSET CORPORATE & WEALTH CORPORATE BANKING & INVESTMENT MANAGEMENT CENTER & INSURANCE BANKING BANQUE POPULAIRE NETWORK ASSET MANAGEMENT GLOBAL MARKETS CORPORATE CENTER CAISSE
Slide 16: Retail Banking & Insurance: all divisions contributed to revenue growth
RETAIL BANKING & INSURANCE 1/6 All divisions contributed to revenue growth; gross operating income +12.5% Loan outstandings: €495bn, +5.2% YoY On-balance sheet deposits & savings1: BP & CE digital channels €432bn, +5.1% YoY 4.4 million mobile app users in March 2019 o/w residential mortgages +6.6% Y
Slide 17: Banque Populaire network: revenues grew by 2.0%
RETAIL BANKING & INSURANCE 2/6 Banque Po network: revenues grew by 2.0% despite low interest rates Customer base Loan outstandings Deposits & Savings in €bn +4.8% in €bn 261 273 +6.9% +2.3% 213 Off-balance sheet D&S 74 74 +86,600 199 Centralized regulated savings 10 12 +6.3% On-balance sheet D&S, ex
Slide 18: Caisse d'Epargne network: cost/income ratio decrease to 64.1%
RETAIL BANKING & INSURANCE 3/6 Caisse d’Epargn network: significant cost/income ratio decrease to 64.1% Customer base Loan outstandings Deposits & Savings in €bn +2.3% in €bn +6.0% 414 424 +0.9% Off-balance sheet D&S 135 135 273 +62,000 257 Centralized regulated savings 55 55 +4.4% On-balance sheet
Slide 19: Financial Solutions & Expertise – Dynamic business and solid revenue base
RETAIL BANKING & INSURANCE 4/6 Financial Solutions & Expertise – Dynamic business and solid revenue base Breakdown of revenues per business line (in €m) Business activities +0.8% 268 270 ʘ Factoring: increased pace of business activity with the BP and CE retail 17 18 Other banking networks in the Sm
Slide 20: Payments – Continued solid momentum with positive jaws
RETAIL BANKING & INSURANCE 5/6 Scope: Payments division of Natixis Payments – Continued solid momentum with positive jaws Net revenues: +10.8% YoY Underlying figures1 % Q1-19 Change N-1 €m ʘ Payment Processing & Services: +6% YoY revenues growth in Natixis Payments’ historical activities. Number of
Slide 21: Insurance – Continued strong delivery with GOI +7.9%
RETAIL BANKING & INSURANCE 6/6 Scope: Insurance division of Natixis Insurance – Continued strong delivery with GOI +7.9% Life1 and Personal protection insurance ʘ Total AuMs at €63.0bn at end-March 2019 (+5% QoQ), €1.7bn of net inflows Premiums1 in €bn Life insurance AuMs1 ʘ Unit-linked AuMs at €15.
