PRESS RELEASE
RESULTS FOR THE 3RD QUARTER AND FIRST 9 MONTHS OF 2026
Paris, November 3, 2026
25% growth in net income1 in Q3-26
Very strong performance in Retail Banking in France
Strategic investment in Banco Sabadell in Spain
Project to acquire insurer GamaLife in Portugal
KEY FIGURES2
Q3-26
Net banking income up 9% vs. Q3-25, to €7.0bn
Cost/income ratio3 down 2.6pp YoY, to 60.7%
Net income1 of €1.4bn, up 25% YoY
9M-26
Net banking income up 10% YoY, to €20.9bn
Cost/income ratio3 down 3.8pp, to 62.1%
Net income of €3.8bn, up 28% YoY
Very high solvency level: CET1 ratio stood at 15.5%4 at end-September 2026
BUSINESS LINES
RETAIL BANKING IN FRANCE
Net banking income up 11% in 9M-26 YoY, driven by new-client acquisition and the net interest margin
- 610,000 new clients acquired YTD by the Banques Populaires and Caisses d’Epargne
- +€19bn off-balance sheet deposits & savings inflows for the two retail banking networks, and loan outstandings up 2% YoY
RETAIL BANKING IN EUROPE
Net banking income up 121% in 9M-26 YoY, to €1.3bn, with strong momentum at novobanco
- Loan outstandings up 8% YoY at novobanco
- +10% in new loan production YoY in 9M-26 for BPCE Equipment Solutions
INSURANCE & ASSET MANAGEMENT
Net banking income up 3% in 9M-26 YoY, including +7% for Insurance and +5% for Asset Management at constant exchange rates
- €13bn in life insurance gross inflows in 9M-26 for BPCE Assurances, up 10% YoY
- +€50bn5 in assets under management YTD in 9M-26 in Asset Management, driven by €19bn in new net inflows
CORPORATE & INVESTMENT BANKING
Net banking income up 6% in 9M-26 YoY at constant exchange rates
- +6% in net banking income for Global Markets in 9M-26 YoY at constant rates, including +15% in Fixed Income in Q3-26
- Net banking income up 8% for Global Banking in 9M-26 YoY at constant rates, driven by Global Trade and Real Assets
PERFORMANCE, SOLVENCY AND LIQUIDITY
Cost/income ratio of 60.7% in Q3-26 and 62.1% in 9M-26, representing a sharp improvement of 2.6pp and 3.8pp respectively YoY thanks to tight control over expenses
Stage 3 cost of risk of €639m in Q3-26, or 27bps6, down slightly YoY. Prudent provisioning policy that includes 7bps for future risks in Q3-26
Financial strength: CET1 ratio of 15.5%7 at end-September 2026; liquidity reserves of €347bn and LCR of 156% at end-September 2026
CONTINUED EXPANSION IN EUROPEAN RETAIL BANKING
Strategic investment in Banco Sabadell, Spain’s fourth-largest bank
- Friendly acquisition of a 7% equity stake
- Intention to take an active part in governance by obtaining a seat on the Board of Directors
- Exploration of industrial partnerships for the benefit of clients of both BPCE and Sabadell
Project to acquire GamaLife, novobanco’s partner insurance compagny
- Expansion of the bancassurance model in Portugal with the country’s 8th-largest insurance company
- GamaLife manages €7.5bn in assets for 500,000 clients with about 100 employees
The quarterly financial statements of Groupe BPCE for the period ended September 30, 2026, approved by the Management Board on November 2, 2026, were verified and reviewed by the Supervisory Board at a meeting convened on November 3, 2026, chaired by Éric Fougère.
The 2025 and Q1-26 historical data have been restated on a pro forma basis (see the appendix for the transition from reported data to pro forma data).
Unless stated otherwise, the financial data and related comments refer to the reported results of the Group and its business lines, and changes are expressed for Q3-26 versus Q3-25 and for 9M-26 versus 9M-25.
- Groupe BPCE
| €m | Q3-26 | Q3-25 | % Change | 9M-26 | 9M-25 | % Change |
| Net banking income | 6,983 | 6,410 | 9% | 20,903 | 19,029 | 10% |
| Operating expenses | (4,339) | (4,157) | 4% | (13,313) | (12,819) | 4% |
| Gross operating income | 2,644 | 2,253 | 17% | 7,590 | 6,211 | 22% |
| Cost of risk | (809) | (587) | 38% | (2,311) | (1,796) | 29% |
| Income before tax | 1,949 | 1,682 | 16% | 5,444 | 4,469 | 22% |
| Income tax | (497) | (515) | (4)% | (1,594) | (1,454) | 10% |
| Net income – Group share | 1,427 | 1,146 | 25% | 3,784 | 2,957 | 28% |
| Underlying cost to income ratio8 | 60.7% | 63.3% | (2.6)pp | 62.1% | 65.9% | (3.8)pp |
Groupe BPCE’s net banking income, at 6,983 million euros, was up 9% in Q3-26 and up 10% to stand at 20,903 million euros in 9M-26 thanks to buoyant commercial activity across all the business lines.
Revenues posted by Retail Banking in France (RBF) rose 7% in Q3-26 and 11% in 9M-26, reaching 4,266 million euros and 12,706 million euros respectively.
- The Banque Populaire and Caisse d’Epargne retail banking networks have won 610,000 new clients across all markets since the beginning of the year,
- Off-balance sheet deposits & savings inflows amounted to 19 billion euros at end-September 2026 on a year-on-year basis.
Revenues generated by Retail Banking in Europe (RBE) reached 580 million euros, up 167% in Q3-26, and stood at 1,268 million euros, up 121% in 9M-26.
- novobanco recorded an 8% increase in its loan outstandings9 position year-on-year,
- New loan production generated by BPCE ES rose 10% in 9M-26.
Revenues from the Insurance and Asset Management (IAM) business line reached 1,125 million euros in Q3-26, up 4%, and rose 3% to stand at 3,389 million euros in 9M-26.
- Life insurance gross inflows rose 10% YoY to stand at 13 billion euros in 9M-26,
- Assets under management in the Asset Management business have risen by 50 billion euros since the beginning of the year in 9M-26, with 19 billion euros in net new fund inflows.
Corporate & Investment Banking (CIB) revenues rose 5% in Q3-26 to stand at 1,188 million euros and reported 5% growth in 9M-26 to stand at 3,748 million euros.
- Global Markets revenues rose 6% in 9M-26 (at constant exchange rates),
- Revenues generated by the Americas and Asia-Pacific Middle East international platforms reported growth of 8% and 25% respectively in 9M-26.
Net interest income reached a total of 3.2 billion euros in Q3-26, up 30% YoY, and came to 9.1 billion euros in 9M-26, up 31% YoY.
Fees and commissions amounted to 2.9 billion euros in Q3-26, up 3% YoY, and stood at 8.4 billion euros in 9M-26, up 1% YoY.
Operating expenses rose 4% in Q3-26 and 9M-26, reaching 4,339 million euros and 13,313 million euros respectively.
The underlying cost/income ratio10 saw a 2.6pp improvement in Q3-26, to stand at 60.7%, and a 3.8pp improvement in 9M-26 to reach 62.1%.
Gross operating income came to 2,644 million euros in Q3-26, up 17%, and stood at 7,590 million euros in 9M-26, up 22%.
Cost of risk:
Performing loans are deemed to be classified in Stage 1 or Stage 2, and credit-impaired exposures are classified in Stage 3.
The cost of risk expressed in bps is annualized on gross customer loan outstandings at the beginning of the period.
| | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 |
| Groupe BPCE | |||||
| Cost of risk in €m | 587 | 669 | 654 | 7532 | 8012 |
| Cost of risk in bps | 27 | 30 | 29 | 322 | 342 |
| Stage 3 cost of risk in bps | 31 | 31 | 29 | 292 | 2711 |
| Retail Banking in France | |||||
| Cost of risk in bps | 26 | 31 | 26 | 34 | 37 |
| Retail Banking in Europe | |||||
| Cost of risk in bps | 28 | 9 | |||
| Corporate and Investment Banking | |||||
| Cost of risk in bps | 28 | 29 | 30 | 28 | 28 |
Groupe BPCE’s cost of risk amounted to -809 million euros in Q3-26, representing an improvement of 5% over the quarter.
The cost of risk on credit-impaired exposures (Stage 3) amounted to -639 million euros in Q3-26.
When expressed in basis points, it stood at 27bps2 in Q3-26, including 2bps from reversals of technical provisions at novobanco.
The cost of risk on performing loans classified in Stage 1 and Stage 2, at 7bps2, reflects the Group’s prudent provisioning policy.
For the business lines, the cost of risk on Stage 3 exposures in Q3-26 came to:
- 31bps for Retail Banking in France,
- 20bps for Retail Banking in Europe, including technical reversals at novobanco,
- 13bps for Corporate & Investment Banking.
At end-September 2026 for Groupe BPCE, total provisioning (provisions and non-performing loan ratios calculated on gross loan outstandings granted to customers and credit institutions) amounted to 17.3 billion euros. This item can be broken down as follows:
- Performing loans classified in Stage 1: 1.3 billion euros,
- Performing loans classified in Stage 2: 4.0 billion euros,
- Credit-impaired exposures classified in Stage 3: 11.9 billion euros.
The non-performing loan ratio on gross loan outstandings stood at 2.8% at September 30, 2026, +0.1pp versus end-December 2025.
Reported net income – Group share came to 1,427 million euros in Q3-26, up 25% YoY, and includes an exceptional tax contribution of 36 million euros.
In 9M-26, reported net income – Group share came to 3,784 million euros, up 28% YoY, and includes an exceptional tax contribution of 207 million euros.
