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Crédit Agricole S.A.Update of the Registration document 2011 - A03At the same time, Cariparma initiated extensive cost-cutting programmes. Alongside its on-going review of thebranch networks’ processes and organisation, the bank is implementing a voluntary departure plan. A 54 millioneuro charge was booked as a provision for this plan in the second quarter of 2012 to cover approximately 400departures by the end of 2014. The cost/income ratio was comparable to its level of the second quarter of 2011: itdecreased by 0.6 point at 59.2%, excluding the cost of the departure plan and integration-related costs registeredin 2011.The cost of risk was adversely affected by the deterioration in the business climate, yet remained below theItalian market average. It rose by 68.8% to 89 million euros in the second quarter of 2012, and for the first half of2012, it increased by 50.2% to 162 million euros. The non-performing loan ratio was 7.1% at 30 June 2012, with acover rate of 44.5%. Cost of risk was 98 basis points to outstanding loans for the first half of 2012.After tax relief, which generated savings of 47 million euros in the second quarter of 2012 and of 51 million eurosin the first half of 2012, Cariparma's contribution to net income Group share was 41 million euros in the secondquarter, (a rise of 6.2% year-on-year), and 72 million euros in the first half (down 10.5% compared with the firsthalf of 2011).In Greece, several Greek banks submitted binding offers for Emporiki, subject to the usual regulatory authorityapprovals, to approval by HFSF and to the review by European Commission of compliance with the State aidrules.During the second quarter of 2012, Crédit Agricole S.A.'s net funding to Emporiki Bank was stable, i.e. 4.6 billioneuros at 30 June. It benefited from access to ELA funding obtained at the beginning of June, but suffered fromreduction of ECB financing. Crédit Agricole S.A.'s capital exposure amounted to 0.4 billion euros at 30 June 2012,compared with 0.6 billion at 31 March 2012. A 2.3 billion euro capital increase was carried out in July andfinanced through an offset from the refinancing provided by Crédit Agricole S.A. Adjusted for this capital increase,based on the figures at end-June, Crédit Agricole S.A.'s capital exposure was 2.7 billion euros and net fundingamounted to 2.3 billion euros. Furthermore, the transfers of loans from the shipping loan portfolio to CréditAgricole S.A. are set to begin in September.The completed or on-going disposals of Emporiki's Romanian, Bulgarian and Albanian subsidiaries to CréditAgricole S.A. had no impact on results.Revenues declined by 28.6% year-on-year in the second quarter of 2012 to 125 million euros owing to the highercosts of deposits.Operating expenses rose by 9.2% year-on-year to 146 million euros in the second quarter of 2012. In absoluteterms, they increased by 22 million euros quarter-on-quarter, with half of this amount due to incentiviseddepartures(140 departures in the second quarter of 2012), and the remainder attributable to various tax increases.The cost of risk was 377 million euros in the second quarter of 2012, up 8.5% on the second quarter of 2011. Itincludes a business sector and country risk provision for 143 million euros. The non-performing loan ratio rose byPage 16 sur 237
Crédit Agricole S.A.Update of the Registration document 2011 - A030.9 percentage point quarter-on-quarter to 36.8% in the second quarter of 2012. The cover rate reached 57.3%,of which 76.8% for corporate loans.In all, Emporiki's contribution to net income Group share amounted to -370 million euros in the second quarter of2012 and to -1,275 million euros in the first half of 2012.Excluding Italy and Greece, the Group's other entities strengthened their deposit-to-loan balance, whichshowed a surplus of 340 million euros at 30 June 2012, with 9.6 billion euros of on-balance sheet deposits and9.3 billion euros of gross loans. Their contribution to net income Group share amounted to +58 million euros inthe second quarter of 2012 compared with +43 million euros in the second quarter of 2011.3. SPECIALISED FINANCIAL SERVICES(in millions of euros) Q2-12 Q2-12*ChangeQ2/Q2*H1-12 H1-12*ChangeH1/H1*Revenues 884 884 (11.2%) 1,805 1,805 (9.7%)Operating expenses (384) (384) (10.1%) (794) (794) (6.4%)Gross operating income 500 500 (12.0%) 1,011 1,011 (12.2%)Cost of risk (444) (372) +3.8% (1,069) (752) +11.1%Operating income 56 128 (39.4%) (58) 259 (45.4%)Equity affiliates 5 5 +28.6% 10 10 +34.2%Income before tax 61 133 (38.1%) (48) 269 (44.1%)Tax (34) (53) (25.9%) (37) (120) (26.5%)Net income 27 80 (45.9%) (85) 149 (53.9%)Minority interests (29) (4) nm (113) (10) nmNet income Group share 56 84 (38.7%) 28 159 (46.8%)* Restated for impacts of the adjustment plan and additional provision for AgosSpecialised Financial Services continued its managed reduction in business activity and liquidity consumption,in keeping with the adjustment plan announced on 14 December 2011. In consumer finance, the consolidatedoutstanding loans of Crédit Agricole Consumer Finance (CACF) fell by 1.3 billion euros between end-March andend-June 2012 to 49.7 billion euros. The decline was due to the combined effect of three factors: the slowdown inthe consumer finance market, the adjustment plan and the sale of 0.6 billion euros of doubtful loans. CACF'smanaged loan book, including consolidated outstandings and outstandings managed on behalf of Crédit AgricoleGroup or third parties, also declined, to 76.1 billion euros. They are booked mainly in France (37%) and Italy(36%), with the other countries accounting for 27% of outstandings. CACF also continued to diversify its externalfunding sources which have risen by 3.7 billion euros since 30 June 2011. Crédit Agricole Leasing and Factoring(CAL&F) is also on track with its operating plan. The managed loan book in lease finance amounted to 19.5 billioneuros at end-June 2012, down 1.0% year on year. Factored receivables fell by 11.4% to 28.6 billion euros, with afar smaller decline in France.Page 17 sur 237
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