BPCE: Q1 2023 net income down 29%

(CercleFinance.com) - Banking Groupe BPCE recorded a limited 5% drop in its net banking income to E5,815m in Q1 2023, due to a 7% drop in the NBI of its Retail Banking and Insurance division (BPA), while the NBI of the Global Financial Services division (GFS) rose by 2%.


The BPA division's revenues reached E3,891m (-7%) and GFS's NBI was E1,822m, up 2% in Q1 2023. It said that this growth is mainly due to the increase in NBI of the Corporate Banking division (+7%), driven by an effective diversification strategy.

Reported net income, group share, came in at E533m in Q1 2023, down 29% (E755m in Q1-22 pf). Underlying net income group share was E570m (-26%).

Groupe BPCE's CET1 ratio at the end of March 2023 reached an estimated 15.0%, down 10 bp compared to the end of December 2022.


Copyright (c) 2023 CercleFinance.com. All rights reserved.