ENP Newswire -
Release date- 04082014 - In the 2nd quarter
The Group's financial results show very significant impact of one-off items, very good performance with
The Group's results this quarter include the impact of the comprehensive settlement with the U.S. authorities1 regarding the review of certain USD transactions, which includes among other things the payment by
Excluding these items, the Group's performance was very good this quarter.
The Group's revenues totalled
Revenues from the operating divisions increased 4.0%2 compared to the second quarter 2013: they were stable3 in Retail Banking, posted good growth in Investment Solutions (+5.0%3), and were up sharply in Corporate and Investment Banking (+14.6%2).
Operating expenses, at
The operating expenses of the operating divisions were up 3.9%3, in line in particular with business growth at Investment Solutions and CIB, and include the effects of Simple & Efficient. They were up 0.8%3 at Retail Banking, 3.7%3 at Investment Solutions and 11.9%3 at CIB.
Gross operating income declined by 13.8% over the period to
The Group's cost of risk was down 18.1% this quarter at
Given the impact of the comprehensive settlement with the U.S. authorities, pre-tax losses thus came to
Excluding exceptional items and at constant scope and exchange rates, pre-tax income was up 15.8% (+11.4% for the operating divisions).
Net losses attributable to equity holders thus came to
Excluding the net impact of the costs related to the comprehensive settlement with the U.S. authorities, annualised return on equity4 was 8.2% and net earnings per share this quarter came to
The Group's balance sheet is rock-solid. The Group's solvency was in line with the objectives of the 2014-2016 plan with a fully loaded
1 Announced on
3 At constant scope and exchange rates
4 OCA/DVA non annualised and net income restated to exclude the costs related to the comprehensive settlement with the U.S. authorities
5 Ratio taking into account all the CRD4 rules with no transitory provisions
6 Including the forthcoming replacement of Tier 1 instruments that have become ineligible with equivalent eligible instruments
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