- Acceleration of AI and the digital transformation for Groupe BPCE and its clients
1.4 Multiplication of AI use cases
- 72% of the Group’s employees were users at end-September 2026, versus 51% at end-September 2025,
- Rapid growth in the use of AI in mobile apps (1.1m conversations, +12% vs. Q2-26) and in transaction areas used by our clients,
- Development of AI in our sales tools (client relationship management, interview reports, financial analysis): >25m AI-driven business opportunities.
1.5 Our clients at the heart of digital technology
- 78% of clients were using our mobile apps at end-September 2026, versus 75% at end-September 2025,
- The BP and CE apps have climbed seven places and now rank 21st out of 145 worldwide. BPCE is now France’s No.1 approved retail bank,
- More than 90% of our clients’ most frequent operations are available in self-care (out of the top 20 most requested self-care operations),
- IPaidThat: launch of e-invoicing on September 1, 2026, as an accredited platform,
- Awards: Hexarq, the crypto-asset service, is recognized both by clients, who give it exceptional satisfaction scores, and by the industry, which has already given it several innovation awards:
- Best blockchain-based initiative at the ‘Bank Acceleration Awards 2026,’ presented by L’Agefi,
- ‘Special Award’ at the 2026 Qorus Banking Innovation Awards for ‘Digital Asset Innovation.’
- Groupe BPCE: a recognized positive-impact Group, fully mobilized in support of its clients
1.4 Improvement in all of Groupe BPCE’s non-financial ratings
- The non-financial (ESG) ratings are as follows:
- Sustainalytics: 15.5 as at September 202512,
- CDP Climate: A– as at December 2025,
- ISS ESG: B– as at August 2026,
- MSCI: AAA as at September 2026.
- Groupe BPCE now ranks among Europe’s leading banks in terms of ESG, reflecting accelerated impact with the implementation of the Vision 2030 strategic plan,
- Mobilization of all the Group’s companies and business lines to help our clients navigate the challenges raised by the transitions, across every local region and in the parts of the world in which we operate,
- Integration of ESG issues into financial processes and risk management,
- A responsible corporate and employer approach to our own footprint.
- Financial and non-financial indicators published at regular intervals, notably in the sustainability reports (CSRD) and the climate and biodiversity reports, across all E, S, and G dimensions.
1.5 Groupe BPCE is mobilizing its forces in support of all clients affected by the recent events in France
In response to the extensive damage in France during the recent demonstrations, a package of measures is being rolled out, with support tailored to each situation.
- Simplified insurance procedures for business clients insured with BPCE Assurances that have suffered damage:
- Claim-filing period extended to 30 calendar days,
- Faster compensation process, in close coordination with loss adjusters, so that expert assessment visits can be organized as quickly as possible,
- Easier payment of advances to deal with the most difficult situations,
- Coverage of the costs incurred to secure damaged premises and, if necessary, security guard costs for up to 72 hours,
- Provision of psychological assistance.
- Tailored support for business clients and merchants who suffered damage during the events:
- Launch of an express ‘business recovery’ loan with a 2.5% interest rate, for up to 30,000 euros over 3 to 5 years, with no arrangement fees,
- Launch of an express lease financing of up to 30,000 euros, with a preferential rent, no margin for the lessor, and no arrangement fees,
- Deferral of loan payments or lease rentals, assessed according to each client’s situation,
- Emergency replacement of destroyed payment terminals and customized suspension of electronic payment subscriptions.
- Capital, loss-absorbing capacity, liquidity and funding
1.4 CET1 ratio
Groupe BPCE’s CET1 ratio at end-September 2026 reached an estimated level of 15.5%. This change can be explained by the impact of:
- Retained earnings: +26bps,
- Change in risk-weighted assets: -15bps,
- Other Comprehensive Income items, regulatory adjustments and other adjustments: -11bps.
Groupe BPCE generated organic capital of 11bps over the quarter.
1.4 TLAC ratio
Total Loss-Absorbing Capacity (TLAC), estimated at end-September 2026, amounted to 135.7 billion euros. The TLAC ratio, expressed as a percentage of risk-weighted assets, is estimated at 27.3%13 at end-September 2026 (without taking account of senior preferred debt in the calculation of this ratio), well above the requirements set by the Financial Stability Board, which stood at 22.38% at October 1, 2026.
1.5 MREL ratio
Expressed as a percentage of risk-weighted assets at September 30, 2026, Groupe BPCE’s subordinated MREL ratio (without taking account of senior preferred debt in the calculation of this ratio) and total MREL ratio stood at 27.3%1 and 32.5% respectively, well above the minimum requirements set by the SRB at October 1, 2026, of 24.42%14 and 27.75% respectively2.
1.6 Leverage ratio
At September 30, 2026, the estimated leverage ratio stood at 4.8%.
1.7 High levels of liquidity reserves
The Liquidity Coverage Ratio (LCR) for Groupe BPCE stood at an average of 156% of end-of-month LCRs for the third quarter of 2026, a level well above the regulatory requirement of 100%.
Liquidity reserves amounted to 347 billion euros at end-September 2026.
1.8 TLAC funding program: 121% of the 2026 program already completed at September 30, 2026
For 2026, the size of the TLAC funding program – excluding structured private placements and Asset-Backed Securities (ABS) – is set at 11 billion euros, and the breakdown by debt class is as follows:
- 2.0 billion euros of Tier 2, and
- 9 billion euros of senior non-preferred debt.
At September 30, 2026, Groupe BPCE had raised 13.3 billion euros (excluding structured private placements and excluding ABS), representing 121% of the 11 billion euros program:
- 2.6 billion euros of Tier 2 (129% of requirements), and
- 10.7 billion euros of senior non-preferred debt (119% of requirements).
At September 30, 2026, Groupe BPCE had raised 1.5 billion euros of senior preferred debt, or 62% of the 2.5 billion euros requirement.
- Results of the business lines
Unless specified to the contrary, the following financial data and related comments refer to the reported results of the Group and its business lines. Changes express differences between Q3-26 and Q3-25 and between 9M-26 and 9M-25.
1.4 Retail Banking in France
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 4,266 | 7% | 12,706 | 11% |
| Operating expenses | (2,348) | 0% | (7,382) | 2% |
| Gross operating income | 1,918 | 17% | 5,324 | 26% |
| Cost of risk | (689) | 43% | (1,812) | 27% |
| Income before tax | 1,235 | 6% | 3,539 | 25% |
| Exceptional items | (55) | 41% | (146) | 38% |
| Underlying income before tax15 | 1,290 | 7% | 3,685 | 26% |
| Underlying cost/income ratio16 | 53.8% | (4.0)pp | 57.0% | (5.3)pp |
The net banking income of the Retail Banking in France business line rose 7% YoY to 4,266 million euros in Q3-26 and increased by 11% in 9M-26 to stand at 12,706 million euros.
At end-September 2026, loan outstandings rose 2% YoY to 739 billion euros.
On-balance sheet deposits & savings also rose 2% YoY to 717 billion euros at end-September 2026.
Off-balance sheet deposits & savings rose 7% YoY to stand at 300 billion euros at end-September 2026.
The activities of Financial Solutions & Expertise in France were buoyant, notably in consumer credit and leasing.
Net interest income generated by the retail banking networks rose 24% YoY in 9M-26.
Commissions generated by the retail banking networks rose 2% YoY in 9M-26.
Operating expenses remained under tight control, stable YoY in Q3-26 at 2,348 million euros, and
+2% YoY in 9M-26 at 7,382 million euros.
The underlying cost/income ratio2 improved significantly, by 4.0pp in Q3-26 to stand at 53.8%, and by 5.3pp in 9M-26 to 57.0%.
The gross operating income generated by the business line rose 17% in Q3-26 to 1,918 million euros and increased by 26% in 9M-26 to 5,324 million euros, benefiting from significant jaws effects.
The cost of risk amounted to -689 million euros in Q3-26, up 43%, and -1,812 million euros in 9M-26, representing an increase of 27%.
For the business line, income before tax amounted to 1,235 million euros in Q3-26, up 6%, and 3,539 million euros in 9M-26, up 25%.
Underlying income before tax1 stood at 1,290 million euros in Q3-26, up 7%, and came to 3,685 million euros in 9M-26, up 26%.
1.8.1 Banque Populaire retail banking network
The Banque Populaire retail banking network comprises 14 cooperative banks (12 regional Banques Populaires along with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual Guarantee Companies.
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 1,841 | 6% | 5,467 | 10% |
| Operating expenses | (1,040) | 1% | (3,257) | 3% |
| Gross operating income | 801 | 15% | 2,210 | 23% |
| Cost of risk | (282) | 19% | (830) | 23% |
| Income before tax | 530 | 13% | 1,417 | 24% |
| Exceptional items | (17) | +19% | (46) | +32% |
| Underlying income before tax17 | 547 | 13% | 1,462 | 24% |
| Underlying cost/income ratio18 | 55.6% | (3.3)pp | 58.7% | (4.4)pp |
Loan outstandings rose 1% YoY to stand at 307 billion euros at end-September 2026.
On-balance sheet deposits & savings rose 9 billion euros YoY at end-September 2026, with a 2% YoY increase in term deposits. Off-balance sheet deposits & savings rose by 8 billion euros YoY at end-September 2026.
In Q3-26, net banking income came to 1,841 million euros, representing growth of 6%.
In 9M-26, net banking income came to 5,467 million euros, up 10%. This total includes the following:
- 3,225 million euros of net interest income19,4 up 18%,
- 2,252 million euros of commissions20, up 2%.
Operating expenses, which remained under very tight control, came to 1,040 million euros in Q3-26, up slightly by 1%, and stood at 3,257 million euros in 9M-26, up 3%.
