Investor Presentation - Groupe BPCE

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Investor Presentation - Groupe BPCE
Investor
Presentation
               September 2021
Disclaimer

    This presentation 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 presentation 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 and makes no warranty as to the accuracy, fairness, precision
    or completeness of the information or opinions contained in this presentation. Neither Groupe BPCE nor its representatives shall be held liable for any errors
    or omissions or for any harm resulting from the use of this presentation, the content of this presentation, or any document or information referred to in this presentation.
    The financial information presented in this document relating to the fiscal period ended June 30, 2021 has been drawn up in compliance with IFRS guidelines, as adopted in the
    European Union. This financial information is the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting.”
    Preparation of the financial information requires Management to make estimates and assumptions in certain areas with regard to uncertain future events. These estimates are based on
    the judgment of the individuals preparing this financial information and the information available at the balance sheet date. Actual future results may differ from these estimates.
    The financial information of Groupe BPCE for the period ended June 30, 2021 approved by the Management Board at the meeting convened on August 2, 2021, was verified and
    reviewed by the Supervisory Board at a meeting convened on August 3, 2021.
    The limited review procedures relating to the condensed consolidated financial statements for the interim period ended June 30, 2021 have been substantially completed. The reports of
    the statutory auditors regarding the limited review of these condensed consolidated financial statements will be published following the finalization of their verification.
    .

2       INVESTOR PRESENTATION
A cooperative bank with a diversified business model, leading positions,
    01        and strong commitments to society

    02        Delivering solid performance based on synergies and moderate risk
              appetite

    03        Operating with robust capital ratios, strong loss-absorbing capacity and high
              credit ratings

    04        Global and innovative issuer, committed to society

3   INVESTOR PRESENTATION
01
    A cooperative bank with a diversified
    business model, leading positions, and
    strong commitments to society

4
A large cooperative banking group with a diversified business model,
    leading market position and clear business lines (1/2)

A structure and governance ensuring a strong
commitment to the development of regional and
international expertise on a long-term basis and an
alignment of interests for all the Group’s stakeholders

                     •   BPCE SA is responsible for Strategy
      BPCE SA,
    THE GROUP’S      •   Control and coordination
      CENTRAL        •   Group’s MLT funding
    INSTITUTION      •   Internal solidarity mechanism

                     • Retail Banking &
      2 CORE
                       Insurance
    BUSINESSES
                     • Global Financial Services

5    INVESTOR PRESENTATION
A large cooperative banking group with a diversified business model,
       leading market position and clear business lines (2/2)
       One of the 30 Global Systemically Important Banks (G-SIBs)
                                                                                                   Regional banks

                                                                                                                             #2 in France
Contribution to the H1-21
Gross Operating Income(1)                                        RETAIL BANKING
                                                                 & INSURANCE                 Business lines serving retail   21.7% of market share
                                                                                                                             for customer loans(2)
                                                                                                  banking activities
                                                                                                                             22% for deposits
                                                                                             Insurance            Payments   and savings(2)
                                                                                                   Financial Services
                    75%                                                                               & Expertise

                                                                                                   Asset & Wealth            #15 player worldwide
                                           25%                                                      Management               and
                                                                                                                             #2 player Euro zone(3)
                                                               GLOBAL FINANCIAL
                                                               SERVICES
                                                                                                                             #1 European player
                                                                                                     Corporate &
                                                                                                 Investment Banking
                                                                                                                             in real estate
                                                                                                                             #4 worldwide in
                                                                                                                             renewable energies(3)
  (1) Excluding corporate center and exceptional items (2) Source BDF as of March 31, 2021
  (3) # : ranking in France, except when specified otherwise

 6        INVESTOR PRESENTATION
Retail Banking and Insurance: two large networks of regional cooperative
    banks with strong brands and a leading position in the French retail market
    (1/4)
    27 million customers served through our branches and digital tools allowing the two large networks to increase cross-
    selling and deliver solid commercial and financial performance

                                         14 Banques Populaires                                                15 Caisses d’Épargne

                                                                     Deposits & Savings                                        Deposits & Savings
         #1                                                                               #2
                                                                                  +8.9%   for individuals                                   +4.7%
         for SMEs
                                                                         €341bn                                                    €489bn
         #2                                                                               #1
         for small businesses                                                             for local authorities
                                                                       June 30, 2021                                             June 30, 2021

                          H1-21 results(1)                           Loan outstandings             H1-21 results(1)            Loan outstandings

         NBI                                         €3.4bn                       +9.6%   NBI                         €3.6bn                +6.5%
                                                                         €267bn                                                    €325bn
         CIR(3)                                       61.6%                               CIR(3)                      62.3%
         PbT(3)                                      €1.0bn            June 30, 2021      PbT(3)                      €1.1bn     June 30, 2021

    (1) Excluding exceptional items (3) After IFRIC 21 restatement

7      INVESTOR PRESENTATION
Retail Banking and Insurance:
    Increased use of data resources and digital services to serve the needs
    of our customers and their advisers(2/4)
                                                    Data resources and digital services serving the needs of our customer advisers
           H1-21 key figures
                                                    DATA – AUTOMATION OF THE COLLECTION AND VERIFICATION OF CUSTOMER DOCUMENTS
                   12 million                       +385K support documents transmitted online since the beginning of the year vs. 400K in 2020
         customers active on mobile apps or
              websites at end-June 2021             +122K tax assessment notices automatically checked in H1-21 vs. 100K in full-year 2020
       including 8.2m active on mobile devices
                  (+14% vs. Dec. 20)                DIGITAL – DEVELOPMENT OF VIDEOCONFERENCING SOLUTIONS WITH CUSTOMERS

                       ≈ 80%                        37,000 advisers equipped to hold meeting with customers via videoconference: +8,000 vs. Dec. 20
      of principal active customers using digital
                        channels
                                                    'Self-care’: fluid and secure operations largely adopted for our customers
                 Digital NPS                        6.6 million active Sécur-Pass customers carrying out day-to-day operations in a totally secure environment:
                                                    +2.6m since the beginning of the year
                                                    +90m credit transfers via mobile phone since the beginning of the year: +32% vs. H1-20
                       +41                          +5.2m beneficiaries added: +47% vs. H1-20
                                                    +36% card transactions blocked, confirmed online vs. H1-20
                 Net Promoter Score
                                                    Digital subscription pathways increasingly used by our customers
     App Store                 Google Play          The addition of new functionalities and expansion to reach new customer segments generated more traffic
                                                    on these pathways
                                                    For example, consumer loans initiated via digital pathways in 2021 now represent 12% of new loan production
        4.7/5                       4.3/5           for the BP and 21% for the CE

        #1 among                                    Launch of Oney+: a solution including an app, an account and a Visa card that makes split payment universal
     universal banks                                and gives consumers the power to manage their spending

8    INVESTOR PRESENTATION
Retail Banking and Insurance: the cornerstone of our ambitions to build
    market share and offer fee-driven, value-added products through our retail
    networks (3/4)
                                                                                                          Breakdown of revenues in Q1-21
      Financial Solutions and Expertise                                                                               3%                                                                     H1-21 results(2)
                                                                                                         7%
                                                                                                                             22%           Consumer credit                         NBI                             €597m
                                                                                               12%                                         Sureties & financial guarantees
      A full range of expertise which serves the retail                                                                                    Retail securities services
      activities of the networks and Natixis,                                                                                              Leasing
                                                                                                             €597m                         Factoring                               CIR(3)                          51.4%
      and the European ambitions
                                                        23%                                                                                Socfim
      for the payment activities                                                                                              25%          Other

                                                                                                             8%                                                                    PbT(3)                          €229m

     Insurance                                                                                                                                                                                     Scope: Insurance division of Natixis

     A full-fledged                                           Premiums(1)                                                    Life insurance AuMs(1)                                           H1-21 results(2)
     Bancassurer:                                                              7.9
     a full range of products                                                                                                              +7% YTD                                  NBI                               €492m
                                                   +50%
     distributed through the                                   5.3                          P&C                                                              1.4                    P&C combined                       93.2%
     two retail networks                            +8%                                     Insurance
                                                                                                                                1.9
                                                                                                                                              2.1
                                                                                                                                                                                    ratio
     ʘ Life Insurance                                                                       Life and
                                                   +58%                                     Personal                                                        76.6        78.1        CIR(3)                             51.7%
     ʘ Personal protection                                                                  protection
                                                                                                                      72.7

     ʘ Property & Casualty                                                                                        AuM at     Net inflows   Net inflows   Reevaluation   AuM at
                                                              H1-20           H1-21
                                                                                                                12/31/2020        €            UL          & others   06/30/2021    PbT(2)                            €240m

    (1) Excluding the reinsurance agreement with CNP (2) Excluding exceptional items (3) After IFRIC 21 restatement
9     INVESTOR PRESENTATION
Retail Banking and Insurance: Payments and Oney Bank (4/4)

        Payments                                                                                 H1-21 results(1)

                Relevant offline and online payment solutions                           NBI                            €235m
                ʘ Focus on end-to-end digital payment services
                ʘ Invest in technology and solutions niche-oriented Payment
                                                                                        CIR(2)                         86.4%
                 A forerunner in rolling-out Instant Payment
                 A key player in prepaid and managed digital solutions
                                                                                        PbT(2)                          €25m

        Oney Bank                                                                                H1-21 results(1)(2)
                An opportunity for Groupe BPCE:
                                                                                        NBI                            €205m
                to develop activities in France in a type of business where it is not
                currently present
                to develop payment solutions                                            CIR(2)                         69.1%
                to benefit immediately from access to an international development
                platform in line with the Group's strategic priorities
                                                                                        PbT(2)                         €23m

     (1) Excluding exceptional items (see annex) (2) After IFRIC 21 restatement
10      INVESTOR PRESENTATION
Global Financial Services/ Asset and Wealth Management: global ambitions
      for our multi-affiliate model focused on active asset management and
      insurance Funds
                                                                                                                                                                         AuM(1) by main geographical area in €bn

     More than 20 specialized investment managers globally committed to a highly active,
     conviction-led investment style (ESG, multi-asset, innovative alternatives, etc..)                                                                                                                            1,183

