- Attributable net profit of €462 million (up 63.8%);
- Attributable net profit excluding PPA adjustments of €765 million (up 53.4%);
- Business line net banking income of €4,686 million (up 5.8%);
- Increased contribution of international operations to first-half net banking income, at 17% (vs. 14% in 2021);
- Improved business line cost/income ratio (66.7%);
- Low cost of risk, at 12 bps (€90 million);
- Consolidated RONE up 3.8 points at 12%, exceeding the 2023 target.
First-half 2022 results (vs. first-half 2021)
A robust financial structure
- CET1 ratio of 16.2%4;
- - CNP Assurances' SCR coverage ratio of 249%;
- Robust credit profile recognised notably by Moody's, La Banque Postale's new rating agency, which has assigned a long-term credit rating of A2 and a short-term rating of P1 (stable outlook).
Structural milestones in the implementation of the strategic plan
- Successful simplified tender offer and squeeze-out procedure, with CNP Assurances delisted on 20 June: La Banque Postale has become CNP Assurances’ controlling shareholder with 100% of the capital;
- Rationalisation of CNP Assurances’ Italian operations, with the signature of an agreement for CNP Assurances to become the sole shareholder of CNP Vita Assicura S.p.A.;
- Operational launch of the Corporate and Investment Banking business line in January 2022
- Creation of a private banking unit (€70 billion), with Louvre Banque Privée’s centre of expertise at its core;
- Accelerated development of the consumer finance business with the operational launch of a Buy Now Pay Later offer (Django);
- Creation of the 115K innovation fund, with a budget set to increase over time to €150 million.
Confirmation of our deep-rooted position as a Citizen Bank
- A committed actor:
- One of the world’s first banks to publish a low-carbon trajectory validated by the SBTi;
- Development of a range of products and services that allow customers to play a role in the just transition;
- France’s leading provider of banking services for our vulnerable citizens (serving 3 million households).
- Initiatives to support French customers’ purchasing power:
- Youth Pass, fees waived on instant transfers and term creditor insurance rates frozen.
La Banque Postale has crossed some important milestones in the implementation of its strategic plan, with the deployment of a diversified business model in line with its objectives. It consolidated its position as a major European bancassurance group by becoming the sole shareholder of CNP Assurances. The Group delivered robust business performances, both in France and internationally across all its business lines, despite an uncertain economic and geopolitical environment. The strong first-half results reflect the momentum generated by its transformation plan. With its citizen DNA and its new status as a mission-led company, La Banque Postale is maintaining its commitment towards the just transition, particularly in environmental and social terms, and remains more than ever committed to protecting households' purchasing power.
Philippe Heim — Chairman of La Banque Postale's Executive Board