Groupe BPCE reported a limited 5% decline in net banking income to €5,815 million in Q1 2023, due to a 7% drop in NBI for the Retail Banking and Insurance (BPA) division, while NBI for the Global Financial Services (GFS) division rose by 2%.

BPA division revenues reached 3,891 million euros (- 7%), while GFS NBI came to 1,822 million euros, up 2% in Q1 2023. This increase was mainly due to a 7% rise in net banking income in the Corporate Banking division, driven by an effective diversification strategy.

Reported net income attributable to equity holders of the parent came to 533 million euros in Q1 2023, down 29% (755 million euros in Q1-22pf). Underlying net income Group share stood at 570 million euros (-26%).

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

Nicolas Namias, Chairman of the Management Board of BPCE, said: ' Against a backdrop of economic slowdown and persistently high inflation, Groupe BPCE, thanks to the very strong commitment of all its teams, continued its commercial development. The Banques Populaires, the Caisses d'Epargne and all the retail banking businesses, by supporting regional financing, have developed their customer base in all segments.

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