                          Americas
                           Americas                                              Europe
                                                                                  Europeand
                                                                                         andAPAC
                                                                                             APAC                                               1,153

                                                                                                                 EUROPE
                                                                                                                  EUROPE
                                                                                                                         (3)

                                                                                                                                                                          H1-21 results(2)                Q2-21 Fees(4)
                                                                                                                                                              NBI(3)                       €1,625m
                                                                                                                                                              CIR(3)                            74.6%      24 bps
           Affiliates plugged into the international distribution platform                                                                                                                                +1.2bps YoY
                              880 employees globally                                                                                                          PbT(3)                           €410m

      (1) Europe including Dynamic Solutions and Vega IM, excluding H20 AM (€17bn AuM as at 06/30/2021); US including WCM IM (2) Excluding exceptional items (see annex) (3) After IFRIC 21 restatement

11       INVESTOR PRESENTATION
Global Financial Services/ Corporate and Investment Banking: client-centric
     and solutions-driven, Natixis CIB provides a range of expertise to meet the
     specific needs of our customers worldwide
                                                                                                                                                                                                               H1-21 results(2)

     Becoming the “go-to bank” in selected sectors                                                                 ʘ Selected international growth                                                    NBI                     €1,859m
     in Structured Financing                                                                                       ʘ Strengthened O2D model
      ʘ   Energy & Natural Resources                                                                               ʘ Increase the footprint in the insurers and                                       CIR(3)                        61.4%
      ʘ   Aviation                                                                                                   financial sponsors segments
      ʘ   Infrastructure
                                                                                                                                                                                                      PbT(3)                     €614m
      ʘ   Real Estate and Hospitality
     Increase client intimacy with corporates,
     leveraging on Investment Banking expertise                                                                                                                            NBI (2) Breakdown
      ʘ   DCM
      ʘ   ECM                                                                                                       Net revenues(1) (in €m)                                                                                   1,852
      ʘ   Acquisition & Strategic Finance                                                                                                          845                   929             923
                                                                                                                                                                                                               1,255           231
      ʘ   Strategic Equity Transactions                                                                                                                 126
                                                                                                                                                                           96            135
                                                                                                                        522            661
      ʘ   M&A                                                                                                                                                                                                   202
                                                                                                                                                                         336                                                   728
                                                                                                                         99             93
     Continued focus on Global Markets                                                                                                                  343                              393
                                                                                                                                                                                                                619
      ʘ Fixed Income solutions                                                                                          321            321                                167                                                  275
      ʘ Equity Derivatives                                                                                                                              127                               108
                                                                                                                                        33
                                                                                                                                                        250               330                                   642            617
                                                                                                                        277             213                                               287

                                                                                                                               1        25              43                 7              (7)                          (55)     0
                                                                                                                       (175)                                                                                   (208)
                                                                                                                       Q2-20           Q3-20        Q4-20               Q1-21           Q2-21                  H1-20          H1-21
                                                                                                                      CVA/DVA desk     FIC-T   Equity         Global finance     Investment banking
                                                                                                                                                                                and M&A
     (1) Total excluding CVA/DVA desk and other; figures at current FX (2) Excluding exceptional items (3) After IFRIC21 restatement

12      INVESTOR PRESENTATION
Groupe BPCE's commitments to society
     Fight against climate change confirmed as a key priority for all business lines in
     new strategic plan BPCE 2024; the Group just joined the Net Zero Banking Alliance

     Strong commitments
     Alignment on a "Net Zero" trajectory: the Group has joined the "Net Zero Banking Alliance" coordinated by the United Nations Environment Programme
     Finance Initiative (UNEP FI)
     Mobilization against climate change: the Group has joined the Ambition 4 Climate platform that presents 114 projects, all sharing the same goal of climate
     neutrality

     Actions to promote our customers' energy transition
     Promoting new transition solutions                 Supporting the energy renovation                    Financing of renewable energy projects

     Signature of a partnership with Energy             Partnership with Cozynergy (acquired                Launch by the Caisses d’Epargne, in collaboration
     Observer aimed at developing technical             by a group of regional banks of Groupe BPCE),       with Natixis and BPCE Energéco, of the 1st debt
     solutions around hydrogen to enable                a start-up specializing in energy renovation,       fund dedicated to financing renewable energy
     industrial decarbonization and the                 which decided to team up with the Group in          projects, with €1.5bn in resources
     development of renewable energies by               order to speed up the rollout of its digital        9 new projects representing 1,262 MW of installed
     offering storage solutions                         platform and services                               capacity and €606 million in financing arranged by
                                                                                                            Natixis in Q2-21

     Improvement in the Sustainalytics rating
     Falling from 22.3 (medium risk) to 17.9 (low risk) thanks to better management of the ESG risks by the Group

13     INVESTOR PRESENTATION
02
     Delivering solid performance based on
     synergies and moderate risk appetite

14
Groupe BPCE: strong recovery in H1-21 driven by commercial momentum
     and significant decrease in cost of risk

                                               Group revenues: €12.5bn, +16.0% vs. H1-20 and +6.4% vs. H1-19
               Revenues                        Retail Banking & Insurance: revenues +7.6% YoY; strong activity in retail banking, Insurance and FSE
                                               Global Financial Services: revenues up 36.7%(1) YoY

                Operating                     Operating expenses: +5.0%(2) YoY, in line with dynamic activity
                expenses                      Strong positive jaws effect; cost/income ratio(3) down 7.0pp to 67.0% in H1-21

              Cost of risk                    Down 44.6% in H1-21 YoY at €822m (22 bps), with stable S1/S2 provisions in Q2-21 illustrating the continued
                                              prudent provisioning

                                              Underlying net income up to €2.25bn in H1-21, x2.6 vs. H1-20(4)
              Net income
                                              Reported net income at €1.9bn in H1-21, x5.9 vs. H1-20

                  Capital                     CET1 ratio: 15.6%(5), including full impact of the buyback of all Natixis minority shareholders
                                              Well above requirements, +427 bps over MDA trigger threshold

             Strategic                        Successful public tender offer on Natixis shares; squeeze-out on July 21st, 2021
           developments                       Groupe BPCE released its new strategic plan BPCE 2024 on July 8th, 2021

                 Ratings                      Recent rating decisions: Moody’s has affirmed the A1 long term senior preferred rating with a stable
                                              outlook; R&I has affirmed the A+ long term senior preferred rating with a stable outlook
     Underlying figures, unless otherwise indicated
     (1) At constant Fx (2) Excluding exceptional items and Single Resolution Fund (3) After IFRIC 21 restatement (4) Net income Group share excluding Coface net contribution and after IFRIC 21 restatement (5) Estimated ratio at June 30,2021
15     INVESTOR PRESENTATION
Strategic development
     Groupe BPCE has engaged a major step in its transformation
     and the development of its businesses
           ʘ On February 9th, 2021, Groupe BPCE announced the public tender offer on the 29% Natixis shares the
             Group didn’t already own, to engage the simplification of its organization

           ʘ This simplified organisation will increase the strategic flexibility of the businesses and allow acceleration in
             their development for the benefit of their customers and their performance

           ʘ And also improve capital flows within the Group, in an increasingly challenging regulatory environment

           ʘ The tender offer was successful, and the squeeze-out took place on July 21st, 2021

           ʘ On July 8th, 2021, Groupe BPCE released its new strategic plan BPCE 2024, notably based on simplification,
             unification and development

           ʘ Next step: finalization of the study(1) on the acquisition by BPCE of the Insurance and Payments activities of
             Natixis to better serve our retail banking networks and their customers

                           All conditions are fulfilled for Groupe BPCE to catch opportunities, have a positive
                           impact on major societal issues and engage a new expansion of its footprint
     (1) Any project stemming from this study will be submitted, if need be, to the consultation of the relevant works councils

16    INVESTOR PRESENTATION
Q2-21 & H1-21 results - Underlying figures
     H1-21 net income(1) up to €2.25bn, driven by solid GOI growth
     and lower cost of risk
     Underlying figures                              Q2-21 % Change % Change       H1-21 % Change % Change
     €m                                                    vs. Q2-20 vs. Q2-19           vs. H1-20 vs. H1-19

     Net banking income                               6,334     22.0%      6.6%    12,465     16.0%      6.4%
     Operating expenses                              (4,080)     8.3%      2.2%    (8,662)     5.0%      2.9%
     o/w expenses excluding Single Resolution Fund   (4,090)     8.5%      2.4%    (8,241)     5.0%      2.5%
     Gross operating income                           2,254     58.3%     15.8%     3,803     52.6%     15.5%
     Cost of risk                                     (332)    (66.1)%     2.0%     (822)    (44.6)%    34.8%
     Income before tax                                2,012       x3.9    18.4%     3,140       x2.7    11.2%
     Income tax                                       (525)       x2.5    (5.6)%    (937)       x1.9    (4.9)%
     Non-controlling interests                        (114)        ns    (31.2)%    (207)       x5.0   (17.1)%
     Net income – Group share excl. Coface net
                                                      1,373       x4.7    40.5%     1,996       x3.2    25.7%
     contribution
     Net income – Group share excl. Coface net
                                                      1,241       x6.6    42.0%     2,250       x2.6    25.3%
     contribution after IFRIC 21 restatement
     Cost/income ratio                               66.9%     (8.1)pp   (2.5)pp   67.0%     (7.0)pp   (2.6)pp

     (1) Group share

17      INVESTOR PRESENTATION
H1-21 results - Cost of risk/Asset quality (1/2)
       Continued prudent provisioning: cost of risk at €822m in H1-21

       COST OF RISK(1)                                                                                                                  S1/S2         S3

                                                           45                       49
                         (in bps)                                                    13                                                  34
                                            21            20           23                         25          18                                      21
                                                                                                                                         18
                                                                        10           36           20
                                             17           26
                          RB&I(2)                                       13                                     19
                                                                                                                                         15
                                                                                                                                                      19
                                              5                                                    5           -1                                     2

