Published on 06/05/2021

Results at March 31st 2021

SHARP REBOUND IN EARNINGS 
Revenues up +21% vs. Q1 20 at EUR 6.2bn (+25%*), with a good performance in all the businesses particularly in Global Markets, Financial Services and Financing & Advisory 
Continued discipline on costs, with underlying operating expenses down -2.2%(1) vs. Q1 20 despite the increase in the contribution to the Single Resolution Fund and variable charges in conjunction with the increase in revenues, leading to a very strong positive jaws effect 
Doubling of underlying gross operating income vs. Q1 20 to EUR 2.1bn(1) 
Underlying Group net income of EUR 1.3bn(1), reported Group net income of EUR 814 million 
Profitability (ROTE) at 10.1%(1)  

CONFIRMATION OF THE QUALITY OF THE BALANCE SHEET and the group’s financial SOLIDITY 
Low cost of risk at 21 basis points in Q1 21, with provisions on performing loans stable at a high level 
2021 cost of risk expected between 30 and 35 basis points 
CET 1 ratio level at 13.5%(2) at end-March 2021, around 450 basis points above the regulatory requirement 
Efficient capital allocation between businesses

2021 PRIORITIES: SUPPORTING CUSTOMERS AND EXECUTION OF STRATEGIC INITIATIVES TOWARDS SUSTAINABLE GROWTH 
Objective of supporting our customers in emerging from the crisis and their energy and digital transition 
Merger of the networks in France 
Expansion of growth drivers (record client onboarding at Boursorama and acquisition of the activities of Banco Sabadell by ALD) 

Definition of a new roadmap for Global Banking & Investor Solutions aimed at delivering sustainable growth 
Finalisation of the Group’s refocusing programme following the announcement of exclusive discussions being entered into with Amundi with a view to the disposal of Lyxor’s asset management activities 

Frédéric Oudéa, the Group’s Chief Executive Officer, commented:  
“This excellent start to the year confirms, in particular, the relevance of the decisions taken in recent quarters and their successful execution. It is a major milestone for the Group and enables us to approach 2021 with confidence and determination, confirming our ability to achieve our financial targets. In line with 2020, and in a still uncertain environment on the health and economic front, our teams have maintained their exceptional commitment to supporting our customers and economies. From a commercial and financial viewpoint, the sharp rebound in our revenues, in keeping with the two previous quarters, our continued cost discipline and good risk management have enabled a very significant recovery in our earnings and profitability. We have also provided further confirmation of the quality of our balance sheet and loan portfolio.  Consequently, over the next few quarters, priority will be given firstly to supporting our customers in gradually emerging from the crisis, relaunching their activity and adjusting their business models to digital and CSR challenges and secondly, to the effective implementation of our growth, innovation and operational efficiency initiatives which are strong value creators.”

 

(1) underlying data. See methodology note No. 5 for the transition from accounting data to underlying data

(2) including 25 basis points in respect of IFRS 9 phasing

The footnote * in this document corresponds to data adjusted for changes in Group Structure and at constant exchange rates