Press release for full and effective distribution
Paris, January 31, 2025
Compagnie de Financement Foncier's financial results in 2024
On January 31, 2025, Compagnie de Financement Foncier's Board of Directors, chaired by Éric FILLIAT, met to approve the annual financial statements for 2024.
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- COMPAGNIE DE FINANCEMENT FONCIER'S BUSINESS ACTIVITY
- Issuance of covered bonds
In 2024, Compagnie de Financement Foncier issued €5.8bn in covered bonds, €1.3bn more than in 2023.
- In April 2024, Compagnie de Financement Foncier tapped the primary market for a €2bn dual-tranche issuance. These tranches, of €1.25bn and €750m, were issued with maturities of three and eight years respectively. The high level of oversubscription on this transaction, despite market instability, testifies to its success.
- In May 2024, an issuance of €1.5bn was carried out with a maturity of six years. The wide range of investors in this transaction confirms the diversity of Compagnie de Financement Foncier's investor base.
- In September 2024, Compagnie de Financement Foncier took advantage of a favorable issuance window with a benchmark of €1bn over eight and a half years.
- In October 2024, as part of Groupe BPCE's Sustainable Development Funding Program, Compagnie de Financement Foncier carried out its second social issuance (€500m over five years). This transaction strengthens Compagnie de Financement Foncier's presence in this specialized market and aligns with Groupe BPCE's objectives to integrate ESG criteria into its refinancing activities.
- Refinancing of Groupe BPCE receivables
These performances, in ever-competitive markets, reflect the commitment and efficiency of all the teams involved. They also confirm the success of the system put in place and the relevance of the diversification strategy developed with Groupe BPCE, which enables Compagnie de Financement Foncier to finance the Group's various business lines under very competitive conditions.
II. COMPAGNIE DE FINANCEMENT FONCIER'S INCOME STATEMENT
| In millions of euros (1) | 2024 | 2023 |
| Net interest margin | 165 | 219 |
| Net commissions | 9 | 13 |
| Other banking expenses (net) | -2 | -2 |
| Net banking income | 172 | 230 |
| General operating expenses | -56 | -68 |
| Gross operating income | 116 | 162 |
| Cost of risk | 2 | 3 |
| Gains or losses on long‑term investments | 0 | 0 |
| Income before tax | 118 | 165 |
| Income tax | -32 | -46 |
| Net income | 86 | 119 |
General operating expenses came to €56m, down on the previous year due to the disappearance of the contribution to the SRF; restated for this item, operating expenses are relatively stable compared with 2023.
Gross operating income reached €116m.
The cost of risk in 2024 shows a net reversal of €2m, reflecting the quality of the assets carried on Compagnie de Financement Foncier's balance sheet.
Net income was €86m at December 31, 2024, compared with €119m at December 31, 2023.
III. BALANCE SHEET INFORMATION
Compagnie de Financement Foncier's balance sheet total was €61.0bn at the end of 2024, compared with €60.3bn at the end of 2023.
The assets refinanced by Compagnie de Financement Foncier for the Group's institutions in 2024 mainly come from the public sector, increasing their proportion on Compagnie de Financement Foncier's balance sheet.
At the end of 2024, outstanding covered bonds stood at €51.5bn, including related debts, close to the situation at December 31, 2023 (€51.7bn).
IV. PRUDENTIAL INFORMATION
Although exempt from regulatory requirements in terms of solvency ratios, Compagnie de Financement Foncier calculates, for information purposes, a Common Equity Tier One (CET 1) ratio at its limits. At December 31, 2024, this ratio stood at 38,6 %, well above the minimum threshold set out in Regulation 575/2013 (CRR).
In accordance with the legislation applicable to Sociétés de Crédit Foncier, Compagnie de Financement Foncier maintains a coverage ratio for its privileged liabilities of more than 105%.
Appendices
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Unless otherwise stated, the financial data in this press release are currently estimated and taken from the financial statements of Compagnie de Financement Foncier. These include the individual financial statements and related explanatory notes, prepared in accordance with French accounting standards and applicable Groupe BPCE standards.
As of the date of publication of this press release, the audit procedures carried out by the Statutory Auditors on the annual financial statements are in progress.
Compagnie de Financement Foncier is a credit institution approved as a specialized credit institution and a Société de Crédit Foncier. It is affiliated with BPCE and a 100% subsidiary of Crédit Foncier and Groupe BPCE.
Regulated information is available on the website https://foncier.fr/ in the "Financial communication/Regulated information” section.
Contact: Investor Relations
Email: [email protected]
Tel.: +33 (0) 1 58 73 55 10
(1) Some rounded amounts given in millions of euros in this press release may differ from those in euros.
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