                                                         163                                                                            144                                                               Cost of risk
                                            123                       121
                                                          124
                                                                                     95                                                                                                                     €822m
                                                                                                                                         118                                                                 -44.6% vs. H1-20
                                             112                       112           65           53
                                                                                                                                                      35
                                                                                                  47          17
                                                          39                         30                         8                                     27
                            CIB              11                          9                        6
                                                                                                                                         25
                                                                                                                                                       8
                                                                                                               9
                                                          55
                                                                                    49
                                             29           29           32            18          26
                                                                                                                                         42                                                                   NPL ratio
                                                                                                                                                      22
                                             24           25
                                                                       19
                                                                                    31            21
                                                                                                              17                         27
                                                                                                                                                      19
                                                                                                                                                                                                                2.6%
                                                                        12                                     18
             Groupe BPCE                     5                                                    5
                                                                                                                                         15                                                                 +0.1 pp vs. Dec. 20
                                                                                                               -1                                      2

                                                                                                                                       1,484
                         (in €m)                          981                        923
                                                                       585                                                               946         822
                                            504           526                       332           490
                                                                                                              332
                                                                       356                                                                            743
                                            420           455                       591          398
            Groupe BPCE                      84                        229                       92
                                                                                                              345                        538
                                                                                                                                                       78
                                                                                                              -14
                                           Q1-20        Q2-20        Q3-20        Q4-20        Q1-21         Q2-21                     H1-20        H1-21

     (1) Cost of risk expressed in annualized basis points on gross customer outstandings at the beginning of the period or in € amounts – Excluding exceptional items (2) In Q1-20, excluding the methodological effect, the cost of risk would
     have been 29 bps for RB&I (positive impact of €115m) and 35 bps for Groupe BPCE (positive impact of €120m)

18      INVESTOR PRESENTATION
H1-21 results - Cost of risk/Asset quality (2/2)
       Asset quality: limited exposures to sensitive sectors
      Diversified portfolio                                                     Exposure to sectors considered to be sensitive

        Breakdown of Group gross exposure per                                   Corporate and small business Group exposures(2)
        counterparty at June 30, 2021(1)
                                                                                                                                        %            %
                                                                                                                        Gross                                                       %
                                                                                                                                   Total Group     State-             %
Corporate customers                            4%                                                                      exposure                                                Investment
                            27%                                                                                                       gross      guaranteed          NPL
 o/w 69% in France                                                                                                       (€bn)                                                    Grade
                                                       7%                                                                           exposure       loans
                                                                                 Wholesale and retail trade
                                                                                                                            16.4         1.2%          24.4%            6.0%         44.9%
                                                         4%                      (non-food)

                     8%         €1,385bn                                         Tourism – Hotel – Catering                 15.6         1.1%          21.2%            9.2%         33.3%
                                                          17%                    Automobile                                 10.2         0.7%          22.6%            4.1%         57.0%
                                                       1%                        Consumer goods
         Residential                                                             (excl. cosmetics and personal               6.2         0.4%            7.5%           3.0%         79.7%
        mortgages 25%
                                  31%             1%                             care)
                                                                                 Real estate Professionals (excl.
                                                                                                                             6.9         0.5%            0.3%           4.6%         54.6%
                                                                                 residential exposure)
                     Individual customers
                     Small businesses
                     Corporate customers                                        Natixis scope
                     Financial institutions                                     Oil & Gas(4): €9.6bn net EAD with >75% of exposure with no/limited sensitivity to oil prices and >60% Investment Grade
                     Local governments                                          o/w independent producers & service companies: €2.1bn net EAD (€0.7bn US and €1.4bn EMEA/Other)
                     Central administrations
                                                                                Aviation: €3.5bn net EAD
                     Central banks and other sovereign exposures
                                                                                Well diversified portfolio across ≈30 countries (no country accounting for >25% of net EAD),
                     Securitization
                                                                                approx. 80% exposures secured and majority investment grade
                     Equities

        (1) Estimate (2) Management data at end of June 2021 (3) Energy & Natural Resources + Real Assets perimeters

 19      INVESTOR PRESENTATION
03
     Operating with robust capital ratios,
     strong loss-absorbing capacity
     and high credit ratings

20
Capital and Loss-absorbing Capacity
      CET1 ratio as of June 30 , 2021 including full impact of the buyback of all
      Natixis minority shareholders, above 2021 year-end guidance
      CHANGE IN THE CET1 RATIO (in bps)
                  Organic capital creation = 13bps

                                                                                                                                                                                                Requirements                  Actual levels
                                                                                                                                                                                                June 30, 2021                      as at
                            +32bps                                  +4bps                                                                                                                                                     June 30, 2021(1)
        16.1%
                                                (19)bps                                                    +5bps              15.6%                                        CET1 ratio              9.32%(2)                       15.6%
                                                                                                                                                                                                       (ECB)

                                                                                       (70)bps                                                                   Total capital ratio              13.26%(2)                       17.5%
                                                                                                                                                                                                       (ECB)

                                                                                                                                                                           TLAC ratio               19.51%                      22.9%(3)
         CET1 ratio         Retained            Change in          Issuance           Full impact           Other            CET1 ratio                                                                (FSB)
     at March 31, 2021      earnings          risk-weighted     and distribution      of buyback           changes           at June 30,
                                                  assets        of cooperative
                                                                    shares
                                                                                     of all Natixis
                                                                                       minority
                                                                                                                                2021                                   Subordinated                  19.5%                      22.9%(3)
                                                                                     shareholders                                                                        MREL ratio                    (SRB)

                                                                                                                                                                  Total MREL ratio                   25.0%                        29.5%
      CET1 capital equal to €68.4bn(1) as of June 30, 2021                                                                                                                                             (SRB)

      Total loss-absorbing capacity stood at €100.8bn(1) as of June 30, 2021
      Leverage ratio equal to 5.7%(1,4) as of June 30, 2021

     Capital adequacy, Total loss-absorbing capacity – see note on methodology (1) Estimate at June 30, 2021 (2) Excluding “Pillar 2 Guidance” (3) As part of its annual resolvability assessment, Groupe BPCE has chosen to waive the possibility
     offered by Article 72b(3) of the Capital Requirements Regulation to use senior preferred debt for compliance with its TLAC/subordinated MREL requirements in 2021 (4) The adjusted leverage ratio requirement is set at 3.2%

21       INVESTOR PRESENTATION
Risk-Weighted Assets

     BREAKDOWN PER BUSINESS LINE (in €bn)                                                                                      BREAKDOWN PER TYPE OF RISK(1) (in €bn)

                431                             439                                                                                431                        439
                13%                             12%                 Other                                                           9%                        9%
                                                                                                                                            3%                        4%
                19%                             20%
                                                                    Global Financial Services
                                                                                                                                                                           Operational Risk

                                                                    Retail Banking &                                                88%                       87%          Market Risk
                68%                             68%                 Insurance                                                                                              Credit Risk

          Dec. 31, 2020                   June 30, 2021                                                                         Dec. 31, 2020             June 30, 2021

     CHANGE OVER A 6-MONTH PERIOD (in €bn)

                                                                                     +4                                -2
                                                   +6

                   431                                                                                                                      439

        Risk-Weighed Assets                Retail Banking &               Global and Financial                      Other           Risk-Weighed Assets
           Dec. 31, 2020                      Insurance                        Services                                                June 30, 2021

     (1) The CVA is included under Credit risk. It accounted for less than 1% of RWA at June 30, 2021, and December 31, 2020

22      INVESTOR PRESENTATION
Own funds

     Reconciliation of shareholders’ equity to total capital                                                                                           Regulatory capital (in €bn)
                                                                                                                                                             78.2                          77.0
     In billions of euros                                                           June 30, 2021            Dec. 31, 2020
                                                                                                                                                               9.3                           8.6
     Equity attribuable to equity holders of the parent                                           76.3                     72.7
                                                                                                                                                              26.9                          27.5                            Tier-2 capital
     Cancelation of hybrid securities(1) in equity
                                                                                                       -                        -                                         CET1                          CET1
     attribuable to equity holders of the parent
                                                                                                                                                                          69.0                          68.4                cooperative shares
     Non-controlling interests(2)                                                                  0.2                      4.4                               42.1                          40.9
     Goodwill and intangibles                                                                    (4.9)                    (4.8)                                                                                             Reserves(3)
     EL/Prov. Difference                                                                         (0.3)                    (0.4)                          Dec. 31, 2020                June 30, 2021

     Deduction of irrevocable payment commitments                                                      -                        -
     Other regulatory adjustments                                                                (2.9)                    (2.9)                        Total capital ratios (as a %)
     Common Equity Tier-1 capital                                                                 68.4                     69.0                            18.1%                         17.5%
     Additional Tier-1 capital                                                                         -                        -                              2.1                           2.0
     Tier-1 capital                                                                               68.4                     69.0
     Tier-2 capital                                                                               10.1                     10.8                                                                                             T2 Contribution
                                                                                                                                                              16.0                          15.6
     T2 regulatory adjustments                                                                   (1.5)                    (1.6)
                                                                                                                                                                                                                            CET1 ratio
     Total capital                                                                                77.0                     78.2

                                                                                                                                                         Dec. 31, 2020                June 30, 2021

     (1) As at 12/31/2020, BPCE deeply subordinated notes booked to equity attributable to equity holders of the parent (3) Non-controlling interests (prudential definition); as at 06/30/2021 account is only taken of the part from Oney after regulatory
     clipping and as at 12/31/2020 account is only taken of the part from Natixis, excluding super-subordinated notes and Oney, after regulatory clipping (4) Reserves net of prudential restatements
23      INVESTOR PRESENTATION
Capital and Loss-absorbing Capacity
           Financial structure: MDA trigger threshold

                                                         Capital                                                                                                                                                         Capital
                       Pillar I           Pillar II      conservation    G-SIB    Countercyclical                                                                                        Pillar I        Pillar II       conservation    G-SIB      Countercyclical
12/31/2020             requirement        requirement    buffer          buffer   buffer            Total                                                               06/30/2021       requirement     requirement     buffer          buffer     buffer            Total