Slide 22: Asset & Wealth Management: resilient quarter following Q4-18 correction
ASSET & WEALTH MANAGEMENT Resilient quarter following the Q4-18 market correction Asset Management: Asset management: +6% AuM increase in Q1-19 with flows turning positive Assets under management (in €bn) Net inflows reached €1bn in Q1-19, with net inflows on LT products of a similar +7 amount in Ma
Slide 23: Corporate & Investment Banking: diversification allowing for ~10% ROE
CORPORATE & INVESTMENT BANKING Diversification allowing for ~10% ROE despite challenging Global markets Net revenues: -15% YoY in Q1-19, with contrasted performances A diversified revenue mix Global markets: -28% YoY vs. a high Q1-18. Progressive normalization of Net revenues1 (in €m) market conditi
Slide 24: Contents
CONTENTS 1 Results of Groupe BPCE 2 Capital and liquidity 3 Results of the business lines 4 Conclusion 24 RESULTS FOR THE 1ST QUARTER OF 2019
Slide 25: Conclusion
CONCLUSION Very good track record in the execution of strategic projects Bulk of related costs already incurred Retail banking & Insurance: sustained growth in revenues (+2.3%) and strong cost discipline (operating expenses: -2.3%1) Strength of our diversified universal banking model faced with chal
Slide 26: Annexes
RESULTS FOR THE 1ST QUARTER OF 2019 ANNEXES FEBRUARY MAY 9, 201912, 2019
Slide 27: Contents
ANNEXES Contents Retail Banking & Insurance Organizational structure of Groupe BPCE ʘ Income statement and quarterly series ʘ Banque Populaire and Caisse d’Epargne – Consolidated results of Groupe BPCE quarterly series ʘ Note on methodology ʘ Quarterly change in net banking income ʘ Income statement
Slide 28: Organizational structure of Groupe BPCE at March 31, 2019
ANNEXES Organizational structure of Groupe BPCE at March 31, 2019 9 MILLION COOPERATIVE SHAREHOLDERS 100% 100% (3) FNBP(1) FNCE(2) 50% 50% 14 BANQUES POPULAIRES 15 CAISSES D’EPARGNE BPCE 100% 71% (5) SUBSIDIARIES (4) NATIXIS (1) Fédération Nationale des Banques Populaires (2) Fédération Nationale de
Slide 29: Note on methodology (1/4)
ANNEXES Note on methodology (1/4) Presentation of the pro-forma quarterly results Exceptional items ʘ The segment information has been modified as of Q1-19 reflecting ʘ The exceptional items and the reconciliation of the restated the strategic project: income statement to the income statement report
Slide 30: Note on methodology (2/4)
ANNEXES Note on methodology (2/4) Net banking income Business line performance presented using Basel 3 standards ʘ Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from ʘ The accounting ROE of Groupe BPCE is the ratio between the tra
Slide 31: Note on methodology (3/4)
ANNEXES Note on methodology (3/4) Capital adequacy ʘ Common Equity Tier 1 is determined in accordance with the ʘ This amount is comprised of the following 4 items: applicable CRR/CRD IV rules. Common Equity Tier 1 in accordance with the applicable CRR/CRD IV rules, ʘ Additional Tier-1 capital take
Slide 32: Note on methodology (4/4)
ANNEXES Note on methodology (4/4) Liquidity Loan outstandings and Deposits & Savings ʘ Total liquidity reserves comprise the following: ʘ Restatements regarding transitions from book outstandings to Central bank-eligible assets include: ECB-eligible securities outstandings under management (loans
Slide 33: Q1-19 results: reconciliation of alternative performance measures to reported data
ANNEXES Q1-19 results: reconciliation of alternative performance measures to reported data Share in Net income Gains or income of attributable Net banking Operating Cost of losses on Income equity- Goodwill to equity income expenses risk other before tax accounted holders of assets associates the pa
Slide 34: Q1-18 pf results: reconciliation of alternative performance measures
ANNEXES Q1-18 pf results: reconciliation of alternative performance measures to reported data Net income Net banking Operating Income attributable to income expenses before tax equity holders of the parent in millions of euros Q1-18 pf results 6,010 -4,606 1,222 623 Revaluation of assets associated
Slide 35: Reconciliation of published consolidated data to pro-forma data (1/5)
ANNEXES Reconciliation of published consolidated data to pro-forma data (1/5) Corporate & Investment Retail Banking & Insurance Asset & Wealth Management Corporate center Groupe BPCE Banking Creation Creation Creation Creation Creation Q1-18 CFF BPCE I Q1-18 Q1-18 Q1-18 CFF BPCE I Q1-18 in millions
