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Comparative Statistics: Top 15 French Banks

S&P Global Ratings' bank ratings criteria framework outlines the elements of an issuer's credit profile and how we assess these elements to determine the rating on an issuer. Although we consider many quantitative and qualitative factors, the following tables highlight some of the key ratios we consider in our assessments and are meant to provide additional transparency. The glossary explains the concepts and calculations of the reported metrics and ratios.

We have based the tables on the top 15 French banks for which we perform a stand-alone analysis ranked by revenues. Lenders are ranked based on their 2018 operating revenues, net of interest expense and any nonrecurring income. As a general principle, we obtain historical data from published consolidated financial statements. In some cases, we make analytical adjustments to the amounts that lenders report in their financial statements and other published information to arrive at the metrics. The objective in making these adjustments is to generate measures consistent with our criteria and more meaningfully reflect the economic substance of institutions' activities. This also enables us to level the reporting differences between lenders.

Chart 1

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Table 1

Selected Financial Metrics--Smaller Banks Versus The Largest Banks
Smaller Banks Top 5 Banks Total banks
(%) 2018 2017 2018 2017 2018 2017
Net interest income/average earning asset (NIM) (mean) 2.5 2.6 1.4 1.5 2.1 2.2
Noninterest income/revenues (mean) 52.5 69.2 54.7 53.1 53.2 63.8
Net customer loans/customer deposit (median) 203.4 273.7 114.8 117.5 163.3 179.7
Noninterest expenses/average assets (mean) 2.3 2.4 1.4 1.4 2.0 2.0
New loan loss provisions/revenues (mean) 12.1 11.1 5.3 5.3 9.8 9.1
New loan loss provision/average customer loans (mean) 0.6 0.7 0.2 0.3 0.5 0.5
Operating income after provisions/revenues (mean) 42.8 90.0 26.2 27.4 37.3 69.2
Return on Equity (median) 5.5 5.7 6.6 5.8 6.6 5.8
Annual growth in customer loan (median) 0.9 1.7 5.0 4.3 4.5 3.1
Gross NPLs/customer loans (mean) 5.2 5.2 3.6 4.0 4.6 4.8
Noninterest expenses/revenues (median) 68.6 64.5 69.7 68.3 69.7 68.3
Stable funding ratio (mean) 91.6 87.0 97.3 97.8 93.5 90.6
Broad liquid assets/short-term wholesale funding (median) 0.9 0.6 1.0 1.0 1.0 0.9
Total wholesale funding/funding base (median) 63.8 68.7 43.0 42.9 54.9 58.2
Source: S&P Global Ratings database. Data is unweighted. NPL--Nonperforming loans.

Table 2

Largest French Lenders By Revenues (2018 Data)
(Mil. €) Lender Long-term issuer credit rating/outlook Revenues Pre-tax profit Total assets
1 BNP Paribas A+/Stable 43,144 10,208 2,040,836
2 Credit Agricole Group A+/Stable 33,127 10,102 1,854,763
3 Societe Generale A/Positive 25,261 6,117 1,309,428
4 BPCE A+/Stable 24,255 5,297 1,273,926
5 Credit Mutuel Group A/Stable 17,680 5,388 852,564
6 La Banque Postale A/Positive 5,838 1,039 245,201
7 RCI Banque BBB/Negative 1,951 1,215 53,394
8 HSBC France AA-/Stable 1,736 45 180,946
9 PSA Banque France BBB+/Stable 475 321 13,153
10 Oney Bank BBB/Watch Pos 433 66 3,592
11 Carrefour Banque BBB+/Stable 326 25 5,003
12 My Money Bank BBB-/Stable 145 104 5,777
13 SFIL AA/Stable 173 71 72,689
14 Socram Banque BBB+/Stable 55 11 1,921
15 Dexia BBB/Stable (226) (459) 158,804
Source: S&P Global Ratings' database.

Table 3

French Banks Comparative Statistics (2014 - 2018)
Adjusted assets (mil. €) Total equity (mil. €)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

BNP Paribas

1,863,547 1,769,417 1,834,992 1,700,563 1,788,732 90,576 97,828 103,825 106,405 105,524

Societe Generale

1,180,742 1,196,143 1,242,287 1,110,182 1,141,510 54,951 59,184 62,000 61,445 63,749

Credit Agricole Group

1,405,552 1,314,804 1,320,067 1,334,891 1,413,984 94,314 99,015 104,801 107,282 111,054

BPCE

1,078,267 1,017,312 1,066,613 1,086,059 1,089,089 59,304 62,845 67,019 70,137 72,633