 SREP CET 1                                                                                                                                                              SREP CET 1
                               4.50 %        1.31 %          2.50 %     1.00 %           0.01 %      9.32 %                                                                                  4.50 %         1.31 %            2.50 %    1.00 %             0.01 %      9.32 %
 requirement                                                                                                                  16.0 %                                     requirement
                                                                                                                                               15.6%
 SREP Tier 1                                                                                                                                                             SREP Tier 1
                               6.00 %        1.31 %          2.50 %     1.00 %           0.01 %     10.82 %                                                              requirement
                                                                                                                                                                                             6.00 %         1.31 %            2.50 %    1.00 %             0.01 %     10.82 %
 requirement                                                                                                                  Buffer:         Buffer:
                                                                                                                              488 bps         427 bps
 SREP total capital                                                                                                                                           MDA        SREP total
                               8.00 %        1.75 %          2.50 %     1.00 %           0.01 %     13.26 %      MDA                                                     capital             8.00 %         1.75 %            2.50 %    1.00 %             0.01 %     13.26 %
 requirement                                                                                                                                                 trigger
                                                                                                                trigger                                                  requirement
                                                                                                                                                           threshold:
                                                                                                              threshold:
                                                                                                                                                             11.31%
                                                                                                                11.11%
                                        SREP               Distance to SREP                                                                                                                                SREP                 Distance to SREP
12/31/2020      Actual level            requirement        requirement (bps)                                                                                            06/30/2021     Actual level        requirement          requirement (bps)

 CET 1                   16.0 %                 9.32 %                  667                                                                                              CET 1                  15.6 %               9.32 %                  626

 Tier 1                  16.0 %                10.82 %                  517                                                                                              Tier 1                 15.6 %            10.82 %                    476

 Total                                                                                                                                                                   Total
 capital
                         18.1 %                13.26 %                  488                                                                                                                     17.5 %            13.26 %                    427
                                                                                                                                                                         capital

 Distance to MDA trigger threshold = lowest of                                                                             Dec. 31, 2020   June 30, 2021                 Distance to MDA trigger threshold = lowest of
                                                                        488                                                                                                                                                                  427
 the 3 distances to SREP                                                                                                                                                 the 3 distances to SREP

 MDA trigger threshold                                             11.11 %                                                                                               MDA trigger threshold                                          11.31 %

                                                                        Significant buffer over MDA trigger threshold: 427 bps (- 61 bps since end 2020)

  24           INVESTOR PRESENTATION
Capital and Loss-absorbing Capacity

      TLAC(1,2) RATIO (as a % of risk-weighted assets)                                                                                       MREL(1,2) RATIO (as a % of risk-weighted assets)

                                                                                                                                                                                             29.5%

                                                                                                                                                    25.0%                                     6.5%
                                                              22.9%

                      19.5%                                     4.8%                                                                                                                          4.8%                   Eligible Senior Preferred debt
                                                                                                                                                                                                                     Senior Non-Preferred
                                                                                             Senior Non-Preferred                                                                             2.6%
                                                               2.6%
                                                                                                                                                                                                                     Tier 2
                                                                                             Tier 2
                                                                                                                                                                                                                     Additional Tier 1
                                                                                             Additional Tier 1
                                                                                                                                                                                                                     CET1
                                                                                             CET1
                                                              15.6%                                                                                                                          15.6%

             TLAC requirement                            June 30, 2021                                                                  Total MREL requirement                          June 30, 2021
              June 30, 2021(3)                                                                                                              June 30, 2021(4)

     (1) Estimate at June 30, 2021 (2) As part of its annual resolvability assessment, Groupe BPCE has chosen to waive the possibility offered by Article 72b(3) of the Capital Requirements Regulation to use senior preferred debt for compliance
     with its TLAC/subordinated MREL requirements in 2021 (3) Based on FSB TLAC term sheet dated Nov. 9, 2015 (4) Based on ACPR’s notification of March 22, 2021
25      INVESTOR PRESENTATION
Groupe BPCE’s ratings are among the best in the global banking industry,
     based on a robust capital position, well-diversified business model
     and efficient strategy execution

                     As of June 24, 2021

                    Senior preferred long-term debt     A1         A        A+       A+
                    Outlook                           Stable   Stable   Negative   Stable

                    Senior non-preferred               Baa1    BBB+           A        A

                    Tier 2                             Baa2     BBB          A-

                    Senior short-term debt              P-1      A-1         F1

26   INVESTOR PRESENTATION
04
     Global and innovative issuer, committed
     to society

27
Groupe BPCE is a global issuer, operating in EMEA, the US and the Asia-
     Pacific region in several currencies and types of debt instruments
     ≈68% of the 2021 MLT wholesale funding plan(1) raised(2)
      MLT wholesale funding: revised 2021 plan and execution YTD(2)                                                                                        Structure of MLT wholesale funding(3)
      ʘ Target: €22bn(1) / Raised YTD(1,2): €14.9bn or ≈68%                                                                                                        raised in 2021 YTD(2)
        • Tier 2 and/or Senior Non-Preferred
          Target: €5.5bn / Raised YTD(2): €2.1bn of SNP                                                                                                                                                  Unsecured bond
        • Senior Preferred                                                                                                                                                                         55%   issues
          Target: €6bn / Raised YTD(1,2): €4.4bn                                                                                                                        43%                              Covered bond issues
        • Covered Bonds
          Target: €10.5bn / Raised YTD(2): €8.4bn                                                                                                                                                        ABS
                                                                                                                                                                                             3%
      ʘ Asset-Backed Securities
           Target: €1.5bn / Raised YTD(2): €0.4bn
                                                                                                                                                     Diversification of the investor base/
                                                                                                                                             unsecured MLT wholesale funding raised in 2021 YTD(2)
      TLTRO III
      ʘ TLTRO III outstanding amount: €97.2bn at end-June 2021                                                                                                                 1%                        USD
                                                                                                                                                                             4%
      ʘ Repayment at maturity fully integrated in our MLT funding plans                                                                                                                                  GBP
                                                                                                                                                                            5%                     61%
                                                                                                                                               Foreign                                                   AUD
                                                                                                                                               currencies                                                JPY
      High liquidity levels                                                                                                                    39%                          30%                          Others
      ʘ Average monthly LCRs in Q2-21: 160%                                                                                                                                                              EUR
      ʘ Liquidity reserves: €297bn at end-June 2021
      ʘ Coverage ratio of short-term debt obligations: 241% at end-June 2021

      (1) Excluding structured private placements and asset-backed securities and instead of an initial plan of €22bn to €25bn (2) As at 9 July 2021 (3) Excluding structured private placements

28       INVESTOR PRESENTATION
Innovation is at the heart of Groupe BPCE’s funding policy
       ≈€7.1bn BPCE SRI outstanding as of end-June 2021

                                          GREEN                                                                                                                     SOCIAL
                                          €3.7bn AuM                                                                           3.5G€ AuM
 ➢       Renewable Energies                                                                       ➢       Human Development: Education, Healthcare and Social Services
 ➢       Green Buildings                                                                          ➢       Local Economic Development

             Green and Transition Bond Issues                                                                                                    Social Bond issues

                                                                2020                                                                                                2018 - 2019                                      2020
                                                                       Euro Bond
                                                                                                        2017
                                                                       of the year
                                                                       July 2020

                              2019          GREEN COVERED                                         SOCIAL BONDS:
                                                                                                                             SOCIAL BONDS:                           SOCIAL BONDS:
                                                                                                                                                                                                  SOCIAL BONDS: €250m equiv.
                                                                                                                                                                                                  Methodology Note:
         2015                               BONDS: €1.25bn
                                            Methodology Note:
                                                                        Best green/ISR
                                                                        deal of the year

                                                                                           2021
                                                                                                  €512m equiv.
                                                                                                  Human Development          €1.02bn equiv.
                                                                                                                             Human Development
                                                                                                                                                                     €1.68bn equiv
                                                                                                                                                                     .Methodology Note:
                                                                                                                                                                                                  Local Economic Development/
                                                                                                                                                                                                  Covid 19
                     GREEN BONDS:           Green Buildings            September11,2020
                                                                                                                                                                     Local Economic Development
GREEN BONDS:         €500m
€300m                Methodology Note:
Renewable Energies   Renewable Energies     TRANSITION BONDS:            GREEN COVERED
                                            €100m                        BONDS: €1.5bn
                                                                          Methodology Note:             Deal of the Year
                                                                                                                              Best
                                                                          Green Buildings
                                                                                                         for Healthcare
                                                                                                                              Sustainability
                                                                                                              Bonds                            Most innovative
                                                                                                                              Bond in
                                                                                                                              2017             Investment Bank
                                                                                                         September 7, 2017                     for climate change
                                                                                                                              March 25, 2018   & sustainability

  29         INVESTOR PRESENTATION
Liquidity reserves and short-term funding

     TOTAL LIQUIDITY RESERVES OF GROUPE BPCE(1)                                                                                  SHORT-TERM FUNDING AND MLT DEBT MATURING
     (in €bn)                                                                                                                    IN THE SHORT TERM (in €bn)

                                                                                                                                                        Coverage ratio of short-term funding + MLT debt
                                                                                                                                                        maturing in the short-term by liquidity reserves(2)
                                                318                                                                                              246%                          234%                           241%
                     307                                                  297

                      146                       176                       145
                                                                                             Cash placed with                                                                     23
                                                                                                                                                     19                                                         21
                                                                                             central banks                                                                                                               MLT

                       56
                                                 51                        57                LCR securities

                                                                                                                                                    106                          113                           102
                      105                                                                                                                                                                                                ST
                                                 91                        95                Assets eligible for
                                                                                             central bank
                                                                                             funding
                   Dec.31,                   March 31,                   June 30,
                                                                                                                                                  Dec. 31,                     March 31,                      June 30,
                    2020                       2021                        2021
                                                                                                                                                   2020                          2021                           2021

     (1) Excluding MMF US Natixis deposits (2) Coverage ratio = Total liquidity reserves of Groupe BPCE / [Short-term funding +MLT debt maturing in the short term]

