PDF (3.77 Mo) - Le CrÃ©dit Agricole

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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
Crédit Agricole S.A.Update of the Registration document 2011 - A03THE BUSINESS LINES OF CREDIT AGRICOLE S.A.Insurance• Mixed performance in different markets• Premium income in life insurance in France fell by 14.9% QoQ inQ2• Further growth in Property & Casualty insurance in France (up5.1% YoY in Q2 compared with a rise of 4%* for the market)• In creditor insurance, business was again driven by residentialmortgage loans but was hurt by the slowdown in consumerfinance• Continued recovery in international businesses (up 6%** QoQ inQ2)• Life insurance funds under management: €218.4bn,including €39.2bn in unit-linked accounts (up 1.0%on Q4-11**)• Conservative and innovative management ofinvestments• Sale of an additional €3bn of peripheral sovereign debt in Q2-12• Investments in new asset classes for financing the Frencheconomy (local authorities)• Net income Group share solid at €281m in Q2-12• Revenues down YoY in Q2: stake in Bes Vida sold (revenues of€11m in Q2-11) and unfavourable base effect• Operating expenses under control and stable YoY in Q2***• €28m gain on disposal of Bes Vida shares to BES* Source FFSA ** Restated for BES Vida, excluded from scope of consolidation as from Q2-12*** Excluding non-recurring gains related to PSI losses (deductible from tax bases)23SECOND QUARTER AND FIRST HALF 2012 RESULTSChange in premium income** (€m) (French GAAP)6 6577322874955 1435 117 5 129807 642230 265459 4623 621 3 7606 2887402189854 3455 2597852565203 698Q2-11 Q3-11 Q4-11 Q1-12 Q2-12Int'l subsidiaries (lifeand P&C, excl.creditor insurance)Creditor insuranceProperty and casualtyFranceLife insurance FranceContribution of Crédit Agricole Assurances toCrédit Agricole S.A. results€m Q2-12 Q2/Q2 H1-12 H1/H1Revenues 494 (14.3%) 1,069 (5.7%)Operating expenses (129) (8.6%) (256) (9.3%)Gross operating income 365 (16.2%) 813 (4.5%)Cost of risk - nm (52) (59.8%)Net income on other assets 28 nm 28 nmTax (112) (4.3%) (242) (2.4%)Net income Group share 281 +41.2% 545 +13.6%Cost/income ratio 26.1% +1.6 pt 24.0% (0.9 pt)THE BUSINESS LINES OF CREDIT AGRICOLE S.A.Specialised financial services• Managed reduction in business activity andliquidity consumption• CACF consolidated outstandings: down €1.3bn QoQ in Q2- Market slowdown and adjustment plan- Sales of non-performing loans: -€0.6bn• CACF: continued diversification of external funding sourceswith €3.7bn raised since 30 June 2011• CAL&F: loan book contracted in keeping with adjustment plan• Results improved QoQ in Q2• Revenues contracted owing to volume decline, partly offset byhigher margins• Operating expenses down sharply due to efforts to improveoperating efficiency• Cost of risk stable YoY in Q2 excluding additional provision forAgos- Consumer finance - France: decline since Q3-11 continued YoY inH1- Consumer finance - international: deterioration mainly in Italy forAgos• Additional provision of €84m in Q2 (€37m in net income Groupshare), against €280m in Q1• Non-performing loans / total outstandings: 13.8% at end-June 2012,84% covered• Measures adopted in relation to governance and risk management- CAL&F: stable YoY in Q2, but with a different breakdown (€11mfor Emporiki Leasing in Q2-12 vs. €20m in Q2-11, provisionsbooked for several international files in Q2-12)Activity of the business line (€bn)Consumercredit(CACF)Leasing andfactoring(CAL&F)€m Q2-12 Q2-12**Q2/Q2**H1-12 H1-12** H1/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) (751) +11.1%Tax (34) (53) (25.9%) (37) (120) (26.5%)Net income Groupshare78,4 78,1 78,3 77,3 76,1*12,9 12,9 13,3 13,0 13,113,3 13,3 13,4 13,3 13,352,2 51,9 51,6 51,0 49,7Consolidated loanbookJune 11 Sept 11 Dec 11 March 12 June 12* 37% in France, 36% in Italy and 27% in other countriesJune 11 June 12June/JuneManaged leasing portfolio 19.6 19.5 (1.0%)o/w France 15.6 15.4 (1.3%)Factored receivables 32.2 28.6 (11.4%)o/w France 19.0 18.8 (1.0%)Contribution of SFS to Crédit Agricole S.A. resultsManaged loanbook on behalf ofthird partiesCrédit AgricoleGroup56 84 (38.7%) 28 158 (46.8%)Cost/income ratio 43.4% 43.4% +0.5 pt 44.0% 44.0% +1.6 pt24SECOND QUARTER AND FIRST HALF 2012 RESULTS** Restated for impacts of the adjustment plan and additional provision for AgosPage 39 sur 237
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