Groupe BPCE Reports €2.8 Billion in Net Interest Income
Retail-network margin recovery supported €2.8 billion of net interest income in the first quarter of 2026.
Groupe BPCE (BPCE), the French cooperative banking group, generated €2.8 billion of net interest income in the first quarter of 2026 as margins recovered sharply across its retail networks. The company did not disclose a net interest margin percentage.
Retail Banking & Insurance produced €1.389 billion of underlying pretax income on a 58.8% underlying cost/income ratio. Banque Populaire contributed €1.066 billion of net interest income and €758 million of commissions, while Caisse d’Epargne recorded €962 million of net interest income and €892 million of fee and commission income.
Deposits and on-balance-sheet savings in the retail business totaled €714 billion at March 31, including €16 billion of deposit growth. Both term deposits and passbook savings increased. Banque Populaire accounted for €10 billion of the reported deposit increase and Caisse d’Epargne for €6 billion.
Retail home loans stood at €400 billion, equipment loans at €211 billion and consumer loans at €45 billion at the end of March. New lending to households and businesses totaled €25 billion during the quarter.
Outside the retail networks, Corporate & Investment Banking generated €1.3 billion of net banking income, supported by Equity, Global Finance, Real Assets, and Investment Banking and M&A. Asset & Wealth Management recorded €9 billion of net inflows and €841 million of net banking income, with Natixis Investment Managers overseeing €1.261 trillion at March 31.
The estimated common-equity Tier 1 ratio was 16.4% at March 31. Retained earnings added 22 basis points, while changes in risk-weighted assets and the estimated cooperative-share payout reduced the ratio by 19 basis points and 15 basis points, respectively.
Credit costs were €654 million, equivalent to 29 basis points. That included a 1-basis-point forward-looking provision on performing loans and 29 basis points of provisions for loans with proven risk; nonperforming loans represented 2.7% of gross outstandings. The €25 billion of new lending provided the clearest disclosed indicator of business volumes entering the remainder of 2026.