RESULTS AT DECEMBER 31 2019
4th Quarter and Full-Year 2019 Results
Q4 19 PERFORMANCE: STRONG GROWTH IN REVENUES AND UNDERLYING GROUP NET INCOME
Revenues up +4.8% (+6.8%*) in Q4 19 vs. Q4 18, initial tangible results of the improvement in Global Markets (+16% in Q4 19 vs. Q4 18)
Further decline (-0.7%(1)) in the Group’s underlying operating expenses, positive jaws effect
Low cost of risk at 29 basis points in Q4 19
Substantial increase in underlying operating income, +33.1%(1) in Q4 19 vs. Q4 18
Increase in underlying Group net income to EUR 875 million(1) (+8.7% vs. Q4 18)
2019 ACHIEVEMENTS IN LINE WITH TARGETS
SUBSTANTIAL INCREASE IN THE CET 1 RATIO TO 12.7% AT DECEMBER 31ST, 2019 (10.9% AT DECEMBER 31ST, 2018)
2019 RESULTS REFLECTING COST DISCIPLINE AND GOOD RISK CONTROL
2019 revenues: -1.5%* vs. 2018; stable business revenues (-0.1%*)
Decline in the Group’s underlying operating expenses: -1.0%(1) in 2019 vs. 2018
Cost of risk at 25 basis points in 2019, at the bottom of the announced range
French Retail Banking performance in line with 2019 revenue and cost targets; resilient profitability
Confirmation of the profitable growth potential of International Retail Banking & Financial Services (underlying RONE of 17.9%(1))
Implementation of Global Banking & Investor Solutions’ restructuring plan above annual targets
DIVIDEND OF EUR 2.20 IN CASH PROPOSED TO THE GENERAL MEETING OF SHAREHOLDERS
STRENGTHENING THE BUSINESS MODEL
2019 saw the Group continue to strengthen its business model around the following key areas: consolidation of leadership positions in added-value businesses and segments; balance of businesses and geographical regions;
deepening synergies and searching for efficiency. The main advances focused on three aspects: implementation of the refocusing plan, strengthening of core franchises and investments in the digitalisation of platforms and the customer experience.