In the first half of the year, La Banque Postale took note of the integration of CNP Assurances into its bosom, an operation which allows it to become a major bancassurer and to withstand the crisis triggered by the pandemic in the first half of the year.

By confirming its control over CNP Assurances, one of the leading personal insurers in France, La Banque Postale has become a juggernaut of bancassurance at the head of a balance sheet of 719 billion euros, against 271 billion in December.

This takeover was not without clashes with the departure on Monday of Rémy Weber, number one at La Banque Postale, against a background of “divergence of views on the governance of CNP Assurances”.

Looking for a boss for La Banque Postale

According to a connoisseur of the file, the latter aimed at the chairmanship of the board of directors while other stakeholders, including CNP Assurances, wanted the appointment of an independent person at its head.

Véronique Weill, currently working for the French advertising giant Publicis, was finally appointed on Friday. The interim management of La Banque Postale is ensured by Tony Blanco, its general secretary.

“The process is underway” to identify the future leader of the banking group, said Philippe Wahl, boss of La Poste. “We hope to be able to conclude it as seriously and as quickly as possible”, he added, evasive.

CNP, 3.5 billion euros in net income

CNP Assurances also had a multiplier effect on the banking group’s first half results. Its full integration resulted in an exceptional accounting contribution of around 3.5 billion euros in net income, group share, which thus exploded to 4 billion euros as reported.

Excluding this exceptional impact, but including the change in scope and therefore the commercial contribution of CNP Assurances Assurances, net profit increased by 11% to 468 million euros. It includes a positive effect from CNP Assurances of 182 million euros but also the impact of the health crisis which cost 361 million euros in lost income and opportunities.

The bank’s revenues jump 33% to 3.8 billion, driven by CNP, which brings nearly 30% of turnover.

Cost of risk

The cost of risk, that is to say the amount of provisions made to deal with bankruptcies and unpaid debts, has more than quintupled in one year, reaching 211 million euros. Of this amount, 141 million correspond to expected losses and nearly 30 million to proven losses.

“At this stage, we see relatively few proven risks, difficult situations, it is still too early to realize it,” said Tony Blanco.