This resulted in a significant 3.3pp improvement in the underlying cost/income ratio2 in Q3-26, which stood at 55.6%, and a 4.4pp improvement in 9M-26 to 58.7%.
Gross operating income, which came to 801 million euros in Q3-26, rose 15%; it stood at 2,210 million euros
in 9M-26, equal to growth of 23%, benefiting from significant jaws effects.
The cost of risk came to -282 million euros in Q3-26, up 19%, and -830 million euros in 9M-26, up 23%. The cost of risk on credit-impaired exposures (Stage 3) came to -761 million euros in 9M-26, or 32bps.
Income before tax came to 530 million euros in Q3-26 (+13% YoY) and stood at 1,417 million euros in 9M-26 (+24%).
Underlying income before tax1 came to 547 million euros in Q3-26 (+13% YoY) and 1,462 million euros in 9M-26 (+24%).
1.8.2 Caisse d’Epargne retail banking network
The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries.
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 1,881 | 8% | 5,633 | 13% |
| Operating expenses | (1,016) | 0% | (3,228) | 1% |
| Gross operating income | 865 | 20% | 2,405 | 35% |
| Cost of risk | (336) | 71% | (818) | 35% |
| Income before tax | 528 | 0% | 1,586 | 34% |
| Exceptional items | (27) | 41% | (72) | 31% |
| Underlying income before tax21 | 555 | 2% | 1,658 | 34% |
| Underlying cost/income ratio22 | 52.6% | (4.8)pp | 56.0% | (7.0)pp |
Loan outstandings rose 2% YoY to 387 billion euros at end-September 2026.
On-balance sheet deposits & savings had risen by 4 billion euros YoY at end-September 2026, with a 2% YoY increase in term deposits. Off-balance sheet deposits & savings had increased by 11 billion euros YoY at end-September 2026.
In Q3-26, net banking income came to 1,881 million euros, representing growth of 8%.
In 9M-26, net banking income stood at 5,633 million euros, up 13%, comprising:
- 3,061 million euros of net interest income23,4 up 31%,
- 2,652 million euros of commissions24, up 2%.
Operating expenses, which remained under tight control, came to 1,016 million euros, stable in Q3-26, and stood at 3,228 million euros in 9M-26, up slightly by 1%.
This led to a very significant improvement in the underlying cost/income ratio2 of 4.8pp in Q3-26, to 52.6%, and a 7pp improvement in 9M-26 to 56.0%.
Gross operating income, which stood at 865 million euros in Q3-26, rose 20%; it came to 2,405 million euros in 9M-26, representing growth of 35%, benefiting from very significant jaws effects.
The cost of risk came to -336 million euros in Q3-26, up 71%, and amounted to -818 million euros in 9M-26, up 35%. The cost of risk on credit-impaired exposures (Stage 3) came to -798 million euros in 9M-26, or 27bps.
Income before tax amounted to 528 million euros in Q3-26 (stable) and stood at 1,586 million euros in 9M-26
(+34%).
Underlying income before tax1 came to 555 million euros in Q3-26 (+2%) and 1,658 million euros in 9M-26 (+34%).
1.8.3 Financial Solutions & Expertise in France
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 301 | 8% | 893 | 5% |
| Operating expenses | (145) | 3% | (441) | 1% |
| Gross operating income | 157 | 12% | 453 | 9% |
| Cost of risk | (40) | (8)% | (107) | (1)% |
| Income before tax | 117 | 22% | 346 | 13% |
| Exceptional items | (1) | ns | (2) | ns |
| Underlying income before tax25 | 118 | 22% | 347 | 12% |
| Underlying cost/income ratio26 | 47.8% | (2.3)pp | 49.1% | (1.8)pp |
In Financial Solutions & Expertise in France, revenues grew across all market segments, driven by sustained activity.
Retail banking services maintained a good level of activity, both in consumer credit, with average outstandings up 2% YoY, and in the Stock market business, which posted a 12% YoY increase in stock market orders processed.
In Corporate services, momentum was strong, with a 5% YoY increase in leasing outstandings and 6% revenue growth in factoring.
The real estate businesses were resilient with growth in outstandings financed by Socfim (+5% YoY) driven by medium- and long-term activity, and 23% revenue growth at BPCE Solutions Immobilières.
In Q3-26, net banking income came to 301 million euros, up 8%. In 9M-26, net banking income stood at 893 million euros, up 5%, benefiting from a positive jaws effect in both Q3-26 and 9M-26.
Operating expenses, which remained under tight control, came to 145 million euros in Q3-26 and 441 million euros in 9M-26, up 3% and 1% respectively.
This resulted in an improvement in the underlying cost/income ratio2 of 2.3pp in Q3-26, to 47.8%, and 1.8pp in 9M-26, to 49.1%.
Gross operating income, which came to 157 million euros in Q3-26, rose 12%; it stood at 453 million euros in
9M-26, representing 9% growth.
The cost of risk came to -40 million euros in Q3-26, down 8%, and stood at -107 million euros in 9M-26, down slightly by 1%.
Income before tax came to 117 million euros in Q3-26 (+22%) and 346 million euros in 9M-26 (+13%).
Underlying income before tax1 stood at 118 million euros in Q3-26 (+22%) and 347 million euros in 9M-26 (+12%).
1.5 Retail Banking in Europe
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 580 | 167% | 1,268 | 121% |
| Operating expenses | (270) | 102% | (652) | 81% |
| Gross operating income | 310 | 269% | 616 | 190% |
| Cost of risk | (11) | (78)% | (95) | (23)% |
| Income before tax | 309 | 806% | 535 | 506% |
| Exceptional items | (0) | ns | (0) | ns |
| Underlying income before tax27 | 309 | 806% | 535 | 505% |
| Underlying cost/income ratio28 | 46.5% | (14.8)pp | 51.4% | (11.5)pp |
Credit origination29 was buoyant at novobanco, amounting to 2.9 billion euros for the months of May to September 2026.
BPCE ES recorded strong growth in its business activities, with outstandings up 5% YoY in 9M-26.
In Q3-26, the net banking income of the Retail Banking in Europe business line came to 580 million euros, up 167% YoY.
In 9M-26, net banking income came to 1,268 million euros, up 121% YoY.
Operating expenses amounted to 270 million euros in Q3-26 and came to 652 million euros in 9M-26.
This resulted in a marked improvement in the underlying cost/income ratio2 equal to 14.8pp in Q3-26, to 46.5%, and an improvement of 11.5pp in 9M-26 to 51.4%.
Gross operating income came to 310 million euros in Q3-26 and stood at 616 million euros in 9M-26, benefiting from significant jaws effects.
The cost of risk came to -11 million euros in Q3-26, equal to a decline of 78%, and stood at -95 million euros in 9M-26, up 23%.
Income before tax came to 309 million euros in Q3-26 and 535 million euros in 9M-26.
Underlying income before tax1 came to 309 million euros in Q3-26 and 535 million euros in 9M-26.
1.8.4 novobanco
novobanco is Portugal’s fourth-largest bank; its acquisition by BPCE was finalized on April 30, 2026.
| €m | Q3-26 | 9M-2630 |
| Net banking income | 359 | 605 |
| Operating expenses | (134) | (230) |
| Gross operating income | 225 | 375 |
| Cost of risk | 35 | 45 |
| Income before tax | 270 | 433 |
| Exceptional items | – | – |
| Underlying income before tax31 | 270 | 433 |
| Underlying cost/income ratio32 | 37.4% | 38.0% |
Loan outstandings33 rose 8% year-to-date to reach a total of 32 billion euros at end-September 2026.
On-balance sheet deposits & savings rose by 2 billion euros YoY to stand at 33 billion euros at end-September 2026.
In Q3-26, net banking income came to 359 million euros. In 9M-26, it amounted to 605 million euros, comprising net interest income of 482 million euros and stable fees and commissions of 141 million euros.
Operating expenses amounted to 134 million euros in Q3-26 and 230 million euros in 9M-26.
The underlying cost/income ratio3 stood at 37.4% in Q3-26 and 38.0% in 9M-26.
Gross operating income amounted to 225 million euros in Q3-26 and 375 million euros in 9M-26.
The cost of risk came to +35 million euros in Q3-26 and +45 million euros in 9M-26.
Income before tax stood at 270 million euros in Q3-26 and 433 million euros in 9M-26.
Underlying income before tax2 stood at 270 million euros in Q3-26 and 433 million euros in 9M-26.
1.8.5 Financial Solutions & Expertise in Europe
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 221 | 2% | 662 | 16% |
| Operating expenses | (136) | 2% | (421) | 17% |
| Gross operating income | 86 | 2% | 241 | 13% |
| Cost of risk | (46) | (7)% | (139) | 13% |
| Income before tax | 39 | 15% | 101 | 15% |
| Exceptional items | (0) | ns | (0) | ns |
| Underlying income before tax34 | 39 | 15% | 101 | 15% |
| Underlying cost/income ratio35 | 61.4% | flat | 63.6% | 0.7pp |
BPCE ES activities enjoyed sharp growth in 9M-26, with leasing production up 10% vs. 9M-25 over nine months, particularly in Italy, and outstandings up 5% vs. 9M-25, spread across all countries.
Commercial activity was buoyant at oney, with average loan outstandings up 9% vs. 9M-25, particularly in Poland (+21%). Production rose 4% vs. 9M-25 in 9M-26, driven by non-merchant production (B2C).
In Q3-26, the business line’s net banking income came to 221 million euros, up 2%.
In 9M-26, net banking income came to 662 million euros, up 16%, driven by both BPCE ES and oney thanks to the development of their activities, and as a result of a scope effect.
Operating expenses came to 136 million euros in Q3-26, up 2%, and stood at 421 million euros in 9M-26, up 13%.
