Published on 12/02/2015

Full-year and 4th quarter 2014 results

2014: Good performance by the businesses, contribution up +3.5%

  • Net banking income: EUR 23.6bn, +5.0%* vs. 2013                                                             
  • Stable business net banking income: -0.5%* vs. 2013
  • Good control of operating expenses: -1.9%* vs. 2013
  • Sharp decline in the Group’s net cost of risk: -25.2%* vs. 2013
  • Businesses’ operating income up +20.9%*
  • Increase in Group net income to EUR 2,692m vs. EUR 2,044m in 2013                 
  • Businesses’ contribution to Group net income: EUR 3,504m, +3.5% vs. 2013


  • Fully loaded Basel 3 CET1 ratio: 10.1% (10.0% at end-2013)
  •  Leverage ratio: 3.8% at end-2014
  •  EPS(1): EUR 2.92
  •  Proposed dividend: EUR 1.20 in cash (payout ratio of 40%)


Q4 14: Increase in Group net income to EUR 511m (Q4 13: EUR 191m)

  • Net banking income up +7.5%* vs. Q4 13
  •  Lower operating expenses*: -5.3%* vs. Q4 13
  •  Sharp decline in the net cost of risk: -10.5%* vs. Q4 13


*     When adjusted for changes in Group structure and at constant exchange rates.

**    Excluding non-economic items (revaluation of own financial liabilities and Debt Value Adjustment) for EUR +77m in Q4 14 and EUR -101m for 2014 in net banking income, or an impact on Group net income of respectively EUR +51m and EUR -66m; in Q4 13 (2013): impact in net banking income EUR -397m (EUR -1,509m); on Group net income EUR -261m (EUR -989m). See methodology notes.

Items relating to financial data for 2013 have been restated due to the implementation of IFRS 10 and 11 which apply retrospectively as from January 1st, 2014.


 (1) After deducting interest, net of tax effect, to be paid to holders of deeply subordinated notes and undated subordinated notes for 2014 (respectively EUR -413 million and  EUR -7 million), and correction of the effect of capital gains/losses on partial buybacks recorded over the period (i.e. EUR -6 million in Q1 14). See methodology note No. 3. Excluding the revaluation of own financial liabilities, and DVA (Debt Value Adjustment on financial instruments as a result of the implementation of IFRS 13), earnings per share calculated accordingly amounts to EUR 3.00.