Credit Mutuel group

523,565 550,922 597,969 608,183 643,917 46,222 49,486 51,881 54,202 55,688

La Banque Postale

133,037 141,558 156,961 158,237 172,101 9,407 9,944 10,624 10,894 10,468

RCI Banque

31,925 36,977 43,228 49,619 53,304 3,161 3,495 4,060 4,719 5,307

HSBC France

200,309 167,598 168,698 166,778 180,024 5,804 5,938 5,873 5,706 6,584

PSA Banque France

N/A 9,330 10,206 11,390 13,153 N/A 1,083 1,080 1,176 1,305

Oney Bank

2,742 3,092 3,237 3,417 3,539 432 505 562 582 572

Carrefour Banque

5,350 5,153 4,862 4,963 4,891 647 663 666 676 592

My Money Bank

N/A N/A N/A 4,557 5,770 N/A N/A N/A 608 673

SFIL

87,998 83,670 78,917 72,403 72,689 1,409 1,385 1,388 1,469 1,563

Socram Banque

1,887 2,078 1,876 1,903 1,737 207 215 224 226 231

Dexia

247,097 230,254 212,739 180,903 158,767 3,032 4,451 4,478 5,306 7,745
Median 200,309 154,578 162,830 158,237 158,767 5,804 5,195 5,176 5,306 6,584
Operating revenues (mil. €) Net income before minority interest (mil. €)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 39,900 43,213 43,506 43,816 43,144 507 7,044 8,115 8,207 8,005
Societe Generale 23,912 25,199 25,057 25,066 25,261 2,991 4,395 4,338 3,430 4,556
Credit Agricole Group 31,058 31,799 31,778 32,978 33,127 5,279 6,431 5,172 7,010 7,369
BPCE 23,635 24,128 23,697 24,018 24,255 3,366 3,800 4,488 3,705 3,819
Credit Mutuel group 15,411 16,304 16,728 17,407 17,680 3,027 3,095 3,278 3,054 3,578
La Banque Postale 5,872 5,952 5,686 5,951 5,838 702 744 734 798 766
RCI Banque 1,200 1,351 1,473 1,643 1,951 456 573 626 748 882
HSBC France 1,962 2,342 2,301 1,993 1,736 199 447 312 176 -18
PSA Banque France N/A 415 427 456 475 N/A 132 149 167 218
Oney Bank 383 387 389 412 433 51 70 82 38 53
Carrefour Banque 448 413 389 360 326 65 37 29 38 17
My Money Bank N/A N/A N/A 123 145 N/A N/A N/A 602 108
SFIL 83 98 155 204 173 -34 -59 18 54 63
Socram Banque 45 46 50 56 55 12 12 13 6 7
Dexia -315 907 651 -72 -226 -613 169 352 -461 -499
Median 1,962 1,847 1,887 1,643 1,736 456 510 489 602 218
Core/customer deposits (mil. €) Customer loans (net)/customer deposits (%)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 629,553 682,928 743,695 744,924 792,495 104 99 96 98 96
Societe Generale 318,258 346,543 388,095 382,346 385,110 112 111 104 106 109
Credit Agricole Group 575,020 621,744 645,527 684,539 737,243 122 117 118 117 115
BPCE 371,933 404,104 415,340 444,156 456,960 149 140 142 139 142
Credit Mutuel group 268,838 295,682 330,263 344,783 363,755 136 131 126 126 126
La Banque Postale 86,813 93,028 102,598 108,305 112,377 76 76 76 81 85
RCI Banque 7,304 10,933 13,267 15,844 16,781 393 294 291 279 283
HSBC France 37,984 35,009 35,889 39,903 41,906 104 120 123 117 112
PSA Banque France N/A 1,370 1,826 2,154 2,518 N/A 603 505 474 469
Oney Bank 462 327 518 1,124 1,222 468 671 453 220 203
Carrefour Banque 542 603 525 1,003 1,273 591 531 566 274 193
My Money Bank N/A N/A N/A 932 2,290 N/A N/A N/A 425 215
SFIL - - - - - N/A N/A N/A N/A N/A
Socram Banque 250 340 557 687 773 631 471 300 230 184
Dexia 7,957 8,963 8,164 2,623 550 1,701 1,427 1,460 3,784 6,392
