Compared to 2019, and despite the Covid episode, net profit is up 32.1%.
BPCE, in France, brings together the Banque Populaire and Caisse d'Épargne networks and the former Natixis bank, which has been transformed into "Global Financial Services" since its takeover and delisting last summer. The BPCE group is the world's second largest cooperative banking institution behind Crédit Agricole.
The mutual group benefited from strong activity in the Banque Populaire and Caisse d'Épargne networks, and from the recovery of the former subsidiary Natixis. These results are not linked to exceptional events, but reflect a healthy business within an optimised organisation. They are in line with the market and the French counterparts have also recorded excellent results in 2021.
The cost of risk fell at the same time as business activity rebounded significantly.
But performance does not exclude prudence. Thus the amount of financial provisions entered in the accounts last year: down 40% compared to 2020, nevertheless remains 30% higher than in 2019. Uncertainties remain.
Natixis' business lines have largely contributed to the good performance of 2021. The ex-subsidiary had suffered greatly from the crisis in 2020, the recovery was spectacular in the equity businesses, and revenues almost doubled in the mergers and acquisitions business, with the investment bank seeing its activity jump by 34% in 2021.
The mutual group intends to build on this very good performance to finalise the simplification of its organisation.