Published on 03/08/2023

Financial Results Q2 2023

Underlying revenues of EUR 6.5 billion([1]), down -5.4% vs. Q2 22 
Underlying cost-to-income ratio, excluding contribution to the Single Resolution Fund, at 65.8%(1
Low cost of risk at 12 basis points in Q2 23, with limited defaults and a level of provisions for performing loans of EUR 3.7 billion at end-June 2023 
Underlying Group net income of EUR 1.2bn(1)(EUR 900 million on a reported basis) 
Underlying profitability (ROTE) at 7.6%(1)(5.6% on a reported basis) 

Underlying Group net income of EUR 2.7 billion(1) (EUR 1.8 billion on a reported basis) 
Underlying profitability (ROTE) at 9.1%(1) (5.6% on a reported basis)

CET 1 ratio of 13.1%(2) at end-June 2023, around 330 basis points above the regulatory requirement 
Liquidity Coverage Ratio at 152% at end Q2 23 and liquidity reserves at EUR 284 billion

Launch of the 2022 share buyback programme, for around EUR 440 million

Merger between the retail banking networks in France, IT migration completed 
Boursorama, 5 million clients milestone reached early July 2023, net result of EUR 47 million in Q2 23 
Acquisition of LeasePlan by ALD, transaction closed on 22 May 2023 
International Retail Banking, agreements in place to sell subsidiaries in Congo, Equatorial Guinea, Mauritania and Chad, and opening of strategic review on the Tunisian subsidiary 

Slawomir Krupa, the Group’s Chief Executive Officer, commented
“During the quarter, commercial activity was good in most businesses. Group revenues contracted due to the decline in the net interest margin in France and in market activities’ revenues against a backdrop of gradual normalisation after some particularly favourable years. Operating expenses were contained despite persistent inflationary trends. The cost of risk was very low, reflecting the quality of our origination and our loan portfolio. The Group shows a solid balance sheet with a CET 1 ratio at 13.1% and a robust liquidity profile. In addition, we pursued the execution of our ongoing strategic projects, notably the closing of the LeasePlan acquisition by ALD. The new management team has been fully operational since taking office on 24 May this year and is working to prepare the next chapter of the Group’s strategy. I will have the pleasure of presenting the new strategic and financial roadmap on 18 September at our Capital Markets Day to be held in London.”

(1) Underlying data (see Methodology note No. 5 for the transition from accounting data to underlying data), (2) Including IFRS 9 phasing, or 13.0% fully-loaded 
Asterisks* in the document refer to data at constant scope and exchange rates  
NB: 2022 data in this document was restated, in compliance with IFRS 17 and IFRS 9 for insurance entities