The below analysis focuses on underlying business performance and excludes the following non-recurrent items: impacts of scope changes, evolution of foreign exchange rates and credit spreads, activation of deferred tax assets and other one-off results.
* Excluding non-recurrent items, i.e. at constant scope, constant exchange rates and excluding credit spread impact, activation of deferred tax assets and other one-off results (see page 6 for more details).
[1] Customer loans are loans and receivables due from customers excluding securities and reverse repos, including the property, plant and equipment of Arval.
[2] Customer deposits consist of amounts due to customers excluding repurchase agreements (‘repos’).
[3] On a fully-loaded basis, i.e. ratio taking into account all the CRD4 rules with no transitory provisions.
[4] On a non-consolidated view.
* Excluding non-recurrent items, i.e. at constant scope, constant exchange rates and excluding credit spread impact, activation of deferred tax assets and other one-off results (see page 6 for more details).
1 The cost income ratio is calculated by dividing the operating expenses and depreciation (absolute value) by the revenues (the net banking income).