La Banque Postale publishes its 2022 annual results

Solid financial results in line with the strategic plan, in an uncertain environment.

  • #Résultats financiers
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Solid financial results in 2022

  • Book attributable net profit up 66.6% to €1,060 million
  • Attributable net profit excluding PPA adjustments of €1,846 million (up 83.6%)
  • Higher business line net banking income, up 4.8%1 at €9,516 million
  • Contribution of international activities to net banking income up 18% (2021: 14%)
  • Improved business line C/I ratio at 65.6% (down 4.6 pts)1, reflecting a positive jaw effect
  • Low cost of risk at 16 bps (€216 million)
  • Increase in Group RONE2 to 14.4%, reflecting profitability above the targets

1. Excluding registration duty on the portfolio of over 7,600 housing units acquired by CNP Assurances from CDC Habitat, based on a comparable scope of consolidation and at constant exchange rates.
2. RONE = Attributable net profit/Average risk-weighted assets capitalised at 14%, excluding PPA adjustments.

A robust capital structure

  • Satisfactory solvency with a CET1 ratio of 14.7%3 based on IFRS 4, reflecting the impact of higher interest rates and before application of IFRS 17
  • Solid liquidity ratios, with the LCR at 147% and the NSFR at 129%
  • CNP Assurances’ SCR coverage ratio up 13 pts vs. 2021 at 230%
  • Robust risk profile, with a non-performing loan rate of 0.8%

3. Estimated.

Significant progress on implementing the strategic plan

  • Inclusive innovations in favor of purchasing power (first bank to offer free instant bank transfers) and the environment (launch of the Prêt Avance Rénovation)
  • New momentum in Wealth Management, driven by the launch of the private banking unit with Louvre Banque Privée as centre of expertise
    • Development potential mobilised in Wealth management (€73 billion in assets under management as of end-2022)
  • Faster development of the Asset Management business
    • Entry into exclusive negotiations for the project of acquisition by LBP Asset Management of 100% of La Financière de l'Echiquier
    • Extension of industrial Asset Management partnerships with BPCE, with the sale of LBP AM’s 45% interest in Ostrum AM and La Banque Postale’s 40% interest in AEW
  • Faster diversification in the Consumer Finance market, with the launch of Django
  • Final stage in the creation of a major bancassurance group
    • Public tender offer to acquire all of the shares in CNP Assurances
  • Development of open model distribution in international markets
    • In Brazil, acquisition by CNP Assurances of 100% of CNP Consórcios, Odonto Empresa in 2022 and 100% of Holding Seguros, Previsul and CNP Cap in early 2023
    • In Italy, acquisition by CNP Assurances of 100% of CNP Vita Assicura S.p.A, to support development of the local distribution partnerships
  •  Operational launch of the Corporate and Investment Bank on 1 January 2022

Leadership in impact finance affirmed

  • Mission-led company status adopted with ambitious commitments
  • Paris Agreement-aligned low-carbon pathways for the carbon-intensive sectors, approved by SBTi
  • Top worldwide across all non-financial ratings; La Banque Postale was awarded the prestigious A score by the CDP for its commitment to tackling climate change, for the second year running

Important milestones were achieved during the year, with the acquisition of 100% of CNP Assurances, the operational launch of our corporate and investment bank, and the establishment of our wealth management business led by Louvre Banque Privée. We also pursued the Group’s conversion to a more digital, more diversified and more customer-centric model. In last year’s inflationary environment, we proposed offers that supported the purchasing power of our customers in France, consisting of more responsible, innovative and inclusive products and solutions aligned with La Banque Postale’s image as an engaged institution committed to sustainability. Finally, by promoting some of the most ambitious climate commitments in the sector, La Banque Postale is one of the few banks in the world to have obtained an A score from the CDP based on our low-carbon pathway approved by SBTi. Emphasising its difference, our bank has responded to the expectations of its customers and society as a whole concerning the just transition.

Philippe Heim — Chairman of La Banque Postale’s Executive Board

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