La Banque Postale Group - Investor Presentation
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La Banque Postale Group Investor Presentation May 2016
Disclaimer
This document has been prepared by La Banque Postale and La Banque Postale Home Loan SFH solely for use in investor meetings. This document is confidential and is not to be
reproduced by any person, nor be distributed to any person other than its original recipient. La Banque Postale and La Banque Postale Home Loan SFH take no responsibility for the use of
these materials by any person.
This presentation does not constitute a prospectus or other offering document in whole or in part. Recipients should not subscribe for any securities issued pursuant to the Offering except on
the basis of information in the prospectus in final form (including the documents incorporated by reference therein) to be issued by the Company in connection with the Offering.
Information contained in this presentation is a summary only, and is qualified in its entirety by reference to the prospectus. The prospectus will include a description of risk factors relevant to
an investment in the securities to be issued by the Company and any recipients should review in particular the risk factors before making a decision to invest.
This presentation does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to buy or subscribe for any security nor shall it (or any part of it) form
the basis of (or be relied on in connection with) any contract or investment decision in relation thereto. Recipients should conduct their own investigation, evaluation and analysis of the
information set out in this document and should rely solely on their own judgment, investigation, evaluation and analysis in evaluating the Company, its business and affairs.
No representation or warranty, express or implied, is given by or on behalf of the Company, the Joint Lead Managers, or any of their respective directors, officers, employees, advisers,
agents, affiliates or any other person as to (a) the accuracy, fairness or completeness of the information or (b) the opinions contained in this document, and, save in the case of fraud, no
liability whatsoever is accepted for any such information or opinions.
The information and opinions contained in this presentation are provided as at the date of this document and are subject to change without notice although neither the Company nor any other
person assumes any responsibility or obligation to provide the recipients with access to any additional information or update or revise any such statements, regardless of whether those
statements are affected by the results of new information, future events or otherwise. All liability (including, without limitation, liability for indirect, economic or consequential loss) is hereby
excluded to the fullest extent permissible by law.
Certain statements included in this presentation are “forward-looking”. Such forward-looking statements speak only at the date of this document, involve substantial uncertainties and actual
results and developments may differ materially from future results expressed or implied by such forward-looking statements. Neither the Company nor any other person undertakes any
obligation to update or revise any forward-looking statements.
All written, oral and electronic forward-looking statements attributable to the Company, or the Joint Lead Managers, or persons acting on their behalf are expressly qualified in their entirety by
this cautionary statement.
This document and the investment activity to which it relates may only be communicated to, and are only directed at (i) persons in the United Kingdom having professional experience in
matters relating to investments, being investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the FPO); (ii) qualified investors (investisseurs qualifiés) as defined in Articles L411-2 of the French Monetary and Financial Code and (iii) persons to whom the communication may
otherwise lawfully be made (together Relevant Persons). Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in
only with Relevant Persons. This document must not be acted or relied on by any persons who are not Relevant Persons.
NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES - Nothing in this presentation shall constitute an offer of securities for sale in the United States. The securities referred
to in this presentation (if any) have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or under the securities laws of any state of the United States ,
and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and applicable state securities laws.
This document may contain a number of forecasts and comments relating to the targets and strategies of the La Banque Postale Group. These forecasts are based on a series of
assumptions, both general and specific, notably – unless specified otherwise - the application of accounting principles and methods in accordance with IFRS (International Financial Reporting
Standards) as adopted in the European Union, as well as the application of existing prudential regulations. This information was developed from scenarios based on a number of economic
assumptions for a given competitive and regulatory environment.
The Group may be unable:
to anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;
to evaluate precisely the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this presentation.
There is a risk that these projections will not be met. Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when basing their
investment decisions on information provided in this document. Unless otherwise specified, the sources for the rankings are internal.
2 La Banque Postale Investor presentation – May 2016Table of Contents Overview Business model and results Funding and Liquidity Capital Appendix 3 La Banque Postale Investor presentation – May 2016
A solid and stable shareholding structure and a core
subsidiary for Le Groupe La Poste
A strong shareholding structure – the backbone of LBP
LBP is wholly-owned by La Poste, the French Postal Service
La Poste is itself 73.7% held by the French government and 26.3% by La
Caisse des Dépôts (100% held by the French State) and is structured
around 5 business units : 73.7% 100%
Services-Mail-Parcels (mail and parcels, logistics solutions and local
services),
GeoPost (domestic and international express services),
La Banque Postale (financial services),
100%
26.3%
La Poste Network (servicing its business units) and
Digital Services (solutions and services in the area of digital
transformation, digital marketing and digital trust).