30      INVESTOR PRESENTATION
ADDITIONAL
     INFORMATION

31
Q2-21 & H1-21 results – Restated figures
     Strong jaws effect both in Q2-21 and H1-21
     H1-21 net income(1) at €1.9bn
     Restated figures                                                                     Q2-21               Q2-20        % Change                       H1-21               H1-20        % Change
     €m

     Net banking income                                                                    6,337               5,183              22.3%                  12,455              10,726               16.1%
     Operating expenses                                                                  (4,151)             (3,837)                8.2%                 (8,806)             (8,383)                5.0%
     o/w expenses excluding Single Resolution Fund                                       (4,161)             (3,842)                8.3%                 (8,384)             (7,983)                5.0%
     Gross operating income                                                                2,187               1,346              62.5%                    3,649               2,343              55.8%
     Cost of risk                                                                          (332)               (981)            (66.2)%                     (822)            (1,484)            (44.6)%
     Income before tax                                                                     1,924                  282                x6.8                  2,965                  829                x3.6
     Income tax                                                                            (509)               (129)                 x3.9                   (921)               (385)                x2.4
     Non-controlling interests                                                             (108)                   (3)                  ns                  (194)                 (30)                  ns
     Net income – Group share excl. Coface net
                                                                                            1,308                  150                x8.7                  1,851                  415                x4.5
     contribution
     Coface net contribution                                                                                      (19)                                             5             (102)
     Reported net income – Group share                                                      1,308                  131              x10.0                   1,856                  312                x5.9

     Restated figures: following the announced sale of a 29.5% stake in Coface on February 25, 2020 and for financial communication purposes, all impacts related to Coface are shown in a separate P&L line ‘Coface net contribution”.
     From an accounting standpoint the 2020 Coface capital loss is classified in “Gain or loss on other assets” and the 2020 Coface residual stake impairment in “Share in net income of associates”.
     (1) Group share

32      INVESTOR PRESENTATION
Reconciliation of restated data to reported data

                                                              GROUPE                             GROUPE
                                                               BPCE                               BPCE

     In millions of euros                            H1-21      Coface       H1-21       H1-20     Coface     H1-20
                                                  Reported                 Restated   reported              restated

     Net banking income                             12,455                  12,455     10,726                10,726
     Operating expenses                             (8,806)                 (8,806)    (8,383)               (8,383)
     Gross operating income                          3,649                   3,649       2,343                2,343
     Cost of risk                                    (822)                    (822)    (1,484)               (1,484)
     Share in net income of associates                 156         (7)         149         68          33       101

     Gains or losses on other assets                   (11)                    (11)      (242)        112     (130)

     Income before tax                               2,972         (7)       2,965        685         145       829
     Income tax                                      (921)                    (921)      (385)                (385)
     Non-controlling interests                       (196)             2      (194)        13        (43)       (30)

     Net income – excl. Coface net contribution      1,856         (5)       1,851        312         102       415

     Coface – Net contribution                                                   5                            (102)

     Net income – Group share                        1,856                   1,856        312                   312

33     INVESTOR PRESENTATION
H1-21 results: reconciliation of alternative performance measures to restated data

                                                                                               Net   Operating      Income           Net
                                                                                          banking    expenses     before tax     income
                                                                                           income                                - Group
                                                                                                                                   share
                                                                                                                               excluding
     In millions of euros                                                                                                         Coface

     Restated H1-21 results                                                                12,455       (8,806)       2,965        1,851
     Revaluation of assets associated with deeply subordinated notes
                                                                       Corporate center        (2)                       (2)         (8)
     denominated in foreign currencies
                                                                       Business lines/
     Transformation and reorganization costs                                                   11        (143)         (154)       (128)
                                                                       Corporate center

     Legal provision                                                                          (19)                      (19)        (10)

     H1-21 results
                                                                                           12,465        8,662        3,140        1,996
     excluding exceptional items & Coface net contribution

34     INVESTOR PRESENTATION
H1-20 results: reconciliation of alternative performance measures to restated data

                                                                                               Net   Operating    Associates    Gains or     Income           Net
                                                                                          banking    expenses                  losses on   before tax     income
                                                                                           income                                  other                  - Group
                                                                                                                                  assets                    share
                                                                                                                                                        excluding
     In millions of euros                                                                                                                                  Coface

     Restated H1-20 results                                                                10,726       (8,383)         101        (130)         829         415
     Revaluation of assets associated with deeply subordinated notes
                                                                       Corporate center         0                                                  0           0
     denominated in foreign currencies
                                                                       Business lines/
     Transformation and reorganization costs                                                             (133)                     (141)        (274)       (175)
                                                                       Corporate center

     Impact of Lebanon default on ADIR insurance                       Insurance                                        (14)                     (14)        (10)

     Contribution to the insurance guarantee fund                      Insurance              (16)                                               (16)         (8)

                                                                       Business lines/
     Disposals and impairment                                                                                           (10)                     (10)        (10)
                                                                       Corporate center
     H1-20 results
                                                                                           10,742       (8,250)         125          11        1,143         618
     excluding exceptional items & Coface net contribution

35     INVESTOR PRESENTATION
Reconciliation of 2020 data to pro forma data (1/2)

     Retail banking and
                                                        Q1-20                                       Q2-20                                       Q3-20                                       Q4-20
     Insurance
                                           Net                                         Net                                         Net                                         Net
     In millions of euros                        Operating   Income                          Operating   Income                          Operating   Income                          Operating   Income
                                      banking                        Net income   banking                        Net income   banking                        Net income   banking                        Net income
                                                 expenses before tax                         expenses before tax                         expenses before tax                         expenses before tax
                                       income                                      income                                      income                                      income

     Reported figures                   4,140      (2,803)      1,032      685      4,074      (2,585)       844       537      4,162      (2,629)      1,211      818      4,081      (2,796)       527       289

     Analytical adjustments                 1            2          2         1         1            1         2          1         1            1          2         1         1            1          2         1

     Central institution’s expenses       (65)           7       (58)      (39)       (65)           7      (58)       (39)       (65)           7       (58)      (39)       194         (21)       173       118

     Pro forma figures                  4,076      (2,794)       977       646      4,010      (2,577)       789       499      4,098      (2,620)      1,156      780      4,276      (2,816)       702       407

     Global financial
                                                       Q1-20                                       Q2-20                                       Q3-20                                       Q4-20
     services
                                           Net                                         Net                                         Net                                         Net
     In millions of euros                        Operating   Income                          Operating   Income                          Operating   Income                          Operating   Income
                                      banking                        Net income   banking                        Net income   banking                        Net income   banking                        Net income
                                                 expenses before tax                         expenses before tax                         expenses before tax                         expenses before tax
                                       income                                      income                                      income                                      income

     Restated figures                   1,462      (1,136)       134        41      1,223      (1,014)      (71)       (46)     1,447      (1,085)       135        54      1,896      (1,251)       465       225

     Analytical adjustments               (8)          (3)       (11)       (6)       (8)          (3)      (11)        (6)       (8)          (3)       (11)       (6)       (8)          (3)       (11)       (6)

     Pro forma figures
                                        1,454      (1,140)       124        36      1,215      (1,017)      (82)       (51)     1,439      (1,088)       124        49      1,888      (1,254)      (454)      219

36      INVESTOR PRESENTATION
Reconciliation of 2020 data to pro forma data (2/2)

     Corporate center                                  Q1-20                                       Q2-20                                       Q3-20                                       Q4-20

                                           Net                                         Net                                         Net                                         Net
     In millions of euros                        Operating   Income                          Operating   Income                          Operating   Income                          Operating   Income
                                      banking                        Net income   banking                        Net income   banking                        Net income   banking                        Net income
                                                 expenses before tax                         expenses before tax                         expenses before tax                         expenses before tax
                                       income                                      income                                      income                                      income

     Restated figures                    (58)       (606)      (619)      (461)     (115)       (238)      (491)      (341)      (98)       (191)      (263)      (169)       326       (309)        77        114

     Analytical adjustments                 7           2         9          4          7           1         9          5          7           1         9          5          7           1         9          4

     Central institution’s expenses        65         (7)        58         39         65         (7)        58         39         65         (7)        58         39      (194)          21      (173)      (118)

     Pro forma figures –
                                           13       (612)      (553)      (418)      (42)       (244)      (425)      (297)      (26)       (197)      (197)      (125)       139       (286)       (88)         1
     excl. Coface net contribution

37           INVESTOR PRESENTATION
Exceptional items and IFRIC 21 effects per business line

     H1-21
                                     RETAIL BANKING     GLOBAL     CORPORATE    GROUPE BPCE
                                       & INSURANCE    FINANCIAL       CENTER
     In millions of euros                             SERVICES
     Impact of exceptional items
                                               (33)         (43)         (99)         (175)
     (excl. Coface)
     Impact of IFRIC 21                        (58)         (19)        (231)         (308)
     Total impact on Income before
                                               (91)         (62)        (330)          (483)
     tax
                                           BANQUE         CAISSE         SEF      INSURANCE    PAYMENTS       OTHER    RETAIL BANKING
                                         POPULAIRE    D'EPARGNE                                            NETWORKS      & INSURANCE
     In millions of euros                 NETWORK      NETWORK

     Impact of exceptional items               (15)         (13)          (4)             0         (1)           0              (33)
     Impact of IFRIC 21                        (21)         (25)          (3)           (8)           0          (1)             (58)
     Total impact on Income before
                                               (36)         (38)          (7)            (8)         (1)         (1)             (91)
     tax
                                              AWM            CIB      GLOBAL
                                                                    FINANCIAL
     In millions of euros                                             SERVICE
     Impact of exceptional items
                                               (17)         (26)         (43)
     (excl. Coface)
     Impact of IFRIC 21                         (3)         (17)         (19)
     Total impact on Income before
                                               (20)         (43)         (62)
     tax

38     INVESTOR PRESENTATION
Groupe BPCE: restated quarterly income statement per business line

                                 RETAIL BANKING          GLOBAL FINANCIAL         CORPORATE                     GROUPE
                                  & INSURANCE               SERVICES               CENTER                        BPCE

