Published on 03/11/2023

Third Quarter 2023 earnings

The results are for the first time published and commented under the reported view, as announced during the Capital Markets Day

Quarterly revenues of EUR 6.2 billion, down by -6.2% vs. Q3 22, mainly as a result of the peak of the impact of short-term hedges on the net interest income reached in Q3 23 in French retail 
Cost-to-income ratio at 70.4% in Q3 23, with operating expenses increasing by less than +1% vs. Q3 22, at constant perimeter  
Low cost of risk at 21 basis points in Q3 23, now on expected to be below 20 basis points for FY 2023
Exceptional net income impact of EUR -610m[1] due to the goodwill impairment of the African, Mediterranean basin and Overseas activities and Equipment Finance activities for a total amount of around EUR -340 million, and also, the booking of a provision for Deferred Tax Assets for a total of around EUR -270 million 
Group net income of EUR 295 million (EUR 905 million excluding exceptional items1
Reported ROTE at 3.8% (6.0% excluding exceptional items1)

Revenues of EUR 19.1 billion 
Cost-to-income ratio at 72.4%[2], 68.9% excluding contribution to the Single Resolution Fund 
Cost of risk at 15 basis points 
Group net income of EUR 2.1 billion, vs. EUR 755 million in 9M-22 
Reported ROTE at 5.0%2,vs. 1.0% in 9M-22

CET 1 ratio of 13.3%[3] at end-Q3 23, around 350 basis points above the regulatory requirement 
Liquidity Coverage Ratio at 147% at end-Q3 23 
Stable deposit base vs. Q2 23 
Provision for distribution of EUR 1.33[4] per share, at end-September 2023

Record quarter for client acquisition at BoursoBank, with 412,000 new clients 
Creation of the brand Ayvens, following the completion of the LeasePlan acquisition by ALD 
Completion of the 2022 share buy-backs for a total of around EUR 440 million

Slawomir Krupa, the Group’s Chief Executive Officer, commented
This quarter was marked by a good commercial performance in most businesses, limited increase in operating expenses and a low cost of risk. Global Banking and Investor Solutions notably posted stable revenues compared to a high level last year, and International Retail Banking maintained a solid performance. The Group’s net result was penalized by the negative effect of short-term hedges on net interest income in French retail, the impact of which peaked in Q3 23. It also includes, as announced during our Capital Markets Day, exceptional accounting items, with no impact on the capital ratio, or on shareholder distribution. Finally, in line with previous quarters, the balance sheet is very solid with a CET 1 ratio of 13.3%, up 20 basis points, and a robust liquidity profile.


[1] Non-cash items with no impact on 2023 shareholder distribution 
[2] Cost-to-income ratio based on reported figures (vs. underlying previously), cost-to-income ratio and ROTE at 69.8% and 6.5% respectively excluding the contribution to the Single Resolution Fund 
[3] Phased-in ratio, pro-forma including Q3-23 results 
[4] Based on a pay-out ratio of 50% of the Group net income, at the high-end of the 40%-50% payout ratio, as per regulation, restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes

Note: 2022 figures restated in compliance with IFRS 17 and IFRS 9 for insurance entities, and in accordance with changes in performance reporting mentioned in appendix 3