PDF (3.77 Mo) - Le Crédit Agricole

Crédit Agricole S.A.Update of the Registration document 2011 - A03THE BUSINESS LINES OF CREDIT AGRICOLE S.A.Savings management*• Solid business momentum enhanced by highlypositive market effect: assets under management up€33bn in H1-12• Amundi: high inflows across all customer segments excl.branch networks• Life insurance funds under management up 1.0%, excludingBes Vida (€5.4bn of funds under management at 31/12/11 )• Private banking: modest net outflows owing to competitionfrom on-balance sheet deposits in France and by concernsover the eurozone• CACEIS: assets under custody and administration up inH1-12- robust business growth combined with a positive market effect onbonds- sharp rise in cash deposits• Net income Group share up 9.9% YoY in H1• Amundi: net income Group share: €186m in H1-12; furthercost reductions (-7.3% YoY in H1)• Crédit Agricole Assurances: contribution of €545m in H1-12including €28m gain on the disposal of Bes Vida in Q2-12• Crédit Agricole Private Banking: contribution of €57m (down12.8% YoY in H1)• CACEIS: net income Group share up sharply to €80m(+25.4% YoY in H1)Note: PSI impact in H1-11: - €81m in net income Group share and in H1-12: -€35m(Insurance)Assets under management (€bn)1,066.01,006.41,039.4131,1126,3 13,8 2,3 ( 1,7 ) 18,7128,1222,7712,2221,5Life insuranceAssetmanagementPrivatebankingMarket, scopeand currency218,4effect658,6 692,9June 11 Dec 11 June 12PrivatebankingLifeinsuranceAssetmanagementAsset servicing (CACEIS) June 12 Dec 11 June 11 June/DecAssets under custody 2,388 2,259 2,399 +5.7%Funds under administration 1,109 1,040 1,076 +6.6%Business line contribution to Crédit Agricole S.A. results€m Q2-12 Q2/Q2 H1-12 H1/H1Revenues 1,215 (8.9%) 2,602 (1.7%)Operating expenses (606) (3.1%) (1,194) (3.7%)Gross operating income 609 (14.0%) 1,408 +0.1%Cost of risk (4) nm (55) (49.8%)Tax (187) (10.1%) (428) (1.4%)Net income – Group share 413 +19.0% 868 +9.9%21* Asset management, Insurance, Private Banking, Asset servicingSECOND QUARTER AND FIRST HALF 2012 RESULTSCost/income ratio 49.9% (3.0 pt) 45.9% (1.0 pt)THE BUSINESS LINES OF CREDIT AGRICOLE S.A.Asset management – Amundi• A solid level of business with assets undermanagement up 5.2% in H1-12• No. 1 in mutual fund deposits in Europe in the first half of2012*• High inflows across all customer segments other thanbank networks: up €20.9bn on Dec. 2011- +€13.4bn in the institutional and corporate segments, driven bymoney market funds- +€2.2bn for third-party distributors, mainly in Europe (of which€1.8bn in long-term assets)- +€5.3 bn in employee savings, with assets up 16.6% in the firsthalf• Outflows from the bank networks continued, albeit at aslower pace (-€7.1bn on Dec 11 )• Results persistently high• Income from fixed fees down owing to less favourableproduct mix• Solid performance-based commissions (€61m in H1-12against €43m in H1-11)• Continued cost reductions (down 7.3% YoY in H1)• Cost/income ratio maintained at a highly competitive55.4%** in H1-12Growth in assets under management* (€bn)712.2658.614%InstitutionsEmployee Market and13% & corporatessavingscurrencyimpact19%+13.4 management18%+5.3 +20.5Third-partyBankdistributorsnetworks+2.2(7.1)49%51%5% 5%5%8% 8%8%5% 5%5%June 11 Dec 11 June 12Amundi contribution to Crédit Agricole S.A. results€m Q2-12 Q2/Q2 H1-12 H1/H1H1/H1**Revenues 330 (12.4%) 750 (0.5%) (8.4%)Operating expenses (195) (7.5%) (382) (7.3%)Gross operatingincome135 (18.6%) 368 +7.8% (9.7%)Net income 95 (18.3%) 253 +3.0%Net income Groupshare692.9CAC 40 3,982 3,160 3 ,19712%20%50%70 (18.3%) 185 +2.8%Change inH1-12equitiescashbondsspecialiseddiversifiedstructuredguaranteedCost/income ratio 59.0% +3.1 pts 55.4%** +0.7 pt*** Source: Lipper FMI, scope of funds opened at end-June 2012** Restated for gain on disposal for €60 m in Q1-1222SECOND QUARTER AND FIRST HALF 2012 RESULTSPage 38 sur 237