The underlying cost/income ratio2 was stable at 61.4% in Q3-26 and stood at 63.6% in 9M-26, up slightly by 0.7pp.
Gross operating income, at 86 million euros in Q3-26, reflected growth of 2%, and at 241 million euros in 9M-26, had risen by 13%.
The cost of risk came to -46 million euros in Q3-26, down 7%, and amounted to -139 million euros in 9M-26, up 13%.
Income before tax came to 39 million euros in Q3-26 (+15%) and 101 million euros in 9M-26
(+15%).
Underlying income before tax1 came to 39 million euros in Q3-26 (+15%) and 101 million euros in 9M-26 (+15%).
1.6 Insurance and Asset Management
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 1,125 | 4% | 3,389 | 3% |
| Operating expenses | (753) | 6% | (2,199) | 2% |
| Gross operating income | 372 | 0% | 1,190 | 6% |
| Income before tax | 456 | 22% | 1,271 | 13% |
| Exceptional items | (2) | (65)% | (6) | (55)% |
| Underlying income before tax36 | 458 | 20% | 1,277 | 12% |
| Underlying cost/income ratio37 | 66.7% | 1.7pp | 64.7% | (0.7)pp |
In life insurance, the share of unit-linked products in total assets under management exceeded 40% for the first time.
Net inflows in Asset Management38 amounted to an aggregate 19 billion euros in 9M-26.
In Q3-26, the business line’s net banking income came to 1,125 million euros, up 4%.
In 9M-26, net banking income stood at 3,389 million euros, up 3%.
Operating expenses came to 753 million euros in Q3-26, up 6%, and stood at 2,199 million euros in 9M-26, up 2%.
The underlying cost/income ratio2 came to 66.7% in Q3-26, up 1.7pp, and improved in 9M-26 to 64.7% (down 0.7pp).
Gross operating income, at 372 million euros in Q3-26, remained stable, and rose 6% to 1,190 million euros in 9M-26.
Income before tax came to 456 million euros in Q3-26 (+22%) and 1,271 million euros in 9M-26 (+13%).
Underlying income before tax1 came to 458 million euros in Q3-26 (+20%) and 1,277 million euros in 9M-26 (+12%).
1.8.6 Insurance
The results presented below concern BPCE Assurances and CEGC.
| €m | Q3-26 | % Change | 9M-26 | % Change |
| Net banking income | 227 | (4)% | 766 | 7% |
| Operating expenses39 | (44) | 1% | (137) | 1% |
| Gross operating income | 183 | (6)% | 629 | 8% |
| Income before tax | 182 | (7)% | 634 | 7% |
| Exceptional items | (1) | ns | (2) | ns |
| Underlying income before tax40 | 183 | (9)% | 636 | 6% |
| Underlying cost/income ratio41 | 19.2% | 2.3pp | 17.6% | (0.3)pp |
In 9M-26, premium income42 rose 10% YoY to reach a total of 16.9 billion euros.
Gross inflows in life insurance amounted to 13.3 billion euros in 9M-26, up 10% YoY.
Protection turnover amounted to 3.6 billion euros in 9M-26 (+9% YoY), driven by all the business lines.
The non-life insurance segment recorded higher claims due to exceptional weather events in Q3-26, notably storms, severe hail, and record drought.
Assets under management4 in life insurance amounted to 134 billion euros at end-September 2026, up 7% since the beginning of the year, driven by high net inflows of 7.7 billion euros. Net inflows were also positive in both euro-denominated funds and unit-linked products.
In Q3-26, the net banking income of the Insurance business line stood at 227 million euros, down 4%.
In 9M-26, net banking income came to 766 million euros, up 7%.
Operating expenses, which remained under tight control, amounted to 44 million euros in Q3-26 (+1%) and 137 million euros in 9M-26 (+1%).
The underlying cost/income ratio2 rose 2.3pp in Q3-26, to 19.2%, and improved by 0.3pp in 9M-26, to 17.6%.
Gross operating income, which stood at 183 million euros in Q3-26, was down 6% but, at 629 million euros in 9M-26, was up 8%.
Income before tax came to 182 million euros in Q3-26 (-7%) and 634 million euros in 9M-26 (+7%).
Underlying income before tax1 came to 183 million euros in Q3-26 (-9%) and 636 million euros in 9M-26 (+6%).
1.8.7 Asset Management
| €m | Q3-26 | % Change | Constant Fx % change | 9M-26 | % Change | Constant Fx % change |
| Net banking income | 898 | 6% | 5% | 2,623 | 2% | 5% |
| Operating expenses | (709) | 6% | 6% | (2,062) | 2% | 4% |
| Gross operating income | 189 | 6% | 5% | 560 | 4% | 7% |
| Income before tax | 274 | 54% | 637 | 19% | ||
| Exceptional items | (2) | (46)% | (4) | (36)% | ||
| Underlying income before tax43 | 276 | 52% | 641 | 18% | ||
| Underlying cost/income ratio44 | 78.8% | 0.2pp | 78.5% | (0.3)pp |
In Asset Management, assets under management45 stood at 1,317 billion euros at end-September 2026, thanks to positive inflows and favorable market and exchange rate effects. Assets under management have risen by 4% since the beginning of the year compared with the pro forma end-2025 level.
Net inflows in Asset Management3 reached 19 billion euros in 9M-26 (of which 1.1 billion euros in Q3-26), chiefly in favor of fixed income strategies, driven by DNCA and Loomis Sayles, with a positive contribution from private assets since the beginning of the year.
In Asset Management, in 9M-26, the total fee rate (excluding performance fees) enjoyed growth, reflecting the positive impact of the Edward Jones transaction on the product mix.
In Q3-26, the net banking income of the Asset Management business line came to 898 million euros, up 5% at constant exchange rates (+6% at current exchange rates).
In 9M-26, net banking income came to 2,623 million euros, up 5% at constant exchange rates (+2% at current exchange rates).
Operating expenses came to 709 million euros in Q3-26, up 6% at constant exchange rates (+6% at current exchange rates), and stood at 2,062 million euros in 9M-26, up 4% at constant exchange rates (+2% at current exchange rates).
The underlying cost/income ratio2 stood at 78.8% in Q3-26, +0.2pp, and 78.5% in 9M-26, -0.3pp.
Gross operating income, which came to 189 million euros in Q3-26, enjoyed 5% growth at constant exchange rates (+6% at current exchange rates); it stood at 560 million euros in 9M-26, representing growth of 7% at constant exchange rates (+4% at current exchange rates).
Income before tax came to 274 million euros in Q3-26 (+54%) and 637 million euros in 9M-26 (+19%).
Underlying income before tax1 amounted to 276 million euros in Q3-26 (+52%) and 641 million euros in 9M-26 (+18%).
1.7 Corporate & Investment Banking
| €m | Q3-26 | % change | Constant Fx % change |
9M-26 | % Change | Constant Fx % change |
| Net banking income | 1,188 | 5% | 5% | 3,748 | 5% | 6% |
| Operating expenses | (762) | 4% | 4% | (2,335) | 4% | 5% |
| Gross operating income | 426 | 7% | 7% | 1,413 | 6% | 8% |
| Cost of risk | (62) | 17% | (181) | 4% | ||
| Income before tax | 374 | 5% | 1,257 | 6% | ||
| Exceptional items | (5) | ns | (14) | 21% | ||
| Underlying income before tax46 | 379 | 6% | 1,271 | 6% | ||
| Underlying cost/income ratio47 | 63.7% | (0.7)pp | 61.9% | (0.5)pp |
The net banking income of the Corporate and Investment Banking business line amounted to 1.2 billion euros in Q3-26 (+5% YoY at constant exchange rates) and 3.7 billion euros in 9M-26 (+6% YoY at constant exchange rates).
Global Markets revenues amounted to 628 million euros in Q3-26, up 2% YoY at constant exchange rates, and 2.1 billion euros in 9M-26, up 6% YoY at constant exchange rates.
FIC-T revenues came to 513 million euros in Q3-26, up 15% at constant exchange rates (1.4 billion euros since the beginning of the year, up 2%), supported by a solid performance in the Credit, Foreign Exchange and Commodities asset classes.
Revenues from the Equity business came to 686 million euros in 9M-26, up 23% YoY at constant exchange rates. These results were driven by a very strong performance in Derivatives (including 115 million euros in Q3-26).
Global Banking revenues amounted to 563 million euros in Q3-26, up 13% YoY at constant exchange rates, and 1.7 billion euros in 9M-26 (up 8% YoY at constant exchange rates). They were driven by solid performances in Global Trade (+26% YoY at constant exchange rates) and Real Assets (+66% YoY at constant exchange rates).
Operating expenses amounted to 762 million euros in Q3-26, up 4% at constant exchange rates (+4% at current exchange rates), and came to 2,355 million euros in 9M-26, up 5% at constant exchange rates (+4% at current exchange rates).
The underlying cost/income ratio2 improved thanks to positive jaws effects, to 63.7% in Q3-26
, -0.7pp, and 61.9% in 9M-26, -0.5pp.
Gross operating income, at 426 million euros in Q3-26, rose 7% at constant exchange rates (+7% at current exchange rates), and at 1,413 million euros in 9M-26, rose 8% at constant exchange rates (+6% at current exchange rates).
Income before tax came to 374 million euros in Q3-26 (+5%) and 1,257 million euros in 9M-26 (+6%).
Underlying income before tax1 came to 379 million euros in Q3-26 (+6%) and 1,271 million euros in 9M-26 (+6%).
- ANNEXES
1.9 Notes on methodology
Exceptional items
- Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.
Net banking income
- Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.
Operating expenses
- Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the 2024 Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”
Cost/income ratio
- Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
- Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.
Cost of risk
- The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.
Loan oustandings and deposits & savings
- Loan outstandings and deposits & savings are expressed as annual average.