LBP is considered as a core strategic subsidiary of La Poste:
La Poste is legally bound to keep a majority stake in LBP (Law of
regulation of postal activities, 2005)
LBP is an essential contributor to La Poste income
LBP is, by law, enabled to use La Poste’s staff for its activities
4 La Banque Postale Investor presentation – May 2016La Banque Postale (LBP):
The heir of La Poste’s Financial Services
Since 2006, LBP has gradually acquired tools and built up a network of partnerships to accelerate its
development and achieve its full potential
A long history of La Poste’s
financial services But still a short history as a fully-fledged bank
1817 2000 31/12/2005 2007 2009 2011 2012 2013 2014 2015
Creation of Efiposte Consumer P&C Corporate Lending to SFH Sofiap Partnership
Efiposte becomes Finance Insurance lending French local BPE with Aegon
(manages sight La Banque authorities AM
deposits Postale Merger BPE /
collected by La LBPGP
Poste)
La Banque La Banque La Banque La Banque
Creation of the first La Banque Wealth
Postale Postale Postale Postale
postal service Postale Management
Assurances Crédit Collectivités Home Loan
mandate named Financement Unit
IARD Entreprises Locales SFH
‘Reconnaissance’
Before 2006, La Poste’s financial services business was mainly focused on savings
Since 2006, LBP developed its product range and became a fully-fledged retail bank
Diversification of LBP lending activities has enhanced LBP role in financing the French real economy
5 La Banque Postale Investor presentation – May 2016La Banque Postale (LBP): A business model based on core
business development and successful partnerships
A very active partnership policy with major players in order to accelerate new businesses
launches, relying on safe and efficient operational process
Retail Banking Insurance Asset Management
Retail banking
Private banking / discretionnary Life assurance
management Asset management for individuals
Contingency
Consumer finance Asset management for companies
P&C
Public sector lending Real estate
Health Insurance
Non-profit organisations & Corporate
banking
Partnership in Partnership in Partnership in Asset
Partnership in Consumer finance
Life Insurance P&C Management
Creation of…
65%
65%
owned
owned
by LBP Acquired 25% of
by LBP
20.15% consolidated by LBP
FINANCEMENT
ASSURANCES
IARD
ASSET
MANAGEMENT
Partnership in Public sector Partnership in Partnership in
lending Contingency* Health Insurance
Acquired 5% of
51%
65% 50% owned
owned owned by LBP
by LBP by LBP Contribution
ASSURANCES ASSET
COLLECTIVITES PREVOYANCE SANTE MANAGEMENT
LOCALES
6 La Banque Postale Investor presentation – May 2016 *current discussions on LBP purchasing CNP’s stake in La Banque Postale PrévoyanceLa Banque Postale (LBP): a business model based on 3 business
lines
Core focus on retail banking A leading position in the French banking market
Contribution to net income before tax 2015 Key figures of retail banking activity at YE 2015
Insurance 10.8 million active retail customers
27%
13.8% market share on ordinary deposits and 23,7% market share on the
Livret A/Bleu
6% Home Loans production up +43% at €12,8bn and consumer loans
Asset Management 67% production up +7% at €2,3bn
Retail Banking
LBP in the French banking environment
Asset Retail banking in France Number of customers with main current Number of branches
Retail Banking Insurance NBI YE 2015 ** (€bn) account March 2015 (m)*** YE 2015 (m)****
Management
Retail banking Life assurance Asset management
LBP 5,8 LBP 8,4 LBP 9,3
Private banking / Contingency for individuals
discretionary P&C Asset management BNP Paribas 6,6 BNP Paribas 3,5 BNP Paribas 2,2