Slide 36: Reconciliation of published consolidated data to pro-forma data (2/5)
ANNEXES Reconciliation of published consolidated data to pro-forma data (2/5) Corporate & Investment Retail Banking & Insurance Asset & Wealth Management Corporate center Groupe BPCE Banking Creation Creation Creation Creation Creation Q2-18 CFF BPCE I Q2-18 Q2-18 Q2-18 CFF BPCE I Q2-18 in millions
Slide 37: Reconciliation of published consolidated data to pro-forma data (3/5)
ANNEXES Reconciliation of published consolidated data to pro-forma data (3/5) Corporate & Investment Retail Banking & Insurance Asset & Wealth Management Corporate center Groupe BPCE Banking Creation Creation Creation Creation Creation Q3-18 CFF BPCE I Q3-18 Q3-18 Q3-18 CFF BPCE I Q3-18 in millions
Slide 38: Reconciliation of published consolidated data to pro-forma data (4/5)
ANNEXES Reconciliation of published consolidated data to pro-forma data (4/5) Corporate & Investment Retail Banking & Insurance Asset & Wealth Management Corporate center Groupe BPCE Banking Creation Creation Creation Creation Creation Q4-18 CFF BPCE I Q4-18 Q4-18 Q4-18 CFF BPCE I Q4-18 in millions
Slide 39: Reconciliation of published consolidated data to pro-forma data (5/5)
ANNEXES Reconciliation of published consolidated data to pro-forma data (5/5) Corporate & Investment Retail Banking and Insurance Asset & Wealth Management Corporate center Groupe BPCE Banking Creation Creation Creation Creation Creation 2018 CFF BPCE I 2018 2018 2018 CFF BPCE I 2018 in millions of
Slide 40: Exceptional items and IFRIC 21 effects per business line
ANNEXES Exceptional items and IFRIC 21 effects per business line: Q1-19 vs. Q1-18 pf Q1-19 Retail Banking Corporate Groupe AWM CIB in €m & Insurance center BPCE Impact of exceptional items -32 -5 -18 -221 -276 Impact of IFRIC 21 -80 -4 -24 -286 -395 Total impact on Income before tax -112 -9 -42 -507
Slide 41: Groupe BPCE: Quarterly income statement per business line
ANNEXES Groupe BPCE: Quarterly income statement per business line Corporate & Investment Retail Banking & Insurance Asset and Wealth Management Corporate center Groupe BPCE Banking in millions of euros Q1-19 Q1-18 pf Q1-19 Q1-18 pf Q1-19 Q1-18 pf Q1-19 Q1-18 pf Q1-19 Q1-18 pf % Net banking income 4,
Slide 42: Groupe BPCE: Quarterly series
ANNEXES Groupe BPCE: Quarterly series Groupe BPCE in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 6,010 6,241 5,906 5,844 24,001 5,953 Operating expenses -4,606 -4,235 -4,225 -4,621 -17,687 -4,686 Gross operating income 1,404 2,006 1,681 1,222 6,314 1,267 Co
Slide 43: Consolidated balance sheet
ANNEXES Consolidated balance sheet ASSETS (in €m) March 31, 2019 Dec. 31, 2018 LIABILITIES (in €m) March 31, 2019 Dec. 31, 2018 Cash and amounts due from central banks 87,866 76,458 Amounts due to central banks 0 9 Financial assets at fair value through profit or loss 206,276 200,516 Financial liabi
Slide 44: Statement of changes in shareholders' equity
ANNEXES Statement of changes in shareholders' equity Equity attributable to equity holders of the parent In millions of euros December 31, 2018 66,194 Distributions - Capital increase (cooperative shares) 717 Income 340 Remuneration of super-subordinated notes (TSSDI) -10 Issue and redemption of sup
Slide 45: 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 capital1 Regulatory capital1 (in €bn) March 31, 2019 Dec. 31, 20182 75.4 77.0 In billions of euros 14,5 14.3 0.3 0.3 Tier-2 capital Equity attributable to equity holders
Slide 46: Financial structure: prudential ratios and credit ratings
ANNEXES Financial structure: prudential ratios and credit ratings March 31, 20191 Dec. 31, 20181,2 Dec. 31, 20172 LONG-TERM SENIOR PREFERRED CREDIT RATINGS (MAY 9, 2019) Total risk-weighted assets €404bn €392bn €386bn A+ outlook stable Common Equity Tier-1 capital €63.1bn €62.2bn €59.0bn Tier-1 capi
Slide 47: SREP Capital requirement
ANNEXES SREP Capital requirement / SREP 2018 (as a %) Pillar 2 Requirement 2019 Countercyclical buffer 19.2% 2019 G-SIB buffer Total surplus of 596bps 2019 capital conservation buffer Tier 2 3.6 Tier 2 surplus of Pillar 1 Additional Tier 1 0.1 155bps 13.27% CET1 surplus of 441bps 2.00 Tier 2 0.06 1.