Restatements regarding transitions from book outstandings to outstandings under management are as follows:
- Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
- Deposits & savings: the scope of outstandings under management include deposits linked to group issuances “emprunts réseaux” (client deposits).
Capital Adequacy
- Common Equity Tier 1 is determined in accordance with the applicable CRR III/CRD VI rules, after deductions.
- Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
- The leverage ratio is calculated in accordance with the applicable CRR III/CRD VI rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).
Total loss-absorbing capacity
The Total Loss-Absorbing Capacity (TLAC) requirement is determined by article 92a of CRR.
The TLAC numerator consists of the 4 following items:
- Common Equity Tier 1 in accordance with the applicable CRR III/CRD VI rules,
- Additional Tier-1 capital in accordance with the applicable CRR III/CRD VI rules,
- Tier-2 capital in accordance with the applicable CRR III/CRD VI rules,
- Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
- The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
- The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
- The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.
Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
Liquidity
Total liquidity reserves comprise the following:
- Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
- LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
- Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.
Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
Customer deposits are subject to the following adjustments:
- Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
- Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.
Business line indicators – BP & CE networks
Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.
Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.
Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.
Financing the transition and decarbonation: sum of loans that have received a sustainable green and/or green transition qualification and loans whose contractual interest rate is indexed to extra-financial performance.
% of sales initiated digitally refers to the proportion of total sales that were generated from digital pathways (mobile app / website).
Business line indicators – Insurance
The percentage of individual clients insured corresponds to the proportion of principal banking customers of legal age with an auto, 2-wheeler, home, civil liability/private life, personal accident, comprehensive personal accident, legal protection, health, mobile or provident insurance policy on a given date.
The percentage of active professional clients holding insurance products corresponds to the proportion of active professional customers with a Professional Auto, Professional Multi-risk Property, Professional Health or Professional Provident insurance policy on a given date.
The penetration rate on loan guarantees for individual clients corresponds to the production of individual mortgages guaranteed by CEGC as a proportion of the production of individual mortgages by BP or CE entities (cumulative view to date since the beginning of the year).
Digital indicators
Number of cumulative sales generated from digital refers to sales generated from digital pathways (mobile app / website).
The number of active main banking clients use digital services on mobile apps corresponds to the number of individual customers who have made at least one visit via a mobile app in a given month. This metric only includes customers whose main banking activity is conducted through the account of a bank or savings bank.
1.10 Reconciliation of 2025 data pro forma data
| Retail banking in France |
Q1-25 | Q2-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | 4,140 | (2,642) | 973 | (250) | 720 | 4,195 | (2,596) | 1,133 | (307) | 820 |
| Sectoral reallocation | (391) | 145 | (213) | 57 | (158) | (445) | 174 | (235) | 50 | 184 |
| Pro forma figures | 3,749 | (2,497) | 760 | (193) | 562 | 3,750 | (2,422) | 898 | (257) | 636 |
| Retail banking in France |
Q3-25 | Q4-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | 4,439 | (2,519) | 1,399 | (380) | 1,011 | 4,729 | (2,694) | 1,444 | (332) | 1,104 |
| Sectoral reallocation | (456) | 178 | (230) | 62 | (166) | (465) | 189 | (235) | 69 | (165) |
| Pro forma figures | 3,983 | (2,341) | 1,169 | (318) | 845 | 4,264 | (2,505) | 1,205 | (263) | 939 |
| Retail banking in Europe |
Q1-25 | Q2-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | – | – | – | – | – | – | – | – | – | – |
| Sectoral reallocation | 144 | (98) | 13 | (8) | 6 | 211 | (129) | 41 | (11) | 29 |
| Pro forma figures | 144 | (98) | 13 | (8) | 6 | 211 | (129) | 41 | (11) | 29 |
| Retail banking in Europe |
Q3-25 | Q4-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | – | – | – | – | – | – | – | – | – | – |
| Sectoral reallocation | 218 | (134) | 34 | (14) | 16 | 224 | (142) | 39 | (14) | 19 |
| Pro forma figures | 218 | (134) | 34 | (14) | 16 | 224 | (142) | 39 | (14) | 19 |
| Insurance & Asset management | Q1-25 | Q2-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | – | – | – | – | – | – | – | – | – | – |
| Sectoral reallocation | 1,102 | (730) | 370 | (94) | 264 | 1,094 | (717) | 382 | (90) | 278 |
| Pro forma figures | 1,102 | (730) | 370 | (94) | 264 | 1,094 | (717) | 382 | (90) | 278 |
| Insurance & Asset management | Q3-25 | Q4-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | – | – | – | – | – | – | – | – | – | – |
| Sectoral reallocation | 1,082 | (711) | 374 | (95) | 265 | 1,221 | (788) | 440 | (119) | 305 |
| Pro forma figures | 1,082 | (711) | 374 | (95) | 265 | 1,221 | (788) | 440 | (119) | 305 |
| Corporate & Investment banking | Q1-25 | Q2-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | 1,247 | (790) | 400 | (98) | 304 | 1,249 | (786) | 412 | (109) | 302 |
| Scope effect | (19) | 25 | (7) | 2 | (3) | (28) | 34 | (6) | 3 | (4) |
| Pro forma figures | 144 | (98) | 13 | (8) | 6 | 211 | (129) | 41 | (11) | 29 |
| Corporate & Investment banking | Q3-25 | Q4-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | 1,160 | (768) | 349 | (88) | 263 | 1,161 | (842) | 268 | (68) | 195 |
| Scope effect | (31) | 39 | (8) | 2 | (5) | (95) | 81 | (14) | 3 | (7) |
| Pro forma figures | 218 | (134) | 34 | (14) | 16 | 224 | (142) | 39 | (14) | 19 |
| Corporate center | Q1-25 | Q2-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | 62 | (244) | (226) | (75) | (300) | 11 | (249) | (265) | (4) | (269) |
| Scope effect | 19 | (26) | (7) | 2 | (4) | 28 | (34) | (6) | 2 | (4) |
| Pro forma figures | 81 | (270) | (233) | (73) | (304) | 39 | (283) | (271) | (3) | (273) |
| Corporate center | Q3-25 | Q4-25 | ||||||||
| €m | Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
Net banking income | Operating expenses | Income before tax | Income tax |
Net income |
| Reported figures | (33) | (203) | (244) | – | (245) | (177) | (193) | (369) | 15 | (354) |
| Scope effect | 31 | (39) | (8) | 2 | (4) | 96 | (82) | 14 | (4) | 7 |
| Pro forma figures | (2) | (242) | (252) | 2 | (249) | (81) | (274) | (355) | 11 | (347) |
1.11 Q3-26 & Q3-25 results: reconciliation of reported data to alternative performance measures
| €m | Net banking income | Operating expenses | Cost of risk | Share in net income of associates | Gains or losses on others assets | Income before tax | Net income – Group share | ||||||||
| Reported Q3-26 results | 6,983 | (4,339) | (809) | 22 | 92 | 1,949 | 1,427 | ||||||||
| Transformation and reorganization costs | Business lines/Corporate center | 3 | (71) | (3) | (71) | (53) | |||||||||
| Disposals | Corporate center | (1) | (1) | (1) | |||||||||||
| Acquisitions | Corporate center | (3) | (23) | (5) | (31) | (13) | |||||||||
| Exceptional surcharge | (8) | (8) | (16) | ||||||||||||
| Divers | (36) | ||||||||||||||
| Q3-26 results excluding exceptional items | 6,983 | (4,238) | (804) | 25 | 92 | 2,059 | 1,546 | ||||||||
| €m | Net banking income | Operating expenses | Cost of risk | Share in net income of associates | Gains or losses on others assets | Income before tax | Net income – Group share | ||||||||
| Reported Q3-25 results | 6,410 | (4,157) | (587) | 24 | (9) | 1,682 | 1,146 | ||||||||
| Transformation and reorganization costs | Business lines/Corporate center | (53) | 1 | (52) | (38) | ||||||||||
| Disposals | Corporate center | (1) | (1) | (1) | |||||||||||
| Acquisitions | Corporate center | (27) | (29) | 10 | (47) | (35) | |||||||||
| Exceptional surcharge | 1 | 1 | |||||||||||||
| Divers | (32) | ||||||||||||||
| Q3-25 results excluding exceptional items | 6,437 | (4,075) | (596) | 24 | (8) | 1,781 | 1,252 | ||||||||
1.12 9M-26 & 9M-25 results: reconciliation of reported data to alternative performance measures