management for companies
Health Insurance Société Générale 8,6
Consumer finance Real estate Société Générale 3,3 Société Générale 3,1
Public Sector lending Banques Populaires 6,5 Banques Populaires 3,6 Banques Populaires 3,3
Non-profit
organisations & Caisses d’Epargne 7,3 Caisses d’Epargne 6,6 Caisses d’Epargne 4,2
Corporate banking Crédit Agricole 13,9 Crédit Agricole 10,8 Crédit Agricole 7,0
LBPAM is the 5th LCL 3,6 LCL 3,2 LCL 1,9
One of the rare pure Partnership with CNP largest asset
player in French retail Assurances management
banking (20.15% consolidated) company in France*
(€177,1bn AUM)
** YE 2015, press releases reports, excluding home savings provisions
* Source: AFG: the French Asset Management Association (2014) *** Sofia Study, March 2015
**** Registration Document or press releases, YE 2015
7 La Banque Postale Investor presentation – May 2016A solid and stable shareholding structure, reflected in strong
credit ratings
La Banque Postale’s credit ratings
Latest rating update Dec 2015 May 2016
Long term debt A / Stable A- / Stable
Short-term debt A-1 F1
Tier 2 BBB-
LT debt ratings of La Banque Postale’s stakeholders
Latest rating update Oct-Nov-Dec 2015 Dec 2015
France AA / Negative AA / Stable
Caisse des Dépôts AA / Negative AA / Stable
Le Groupe La Poste A / Stable A+ / Stable
8 La Banque Postale Investor presentation – May 2016Table of Contents Overview Business model and results Funding and Liquidity Capital Appendix 9 La Banque Postale Investor presentation – May 2016
2015 : a growing loan portfolio with the development of new
businesses
An ongoing commercial momentum
New home loans production up 43% yoy to €12,8bn (including BPE and SOFIAP)
New consumer loans production up 7% yoy to €2,3bn
€12,1bn of loans granted to corporates and local authorities (+34% yoy) with €5,4m short term loans (+24%) and
€6,7bn long term loans (+43%)
Home loans outstandings (in €bn) Consumer loans outstandings (in €bn)
+1,2% +12,9%
50 53 54 4,5
45 4,0
3,4
Home Consumer 2,6
Loans Loans
2012 2013 2014 2015 2012 2013 2014 2015
Loans to
Loans to
Local
Businesses
Outstanding loans to local authorities (in €bn) Authorities Outstanding loans to businesses (in €bn)
+25,2% +81,3%
4,5 5,3
3,6
2,9
2,2 1,8
0,2 0,5
2012 2013 2014 2015 2012 2013 2014 2015
10 La Banque Postale Investor presentation – May 20162015 : performance
Consolidated results (in €m)
Dec 2015 Dec 2014 %
Main lines of the consolidated income statement
Net banking income 5,745 5,673 +1.3 %*
Operating expenses -4,693 -4,672 +0.4%
Gross operating income 1,052 1,001 +5.1%
Cost of risk -181 -163 +11%
Operating income 871 838 +4%
CNP at equity 207 199 +3.9%
Profit before tax 1,094 1,037 +5.5%
Net Income, Group Share 707 677 +4.4%
Cost to income ratio 82.1% 82.7% - 0.6 point
NBI: €5.7bn, +1.3%* vs. Dec 2014
Operating expenses under control : +0,4%
Cost to income ratio improving at 82.1%
A commercial credit activities cost of risk stable at 23 bps
* +0.1% excluding home savings provision, scope effect of €29.6 million (Ciloger, Fédéris, Sofiap)
11 La Banque Postale Investor presentation – May 20162015 : Focus on efficiency
An ongoing effort to improve efficiency across all fronts
2015 Group's operating expenses LBP Group cost to income ratio
85,8 -3,7 pt
€4,693m (+0.4% yoy) reflecting efforts to contain
expenses despite the gradual implementation of major 84,7
transformation programs including:
IT major transformation program improving 82,7
82,1
distribution and banking platforms efficiency
2012 2013 2014 2015
Operating expenses composition 2015
Such focus on business development and 5% 10%
