(CercleFinance.com) – Groupe BPCE’s net banking income stood at 5,753 million euros in the 1st quarter of 2024. It is almost stable compared to the 1st quarter of 2023 and up 5% compared to the 4th quarter of 2023. . Revenues from the Community Banking and Insurance division (BPA) reached 3,763 million euros (- 4%) in the 1st quarter of 2024. The Banques Populaires and the Caisses d’Epargne posted strong commercial performances.
The division’s NBI is driven by Asset and Wealth Management, whose NBI increased by 6% in the 1st quarter of 2024, thanks to a higher base of assets under management.
The net interest margin reached 1.9 billion euros, down 4% year-on-year. Commissions, at 2.6 billion euros, increased by 4% over one year. Gross operating income increased by 31% to 1,602 million euros.
The published net profit, group share, reached 875 million euros, up 64% (533 million euros in the 1st quarter of 2023), and down 22% excluding contribution to the FRU compared to the 1st quarter of 2023. It is multiplied by 2.3 compared to the 4th quarter of 2023. The underlying group share of net income stood at 904 million euros in the 1st quarter of 2024, up 59% compared to the 1st quarter of 2023 at 570 million euros.
The level of solvency is still very high with a CET1 ratio of 15.6% including organic growth of 14 bps over the quarter.
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