| €m | Net banking income | Operating expenses | Cost of risk | Share in net income of associates | Gains or losses on others assets | Income before tax | Net income – Group share | ||
| Reported 9M-26 results | 20,903 | (13,313) | (2,311) | 65 | 99 | 5,444 | 3,784 | ||
| Transformation and reorganization costs | 2 | (176) | (10) | (184) | (139) | ||||
| Disposals | (2) | (2) | (2) | ||||||
| Acquisitions | (21) | (108) | (94) | (223) | (159) | ||||
| Exceptional surcharge | (26) | (26) | (74) | ||||||
| Divers | (207) | ||||||||
| 9M-26 results excluding exceptional items | 20,921 | (13,002) | (2,217) | 75 | 100 | 5,879 | 4,364 | ||
| €m | Net banking income | Operating expenses | Cost of risk | Share in net income of associates | Gains or losses on others assets | Income before tax | Net income – Group share | ||
| Reported 9M-25 results | 19,029 | (12,819) | (1,796) | 57 | (15) | 4,469 | 2,957 | ||
| Transformation and reorganization costs | Business lines/Corporate center | (118) | (0) | (118) | (88) | ||||
| Disposals | Corporate center | (2) | (2) | (2) | |||||
| Acquisitions | Corporate center | (27) | (111) | (39) | (178) | (129) | |||
| Exceptional surcharge | Business lines/Corporate center | 1 | (29) | (1) | (29) | (22) | |||
| Divers | Corporate center | (138) | |||||||
| 9M-25 results excluding exceptional items | 19,055 | (12,560) | (1,757) | 57 | (12) | 4,796 | 3,335 | ||
1.13 Q3-26 & Q3-25 results: underlying cost in income ratio
| €m | Net banking Income |
Operating expenses |
Underlying cost income ratio |
| Q3-26 reported figures | 6,983 | (4,339) | |
| Impact of exceptional items | (101) | ||
| Q3-26 underlying figures | 6,983 | (4,238) | 60.7% |
| €m | Net banking income |
Operating expenses |
Underlying cost income ratio |
| Q3-25 reported figures | 6,410 | (4,157) | |
| Impact of exceptional items | (27) | (82) | |
| Q3-25 underlying figures | 6,437 | (4,075) | 63.3% |
1.14 9M-26 & 9M-25 results: underlying cost to income ratio
| €m | Net banking income |
Operating expenses |
Underlying cost income ratio |
| 9M-26 reported figures | 20,903 | (13,313) | |
| Impact of exceptional items | (19) | (310) | |
| 9M-26 underlying figures | 20,921 | (13,002) | 62.1% |
| €m | Net banking income |
Operating expenses |
Underlying cost income ratio |
| 9M-25 reported figures | 19,029 | (12,819) | |
| Impact of exceptional items | (26) | (259) | |
| 9M-25 underlying figures | 19,055 | (12,560) | 65.9% |
1.15 Groupe BPCE: quarterly income statement per business line
| RETAIL BANKING IN FRANCE |
RETAIL BANKING IN EUROPE |
INSURANCE & ASSET MANAGEMENT |
CORPORATE & INVESTMENT BANKING |
GROUPE BPCE |
|||||||
| €m | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | % |
| Net banking income | 4,266 | 3,983 | 580 | 218 | 1,125 | 1,082 | 1,188 | 1,129 | 6,983 | 6,410 | 9% |
| Operating expenses | (2,348) | (2,341) | (270) | (134) | (753) | (711) | (762) | (729) | (4,339) | (4,157) | 4% |
| Gross operating income | 1,918 | 1,642 | 310 | 84 | 372 | 371 | 426 | 399 | 2,644 | 2,253 | 17% |
| Cost of risk | (689) | (481) | (11) | (50) | (8) | 0 | (62) | (53) | (809) | (587) | 38% |
| Income before tax | 1,235 | 1,169 | 309 | 34 | 456 | 374 | 374 | 357 | 1,949 | 1,682 | 16% |
| Income tax | (323) | (318) | (62) | (14) | (98) | (95) | (94) | (90) | (497) | (515) | (4)% |
| Non-controlling interests | (5) | (6) | (6) | (3) | (14) | (14) | (1) | 1 | (25) | (22) | 16% |
| Net income – Group share | 907 | 845 | 241 | 16 | 344 | 265 | 279 | 268 | 1,427 | 1,146 | 25% |
1.16 Groupe BPCE: 9-months income statement per business line
| RETAIL BANKING IN FRANCE |
RETAIL BANKING IN EUROPE |
INSURANCE & ASSET MANAGEMENT |
CORPORATE & INVESTMENT BANKING |
GROUPE BPCE |
|||||||
| €m | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 | % |
| Net banking income | 12,706 | 11,482 | 1,268 | 573 | 3,389 | 3,279 | 3,748 | 3,578 | 20,903 | 19,029 | 10% |
| Operating expenses | (7,382) | (7,260) | (652) | (360) | (2,199) | (2,158) | (2,335) | (2,246) | (13,313) | (12,819) | 4% |
| Gross operating income | 5,324 | 4,222 | 616 | 212 | 1,190 | 1,121 | 1,413 | 1,332 | 7,590 | 6,211 | 22% |
| Cost of risk | (1,812) | (1,422) | (95) | (123) | (17) | (8) | (181) | (174) | (2,311) | (1,796) | 29% |
| Income before tax | 3,539 | 2,827 | 535 | 88 | 1,271 | 1,126 | 1,257 | 1,183 | 5,444 | 4,469 | 22% |
| Income tax | (920) | (769) | (110) | (33) | (280) | (279) | (319) | (300) | (1,594) | (1,454) | 10% |
| Non-controlling interests | (10) | (15) | (12) | (4) | (44) | (39) | (4) | (1) | (67) | (57) | 17% |
| Net income – Group share | 2,609 | 2,043 | 413 | 51 | 947 | 808 | 934 | 881 | 3,784 | 2,957 | 28% |
1.17 Groupe BPCE: quarterly series
| GROUPE BPCE | ||||||||
| €m | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 | |
| Net banking income | 6,305 | 6,315 | 6,410 | 6,693 | 6,758 | 7,162 | 6,983 | |
| Operating expenses | (4,359) | (4,304) | (4,157) | (4,471) | (4,490) | (4,483) | (4,339) | |
| Gross operating income | 1,946 | 2,011 | 2,253 | 2,222 | 2,267 | 2,679 | 2,644 | |
| Cost of risk | (651) | (559) | (587) | (669) | (654) | (848) | (809) | |
| Income before tax | 1,318 | 1,468 | 1,682 | 1,583 | 1,631 | 1,865 | 1,949 | |
| Net income – Group share | 835 | 976 | 1,146 | 1,104 | 1,008 | 1,349 | 1,427 | |
1.18 Groupe BPCE: consolidated balance sheet
| ASSETS €m |
Sept. 30, 2026 | Dec. 31, 2025 |
| Cash and amounts due from central banks | 141,879 | 133,938 |
| Financial assets at fair value through profit or loss | 270,576 | 239,646 |
| Hedging derivatives | 11,684 | 6,398 |
| Financial assets at fair value through other comprehensive income | 70,813 | 63,971 |
| Securities at amortized cost | 36,017 | 26,851 |
| Loans and advances to banks and similar | 126,136 | 122,373 |
| Loans and advances to customers | 929,482 | 879,407 |
| Revaluation difference on interest rate risk-hedged portfolios | (6,267) | (2,201) |
| Financial investments of insurance activities | 136,976 | 129,597 |
| Insurance contracts issued – Assets | 1,104 | 1,168 |
| Reinsurance contracts held – Assets | 9,085 | 9,188 |
| Current tax assets | 656 | 796 |
| Deferred tax assets | 5,491 | 4,292 |
| Accrued income and other assets | 16,976 | 14,931 |
| Non-current assets held for sale | 31 | 197 |
| Investments accounted for using equity method | 2,427 | 2,200 |
| Investment property | 1,251 | 984 |
| Property, plant and equipment | 7,175 | 6,645 |
| Intangible assets | 1,701 | 1,328 |
| Goodwill | 6,074 | 4,023 |
| TOTAL ASSETS | 1,769,269 | 1,645,733 |
| LIABILITIES €m |
Sept. 30, 2026 | Dec. 31, 2025 |
| Amounts due to central banks | 16 | 12 |
| Financial liabilities at fair value through profit or loss | 260,808 | 233,777 |
| Hedging derivatives | 13,739 | 13,251 |
| Debt securities | 297,337 | 283,035 |
| Amounts due to banks and similar | 114,897 | 90,939 |
| Amounts due to customers | 800,363 | 757,253 |
| Revaluation difference on interest rate risk-hedged portfolios, liabilities | (235) | 25 |
| Insurance contracts issued – Liabilities | 136,805 | 129,971 |
| Reinsurance contracts held – Liabilities | 82 | 109 |
| Current tax liabilities | 2,251 | 2,433 |
| Deferred tax liabilities | 1,825 | 1,491 |
| Accrued expenses and other liabilities | 25,702 | 20,528 |
| Liabilities associated with non-current assets held for sale | 7 | 21 |
| Provisions | 5,429 | 4,613 |
| Subordinated debt | 17,460 | 18,012 |
| Shareholders’ equity | 92,781 | 90,264 |
| Equity attributable to equity holders of the parent | 91,823 | 89,309 |
| Non-controlling interests | 959 | 955 |
| TOTAL LIABILITIES | 1,769,269 | 1,645,733 |
1.19 Groupe BPCE: Statement of changes in shareholder’s equity
| €m | Equity attributable to shareholders’ equity |
| January 1st, 2026 | 89,309 |
| Distributions | (688) |
| Change in capital (cooperative shares) | (210) |
| Renumeration of TSSDI | (5) |
| Impact of acquisitions and disposals on non-controlling interests (minority interests) | 109 |
| Income | 3,784 |
| Changes in gains & loses directly recognized in equity | (174) |
| Gains and losses reclassified to reserves | (329) |
| Others | 27 |
| September 30, 2026 | 91,822 |
1.20 Retail banking in France: quarterly income statement
| BANQUE POPULAIRE NETWORK | CAISSE D’EPARGNE NETWORK | FINANCIAL SOLUTIONS & EXPERTISE IN FRANCE |
AI, DIGITAL & PAIEMENT | OTHER NETWORKS |
RETAIL BANKING IN FRANCE |
||||||||
| €m | Q3-26 | Q3-25 | Q3-26 | Q3-25 | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | % |
| Net banking income | 1,841 | 1,731 | 1,881 | 1,740 | 301 | 280 | 132 | 129 | 111 | 102 | 4,266 | 3,983 | 7% |
| Operating expenses | (1,040) | (1,034) | (1,016) | (1,017) | (145) | (141) | (95) | (98) | (53) | (51) | (2,348) | (2,341) | 0% |
| Gross operating income | 801 | 697 | 865 | 723 | 157 | 139 | 37 | 32 | 58 | 51 | 1,918 | 1,642 | 17% |
