Credit Agricole Group delivers excellent commercial results
(7 August 2015 – France) Credit Agricole SA’s profit rebounded in the second quarter, with net income rising to €920 million (A$1357 million) the bank said on 3 August.
Crédit Agricole Group’s net income Group share totalled €1500 million in the second quarter of 2015.
This represented a sharp increase on the second quarter of 2014, which was impacted by the impairment on the stake in the Portuguese bank BES.
In the first half of 2015, net income Group share came to €2728 million, up 33.9 percent on the corresponding period of 2014.
For Jean-Marie Sander, chairman of Crédit Agricole S.A., these are good results.
All the Crédit Agricole Group business lines are delivering excellent commercial results which confirms the relevance of the choices made in the medium term plan announced last year.
For Philippe Brassac, chief executive of Crédit Agricole S.A., these solid results are thanks to the hard work done by Jean-Paul Chifflet and his team.
The bank said in its result statement the results are a strong base from which the new management, under Brassac and Xavier Musca, will be able to build on in order to continue the development of Crédit Agricole and ensure the bank’s values reflect purpose, strength and sustained performance.
These healthy results reflected a strong business performance in all business lines.
In retail banking, the Regional Banks opened 230,000 net new sight deposits since end of June 2014 while LCL S.A opened some 70,000 since the beginning of the year.
Outstanding loans distributed via the Group’s 9000 branches in France came to €500 billion, up 2.2 percent year-on-year, with home loans providing the driving force.
The same trend was evident at Italian subsidiary Cariparma.
On-balance sheet customer assets also increased at a rapid pace (+4.0 percent), particularly demand deposits (+13.2 percent at the Regional Banks and LCL and +11 percent at Cariparma).
In the savings management/insurance/private banking business line, net inflows came to €53 billion in the first half of 2015, with all customer segments – retail and institutional, French and international – making a positive contribution to this performance.
Numerous innovative new offerings were introduced for high net worth individuals, and the roll-out of collective health and death & disability insurance was continued for business customers and professionals.
The financing business lines (excluding networks) also performed well, with production of consumer loans (€8.7 billion in the second quarter of 2015) up 13.7 percent compared with the second quarter of 2014 and car finance partnership outstanding’s up 10 percent year-on-year.
Crédit Agricole CIB remained the world number one in aircraft finance and was named “Best Infrastructure House” at the Euromoney Awards for Excellence 2015.
It also worked on a number of transactions with Group entities.
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