2020: in a difficult environment, the expanded group delivered resilient results and completed the process of creating one of Europe’s leading bancassurers.
A WATERSHED YEAR SHAPED BY NON-RECURRING TRANSACTIONS
- 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
CREATION OF A LEADING BANCASSURER
- 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%