100%
optimisation of operational efficiency allowed: 2%
The operating income to increase by 4% yoy in 25% Counter transactions*
2015 (to €871m) 23% Back office & IT*
The cost to income ratio to improve by almost Focus on external
services and other
expenses 30% Customer advisors / salesforce*
0.6 point yoy to 82,1%
84%
The profit before tax to reach €1,094m, +5,5% 23% Other costs (ATM, postage …)
yoy Employee benefits expenses
Taxes and Duties
External services and other expenses
Amortisation and provision
* Related to the Service Level Agreement signed with La Poste
12 La Banque Postale Investor presentation – May 20162015 : a cost of risk under control
LBP has stringent risk controls in place
Group cost of risk / group gross operating income
Low risk appetite and low earnings volatility
throughout the cycle
35%
Cost of risk increased by 11% but commercial 28%
25%
22%
credit activities cost of risk remained stable yoy 17% 16%
at 23 bps, despite growth in outstanding loans
Outstanding consumer loans: +12.9% yoy to
€4.5bn LBP BNPParibas Société BPCE Crédit CM11 Group
Générale Agricole
Outstanding home loans: +1.2% yoy to €54.1bn Group
Source: 2015 press releases of French banks
Total outstanding loans*: +6.8% yoy to €69.2bn
LBP Group cost of risk (€m) Credit activities cost of risk (bps)*
+11%
181
25
163
154 23 23
2013 2014 2015
2013 2014 2015 * Cost of risk on loans in bp, based on average outstanding at the start of the period
* Loans: customers and corporates
13 La Banque Postale Investor presentation – May 2016Dynamism of insurance and asset management businesses
Asset management
Assets Under Management (€bn)
LBPAM / Tocqueville: €177,1bn AUM (including Fédéris
Gestion d’Actifs) Ciloger
177,1 Tocqueville
Outflows on monetary funds offset by constructive market LBPAM / SAM / Fédéris
conditions
Recent partnership between LBPAM with Aegon Asset
Management and Malakoff Médéric to :
149,4
Develop international and diversified asset classes 4,1
Consolidate analysis and mastery of SRI management via 1,4 1,5
Fédéris Gestion d’Actifs
2014 2015
Insurance
Portfolio evolution
2 750 2 758
Health
Significant increase of portfolios 1 353 P&C
Contingency
P&C Insurance: 547,000 new policies
1 134
Health Insurance: more than 60,000 new policies
Contingency : nearly 310,000 new individual contingency
policies 80 102
2014 2015
14 La Banque Postale Investor presentation – May 2016Table of Contents Overview Business model and results Funding and Liquidity Capital Appendix 15 La Banque Postale Investor presentation – May 2016
Balance sheet composition
A unique balance sheet reflecting LBP business model
LBP balance sheet at YE 2015 (€bn)
Balance sheet at YE 2015: €219 bn, +€5,9bn vs 219 219
YE14
Large customers’ deposits base : €167bn
Regulated savings Regulated savings
75 75
centralised at CDC centralised at CDC
LBP “centralises” all funds deposited on regulated
savings accounts (Livret A, LDD and LEP) to
Customer
CDC*, with no interest rate or liquidity risk (it is a deposits
pure pass-through): €75bn €167bn
Loans to customers 69
Customer deposits
92 excluding regulated
Remaining part of the deposit base (not savings
centralised to CDC) amounting to €92bn:
is used to fund customer lending and mainly home HTM Portfolio 24
loan activity
is invested in a “government bond” portfolio AFS Portfolio 16 20 Short term liabilities
classified in HTM** (existing before LBP creation Short term assets
12
and mainly consisting in HQLA bonds) and Central Bank
19 Other Liabilities
Other assets 22
12 Own funds and hybrids
Assets Liabilities
* CDC: Caisse des dépôts