| Cost of risk | (282) | (237) | (336) | (196) | (40) | (43) | (0) | (0) | (31) | (5) | (689) | (481) | 43% |
| Income before tax | 530 | 469 | 528 | 526 | 117 | 96 | 33 | 32 | 27 | 46 | 1,235 | 1,169 | 6% |
| Income tax | (139) | (118) | (137) | (155) | (31) | (23) | (9) | (11) | (7) | (11) | (323) | (318) | 2% |
| Non-controlling interests | (4) | (7) | (0) | 1 | (0) | (0) | (0) | (5) | (6) | (16)% | |||
| Net income – Group share | 386 | 344 | 390 | 372 | 86 | 73 | 24 | 21 | 21 | 35 | 907 | 845 | 7% |
1.21 Retail banking in France: 9-month income statement
| BANQUE POPULAIRE NETWORK | CAISSE D’EPARGNE NETWORK | FINANCIAL SOLUTIONS & EXPERTISE IN FRANCE |
AI, DIGITAL & PAIEMENT | OTHER NETWORKS |
RETAIL BANKING IN FRANCE |
||||||||
| €m | 9M-26 | 9M-25 | 9M-26 | 9M-25 | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | % |
| Net banking income | 5,467 | 4,975 | 5,633 | 4,974 | 893 | 850 | 389 | 381 | 324 | 302 | 12,706 | 11,482 | 11% |
| Operating expenses | (3,257) | (3,174) | (3,228) | (3,189) | (441) | (436) | (288) | (297) | (170) | (164) | (7,382) | (7,260) | 2% |
| Gross operating income | 2,210 | 1,801 | 2,405 | 1,785 | 453 | 414 | 101 | 84 | 154 | 138 | 5,324 | 4,222 | 26% |
| Cost of risk | (830) | (675) | (818) | (608) | (107) | (108) | (0) | (1) | (56) | (30) | (1,812) | (1,422) | 27% |
| Income before tax | 1,417 | 1,142 | 1,586 | 1,186 | 346 | 306 | 92 | 84 | 98 | 108 | 3,539 | 2,827 | 25% |
| Income tax | (361) | (305) | (418) | (332) | (91) | (78) | (26) | (26) | (24) | (27) | (920) | (769) | 20% |
| Non-controlling interests | (8) | (14) | (1) | (1) | 0 | (0) | (0) | (10) | (15) | (38)% | |||
| Net income – Group share | 1,048 | 824 | 1,167 | 852 | 254 | 228 | 66 | 58 | 74 | 81 | 2,609 | 2,043 | 28% |
1.22 Retail banking in France: quarterly series
| RETAIL BANKING IN FRANCE | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 3,749 | 3,750 | 3,983 | 4,264 | 4,187 | 4,253 | 4,266 |
| Operating expenses | (2,497) | (2,422) | (2,341) | (2,505) | (2,580) | (2,455) | (2,348) |
| Gross operating income | 1,253 | 1,327 | 1,642 | 1,759 | 1,607 | 1,799 | 1,918 |
| Cost of risk | (499) | (441) | (481) | (580) | (486) | (637) | (689) |
| Income before tax | 760 | 898 | 1,169 | 1,205 | 1,129 | 1,175 | 1,235 |
| Net income – Group share | 562 | 636 | 845 | 939 | 846 | 856 | 907 |
1.23 Retail banking in France: quarterly series, Banque Populaire and Caisse d’Epargne networks
| BANQUE POPULAIRE NETWORK | |||||||
| €m | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 |
| Net banking income | 1,622 | 1,622 | 1,731 | 1,825 | 1,821 | 1,804 | 1,841 |
| Operating expenses | (1,080) | (1,060) | (1,034) | (1,066) | (1,125) | (1,092) | (1,040) |
| Gross operating income | 542 | 562 | 697 | 759 | 696 | 713 | 801 |
| Cost of risk | (216) | (222) | (237) | (296) | (234) | (315) | (282) |
| Income before tax | 330 | 343 | 469 | 489 | 473 | 414 | 530 |
| Net income – Group share | 235 | 244 | 344 | 373 | 358 | 304 | 386 |
| CAISSE D’EPARGNE NETWORK | |||||||
| €m | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 |
| Net banking income | 1,614 | 1,620 | 1,740 | 1,917 | 1,831 | 1,921 | 1,881 |
| Operating expenses | (1,112) | (1,060) | (1,017) | (1,126) | (1,147) | (1,065) | (1,016) |
| Gross operating income | 502 | 560 | 723 | 791 | 684 | 857 | 865 |
| Cost of risk | (228) | (184) | (196) | (229) | (204) | (278) | (336) |
| Income before tax | 274 | 386 | 526 | 565 | 480 | 578 | 528 |
| Net income – Group share | 211 | 269 | 372 | 456 | 358 | 418 | 390 |
1.24 Retail banking in France: quarterly series, Financial solutions & expertise in France
| FINANCIAL SOLUTIONS & EXPERTISE IN FRANCE | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 286 | 285 | 280 | 293 | 297 | 296 | 301 |
| Operating expenses | (149) | (146) | (141) | (148) | (150) | (146) | (145) |
| Gross operating income | 137 | 139 | 139 | 145 | 147 | 150 | 157 |
| Cost of risk | (34) | (31) | (43) | (39) | (35) | (32) | (40) |
| Income before tax | 102 | 108 | 96 | 106 | 111 | 117 | 117 |
| Net income – Group share | 76 | 79 | 73 | 78 | 82 | 86 | 86 |
1.25 Retail banking in France: quarterly series, AI, Digital & Paiments
| AI, DIGITAL & PAYMENTS | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 127 | 124 | 129 | 127 | 130 | 127 | 132 |
| Operating expenses | (98) | (101) | (98) | (106) | (97) | (95) | (95) |
| Gross operating income | 29 | 23 | 32 | 22 | 32 | 32 | 37 |
| Cost of risk | (0) | (0) | (0) | 1 | (0) | (0) | (0) |
| Income before tax | 32 | 21 | 32 | 17 | 30 | 29 | 33 |
| Net income – Group share | 24 | 13 | 21 | 11 | 22 | 20 | 24 |
1.26 Retail banking in France: quarterly series, Other network
| OTHER NETWORK | |||||||
| €m | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 |
| Net banking income | 101 | 99 | 102 | 101 | 108 | 105 | 111 |
| Operating expenses | (59) | (54) | (51) | (60) | (60) | (57) | (53) |
| Gross operating income | 43 | 44 | 51 | 41 | 48 | 48 | 58 |
| Cost of risk | (21) | (4) | (5) | (16) | (13) | (12) | (31) |
| Income before tax | 22 | 40 | 46 | 28 | 35 | 36 | 27 |
| Net income – Group share | 17 | 30 | 35 | 21 | 26 | 28 | 21 |
1.27 Retail banking in Europe: quarterly income statement
| NOVOBANCO | FINANCIAL SOLUTIONS & EXPERTISES IN EUROPE |
RETAIL BANKING IN EUROPE |
||||
| €m | Q3-26 | Q3-26 | Q3-25 pf | Q3-26 | Q3-25 pf | % |
| Net banking income | 359 | 221 | 218 | 580 | 218 | 167% |
| Operating expenses | (134) | (136) | (134) | (270) | (134) | 102% |
| Gross operating income | 225 | 86 | 84 | 310 | 84 | 269% |
| Cost of risk | 35 | (46) | (50) | (11) | (50) | (78)% |
| Income before tax | 270 | 39 | 34 | 309 | 34 | 806% |
| Income tax | (49) | (13) | (14) | (62) | (14) | 332% |
| Non-controlling interests | (1) | (4) | (3) | (6) | (3) | 75% |
| Net income – Group share | 219 | 22 | 16 | 241 | 16 | x15 |
1.28 Retail banking in Europe: 9-months income statement
| NOVOBANCO | FINANCIAL SOLUTIONS & EXPERTISES IN EUROPE |
RETAIL BANKING IN EUROPE |
||||
| €m | 9M-26 | 9M-26 | 9M-25 pf | 9M-26 | 9M-25 pf | % |
| Net banking income | 605 | 662 | 573 | 1,268 | 573 | 121% |
| Operating expenses | (230) | (421) | (360) | (652) | (360) | 81% |
| Gross operating income | 375 | 241 | 212 | 616 | 212 | 190% |
| Cost of risk | 45 | (139) | (123) | (95) | (123) | (23)% |
| Income before tax | 433 | 101 | 88 | 535 | 88 | 506% |
| Income tax | (76) | (34) | (33) | (110) | (33) | 235% |
| Non-controlling interests | (2) | (10) | (4) | (12) | (4) | 163% |
| Net income – Group share | 355 | 58 | 51 | 413 | 51 | 710% |
1.29 Retail banking in Europe: quarterly series
| RETAIL BANKING IN EUROPE | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 144 | 211 | 218 | 224 | 221 | 466 | 580 |
| Operating expenses | (98) | (129) | (134) | (142) | (142) | (240) | (270) |
| Gross operating income | 46 | 82 | 84 | 81 | 79 | 226 | 310 |
| Cost of risk | (34) | (39) | (50) | (43) | (51) | (33) | (11) |
| Income before tax | 13 | 41 | 34 | 39 | 29 | 197 | 309 |
| Net income – Group share | 6 | 29 | 16 | 19 | 16 | 156 | 241 |
1.30 Retail banking in Europe: quarterly serie, novobanco
| NOVOBANCO | ||
| €m | Q2-2648 | Q3-26 |
| Net banking income | 246 | 359 |
| Operating expenses | (96) | (134) |
| Gross operating income | 150 | 225 |
| Cost of risk | 9 | 35 |
| Income before tax | 163 | 270 |
| Net income – Group share | 136 | 219 |
1.31 Retail banking in Europe: quarterly series, Financial solutions & expertise in Europe
| FINANCIAL SOLUTIONS & EXPERTISES IN EUROPE | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 144 | 211 | 218 | 224 | 221 | 220 | 221 |
| Operating expenses | (98) | (129) | (134) | (142) | (142) | (144) | (136) |
| Gross operating income | 46 | 82 | 84 | 81 | 79 | 76 | 86 |
| Cost of risk | (34) | (39) | (50) | (43) | (51) | (42) | (46) |
| Income before tax | 13 | 41 | 34 | 39 | 29 | 34 | 39 |
| Net income – Group share | 6 | 29 | 16 | 19 | 16 | 19 | 22 |
1.32 Insurance & Assets management: quarterly income statement per business line
| INSURANCE | ASSET MANAGEMENT | INSURANCE AND ASSET MANAGEMENT |
|||||
| €m | Q3-26 | Q3-25 | Q3-26 | Q3-25 | Q3-26 | Q3-25 pf | % |
| Net banking income | 227 | 238 | 898 | 844 | 1,125 | 1,082 | 4% |
| Operating expenses | (44) | (44) | (709) | (667) | (753) | (711) | 6% |
| Gross operating income | 183 | 194 | 189 | 178 | 372 | 371 | 0% |
| Income before tax | 182 | 196 | 274 | 178 | 456 | 374 | 22% |
| Net income – Group share | 132 | 149 | 212 | 116 | 344 | 265 | 30% |
1.33 Insurance & Assets management: 9-months income statement per business line
| INSURANCE | ASSET MANAGEMENT | INSURANCE AND ASSET MANAGEMENT |
|||||
| €m | 9M-26 | 9M-25pf | 9M-26 | 9M-25pf | 9M-26 | 9M-25 pf | % |
| Net banking income | 766 | 718 | 2,623 | 2,560 | 3,389 | 3,279 | 3% |
| Operating expenses | (137) | (136) | (2,062) | (2,022) | (2,199) | (2,158) | 2% |
