Quaterly financial information

 - Substantial growth in net banking income: +8.8% vs. 2014, driven by the commercial dynamism of all the businesses. Increase excluding non-economic items** of +4.0%*

 - Investment in the transformation of the businesses

 - Increase in gross operating income**: +6.1%* vs. 2014, despite the increase in regulatory costs

 - Good asset quality: commercial cost of risk down -9 basis points vs. 2014, at 52 basis points(1)

 - Group net income: EUR 4.00bn in 2015 (+46.9%* vs. 2014) and EUR 3.56bn excluding non-economic items (+27.4%* vs. 2014)

 - Strengthening of the balance sheet: CET1 ratio of 10.9%
    Leverage ratio of 4.0% and total capital ratio of 16.3% at end-2015

 - ROE(2): 8.1%

EPS**: EUR 3.94 in 2015 (EUR 3.00 in 2014)(3)
Proposed dividend in respect of 2015: EUR 2.00 in cash (EUR 1.20 in respect of 2014)
Payout ratio of 50%

Q4 15: GROUP NET INCOME OF EUR 656m (+19.5% vs. Q4 14)
 - Net banking income: EUR 6.1bn, -1.7%* vs. Q4 14
 - Group net income excluding non-economic items of EUR 686m vs. EUR 499m in Q4 14
 

*  When adjusted for changes in Group structure and at constant exchange rates, adjusted for the impact of costs recognised in NBI in 2014 and recorded in operating expenses in 2015.
** Excluding non-economic items (revaluation of own financial liabilities and Debt Value Adjustment). Impact in net banking income of    EUR 77m in Q4 14 and EUR -45m in Q4 15; or in total, EUR -101m for 2014 and EUR +671m for 2015 in net banking income. Impact on Group net income of EUR +50m  in Q4 14 and EUR -30m in Q4 15; EUR -66m in 2014 and EUR +440m in 2015. See methodology notes.
Items relating to financial data for 2014 have been restated due to the implementation of the IFRIC 21 standard which applies retrospectively as from January 1st, 2015.

(1)  Excluding litigation issues, in basis points for assets at the beginning of the period, including operating leases. Annualised calculation.
(2)  Annualised. Excluding non-economic items, provisions for litigation issues, PEL/CEL and disposal of Amundi. See methodology note No. 2.
(3)  Excluding non-economic items, gross EPS in 2015: EUR 4.49 and EUR 2.92 in 2014. See methodology note No. 3.