Median 37,984 22,971 24,578 15,844 16,781 142 140 142 180 163
Stable funding ratio (%) Broad liquid assets/short-term wholesale funding (x)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 92 96 98 102 101 1.06 1.16 1.24 1.29 1.26
Societe Generale 91 95 100 103 100 1.1 1.18 1.34 1.36 1.33
Credit Agricole Group 89 93 95 96 98 0.98 0.95 0.98 0.98 1.01
BPCE 88 93 91 92 94 0.88 0.99 0.93 0.94 0.97
Credit Mutuel group 93 95 95 96 95 0.89 0.92 0.91 0.93 0.9
La Banque Postale 119 117 121 121 120 2 1.96 2 2.29 1.94
RCI Banque 78 82 81 86 86 0.21 0.37 0.27 0.38 0.42
HSBC France 63 62 67 72 66 1.03 0.83 0.9 1.07 0.99
PSA Banque France N/A 67 55 81 74 N/A 0.29 0.17 0.41 0.3
Oney Bank 52 46 59 73 83 0.07 0.26 0.37 0.64 1.14
Carrefour Banque 66 59 85 106 84 0.67 0.11 0.91 1.54 0.94
My Money Bank N/A N/A N/A 85 93 N/A N/A N/A 0.55 0.8
SFIL 85 89 92 93 111 0.37 0.59 0.67 0.65 2.12
Socram Banque 84 90 62 97 86 0.38 0.75 0.17 0.97 0.52
Dexia 52 44 52 57 52 0.33 0.27 0.32 0.44 0.84
Median 85 89 88 93 93 0.88 0.79 0.91 0.94 0.97
Core deposits/funding base (%) Net interest income/average earning assets (NIM) (%)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 49.8 54.8 57.1 57.7 57.6 1.8 1.9 1.9 1.9 1.8
Societe Generale 38.7 40.5 43.8 45.6 44.2 1.2 1.1 1.1 1.3 1.4
Credit Agricole Group 55.5 61.1 63.0 62.1 61.8 1.9 1.9 1.8 1.8 1.6
BPCE 41.9 47.9 46.7 48.2 49.0 1.4 1.3 1.3 1.2 1.0
Credit Mutuel group 58.5 60.7 61.9 63.2 62.8 1.6 1.5 1.4 1.4 1.4
La Banque Postale 74.6 74.8 74.1 77.0 72.3 2.7 2.5 2.1 1.9 1.5
RCI Banque 27.2 34.8 36.2 37.6 37.1 3.2 3.1 2.9 2.8 2.9
HSBC France 39.8 37.0 36.6 38.4 35.7 1.2 1.2 1.1 0.9 0.8
PSA Banque France N/A 17.8 21.7 22.8 22.9 N/A N/A 3.4 3.3 3.1
Oney Bank 21.9 13.8 21.2 43.6 45.1 7.7 7.6 7.4 7.6 7.7
Carrefour Banque 11.9 13.8 12.7 23.6 30.3 5.1 4.9 4.9 4.4 4.0
My Money Bank N/A N/A N/A 25.0 47.0 N/A N/A N/A N/A 2.3
SFIL 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.3 0.2
Socram Banque 15.1 18.5 34.5 41.8 52.1 2.2 2.2 2.4 2.4 2.3
Dexia 4.5 5.3 5.4 2.0 0.6 0.1 0.2 0.1 0.1 0.0
Median 38.7 35.9 36.4 41.8 45.1 1.8 1.9 1.9 1.8 1.6
Noninterest expenses/operating revenues (%) New loan loss provisions/operating revenues (%)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 66.5 67.5 67.4 68.3 70.9 9.3 8.8 7.5 6.6 6.4
Societe Generale 67.0 67.0 67.8 70.4 69.7 10.7 9.8 7.0 3.8 4.0
Credit Agricole Group 61.8 62.4 63.4 62.9 64.8 9.5 8.0 7.6 5.0 5.2
BPCE 69.1 67.3 70.4 71.2 72.9 7.5 7.6 6.1 5.6 5.4
Credit Mutuel group 64.0 63.2 63.8 63.6 64.1 6.8 6.0 5.6 5.5 5.6
La Banque Postale 79.6 78.9 80.7 77.6 79.9 2.8 3.0 3.2 3.2 2.3
RCI Banque 35.3 31.8 31.4 31.8 29.5 9.1 6.9 7.1 2.7 7.4
HSBC France 80.4 69.3 72.9 80.4 97.6 5.7 5.2 3.2 4.1 -0.6
PSA Banque France N/A 39.9 39.4 38.4 33.1 N/A 14.8 4.8 7.0 3.0
Oney Bank 63.0 64.9 63.1 72.9 70.0 20.7 17.3 14.7 14.2 14.9
Carrefour Banque 56.8 53.9 59.6 56.2 67.3 22.8 27.6 28.8 28.8 24.6
My Money Bank N/A N/A N/A 81.8 78.1 N/A N/A N/A 9.6 3.3
SFIL 119.0 104.1 69.5 55.4 64.7 21.6 14.3 -11.6 -10.8 2.9
Socram Banque 56.2 56.7 55.2 79.5 73.7 6.7 3.4 4.7 6.0 6.5
