(CercleFinance.com) – Groupe BPCE announces that it recorded a 7% drop in its net banking income in the 1st half, to 11.3 billion euros, in line with expectations, given the new rate environment.
The half-year revenues of the Retail Banking and Insurance (BPA) division reached 7,546 million euros (-9%).
Half-year gross operating income was 2.9 billion euros, down 22%, while net income, group share amounted to 1.5 billion euros (-22%).
In the 2nd quarter alone, BPCE published net banking income of 5.46 billion euros, down 9% compared to the same period a year earlier.
Gross operating income came to 1,667 ME (-22%), for a quarterly net income group share of 973 ME, down 18% in one year.
‘We are also continuing to prepare for the future by maintaining strict discipline on expenses, which were down over the quarter, and by prudently managing our risks. Solvency ratios, already much higher than prudential requirements, increased further this quarter with a CET1 of 15.2%, commented Nicolas Namias, Chairman of the Management Board of BPCE.
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