- Attributable net profit down 11.3% vs. first-half 2023 at €515 million
- Net banking income of €3.6 billion, down 5.6% in first-half 2024 due to the decline in the insurance service result vs. the high basis of comparison created by favourable exceptional factors in first- half 2023 for CNP Assurances
- Limited growth in expenses, up 1.5% (up 0.1% like-for-like) at €2.5 billion
- Efficiently managed risk profile with a stable cost of risk (€100 million) representing 11 basis points of outstanding loans
- Decreased RONE, at 7.7% vs. 8.6% at 30 June 2023*$
RONE = Attributable net profit/Average risk-weighted assets capitalised at 14%
Non-financial performance
- Sustainable financing*$ as a percentage of total originations: 34%, up 9 pts vs. first-half 2023
- Marginal exposure to fossil fuels of 0.01%*$ at 30 June 2024
- Regulatory Green Asset Ratio (GAR)*$ of 5.5% at 31 December 2023
Total outstanding loans to individuals, businesses and institutional investors in support of the energy transition and social and regional projects
Unaudited data
Average ratio for six French banks: 3.6% at 31 December 2023
Financial structure
- A high level of solvency, with a CET1 ratio of 19%
- Robust liquidity ratios, with the LCR at 169% and the NSFR at 133%
- CNP Assurances Group SCR coverage ratio of 263% at 30 June 2024 (up 10 pts vs. 31 December 2023)
Implementation of the transformation plan
- By strengthening the fundamentals:
- Customer acquisition and equipment: 249,000 new retail customers and 19.2% growth in sales of affinity products*$ vs. first-half 2023
- Disciplined cost management in line with the cost rationalisation plan launched in 2023
- Closure of Ma French Bank underway
- Disposal of insurance operations in Cyprus in progress
- By developing growth and diversification levers:
- Corporate and Local Development Banking (CLDB, formerly CIB): development focused on business customers and financing local investment
- La Financière de l’Echiquier (LFDE) successfully integrated into the Asset Management division
- Project to create a major player in social protection in France: CNP Assurances/La Mutuelle Générale
- 20-year exclusive distribution agreement between CNP Assurances and Banco de Brasília
- By embedding our purpose in the model:
- Deployment of the Impact Weighting Factor (IWF) to cover all home loan, asset finance, project finance and commercial real estate loan originations
- Another milestone crossed in our drive to create a more inclusive working environment, with the signing of the 6th Diversity and Gender Equality agreement
- CNP Assurances placed first out of the world’s top 23 life insurers in terms of responsible investment policies in the 2024 ranking published by ShareAction, a UK-based NGO, in recognition of its climate and biodiversity commitments
- Elimination by CNP Assurances of term creditor insurance premium surcharges and exclusions for breast cancer survivors
Cards/property & casualty insurance/personal risk insurance/health insurance/new regular premium life insurance contracts, equity savings plans (PEA)/personal loans
Implementation of our transformation plan to create a more balanced business model is
beginning to bear fruit. The Retail Banking business’s drive to win new customers and increase
affinity sales has delivered good results, we have acted to streamline our unprofitable businesses
and costs have been kept under control in line with our cost rationalisation plan.
Stéphane Dedeyan — Chairman of La Banque Postale’s Executive Board