Dexia -121.3 51.8 62.5 -584.7 -161.5 -19.7 19.3 -21.5 45.8 56.6
Median 64.0 64.1 63.6 68.3 69.7 9.1 8.4 5.9 5.6 5.4
Core earnings/operating revenues (%) Gross nonperforming assets/customer loans + other real estate owned (%)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 16.7 16.2 17.4 17.6 17.0 6.4 6.0 5.8 5.1 4.5
Societe Generale 13.9 14.6 14.0 17.6 16.7 6.9 6.1 5.7 5.0 4.4
Credit Agricole Group 19.6 20.3 19.9 21.3 21.9 3.7 3.5 3.5 3.1 2.7
BPCE 14.0 15.1 15.5 15.5 15.4 4.1 4.0 3.9 3.7 3.2
Credit Mutuel group 19.5 19.4 20.5 17.6 20.1 4.3 4.1 3.9 3.3 3.1
La Banque Postale 12.0 12.3 11.8 13.4 13.1 1.2 1.4 1.4 1.4 1.5
RCI Banque 38.0 41.7 42.3 45.8 46.0 3.0 2.5 1.5 1.3 1.3
HSBC France 11.6 18.7 18.9 12.6 -0.6 4.1 3.5 2.7 2.2 2.3
PSA Banque France N/A 31.4 34.0 35.0 43.5 N/A 3.0 2.2 2.5 1.7
Oney Bank 13.3 15.0 17.3 9.3 12.2 25.5 24.4 20.7 17.4 14.0
Carrefour Banque 15.1 11.2 7.7 10.9 5.4 14.4 15.0 15.0 15.3 14.6
My Money Bank N/A N/A N/A 8.6 17.3 N/A N/A N/A 6.6 7.3
SFIL -31.0 -48.0 15.5 32.2 29.6 0.7 1.1 0.9 1.0 2.4
Socram Banque 24.7 25.9 25.6 10.6 13.0 4.4 4.1 3.7 3.6 4.1
Dexia 243.5 26.1 65.4 656.9 222.6 0.9 1.0 0.9 0.9 2.3
Median 15.1 17.4 18.2 17.6 17.0 4.1 3.8 3.6 3.3 3.1
New loan loss provisions/average customer loans (%) Growth in customer loans (%)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
BNP Paribas 0.57 0.55 0.46 0.39 0.36 6.1 3.1 4.9 1.9 4.5
Societe Generale 0.7 0.64 0.43 0.23 0.24 3.5 8.0 4.1 -0.3 3.8
Credit Agricole Group 0.41 0.34 0.31 0.21 0.2 0.1 3.8 4.6 4.9 5.0
BPCE 0.32 0.32 0.24 0.22 0.2 3.1 2.3 4.2 4.4 5.3
Credit Mutuel group 0.28 0.25 0.23 0.22 0.22 3.9 5.6 7.4 4.3 5.5
La Banque Postale 0.26 0.26 0.24 0.23 0.14 12.4 6.7 10.6 13.1 8.8
RCI Banque 0.38 0.3 0.29 0.10 0.31 7.9 11.6 19.8 14.3 7.7
HSBC France 0.29 0.29 0.17 0.18 -0.02 6.8 5.9 5.3 5.7 0.4
PSA Banque France N/A N/A 0.23 0.32 0.13 N/A N/A 10.9 10.5 15.2
Oney Bank 3 2.48 2.09 2.08 2.26 2.6 1.1 2.9 1.7 1.4
Carrefour Banque 2.83 3.16 3.23 3.22 2.67 -0.4 -0.1 -6.9 -7.4 -6.4
My Money Bank N/A N/A N/A 0.43 0.11 N/A N/A N/A N/A 25.4
SFIL 0.03 0.02 -0.03 -0.04 0.01 -0.2 -4.5 -5.6 -4.6 -21.6
Socram Banque 0.18 0.09 0.14 0.20 0.23 -1.7 1.3 4.1 -5.6 -9.6
Dexia 0.05 0.13 -0.11 -0.03 -0.19 5.1 -5.4 -6.9 -16.7 -64.5
Median 0.32 0.3 0.24 0.22 0.2 3.53 3.12 4.35 3.125 4.5
Year-on-year growth in operating revenues (%)
2014 2015 2016 2017 2018
BNP Paribas 1.7 8.3 0.7 0.7 -1.5
Societe Generale -2.4 5.4 -0.6 0.0 0.8
Credit Agricole Group -1.6 2.4 -0.1 3.8 0.5
BPCE 1.4 2.1 -1.8 1.4 1.0
Credit Mutuel group 1.0 5.8 2.6 4.1 1.6
La Banque Postale 1.7 1.4 -4.5 4.6 -1.9
RCI Banque -1.2 12.6 9.0 11.5 18.8
HSBC France -11.9 19.4 -1.8 -13.4 -12.9
PSA Banque France N/A N/A 2.9 6.7 4.2
Oney Bank 2.8 1.1 0.5 5.9 5.2
Carrefour Banque 5.7 -7.9 -5.8 -7.5 -9.4
My Money Bank N/A N/A N/A N/A 17.5
SFIL -50.8 17.8 58.5 31.4 -15.2
Socram Banque 5.2 1.5 7.9 13.3 -3
Dexia N.M N.M -28.2 -111.1 N.M.
Median 1.2 3.9 0.2 3.9 0.6
Source: S&P Global Ratings' database. Year-end is Dec. 31, unless otherwise stated. N.M. --Not meaningful. N/A -- Not available.