** Held to Maturity
16 La Banque Postale Investor presentation – May 2016LBP’s strong asset quality
LBP has a high quality and granular loan portfolio
Doubtful ratios* (YE 2015)
86% of the lending portfolio is retail customers’
Home loans
based
Consumer loans
6,9%
LBP conservative financing approach, focusing on
stringent management 4,6%
0,8% 0,9%
2014 2015
High quality of LBP investment portfolio
HTM and AFS portfolios composition and ratings (YE 2015) Desensitisation to peripheral SSA** (€bn)
Other 2,5 -58%
6% A and others 2,0
29% Italy 1,3
Banking
28% 1,2
0,9
66%
Sovereign 71% Spain 1,2 0,6
0,8
AAA and AA Ireland
0,3
0,0 0,0
2013 2014 2015
• Impaired loans / gross loans
** Sovereigns, Supras and Agencies
17 La Banque Postale Investor presentation – May 2016LBP funding structure and strategy
Diversifying funding sources to support its lending diversification
Diversified wholesale funding sources at Dec 31th 2015
In addition to the large customer deposit business,
LBP has diversified wholesale funding sources:
Access to the inter-banking market: €20bn
French CD program €7,4bn
25%
Large repo eligible portfolio of high quality Repo LT
securities, consisting mainly of rapidly 41%
accessible Government bonds Tier 2 and Senior
Access To EIB (European Investment bank) Covered Bonds
long term funding
Agreement with SFIL/CAFFIL to refinance
34%
French local authorities loan production
Senior unsecured EMTN program
A covered bonds program through LBP Home 31,20%
Loan SFH
Outstanding LBP Tier 2 bonds
In Nov 2015, LBP priced a €750mm 2,750% 12NC7
In order to develop its lending activity, LBP is Tier 2 transaction
heading towards a gradual rebalancing of its In April 2014, LBP priced a €750mm 2.750%
funding sources by increasing its long term 12NC7 Tier 2 transaction
wholesale funding In November 2010, LBP priced a €750mm 4.375%
10-year Bullet Tier 2 transaction
18 La Banque Postale Investor presentation – May 2016LBP liquidity position
A strong and stable liquidity position
LBP loan to deposit ratio (€bn)
Low reliance on wholesale funding Centralised deposits 75,3 Ratio L/D : 75%
Sound financing structure with a loan to deposit
ratio of 75%* at YE 2015
69,0 92,2
* Loan to deposit ratio, excluding Livret A and LEP and LDD deposits centralised at the Caisse Customers’loans Customers’deposits
des Dépôts
LBP Group’s LCR and liquidity buffer (€bn)
218%
184% 15,7
Level 2 3,8
LCR: 218% at YE 2015 (estimated)
A strong liquidity buffer with 76% of level 1 buffer
Level 1 11,9
2014 2015 2015
19 La Banque Postale Investor presentation – May 2016Table of Contents Overview Business model and results Funding and Liquidity Capital Appendix 20 La Banque Postale Investor presentation – May 2016
LBP capital position
Strong capital position
CET1 prudential capital (€m) 2015 prudential ratios – building capital buffers
2013*
+7% 2014
+170 bps
18,7
2015 +50 bps
+50 bps 18,7% T2 4,0
-318 7 155 17,0%
75 14,2% 14,7% 15,3% AT1 1,5
707 12,7% 13,2% 13,2%
11,4%
6 691
CET1 13,2
CET1 Profit Dividend Others CET1
31.12.2014 project 31.12.2015
Organic capital generation CET1* Tier1 Total 2015
Basel 3 for 2014 and 2015, Basel 2,5 for 2013
Leverage ratio
CRD IV:
* *
Phased-in Common Equity Tier 1 ratio of
13.2% +10 bps
5,4%
Fully loaded Common Equity Tier 1 of 14.2% 5,2%
LBP displays a higher fully loaded ratio than 3,4% 3,5%
its phased-in CET1 ratio because of 3% Without delegated act
significant stock of unrealised gains Including delegated act
Total Capital ratio of 18,7%
2014 2015
€750m Tier 2 issuance in Nov 2015
* Estimated, taking into account the delegated act published by the EC on Oct 2014, subject to ECB authorization.