     In millions of euros         Q2-21     Q2-20pf        Q2-21     Q2-20pf      Q2-21    Q2-20pf    Q2-21      Q2-20pf        %

     Net banking income            4,420      4,010         1,766      1,215        151        (42)    6,337       5,183     22.3%

     Operating expenses           (2,687)    (2,577)       (1,208)    (1,017)      (255)      (244)   (4,151)     (3,837)     8.2%

     Gross operating income        1,733      1,433           558           199    (104)      (286)    2,187       1,346     62.5%

     Cost of risk                  (283)      (651)           (27)     (286)        (21)       (44)    (332)       (981)    (66.2)%

     Income before tax             1,466          789         534        (82)       (75)      (425)    1,924         282       x6.8

     .8Income tax                  (392)      (262)         (138)           22       21        111     (509)       (129)       x3.9

     Non-controlling interests       (31)         (28)        (96)           9       18         16     (108)          (3)       ns

     Net income – excl.
                                   1,043          499         300        (51)       (35)      (297)    1,308         150       x8.7
     Coface

     Coface – Net contribution                                                                 (19)                  (19)       ns

     Net income –
                                   1,043          499         300        (51)       (35)      (317)    1,308         131      x10.0
     Group share

39     INVESTOR PRESENTATION
Groupe BPCE: restated quarterly series

                                 GROUPE BPCE

     In millions of euros                Q1-20pf      Q2-20pf    Q3-20pf    Q4-20pf   Q1-21     Q2-21

     Net banking income                    5,543        5,183      5,511     6,303     6,117     6,337

     Operating expenses                   (4,546)      (3,837)    (3,905)   (4,356)   (4,655)   (4,151)

     Gross operating income                    997      1,346      1,606     1,947     1,462     2,187

     Cost of risk                          (504)        (981)      (589)      (924)    (490)     (332)

     Income before tax                         548        282      1,083     1,069     1,041     1,924

     Net income – excl. Coface                 265        150        703       628       543     1,308

     Coface – Net contribution                 (83)       (19)       (29)       (5)        5

     Net income – Group share
                                               181        131        674       624       548     1,308

40     INVESTOR PRESENTATION
Cost of risk by business lines

      COST OF RISK(1) (in bps)
                                                                         49                                     48
                                                                          16                                    17
                                                       20                                   18                                                      25     20
                                                       15                 33                  6                 30                                   22
                      BP network                       5                                     12                                                       3
                                                                                                                                                            18
                                                                                                                                                            2
                                                                                                               45
                                                                          37
                                                                          15
                                                                                            21                   5                                   19
                                                       16                                                       41
                                                       11                 22                 7                                                       12     8
                                                                                             14                                                      8      10
                      CE network                        5                                                                                                   -2

                                                                         45                                    49
                                                                                                                13
                                                       21                 20                23                                                       25
                                                                                             10                 36                                         18
                                                       17                 26                                                                         20     19
                                  RB&I                 5                                     13                                                       5
                                                                                                                                                            -1

                                                                         163
                                                      123                                  121
                                                                         124
                                                                                                               95
                                                      112                                   112                                                      53
                                                                                                                65
                                                                                                                                                     47    17
                                    CIB                11
                                                                          39
                                                                                             9
                                                                                                                30
                                                                                                                                                      6
                                                                                                                                                                8
                                                                                                                                                                9

                                                                          55                                   49

                                                       29                 29                32                 18
                                                                                                                                                     26    17
                                                                                            19
                                                       24                 25                                   31
                                                                                            12                                                       21     18
                 Groupe BPCE                           5                                                                                              5    -1
                                                    Q1-20              Q2-20             Q3-20              Q4-20                                 Q1-21   Q2-21

                                                                                                                S1/S2       S3
     (1) Cost of risk expressed in annualized basis points on gross customer outstandings at the beginning of the period - Excluding exceptional items

41      INVESTOR PRESENTATION
Retail Banking & Insurance
     Robust financial performance thanks to strong commercial activity;
     Large positive jaws effect and decline in the cost of risk
     Loan outstandings: €628bn, +7.8% YoY                                                                                         On-balance sheet deposits & savings(1):
     o/w residential mortgages +8.6% YoY                                                                                          €543bn, +6.8% YoY
     o/w consumer loans +6.8% YoY                                                                                                 o/w sight deposits +9.4% YoY
     o/w equipment loans +5.8% YoY
     o/w State-guaranteed loans: €30.2bn

                                                                                                                           NET BANKING INCOME(5)

     Underlying figures(2)                 Q2-21 % Change                        H1-21 % Change                                       +8.0%                       +8.4%                        +5.9%                        +18.5%
     €m

     Net banking income                     4,420           10.0%                8,718             7.6%
     Operating expenses                                                                                                       6,530        7,050              551         597             465           492                         235
                                          (2,669)            6.0%               (5,414)            3.0%                                                                                                                 198
     Gross operating                                                                                                          BP + CE networks(6)                   FSE                       Insurance                     Payments
                                            1,751           16.6%                3,304           16.0%
     income
     Cost of risk(3)                        (283)         (56.4)%                 (670)        (29.7)%                       OPERATING EXPENSES(5)
     Income before tax                                                                                                        BP + CE networks                      FSE                       Insurance                     Payments
     after IFRIC 21                         1,455           75.7%                2,724           38.0%
                                                                                                                             (4,285) (4,400)                (298)         (309)          (250)         (262)           (184)       (203)
     restatement
     Cost/income ratio(4)                  61.0%           (2.3)pp              61.4%           (2.7)pp

                                                                                                                                    +2.7%                         +3.7%                         +5.0%                       +10.3%
                                                                                                                                                                              H1-20        H1-21
     (1) Excluding centralized regulated savings (2) Excluding exceptional items (see annex) (3) Methodological effect in Q1-20: +€115m (4) After IFRIC 21 restatement (5) Excluding Banque Palatine and Oney Bank (6) Excluding
     provision for home-purchase savings schemes

42      INVESTOR PRESENTATION
Retail Banking & Insurance - Banques Populaires
      Sharp increase in GOI: +30.1% in H1-21, expenses well under control

     LOAN OUTSTANDINGS                                  - in €bn -                   DEPOSITS & SAVINGS                                                   PRODUCTION

                   +9.6%                                                                                   +8.9%                                                                                                     Retail market – P&C
                                                                                                                                                                                            189           +64%
                                                                                                                        341                                                                                          In thousands of contracts
                                 267                                                              313                                                      116
            244                            19                      Off-balance sheet D&S                                 81
                                                                                                   75                                                                                       2.5
                                                                                                                                                                                                          +26%       Consumer loans
     14                                                                                                                                                     2.0
                                                                                                                                                                                                                     In €bn
                                                                                                                         16
                                                                     Centralized regulated         14
                                                                                   savings                                                                                                  2.3                      Life insurance gross Inflows
                                                                                                                                                            1.4                                           +59%       In €bn
                                                                                                            +8.8 %
                                                                                                  223                    243
                                                                 On-balance sheet D&S,
                                                                                                                                                           36.8%
                                                                                                                                                                                           38.3%          +1.5pp     % share of Unit-Linked products
          June 2020            June 2021                      excluding centralized items

                                                                                               June 2020                                                   H1-20                           H1-21
                                 State-guaranteed loans                                                              June 2021

      Underlying figures(1)                           Q2-21 % Change                        H1-21 % Change
                                                                                                                                                      +11.5%                           +18.6%                        +6.0%
      €m

      Net banking income                               1,738           17.1%                3,407           11.5%
      Operating expenses                             (1,048)            5.5%              (2,119)            2.6%                                             3,414
                                                                                                                                                                                            2,068
      Gross operating income                             690           40.6%                1,287           30.1%                                3,063
                                                                                                                                                                                  1,744
                                                                                                                                                                                                                 1,262    1,337
      Cost of risk(2)                                   (136)        (53.0)%                 (301)        (25.8)%
                                                                                                                                                                       (4)                          (4)
      Income before tax                                                                                                                          Net banking income              Net interest income               Commissions
                                                         556             x2.8               1,034           65.9%
      after IFRIC 21 restatement
      Cost/income ratio(3)                            60.9%           (6.8)pp              61.6%           (5.3)pp
      (1) Excluding exceptional items (see annex) (2) Methodological effect in Q1-20: +€34m (3) After IFRIC 21 restatement (4) Excluding provision for home-purchase savings schemes

43        INVESTOR PRESENTATION
Retail Banking & Insurance - Caisses d’Epargne
      Strong increase in GOI: +9.2% in H1-21

     LOAN OUTSTANDINGS                                  - in €bn -                   DEPOSITS & SAVINGS                                                   PRODUCTION
                                                                                                           +4.7%         489
                   +6.5%                                                                          467                                                      255                              338                       Retail market – P&C
                                                                                                                                                                                                          +33%        In thousands of contracts
                                 325                                                              134                    140
            305                             10                     Off-balance sheet D&S                                                                                                    5.1                      Consumer loans
      7                                                                                                                  61                                 3.8                                           +33%
                                                                                                   59                                                                                                                In €bn

                                                                     Centralized regulated                                                                                                  7.7                      Life insurance gross Inflows
                                                                                   savings                                                                  4.3                                           +80%
                                                                                                            +5.0%                                                                                                    In €bn
                                                                                                  273                    288                                                                35.8%         +1.4pp     % share of Unit-Linked products
                                                                 On-balance sheet D&S,
          June 2020           June 2021                       excluding centralized items                                                                 34.4%

                                                                                                                                                           H1-20                           H1-21
                                 State-guaranteed loans                                        June 2020             June 2021

      Underlying figures(1)                           Q2-21 % Change                        H1-21 % Change
                                                                                                                                                       +4.9%                           +9.5%                         +5.0%
      €m