Slide 48: Risk-weighted assets
ANNEXES Risk-weighted assets Breakdown per business line (in €bn) Breakdown per type of risk1 (in €bn) (at current exchange rates) 392 404 Other 392 404 8% 8% 10% 9% 3% 3% 15% 15% 3% 3% Corporate & Investment Banking Operational risk 88% Market risk Asset & Wealth 87% 74% 74% Management Credit risk
Slide 49: Leverage ratio
ANNEXES Leverage ratio1 March 31, 2019 Dec. 31, 2018 In billions of euros Tier-1 capital 63.2 62.3 Deduction of irrevocable payment commitments -0.6 -0.6 Tier-1 capital restated3 62.6 61.7 Balance sheet total 1,313.3 1,273.9 Prudential restatements -109.2 -104.9 Prudential balance sheet total2 1,204
Slide 50: Financial conglomerate
ANNEXES Financial conglomerate CRR/CRD IV2 Restatements Financial viewpoint conglomerate viewpoint Financial conglomerate ratio -0.3 Banking CR1 Total capital (CRR/CRD IV) (in €bn) 77.7 77,4 77,4 77,4 77.5 Regulatory + capital > Insurance CR1 (Solvency 2) 1 2 3 - Restatements applied 54.9 +4.1 1 shi
Slide 51: Liquidity reserves and short-term funding
ANNEXES Liquidity reserves and short-term funding Total liquidity reserves of Groupe BPCE1 Short-term funding and MLT debt maturing (in €bn) in the short term (in €bn) 174% 160% 153% 214 220 204 80 83 67 22 22 20 62 68 107 122 58 101 Dec. 31, 2017 Dec. 31, 2018 March 31, 2019 73 74 72 Coverage ratio
Slide 52: Retail Banking & Insurance: quarterly income statement
ANNEXES Retail Banking & Insurance: quarterly income statement Banque Populaire Caisse d'Epargne Financial Solutions & Retail Banking & Payments Insurance Other networks network network Expertise Insurance in millions of euros Q1-19 Q1-18 pf % Q1-19 Q1-18 pf % Q1-19 Q1-18 pf % Q1-19 Q1-18 pf % Q1-19
Slide 53: Retail Banking & Insurance: quarterly series
ANNEXES Retail Banking & Insurance: quarterly series Retail Banking & Insurance in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 3,977 4,080 3,975 4,024 16,056 4,069 Operating expenses -2,765 -2,667 -2,556 -2,815 -10,803 -2,693 Gross operating income 1,212 1,
Slide 54: 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 in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 1,586 1,641 1,559 1,590 6,377 1,618 Operating expenses -1,120 -1,083 -1,051 -1,102 -4
Slide 55: Retail Banking & Insurance: change in net banking income
ANNEXES Retail Banking & Insurance: change in net banking income Banque Populaire network (in €m) Caisse d’Epargne network (in €m) +1.8% +2.0% Change 1,744 Change 1,713 1,586 1,618 31 27 -4 20 20 763 750 650 637 -13 +13 48 3 10 42 +39 +15 874 913 929 944 Q1-18 pf Q1-19 Q1-18 Q1-19 55 RESULTS FOR THE
Slide 56: Retail Banking & Insurance
ANNEXES Retail Banking & Insurance Deposits & Savings (in €bn) Loan outstandings (in €bn) Change YoY Change YoY 691.8 713.9 +3.2% +5.2% 157.7 177.1 +12.3% Sight deposits 494.5 Passbook savings 469.9 +3.5% accounts 175.9 182.1 +6.6% Home loans +1.6% Regulated home savings plans 292.5 274.4 77.8 79.0
Slide 57: 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 +4.8% +6.9% 273.3 260.8 212.6 198.9 +11.0% Sight deposits 81.5 90.4 +8.9% Home loans +6.3% Passbook savings accounts 123.2 113.1 +8.6% Consumer loans 50.5 53.7 +2
