2023 Annual Results

In an uncertain macro-economic environment that has impacted retail banking activities, La Banque Postale Group reported improved results in 2023, led by the insurance businesses*$.

  • 2022 figures restated following the application of IFRS 17 (see methodology in the Appendices section).

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  • Attributable net profit up 36.2% vs 2022 at €995 million
  • Higher net banking income, up 16.7% vs. 2022 at €7,255 million, mainly lifted by favourable market effects at CNP Assurances
  • Improved cost-income ratio at 69.3% (down 9.2 points vs. 2022), reflecting a positive jaw effect
  • Low cost of risk at 11 basis points (€201 million)
  • Increased RONE, at 7.4% vs. 5.4% at end-2022*$
  • RONE = Attributable net profit/Average risk-weighted assets capitalised at 14%.

A robust capital structure

  • A high level of solvency, with a CET1 ratio of 18.1%
  • Robust liquidity ratios, with the LCR at 146% and the NSFR at 132%
  • Broad deposit base, with demand deposits holding up better than the market and a high proportion of Retail Banking deposits (95% of the total)
  • CNP Assurances Group SCR coverage ratio of 253% at end-2023
  • Controlled risk profile, with a low non-performing exposures rate of 0.9%.

Significant events

  • CNP Assurances Holding*$ created on 11 April 2023. Wholly-owned by La Banque Postale, it leads the Group’s insurance division comprising CNP Assurances SA (including its subsidiaries) and La Banque Postale’s four legacy insurance subsidiaries (Property & Casualty, Death/Disability, Health and Advisory);
  • Birth of a European key player in conviction-based asset management and multi-specialist solutions*$. La Financière de l'Échiquier (LFDE) was acquired by LBP AM in July 2023 and will be merged with Tocqueville Finance at the end of March 2024. The partnership with Aegon AM was extended until 2035;
  • Planned closure of Ma French Bank (MFB), La Banque Postale's online bank. The closure process is expected to take 12 to 18 months and is the subject of information-consultation procedures with employee representatives. Closure costs of €107 million were recognised in 2023, including business-related asset write-downs and restructuring provisions;
  • La Banque Postale is the only bank to have an indicator to measure the impact of its activities on the environmental, societal and territorial dimensions. The Impact Weighting Factor (IWF), which is innovative and was co-created with WWF France, was implemented in 2023 and covers 64% of the bank’s financing activities*$.
  • Named “CNP Assurances Group”.

  • LBP AM offers a wide range of tailor-made solutions to meet the specific needs of customers in terms of financial and non-financial management objectives.

  • Adopted on Asset and Project Finance, Commercial Real Estate Finance and Retail Home Loan.

Recognition for the Group’s community engagement and climate initiatives

  • Non-financial ratings: La Banque Postale was rated World’s Best Bank for ESG performance by Moody's ESG Solutions (74/100), AAA by MSCI, Best French bank and Third Best Bank Worldwide in the “Diversified banks” sector (out of a total of 329 rated banks) by Sustainalytics and A- by CDP with the “Leadership” level achieved for the fifth year running.
  • An enhanced range of socially responsible products to help individual customers support the just transition: an impact home loan offer has been launched and the IWF has been added to the criteria for pricing decisions.
  • LBP-LBP AM-CNP Assurances €1 billion impact infrastructure debt fund to help drive the energy transition: the fund will be financed by CNP Assurances, jointly allocated by La Banque Postale and LBP AM, and managed by LBP AM. It was launched in September 2023 and is classified as an “Article 8” fund for the application of the SFDR6. It will finance projects aligned with the Paris Agreement.

In an economic and geopolitical environment that has become tougher over the last two years, La Banque Postale Group reported higher profits in 2023, led by the insurance businesses.


In 2024, we will pursue our strategic ambition and consolidate our leadership in sustainable finance. With the new management team in place since January, the challenge now is to accelerate the transformation of our banking model and manage our businesses more tightly. The aim is to build a more balanced and, consequently, a more sustainable model that will enable us to serve all our individual, corporate and institutional customers in a manner that exemplifies our purpose. 

Stéphane Dedeyan — Chairman of La Banque Postale’s Executive Board

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