Glossary Of Terms

For more definitions please refer to "Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions," published on July 17, 2013.

Adjusted assets

Assets as reported, less insurance statutory funds, nonservicing intangibles, and allowance for loan losses in countries where such reserves are represented as a liability account.

Total equity

The sum of common shareholders' equity, minority interest-equity, and hybrid instruments with high or intermediate equity content.

Operating revenues

All revenues net of interest expense and nonrecurring income.

Customer loans (net)/customer deposit ratio (%)

Net customer loans.  Customer loans (gross) net of loan loss reserves and net of reverse repurchase agreements and net of securities borrowing.

Customer loans (net).  Loans to nonbank customers before reserves but net of unearned income.

Customer deposits.   Customer deposits net of repurchase agreements and net of securities lending.

Stable funding ratio (SFR) (%)

Stable funding ratio.  Available stable funding divided by stable funding needs.

Available stable funding.   The sum of total equity net of intangibles, customer deposits, and long-term interbank and debt market funding including hybrid instruments with minimal equity content maturing after one year.

Stable funding needs.   The sum of customer loans (net), short-term reverse repurchase agreements and securities borrowing with nonbanks maturing within one year net of haircut, long-term interbank loans and reverse repurchase agreements and securities borrowing maturing after one year, securities holdings net of haircut, restricted, all other assets net of haircut, and off-balance sheet credit equivalents net of haircut.

Broad liquid assets to short-term wholesale funding (BLAST) ratio (x)

Broad liquid assets.   The sum of cash, short-term interbank loans and reverse repurchase agreements and securities borrowing with banks maturing within one year, short-term reverse repurchase agreements and securities borrowing with nonbanks net of haircut maturing within one year, and securities holdings net of haircut less restricted cash.

Short-term wholesale funding.   The sum of short-term interbank and debt.

Net interest income/average earning assets (NIM) (%)

Net interest income.   Interest income net of interest expense. May include dividend income and loan fees according to convention of country.

Earning assets.   Interbank deposits, reverse repos, securities, gross loans, and leases.

Noninterest expenses/operating revenues (%)

Noninterest expenses.   Salaries and general administrative expenses before any nonrecurring expenses.

New loan loss provisions/operating revenues (%)

New loan loss provisions.  Credit loss provision (net new) minus provisions for loans to banks.

Gross nonperforming assets/customer loans + other real estate owned (%)

Gross nonperforming assets.   Sum of non-accrual loans, restructured loans, repossessed real estates owned, and loans over 90 days past due but accruing.

Customer loans + other real estate owned.   Loans to nonbank customers net of unearned income and net of reserves + other real estate owned.

New loan loss provisions/average customer loans (%)

New loan loss provisions.   Credit loss provision (net new) minus provisions for loans to banks.

Average customer loans.  Daily average if reported by bank; otherwise the arithmetic mean of period-end and prior year-end customer loans.

This report does not constitute a rating action.

Primary Credit Analyst:Emna Chahed, Paris + 33 14 075 2524;
emna.chahed@spglobal.com
Secondary Contact:Nicolas Malaterre, Paris (33) 1-4420-7324;
nicolas.malaterre@spglobal.com
Research Contributor:Mehdi Amghar, Paris;
mehdi.amghar@spglobal.com

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