Slide 58: 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 414.3 423.9 +2.3% +6.0% 69.4 79.4 +14.5% Sight deposits 272.7 257.3 +2.3% Passbook savings 124.7 127.6 accounts +6.0% Home loans +1.2% Regulated home savings plan
Slide 59: Retail Banking & Insurance: FSE quarterly series
ANNEXES Retail Banking & Insurance: FSE quarterly series Financial Solutions & Expertise in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 268 273 270 278 1,089 270 Operating expenses -153 -151 -150 -163 -618 -153 Gross operating income 115 122 120 114 471 117
Slide 60: Retail Banking & Insurance: Payments quarterly series
ANNEXES Retail Banking & Insurance: Payments quarterly series Payments in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 93 95 96 105 389 103 Operating expenses -79 -88 -84 -90 -341 -88 Gross operating income 14 7 12 15 48 16 Cost/income ratio 85.2% 92.2% 87.6
Slide 61: Retail Banking & Insurance: Insurance quarterly series
ANNEXES Retail Banking & Insurance: Insurance quarterly series Insurance in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 204 193 192 201 790 218 Operating expenses -118 -108 -103 -118 -448 -125 Gross operating income 86 85 89 83 342 93 Cost/income ratio 58.0
Slide 62: Retail Banking & Insurance: Other networks quarterly series
ANNEXES Retail Banking & Insurance: Other networks quarterly series Other networks in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 112 116 112 120 460 115 Operating expenses -78 -81 -73 -94 -326 -79 Gross operating income 35 35 39 25 133 36 Cost/income ratio
Slide 63: Asset & Wealth Management: quarterly series
ANNEXES Asset & Wealth Management: quarterly series Asset & Wealth Management in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 799 842 841 1,032 3,513 773 Operating expenses -548 -569 -584 -642 -2,343 -558 Gross operating income 251 273 257 389 1,170 216 Cost
Slide 64: Corporate & Investment Banking: quarterly series
ANNEXES Corporate & Investment Banking: quarterly series Corporate & Investment Banking in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 944 976 828 518 3,266 807 Operating expenses -566 -551 -525 -559 -2,202 -582 Gross operating income 378 425 302 -41 1,064
Slide 65: Corporate center: quarterly series
ANNEXES Corporate center: quarterly series Corporate Center in millions of euros Q1-18 pf Q2-18 pf Q3-18 pf Q4-18 pf 2018 pf Q1-19 Net banking income 290 344 263 269 1,166 304 Operating expenses -726 -449 -559 -605 -2,339 -853 Gross operating income -436 -105 -296 -336 -1,173 -549 Cost of risk -34 -
Slide 66: Non-performing loans and impairment
ANNEXES Non-performing loans and impairment March 31, 2019 Dec. 31, 2018 In billions of euros Gross outstanding loans to customers and credit institutions 774.0 763.1 O/w S3 outstandings 21.2 21.5 Non-performing/gross outstanding loans 2.7% 2.8% S3 impairment recognized 9.7 9.7 Impairment recognized
Slide 67: Breakdown of commitments at March 31, 2019
ANNEXES Breakdown of commitments at March 31, 2019 Breakdown per counterparty Breakdown per geographical region 5% Financial institutions/local Central administrations/Central banks and 28% government market other sovereign exposures 8% 6% 1% 2% 1% 8% 6% 14% 5% €1,188bn 13% 13% 7% 45% 1% 72% 32% 31%
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