2021 annual results

01/03/2022

Groupe

Satisfactory launch of the 2025 strategic plan: solid results in line with our roadmap, driven by strong business momentum in a recovering and uncertain economic environment.

2021 annual results

Attributable net profit of €636 million
Attributable net profit excluding PPA adjustments¹ up 36.2% at €1,005 million
Business line net banking income² up 6.2% to €8,261 million
2.5-point improvement in the business line cost-income ratio³ to 70.2%
Low cost of risk at 16 bps
Group RONE⁴ up 1.9 points to 8.2% in line with 2025 targets

_{1. Excluding €369 million negative impact of CNP Assurances PPA adjustments

2. Based on a comparable scope of consolidation and at constant exchange rates

3. Calculated based on 2020 operating expenses as restated for amortisation of Caixa/Santander distribution agreements

4. Excluding purchase price allocation adjustments, risk-weighted assets capitalised at 14%}

A robust capital structure

Dividend accrual of €1,542 million (including €1,256 million catch-up distribution)
- Robust CET1 ratio of 19.1%⁵ (post-dividend) at La Banque Postale level
- SCR coverage ratio of 217% (CNP Assurances)
- Rating agencies recognised an improved credit profile: ratings upgraded by Fitch Ratings to A with a stable outlook and by S&P Global Ratings to A+ with a stable outlook.

_{5. Estimated at 31 December 2021 and subject to approval by the supervisor}

Initial achievements under the 2025 strategic plan

Increased ownership of CNP Assurances: acquisition of BPCE’s 16.1% stake in CNP Assurances and announcement of a simplified public tender offer to be followed by a squeeze-out procedure (provided the necessary conditions are met) to give full control of CNP Assurances to La Banque Postale
Faster business model diversification:
- Diversified bancassurance model ramped up
- Creation of a Corporate and Investment Bank
- Split payments solution launched by La Banque Postale Consumer Finance
New brand platform launched, to support the dynamic transformation of our business impelled by our strategic plan
Retail Banking digital experience ramped up
New product range launched that makes our corporate and retail customers actors of the energy transition
Mission-led company status adopted, reflecting our commitment towards the just transition, with a dedicated steering committee chaired by Natacha Valla

The solid results published by La Banque Postale Group one year into its 2025 strategic plan have consolidated our business model as a European bancassurer and a market leader in impact finance. During the year, important structural milestones were reached. We completed a new stage in the integration of CNP Assurances by increasing our percentage ownership, we stepped up the digitisation of our Retail Banking offer and we created a new corporate and investment bank. All of our business lines delivered sound business and financial performances, in line with our objectives, confirming the relevance of La Banque Postale's increasingly diversified business model. The Group continues to benefit from a particularly robust balance sheet structure, with very strong capital and liquidity ratios providing the headroom needed to support future growth.

Philippe Heim, Chairman of La Banque Postale's Executive Board