2Q 2009 Results

Net profit of EUR 283 million, +13% vs. 1Q 2009.
Significant progress achieved in the Group’s Transformation Plan.

  • EUR 283 million net profit in 2Q 2009, up by 13% vs. 1Q 2009. EUR 534 million net profit in 1H 2009
  • All business lines are profitable in 2Q 2009
  • Costs down by 7% vs. 2Q 2008
  • Additional collective provisions of EUR 175 million in 2Q 2009 to face potential consequences of a future deterioration of the macro-economic environment
  • Tier 1 ratio of 11.3% and core Tier 1 ratio of 10.4%
  • Sale of FSA Insurance closed on July 1, 2009: significant decrease of the Group’s risk profile
  • Further improvement of Group’s liquidity: 2Q 2009 marked by the re-opening of the covered bond market and renewed access to other sources of non-guaranteed funding
  • Acceleration of balance sheet deleverage (EUR 5 billion bond sales in 2Q 2009 with limited P&L impact)
  • Reduction of the negative AFS reserve by EUR 3.2 billion


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