| Gross operating income | 629 | 583 | 560 | 538 | 1,190 | 1,121 | 6% |
| Income before tax | 634 | 590 | 637 | 535 | 1,271 | 1,126 | 13% |
| Net income – Group share | 493 | 455 | 454 | 352 | 947 | 808 | 17% |
1.34 Insurance & Assets management: quarterly series
| INSURANCE AND ASSET MANAGEMENT | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 1,102 | 1,094 | 1,082 | 1,221 | 1,070 | 1,194 | 1,125 |
| Operating expenses | (730) | (717) | (711) | (788) | (707) | (738) | (753) |
| Gross operating income | 373 | 377 | 371 | 432 | 362 | 456 | 372 |
| Income before tax | 370 | 382 | 374 | 440 | 364 | 452 | 456 |
| Net income – Group share | 264 | 278 | 265 | 305 | 263 | 341 | 344 |
1.35 Insurance & Assets management: quarterly series, Insurance
| INSURANCE | |||||||
| €m | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 |
| Net banking income | 247 | 234 | 238 | 241 | 228 | 310 | 227 |
| Operating expenses | (47) | (44) | (44) | (47) | (46) | (46) | (44) |
| Gross operating income | 199 | 190 | 194 | 194 | 182 | 264 | 183 |
| Income before tax | 200 | 194 | 196 | 200 | 185 | 267 | 182 |
| Net income – Group share | 152 | 155 | 149 | 146 | 141 | 220 | 132 |
1.36 Insurance & Assets management: quarterly series, Asset management
| ASSET MANAGEMENT | |||||||
| €m | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 |
| Net banking income | 856 | 860 | 844 | 980 | 841 | 883 | 898 |
| Operating expenses | (682) | (673) | (667) | (742) | (661) | (692) | (709) |
| Gross operating income | 173 | 187 | 178 | 238 | 180 | 191 | 189 |
| Income before tax | 170 | 187 | 178 | 240 | 179 | 185 | 274 |
| Net income – Group share | 113 | 123 | 116 | 159 | 122 | 120 | 212 |
1.37 Corporate & Investment banking: quarterly series
| CORPORATE & INVESTMENT BANKING | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-36 | Q3-26 |
| Net banking income | 1,228 | 1,221 | 1,129 | 1,066 | 1,250 | 1,310 | 1,188 |
| Operating expenses | (765) | (752) | (729) | (761) | (782) | (792) | (762) |
| Gross operating income | 464 | 469 | 399 | 305 | 468 | 519 | 426 |
| Cost of risk | (62) | (58) | (53) | (55) | (60) | (59) | (62) |
| Income before tax | 407 | 418 | 357 | 254 | 415 | 468 | 374 |
| Net income – Group share | 307 | 306 | 268 | 188 | 309 | 347 | 279 |
1.38 Corporate center: quarterly series
| CORPORATE CENTER | |||||||
| €m | Q1-25 pf | Q2-25 pf | Q3-25 pf | Q4-25 pf | Q1-26 pf | Q2-26 pf | Q3-26 |
| Net banking income | 81 | 39 | (2) | (81) | 30 | (62) | (176) |
| Operating expenses | (270) | (283) | (242) | (274) | (279) | (259) | (207) |
| Gross operating income | (189) | (244) | (244) | (356) | (249) | (321) | (382) |
| Cost of risk | (46) | (22) | (3) | 7 | (56) | (113) | (38) |
| Share in income of associates | 2 | (1) | 1 | 0 | 2 | 2 | 2 |
| Gains or losses on other assets | 0 | (4) | (7) | (7) | (3) | 5 | (5) |
| Income before tax | (233) | (271) | (252) | (355) | (306) | (427) | (424) |
| Net income – Group share | (304) | (273) | (249) | (347) | (426) | (350) | (344) |
DISCLAIMER
This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.
No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.
Information in this document relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this document or of its contents or any related material, or of any document or information referred to in this document.
Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events. These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates.
Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the political, macroeconomic, banking and financial environment of countries and regions in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the second amendement to the 2025 Universal Registration Document filed with the Autorité des Marchés Financiers.
Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.
With respect to the financial information of Groupe BPCE for the quarter ended September 30, 2026, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.
The financial information presented in this document relating to the fiscal period ended September 30, 2026 has been drawn up in compliance with IFRS standards, as adopted in the European Union. The financial results contained in this document have not been reviewed by the statutory auditors. The regulatory ratios are estimated as of September 30,2026.
The quarterly financial information of Groupe BPCE for the period ended September 30, 2026, approved by the Management Board at a meeting convened on November 2, 2026, were verified and reviewed by the Supervisory Board at a meeting convened on November 3, 2026.
The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.
About Groupe BPCE
Groupe BPCE is the second-largest banking group in France and the fourth-largest banking group in the euro zone in terms of capitalization. Through its 110,000 staff, the group serves 36 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook), Moody’s (A2, stable outlook) and R&I (A+, stable outlook).
| Groupe BPCE press contact Christophe Gilbert: 01 40 39 66 00 Email: christophe.gilbert@bpce.fr |
Groupe BPCE investor and analyst relations François Courtois: 01 58 40 46 69 Email: bpce-ir@bpce.fr |
1Group share
2 See the notes on methodology in the annexes
3 Underlying cost/income ratio
4 Estimate at end-September 2026
5 Europe, including Dynamic Solutions and Vega IS; United States, including WCM IM; AuM pro forma for €56bn assets transfer following the sale of the overlay management services capabilities of Natixis IM Solutions in the USA to Edward Jones
6 Excluding the restaging one-off linked to novobanco acquisition
7 Estimate at end-September 2026
8 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the appendix, pages 21 and 29
9 Credit (net) is the sum of customer loans and debt securities associated with credit operations with clients
10 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items
11 Excluding the exceptional reclassification linked to the acquisition of novobanco
12 The lower the Sustainalytics score, the lower the unmitigated residual ESG risk, and the better the rating
13 Groupe BPCE has chosen to waive the option provided for in Article 72b(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to comply with TLAC and subordinated MREL requirements
14 Following receipt of the 2026 annual MREL letter
15 “Underlying” means exclusive of exceptional items
16 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items
17 “Underlying” means exclusive of exceptional items
18 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items
19 Excluding provisions for home purchase savings schemes
20 Interest on regulated savings has been reclassified out of net interest income and included in commissions
21 “Underlying” means exclusive of exceptional items
22 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items
23 Excluding provisions for home purchase savings schemes
24 Interest on regulated savings has been reclassified out of net interest income and included in commissions
25 “Underlying” means exclusive of exceptional items
26 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items
27 “Underlying” means exclusive of exceptional items
28 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items
29 Credit (net) is the sum of customer loans and debt securities associated with credit operations with clients
30 novobanco figures reflect contributions over a five-month period
31 “Underlying” means exclusive of exceptional items
32 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
33 Credit (net) is the sum of customer loans and debt securities associated with credit operations with clients
34 “Underlying” means exclusive of exceptional items
35 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
36 “Underlying” means exclusive of exceptional items
37 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
38 Europe including Dynamic Solutions and Vega IS; US including WCM IM; excluding Wealth Management assets under management
39 Operating expenses correspond to non-attributable expenses from an IFRS 17 standpoint, i.e. all costs that are not directly attributable to insurance contracts
40 “Underlying” means exclusive of exceptional items
41 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
42 Including individual retirement savings plans and including the reinsurance treaty with CNP Assurances
43 “Underlying” means exclusive of exceptional items
44 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
45 Europe including Dynamic Solutions and Vega IS; US including WCM IM; excluding Wealth Management assets under management
46 “Underlying” means exclusive of exceptional items
47 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
48 novobanco for 2-months contribution in Q2-26
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