      Net banking income                               1,825            3.6%                3,620            5.1%
      Operating expenses                             (1,128)            6.2%              (2,281)            2.8%                                             3,636
                                                                                                                                                  3,467                                     2,043
      Gross operating income                             696          (0.3)%                1,339             9.2%
                                                                                                                                                                                  1,867
      Cost of risk(2)                                    (66)        (76.0)%                 (219)        (44.8)%                                                                                                1,576 1,655
                                                                                                                                                                        (4)                         (4)
      Income before tax                                                                                                                          Net banking income              Net interest income               Commissions
                                                         620           51.1%                1,147           34.4%
      after IFRIC 21 restatement
      Cost/income ratio(3)                            62.5%             1.5pp              62.3%           (1.4)pp
      (1) Excluding exceptional items (see annex) (2) Methodological effect in Q1-20: +€75m (3) After IFRIC 21 restatement (4) Excluding provision for home-purchase savings schemes

44        INVESTOR PRESENTATION
Retail Banking & Insurance

     DEPOSITS & SAVINGS (in €bn)                                                    LOAN OUTSTANDINGS (in €bn)
                     847.2                                    Change YoY                                             Change YoY
       796.7
                                                              +6.3%                                                  +7.8%
                      257.6                                                                      627.7
       235.6
                                                                                      582.4

                                 +9.4%    Sight deposits
                      210.9                                                                       349.4
       196.4                     +7.4%    Passbook savings accounts                   321.6
                                 +1.1%    Regulated home savings plans

        81.4          82.2       +7.8%    Term accounts                                                      +8.6%   Residential mortgages

        49.1          52.9                                                                        35.3               Consumer loans
                       2.6      (40.9)%   BPCE bonds placed in the retail network     33.1                   +6.8%
        4.4
                      24.1                                                            49.9        55.4
        21.7                    +10.7%    Mutual funds                                                      +10.9%   Short-term credit facilities

       185.7          193.9      +4.4%    Life insurance                                          166.1      +5.8%   Equipment loans
                                                                                      157.0
                                          Other                                                                      Other
        22.3           22.9                                                            20.7        21.5
     June 2020      June 2021                                                       June 2020   June 2021

45    INVESTOR PRESENTATION
Retail Banking & Insurance - Financial Solutions & Expertise
     Good momentum in commercial activities, all businesses are catching
     opportunities in the economic turnaround
     Business activities                                                                    Breakdown of revenues per business line in H1-21
     ʘ Consumer credit: record level of personal loan financing in H1-21, rising to €7bn
       (+39% vs. H1-20)                                                                                7%     3%
     ʘ Sureties & financial guarantees: further momentum in guarantees on loans to                                   22%           Consumer credit
                                                                                               12%
       individual customers (gross written premiums: +21% vs. H1-20)                                                               Sureties & financial guarantees
                                                                                                                                   Retail securities services
     ʘ Retail securities services: good half-year driven by growth in the number
                                                                                                                                   Leasing
       of stock market transactions in France despite a very strong 2020 baseline                          €597m                   Factoring
       (+3% vs. H1-20)
                                                                                             23%                                   Socfim
     ʘ Leasing: continued good commercial momentum with, in June, a record level of                                      25%       Other
       equipment lease production and long-term vehicle leasing orders in a context
       marked by sustained activity with the retail banking networks                                       8%
     ʘ Factoring: confirmed business recovery in Q2-21 with factored revenues up 33%
       vs. Q2-20
                                                                                            Underlying figures(1)              Q2-21 % Change            H1-21 % Change
     ʘ Socfim: building on the high levels reached by new production in Q1-21, activities   €m
       continued to enjoy strong momentum in Q2-21 (+14% vs. Q2-20)
                                                                                            Net banking income                   302     15.0%             597        8.4%
     Results                                                                                Operating expenses                 (153)      8.4%            (309)       3.7%
     ʘ Net banking income: very robust performance in Q2-21 heightened by a Q2-20
                                                                                            Gross operating income               148     22.6%             287       13.9%
       baseline effect
     ʘ Operating expenses: in line with strong activity; cost to income ratio at 51.2%      Cost of risk                        (30)     17.5%             (61)      21.2%
       in Q2-21 (-2.9pp vs. Q2-20)                                                          Income before tax
                                                                                                                                 117     23.6%             229       11.9%
                                                                                            after IFRIC 21 restatement
     ʘ Cost of risk: increase year-on-year, reflecting prudent risk management
                                                                                            Cost/income ratio(2)               51.2%    (2.9)pp          51.4%       (2.3)pp
     (1) Excluding exceptional items (see annex) (2) After IFRIC 21 restatement

46      INVESTOR PRESENTATION
Retail Banking & Insurance - Insurance
                                                                                                                                                                                                           Scope: Insurance division of Natixis

           Solid commercial activity and financials

                                   Premiums(1)                                              In €bn                    Life insurance AuMs(1)                                      Share of UL products – H1-21
                                                                          7.9        +50%
                                                                                                                                     +7% YTD
                                                                                     +8%                                                                                     YoY share of UL       +3pp                   +2pp
                      3.7        +79%

                                 +12%                     5.3                                                                                                                                    €78.1bn
                                                                                                                                         2.1           1.4                                                               €6.4bn
     2.1                                                                                                                  1.9                                                                      €22bn 28%
                                                                                                                                                                                      UL                                  €2.4bn 38%
                                                                                     +58%
                                 +95%                                                                                                                             78.1                              €56
                                                                                                                                                      76.6                            €
                                                                                                            72.7                                                                                    bn                    €4.0bn

 Q2-20              Q2-21                               H1-20           H1-21                              AuM at      Net inflows   Net inflows   Reevaluation   AuM at                           AuM                Gross inflows
                                                                                                         12/31/2020         €            UL          & others   06/30/2021
                        P&C Insurance                Life and Personal protection

                                                                                                                                          Underlying figures(2)                 Q2-21 % Change                  H1-21 % Change
                                                                                                                                          €m
           Key    indicators(1)
           ʘ €2.9bn gross inflows and €1.7bn net inflows for Life insurance in Q2-21                                                      Net banking income                      252           6.7%               492             5.9%
             (€6.4bn and €3.9bn respectively for H1-21), strongly up vs. prior year period                                                Operating expenses                     (124)          6.6%             (262)             5.0%
           ʘ P&C Insurance premium growth +12% vs. Q2-20
                                                                                                                                          Gross operating income                  128           6.7%               230             7.0%
           ʘ P&C and Personal Protection equipment rate at 29.3% (+0.6pp QoQ) for
             the Banques Populaires and at 32.5% for the Caisses d’Epargne                                                                Income before tax
                                                                                                                                                                                  125          10.1%               240             6.2%
             (+0.4pp QoQ)                                                                                                                 after IFRIC 21 restatement

           ʘ P&C combined ratio at 93.5% in Q2-21 (+0.7pp YoY), 93.2% in H1-21                                                            Cost/income ratio(3)                  50.8%          (0.6)pp          51.7%           (0.1)pp
             (+1.6pp YoY)
           (1) Excluding the reinsurance agreement with CNP (2) Excluding exceptional items (see annex) (3) After IFRIC 21 restatement

47            INVESTOR PRESENTATION
Retail Banking & Insurance - Payments/ Oney Bank

     PAYMENTS
                                                                                                            Scope: Payments division of Natixis
     Net revenues: +18.5% in H1-21 off a low base related to the lockdown measures
     in France having impacted the April/May commercial activity in 2020
                                                                                                        Underlying figures(1)                     Q2-21 % Change     H1-21 % Change
     ʘ Payment Processing & Services: net revenues +18% in H1-21; number of card                        €m
         transactions processed +17% vs. H1-20. Contactless transactions accounting for
         ~47% of transactions in Q2-21 vs. ~36% in Q2-20. Strong growth of mobile                       Net banking income                          118    37.7%       235    18.5%
         payments (x2.6 vs. Q2-20) and instant payment transactions (x2.1 vs. Q2-20)
                                                                                                        Operating expenses                        (101)    10.5%     (203)    10.3%
     ʘ Digital: PayPlug continues to benefit from its positioning across small and
         medium-sized merchants (business volumes +78% in H1-21) and with growth                        Gross operating income                       17        ns       31       ns
         across Groupe BPCE retail networks (business volumes x3.3 in H1-21)
         Dalenys featuring dynamic activity levels with business volume growth                          Cost of risk                                (7)        ns      (7)       ns
         accelerating at +46% in H1-21                                                                  Income before tax
                                                                                                                                                     10        ns       25    55.0%
     ʘ Benefits: Issuing volumes for the Reward activity “Titres Cadeaux” +27% in H1-21                 after IFRIC 21 restatement
         and +25% in H1-21 for meal vouchers                                                            Cost/income ratio(2)                      86.0%   (21.2)pp   86.4%   (6.4)pp
     Positive jaws effect in Q2-21 and in H1-21 despite the investments being made
     in order to ensure sustainable development

     ONEY BANK
     Outstanding loans: €2.5bn at end-June 2021, down 4%                                                Underlying figures(1)                     Q2-21 % Change     H1-21 % Change
     ʘ Mainly due to the drop in consumer loans caused by health restrictions affecting                 €m
        physical points of sale
                                                                                                        Net banking income                          101   (10.2)%      205    (8.2)%
     Loan production: +20.6% in H1-21 at €1,640m
     ʘ Sharp increase in “Split payment solution 3x4x”: +21% at €762m                                   Operating expenses                         (70)      0.7%    (142)    (1.1)%