Excluding centralised deposits: €75,3bn out of €219bn
21 La Banque Postale Investor presentation – May 2016LBP capital position
Ability to generate capital to support future growth
Capital management philosophy LBP Tier 1 ratios historical data
First capital Capital increase of Capital increase AT1
increase €228m and AT1 of €633m
of €860m issue of €800m Core Tier 1
14,2% 14,7%
12,7% 13,2%
LBP and Group LP are committed to manage adequate 12,1% 11,5%
solvency levels to support LBP’s strategy as evidenced
by several capital actions 11.4%* 10.1%** 12.7% 13.2%
2011 2012 2013 2013 2014 2015
Basel 2 / 2.5 Basel 3 / CRR
Maintaining a prudent approach on capital… LBP RWAs historical data (€m)
Consistently above 10% CET1 since LBP creation
At year end 2015, above LBP Pillar II requirement of Market RWA
Credit RWA 825
9.25% set by the ECB following 2015 SREP exercise Operationnal RWA 1 271 1 215
And already well above the 9.3125% requirement as of 825
1st January 2016* 787
1 691
47 250
… under conservative risk regulatory measure 42 516 43 815
35 913
30 086
25 654
Assessing Pillar 1 risk under standard approach
Managing with conservative regulatory hypothesis
8 160 8 268 8 500 8 500 8 875 9 179
… and mainly exposed to credit risk in regards to a 2011 2012 2013 2013 2014 2015
portfolio largely composed of retail exposures
Basel 2 / 2.5 Basel 3 / CRR
22 La Banque Postale Investor presentation – May 2016 * 9.25% + 0.0625% of additional O-SIB bufferMREL / TLAC considerations
Total Loss Absorbing Capacity considerations Building Capital Buffers
Following public consultation, the TLAC T2 AT1 CET1
requirement for G-SIBs has been released by the 18,7%
FSB on November 9th 2015, with expected 17,0%
4,0%
implementation by January 1st, 2019. The 2,8%
13,2% 1,5%
Commission intends to make a proposal to 1,8%
1,5%
introduce this standard into EU law in 2016
The European Commission proposed on May 23 rd
12,7% 12,7% 13,2%
2016 a Delegated Resolution specifying the criteria 11,0% 12,1% 11,4%
that resolution authorities will need to consider
when setting MREL, an individual measure
modulated with bank’s business model, risk profile 2010 2011 2012 2013 2014 2015
and funding model.
TLAC vs. MREL
MREL TLAC
Covered Entities All EU credit institutions International G-SIBs
Focus Pillar II Pillar I + Pillar II
In this context, La Banque Postale monitors
Eligible Liabilities Wider definition Limits to 2.5% pari
passu instruments to regulatory developments pertaining to resolution
excluded liabilities and continues to build out buffer of loss absorbing
Subordinated
instruments.
instruments
Denominator Total liabilities and own RWAs / Leverage ratio
funds
Minimum Ratio Bank specific level, no 16% initially + Capital
legal floor Buffers / 6% Leverage
ratio
Date Jan’16; phase-in period Jan’19
23 La Banque Postale Investor presentation – May 2016La Banque Postale at a glance
Company profile 2015 Key financial figures
Created in 2006 but a long track record in financial Consolidated results (in €m) Dec 2015 Dec 2014
services
Wholly-owned by La Poste, the French Postal
Service Net banking income* 5,745 5,673
Excluding home savings provision 5,809 5,805
A safe business model
Retail Banking: 94% of NBI (2015)
Recurrent revenues Operating income 871 838
Low cost of risk
Net Income, Group Share 707 677
Sound ratings:
A (stable outlook) by S&P Cost to income ratio 82.1% 82.7%
A- (stable outlook) by Fitch
Key facts 2015 Strong capital and high liquidity in YE 2015
Customer deposits €167bn
CET1 ratio: 13.2% **
Retail active Customers ˜10.8m
Tier 1 ratio: 14.7%
Post offices ˜9,300
Total Capital ratio: 18.7%
NBI Split by Business 3% 3% Estimated leverage ratio: 3.5% ***
Estimated LCR liquidity ratio: 218%
94%
• Scope effect of €29,6m (Ciloger, Fédéris, Sofiap)
Retail Banking ** Phased-in CRD IV/CRR. Estimated fully loaded ratio 14,2%
Asset Management *** 5.2% estimated ratio taking into account the delegated act published by the European
Insurance Commission on Oct 2014, subject to ECB authorization
24 La Banque Postale Investor presentation – May 2016Table of Contents Overview Business model and results Funding and Liquidity Capital Appendix 25 La Banque Postale Investor presentation – May 2016
A sustainable income generation
Increasing income generation allowing LBP to improve efficiency while following a consistent
dividend policy
Net Banking Income (€m)
+23,7%
5,673 5,745
Net banking income (NBI): 5,210 5,215 5,230 5,245 5,539
