Groupe BPCE has announced a 7% drop in net banking income for the 1st half, to 11.3 billion euros, in line with expectations, given the new interest rate environment.

Half-year revenues for the Retail Banking and Insurance division (BPA) came to 7,546 million euros (-9%).

Half-year gross operating income came to 2.9 billion euros, down 22%, while net income, Group share stood at 1.5 billion euros (-22%).

In Q2 alone, BPCE reported net banking income of 5.46 billion euros, down 9% on the same period a year earlier.
Gross operating income came in at €1,667 million (-22%), for a quarterly net income, group share, of €973 million, down 18% year-on-year.

'We are also continuing to prepare for the future by maintaining strict discipline on expenses, which were down in the quarter, and by managing our risks prudently. Our solvency ratios, already well above prudential requirements, improved again this quarter, with CET1 at 15.2%", commented Nicolas Namias, Chairman of BPCE's Management Board.


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