                                                     Split payment solution                             Gross operating income                       31   (27.8)%       63   (20.8)%
                                                     (3x4x)                       46%
     H1-21 breakdown of loan                         Assigned credit
                                                                                                        Cost of risk                               (20)   (11.1)%     (40)   (14.0)%
     production by product                                                              €1.640m   33%
                                                                                                        Income before tax
                                                                                                                                                     11   (46.0)%       23   (30.2)%
                                                     Revolving credit                                   after IFRIC 21 restatement
                                                     Personal loans                                     Cost/income ratio(2)                      69.1%     7.6pp    69.1%     4.8pp
     Change YoY, unless otherwise indicated
                                                                                    9%
     (1) Excluding exceptional items (see annex) (2) After IFRIC 21 restatement           12%
48      INVESTOR PRESENTATION
Global Financial Services/ Asset & Wealth Management
     Robust AuM growth and fee rate dynamic
                                                                                                                               Assets under management(1) (in €bn)
                                                                                                                                                                                                  35                           1,183
     AuMs: +3% QoQ with positive net inflows and market effect. Favourable mix                                                             Controlling affiliates       WCM IM
     shift notably across European affiliates with faster AuM growth at Mirova,
     DNCA and AEW, leading to a higher average fee rate                                                                                                                                                          (6)                 82
                                                                                                                                  1,153
                                                                                                                                                                5
     AM net inflows(1): excl. Ostrum AM reached ~€5bn in Q2-21 mainly driven
                                                                                                                                      74                                         (4)
     by North American affiliates and private assets
                                                                                                                                                                                                                                    1,100
     ʘ Second quarter of positive net inflows at Harris Associates in a row (AuM
       now ~$123bn)                                                                                                                 1,079
     ʘ Fifth consecutive quarter of positive net inflows on LT products                                                                                                                                833
       overall (cumulative ~€26bn net inflows over the period)                                                                      AuM at               Net flows          Net flows           Market       FX impact/          AuM at
                                                                                                                                  03/31/2021          excl. Ostrum AM      Ostrum AM            effect         Other           06/30/2021
                                                                                                                                   excl. H2O                                                                                    excl. H2O

     AWM gross operating income: +39% YoY in Q2-21 and +41% in H1-21
     ʘ AM net revenues excl. performance fees +22% YoY in Q2-21 (+16% in
       H1-21), mainly driven by higher average AuM, management fees and                                                      Underlying figures(2)                         H1-21         %          Constant             H1-21    %
       financial revenues                                                                                                    €m                                                        Change             Fx              incl. Change
     ʘ AM perf. fees: €20m in Q2-21 in line with Q2-20 levels. Performance fees                                                                                                                    % Change            H2O AM
       diversified across multiple affiliates                                                                                Net banking income                            1,586        16.3%            22.6%             1,625          9.9%
     ʘ Q2-21 net revenue contribution up an average ~15% YoY across affiliates
                                                                                                                             Operating expenses                          (1,186)         9.7%            15.1%            (1,214)         9.1%
       in both North America and Europe
     ʘ AWM expenses: +16% YoY in Q2-21 (+10% YoY in H1-21) mainly driven                                                     Gross operating income                          400        41.4%            52.4%               411          12.3%
       by higher variable comp. on the back of increased profitability. Positive                                             Income before tax
       jaws effect                                                                                                           after IFRIC 21                                  402        45.0%                                410          13.7%
       with a cost/income ratio(3) improving to 73.0% in Q2-21 (-3.5pp YoY) and to                                           restatement
       74.6% in H1-21 (-4.5pp YoY)
                                                                                                                             Cost/income ratio(3)                         74.6%         (4.5)pp                           74.6%       (0.5)pp
     (1) Europe including Dynamic Solutions and Vega IM, excluding H20 AM (€17bn AuM as at 06/30/2021); US including WCM IM (2) Excluding exceptional items (see annex) (3) After IFRIC 21 restatement

49      INVESTOR PRESENTATION
Global Financial Services/ Corporate and Investment Banking
     Strong commercial activity and improved cost of risk

                                                                                                                                           Net revenues(1) (in €m)
     Net revenues continue to exhibit solid momentum on the back of a strong                                                                                               845              929              923                                  1,852
     commercial activity and off a low base due to the H1-20 market conditions                                                                                                                96             135
                                                                                                                                                                           126                                                                    231
     (mainly spreads widening and dividend mark-downs on equity products)                                                                                                                                                       1,255
                                                                                                                                            522          661
     Global markets:                                                                                                                         99           93
                                                                                                                                                                                             336                                 202
                                                                                                                                                                           343                               393                                  728
     ʘ FIC-T revenues up YoY at €287m in Q2-21 (€617m in H1-21) with a higher
       contribution from Credit, Rates and Treasury more than offsetting a lower                                                                                                                                                 619
                                                                                                                                            321          321                                 167
       contribution from FX                                                                                                                                                                                                                        275
                                                                                                                                                                           127                                108
     ʘ Equity revenues at €108m in Q2-21 (€275m in H1-21) driving by favorable
                                                                                                                                                          33
       market conditions and a strong commercial successes, notably with the
                                                                                                                                                                           250               330                                 642               617
       Groupe BPCE networks                                                                                                                  277          213                                                 287

     Global finance:                                                                                                                                1     25               43                 7               (7)                        (55)
                                                                                                                                           (175)                                                                                                   0
                                                                                                                                                                                                                                (208)
     ʘ Net revenues +22% YoY at €393m in Q2-21 (+18% in H1-21), driven by
                                                                                                                                            Q2-20        Q3-20         Q4-20               Q1-21            Q2-21               H1-20             H1-21
       higher contribution from the portfolio, notably with corporates, as well as on
                                                                                                                                          CVA/DVA desk   FIC-T    Equity         Global finance      Investment banking
       Real assets (mainly Infrastructure) and Trade finance                                                                                                                                        and M&A

     Investment banking/M&A:                                                                                                                                                                                                                    Constant
                                                                                                                                           Underlying figures(2)
     ʘ Investment banking revenues slightly down YoY in Q2-21 on the back                                                                  €m                                                %                                      %              Fx %
        of a lower contribution from DCM although +10% in H1-21                                                                                                                    Q2-21 Change                     H1-21       Change           Change
     ʘ M&A revenues more than doubled YoY in Q2-21 (+20% in H1-21)                                                                         Net banking income                         919          79.8%              1,859        56.1%           63.0%
        off a low base and with strong contributions from Natixis Partners and                                                             Operating expenses                       (583)          21.9%            (1,159)        11.8%           14.9%
        Solomon Partners
                                                                                                                                           Gross operating income                     336           x10.2                 700           x4.5
     Positive jaw effect with a cost/income ratio(3) improving to 64.3% in Q2-21                                                           Cost of risk                               (28)        (90.0)%           (109)       (76.8)%
     (-31.0pp YoY) and 61.4% in H1-21 (-24.0pp YoY)                                                                                        Income before tax
     Cost of risk improving and benefiting from benign Stage 3 net provisioning                                                            after IFRIC 21                             303              ns             614               ns
     in Q2-21                                                                                                                              restatement
                                                                                                                                           Cost/income ratio(3)                   64.3% (31.0)pp                    61.4%       (24.0)pp
     (1) Total excluding CVA/DVA desk and other; figures at current FX (2) Excluding exceptional items (see annex) (3) After IFRIC 21 restatement
50      INVESTOR PRESENTATION
Group internal solidarity
     & guarantee system call

                              Internal solidarity and guarantee system defined by law between all affiliated French Regulated Credit
                              Institutions (FRCI) within the group
     DESCRIPTION              BPCE SA has the legal obligation to take all necessary measures to guarantee the liquidity
                              and the solvency of its FRCI affiliates

                              The French Monetary and Financial Code creates a joint solidarity fund (at BPCE SA level)
                              immediately available (€1.283bn as of June 30, 2021)
     AMOUNT
                              In addition, mobilization of the total regulatory capital of the 2 networks if needed (€56.9bn of Tier 1
                              capital as of June 30, 2021 )

                              Financial failings of any affiliated FRCI (including BPCE SA) within the group would be covered
     CONSEQUENCES             by the aggregate Tier 1 capital of the 2 networks
                              Only 1 credit risk and 1 senior debt rating for all affiliated FRCI within the group (excl. CFF with S&P)

                              BPCE SA, as the central institution, has taken measures to safeguard liquidity
                              and solvency of its affiliated FRCI
     PREVENTION
                              Examples: Natixis: guarantee mechanism on GAPC credit portfolio
                                        Crédit Foncier de France: €1.5bn capital increase in late 2011

             The aggregate Tier 1 capital of the 2 networks ultimately protects the Bondholders

51    INVESTOR PRESENTATION
Consolidated balance sheet

     ASSETS                                                                                            LIABILITIES
                                                                      June 30, 2021    Dec. 31, 2020                                                                  June 30, 2021    Dec. 31, 2020
     (in millions of euros)                                                                            (in millions of euros)

     Cash and amounts due from central banks                                 151,361        153,403    Amounts due to central banks
     Financial assets at fair value through profit or loss                   186,044        196,260    Financial liabilities at fair value through profit or loss            162,369        191,371
     Hedging derivatives                                                       7,662          9,608    Hedging derivatives                                                    13,523         15,262
     Financial assets at fair value through shareholders' equity              50,043         49,630    Debt securities                                                       229,051        228,201
     Financial assets at amortized cost                                       27,218         26,732    Amounts due to credit institutions                                    153,187        138,416
     Loans and receivables due from credit institutions                                                Amounts due to customers
                                                                              99,064         90,018                                                                          648,664        630,837
     and similar at amortized cost
     Loans and receivables due from customers at amortized cost              757,573        746,809    Revaluation difference on interest rate risk-hedged
                                                                                                                                                                                 198            243
                                                                                                       portfolios
     Revaluation difference on interest rate risk-hedged portfolios            6,833          8,941
                                                                                                       Current tax liabilities                                                 1,014            485
     Insurance activity investments                                          129,175        124,566
     Current tax assets                                                          642                   Deferred tax liabilities                                                1,140          1,239
                                                                                                747
     Deferred tax assets                                                       3,476          3,667    Accrued expenses and other liabilities                                 21,476         22,662
     Accrued income and other assets                                          14,282         16,367    Liabilities associated with non-current assets held for sale            2,173          1,945

     Non-current assets held for sale                                          2,434          2,599    Insurance-related liabilities                                         121,014        114,608

     Investments in associates                                                 4,383          4,586    Provisions                                                              5,451          6,213
     Investment property                                                         774            770    Subordinated debt                                                      16,262         16,375
     Property, plant and equipment                                             6,089          6,222    Shareholders' equity                                                   76,923         78,412
     Intangible assets                                                         1,037          1,038    Equity attributable to equity holders of the parent                    76,266         72,683
     Goodwill                                                                  4,354          4,307    Non-controlling interests                                                 657          5,728

     TOTAL ASSETS                                                         1,452,445        1,446,269   TOTAL LIABILITIES                                                  1,452,445       1,446,269

52      INVESTOR PRESENTATION
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