BPCE: H1 earnings down 22%

(CercleFinance.com) - Groupe BPCE has announced a 7% drop in H1 net banking income, to E11.
3bn, in line with expectations, given the new interest rate environment.

H1 revenues for the Retail Banking and Insurance division (BPA) reached E7,546m (-9%).

H1 gross operating income came to E2.9bn, down 22%, while net income, group share, stood at E1.5bn (-22%).

In Q2 alone, BPCE reported net banking income of E5.46bn, down 9% y-o-y.
Gross operating income amounted to E1,667m (-22%), for quarterly net income, group share of E973m, down 18% y-o-y.

Management said that, other than maintaining strict discipline on expenses, which were down in the quarter, carefully managing risks, its solvency ratios, already well above prudential requirements, improved again this quarter, with CET1 reaching 15.2%.


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