La Banque Postale’s Group 2018 Results and Business activity
- Resilient earnings and a solid balance sheet
La Banque Postale S.A. has purchased a second loan portfolio constituted of Netherlands based mortgages worth around €780 millions from Rabobank. The loans were originated by Rabobank, which remains the client servicer, and all benefit from a NHG guarantee.
Within the PACTE law framework, The French government will, in the coming days, submit for debate to the Parliamentary Assembly a draft amendment enabling the creation of a large public financial unit serving territories, involving CDC and La Poste.
Dynamic sales momentum and growth in results :
The IFRS 9 accounting standard regarding the financial reporting of financial instruments came into force on January, 1st 2018, replacing the IAS 39 standard.
Results up on dynamic sales momentum
As a result of the « Supervisory Review and Evaluation Process » (SREP) carried out by the European Central Bank, La Banque Postale has been notified its CET1 phased-in requirements on consolidated basis, that will be effective on 1st of January 2018.
La Banque Postale S.A. has purchased a loan portfolio constituted of Netherlands based mortgages worth around €600 millions from Rabobank. The loans were originated by Rabobank, which remains the client servicer, and all benefit from a NHG guarantee.
Good commercial momentum buoyed by credit and income from subsidiaries. Increase in net income, group share
Resilient results, driven by a solid commercial momentum
Following the Supervisory Review and Evaluation Process (SREP) conducted by the ECB in 2016, the level of phased-in CET1 own funds required on a consolidated basis for La Banque Postale has been set, on the basis of the pre-notification, at 7.625 % on 1 January 2017.
La Banque Postale was submitted to stress test exercises carried out by the European Banking Authority (EBA), in collaboration with the European Central Bank (ECB), the European Commission (EC) and the European Systemic Risk Board (ESRB).
Ten years after it was created, La Banque Postale is operating in a context of historically low interest rates and volatile financial markets, notably at the end of the half, due to the British referendum. Despite this adverse environment, the Bank is cont inuing its development strategy, by diversifying its offer, at the service of all its customers.
Rémy Weber, Chairman of La Banque Postale Executive Board, today presented the results and business activity for 2015.