4,644 4,745 4,815
€5,745m in 2015 (+1,3% yoy)*
23.7% increase since 2006
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Gross Operating Income (€m)
Gross operating income: x2.4
1 001 1 052
€1,052m in 2015 (+5.1% yoy) 854
779 755
2.4x higher than 2006 figures 514
676 708
437 399
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Dividend Strategy
350 318 50
Net income, Group share: 300
293 305
264 258 261 40
€707m in 2015 (+4,4% vs. 2014) 250
186 30
2015 Dividend: €318m (45% pay-out ratio) 200
150 109 20 %
(proposed to the shareholders’ meeting before the end of May 2016) €m 96
100
10
50
0 0
* +0,1% excluding home savings provision, scope effect of €29,6m (Ciloger, Fédéris, Sofiap)
2007 2008 2009 2010 2011 2012 2013 2014 2015
26 La Banque Postale Investor presentation – May 2016LBP distribution network
An extensive distribution network
A multi-channel network YE 2015 (in millions and %)
Counter banking transactions
458 million visits in post offices in 2015 Meetings with advisors
143
Website visits (6,3%)
Largest French retail banking network: 9,300 post 6
579
offices and 7,683* ATMs (25,5%)
(0,3%)
ATM transactions
543
LBP Group: 4,179* staff directly, throughout (23,9%)
France
15,934* employees in La Poste’s financial services
and financial centres report indirectly to LBP’s
executive board
1 000
10,742* advisors and customer service managers (44,0%)
including 714* home loans specialist advisors
Remote banking contacts
Customer relationship enhanced by a multi-channel platform
Paylib creation in 2013: internet payment solution
La Banque Postale Chez Soi: nearly 100,000
customers at YE 2015 (fully remote banking
access using a new interactive mode)
* Permanent employees 2015
27 La Banque Postale Investor presentation – May 2016La Banque Postale 2020
Accelerating business development in the retail Becoming a bank for professionals by setting up a
banking market dedicated unit
• Winning and retaining the loyalty of young customers • Gradual ramp-up of the Banque des Pros programme, through
• Building life solutions for seniors training 1,000 Pro advisors
• Accelerating the development of wealth banking, relying on a • Allowing the Bank to capitalise on two aspects of the Pro customer
strengthened sales structure, a full range of services and relationship (business relationship and personal relationship)
appropriate organisation
• Offering vulnerable customers tailored solutions
Becoming the reference bank for regional development Leading development of the Bank for major corporate
• Offering a new model of local financing, founded on simple products, and institutional accounts
granted under a transparent pricing policy and a responsible • Offering a new model of local financing, founded on simple
approach to advice and risk products, granted under a transparent pricing policy and a
• By developing new activities, being recognised as a leading responsible approach to advice and risk
stakeholder in financing the local public sector • Continuing with theses customers a tradition of trust, simplicity and
• Evolving orgnaisation of the Department of Businesses and Land attention
Developemnt to be close as possible to each region and to rely on • Providing these customers with a dedicated team and developing
synergies between the sales teams new services adapted to their needs
Developing digital banking Preparing La Banque and Network employees for the
• Promoting digital services in the group’s business development jobs of tomorrow
• Facilitating interoperability between channels • Establishment of the Ecole de La Banque et du Réseau to provide
• Enhancing online services with the expertise of le Groupe La Poste support for the 70,000 employees of La Banque Postale, Financial
• Boosting the appeal, visibility and preference for La Banque Postale Services and La Poste Network and to train them in the new skills
brand required for the businesses of the future
• Developing new banking methods by using digital ecossystems
28 La Banque Postale Investor presentation – May 2016Contact details
Stéphane Magnan stephane.magnan@labanquepostale.fr
Head of Financial Markets & ALM
Frédérique Delavaud frederique.delavaud@labanquepostale.fr
Financial communication manager
Dominique Heckel
dominique.heckel@labanquepostale.fr
Head of Long Term Funding
La Banque Postale
115 rue de Sèvres
75275 Paris Cedex 06
www.labanquepostale.com
29 La Banque Postale Investor presentation – May 2016You can also read
