BPCE: H1 net income, group share: 1,643 million euros
(CercleFinance.com) - Groupe BPCE's H1 2018 net banking income came in at 12,244 million euros, up slightly (+0.
5%) compared with H1 2017.
At constant exchange rates, net banking income rose by 2.0%.
The group said that this performance was boosted by revenues from asset management (+17.7% at constant exchange rates) and in Payments activities (+15%), along with the development of its Insurance division (+7.8%).
Net income, group share reached 1,743 million euros, up 2.8% compared to H1 2017 after restating for the impact of IFRIC 21, net income, group share was 1,957 million euros, up 3.6%.
Laurent Mignon, chairman of Groupe BPCE's board said, "The significant growth in the proportion of fee and commission income - thanks to our Asset & Wealth Management division, Payments businesses, and activities in our Retail Banking sector - illustrates our ability to offer our customers an ever-wider range of value-added solutions. Our financial strength has been further enhanced, an improvement reflected in Moody's decision to upgrade our credit rating to A1. The transformation of the Group is continuing to progress in many areas with, for example, new acquisitions in asset management or the launch of the Instant Payment service. The second quarter of the year also saw the launch of ambitious plans to redeploy all the know-how and expertise of Crédit Foncier, an initiative capable of creating new value for the Group, its customers and employees."
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5%) compared with H1 2017.
At constant exchange rates, net banking income rose by 2.0%.
The group said that this performance was boosted by revenues from asset management (+17.7% at constant exchange rates) and in Payments activities (+15%), along with the development of its Insurance division (+7.8%).
Net income, group share reached 1,743 million euros, up 2.8% compared to H1 2017 after restating for the impact of IFRIC 21, net income, group share was 1,957 million euros, up 3.6%.
Laurent Mignon, chairman of Groupe BPCE's board said, "The significant growth in the proportion of fee and commission income - thanks to our Asset & Wealth Management division, Payments businesses, and activities in our Retail Banking sector - illustrates our ability to offer our customers an ever-wider range of value-added solutions. Our financial strength has been further enhanced, an improvement reflected in Moody's decision to upgrade our credit rating to A1. The transformation of the Group is continuing to progress in many areas with, for example, new acquisitions in asset management or the launch of the Instant Payment service. The second quarter of the year also saw the launch of ambitious plans to redeploy all the know-how and expertise of Crédit Foncier, an initiative capable of creating new value for the Group, its customers and employees."
Copyright (c) 2018 CercleFinance.com. All rights reserved.