2020 annual results

2020: in a difficult environment, the expanded group delivered resilient results and completed the process of creating one of Europe’s leading bancassurers.


  • Attributable net profit of €4.15m as reported, including €3.4bn of initial accounting entries related to the first-time consolidation of CNP Assurances
  • Restated for the above items, attributable net profit came to €738m, including the change in consolidation scope resulting from the full consolidation of CNP Assurances (positive effect of €484m) and the Covid-19 impact (negative effect of €377m on net banking income and €455m on cost of risk)
  • RONE was 6.3%, reflecting the business model’s resilience in the face of the crisis


  • A diversified mix of businesses: 64.5% Banking services and 33.4% Insurance services
  • 11th largest bank in the euro zone, with:
  • Total assets: €737bn
  • Net banking income of €7.7bn, down 2.6%1 due to the effects of the crisis
  • One of the strongest balance sheets in the sector:
  • CET1 ratio: 20.4%
  • A Solvency II ratio of 208% for CNP Assurances
  • Regulatory own funds: €21bn
  • Cost of risk at 46 bps, reflecting the Group’s conservative provisioning policy and the robustness of the loan book: non-performing loans (NPL) 0.7%

2020 interim results

Attributable net profit up 11% at €468m:

  • Excluding non-recurring impact1 of CNP Assurances first-time consolidation entries
  • But including the change in consolidation scope (first-time consolidation of CNP Assurances) for a positive €182m impact and the effects of the Covid-19 health and economic crisis, which reduced net banking income by €361m and added €141m to the cost of risk 

La Banque Postale + CNP Assurances: a robust bancassurer better equipped to withstand the economic crisis

  • A leading European bancassurer with a diversified business model
  • Reported net banking income: €3.8bn2, of which 68.6% generated by Retail Banking, 29.5% by the Insurance business and 1.9% by theAsset Management business
  • Cost/income ratio: 71.9%
  • A stronger capital base
  • CET1 ratio: 17.3%
  • Growth in reported earnings including CNP Assurances first-time consolidation entries:
    • Reported attributable net profit: €4bn, including the positive €3.5bn accounting impact of the first-time consolidation of CNP Assurances