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.Corporate and investment banking• Net income Group share of ongoingactivities: €135m in Q2-12• Downturn in capital market activities from a veryhigh level in Q1-12• Financing activities resilient despite higher costof risk in Q2-12 in a persistently difficultenvironment• Operating expenses down 6.3% Q2*/Q2* (atconstant exchange rates)• Cost of discontinuing operationsnegligible in the second quarter• Limited impact of the adjustment plan inQ2-12 (-€39m on revenues fromFinancing activities)Net income Group share Q2-12 (€m)135Financingactivities151(16)Capital markets&investmentbankingCIB ongoingactivities*185Reevaluationof debtissues & loanhedges( 24 )( 7)Adjustmentplan impacts296 289CIB ongoing Discontinuingactivities operations*Contribution of ongoing activities toCrédit Agricole S.A. resultsCIBpublished€m Q2-12 Q2-12* Q2*/Q2* H1 -12 H1-12*H1*/H1*Revenues 1,348 1,091 (19.9%) 2,753 2,516 (13.9%)Operating expenses (830) (830) (3.3%) (1,666) (1,706) (3.0%)Gross operating income 518 261 (48.0%) 1,087 810 (30.4%)Cost of risk (101) (101) +62.2% (132) (132) (2.5%)* Restated for revaluation of debt issues (in revenues, Q2-12: +€224m; Q1-12: +€1m) andloan hedges (in revenues, Q2-12: +€72m; Q1-12: +€10m) as well as impacts of adjustmentplan (in revenues, Q2-12: -€39m; Q1-12: -€31m and in operating expenses, Q2-12: €0m;Q1-12:+€40m )Net income Group share 296 135 (58.3%) 706 533 (25.4%)Cost/income ratio 61.5% 76.0% +13.0 pts 60.5% 67.8% +7.6 pts25 SECOND QUARTER AND FIRST HALF 2012 RESULTSTHE BUSINESS LINES OF CREDIT AGRICOLE S.A.Financing activities• Gradual roll-out of new "Distribute To Originate"model• Initial partnerships set up, namely with Predica in thelocal authority segment• Continued sales of loans under adjustment plan: €1.4bnin Q2-12, for a total of €9.0bn at an average discount of2.2%Change in revenues* (€m)641393248526492358 336168 1561,2797934861,018694324Structured financeCommercial bankingand others• Commercial banking proved resilient with a pickupin origination over the quarter• Crédit Agricole CIB resumed its position as No. 1 in thesyndication business in France, in Western Europe and inthe EMEA region 1Q2-11 Q1-12 Q2-12 H1-11 H1-12Contribution of financing activities toCrédit Agricole S.A. results€m Q2-12 Q2-12*Q2*/Q2*H1-12 H1-12*H1*/H1*• Cost of risk: net charge of €84m• Non-material specific reserves booked for a limitednumber of deals1 Source: Thomson FinancialRevenues 524 492 (23.1%) 1,029 1,018 (20.3%)OperatingexpensesGrossoperatingincome(234) (234) (0.7%) (468) (468) +2.3%290 258 (36.1%) 561 550 (32.9%)Cost of risk (84) (84) +68.1% (111) (111) (13.7%)* Restated for loan hedges (in revenues, Q2-12: +€72m and Q1-12: +€10m) and impact ofadjustment plan (in revenues, Q2-12: -€39m and Q1-12: -€31m)Net incomeGroup share171 151 (43.2%) 389 382 (22.6%)26 SECOND QUARTER AND FIRST HALF 2012 RESULTSPage 40 sur 237
Dec 11RetainedearningsChange inunderlyinggains orlossesChange inactivity andothersAdjustmentplanDisposal ofthe correlationbookJune 12Crédit Agricole S.A.Update of the Registration document 2011 - A03THE BUSINESS LINES OF CREDIT AGRICOLE S.A.Capital markets and investment banking• Capital market activities stood up well inweak environment• Market share gains in primary bond market, but adownturn in Q2- Crédit Agricole CIB moved up to No. 4 for all euroissues combined 1• Good business performance in fixed-incomederivatives in a weak, fairly inert market• Equities: major transactions underway• 20 July 2012: sale by CACIB of 19.9% stake inCLSA to CITICS International, and put optiongranted to CACIB for the sale of the remaining80.1% to CITICS International• 17 July 2012: CACIB enters into exclusivenegotiations with Kepler Capital Markets to mergeCrédit Agricole Cheuvreux and Kepler No financial impact on the Q2-12 accountsChange in revenues* (€m)EquitiesFixed income7213503718993225775992783211,6447451,498600899 898Q2-11 Q1-12 Q2-12 H1-11 H1-12Capital markets and investment banking -Contribution to Crédit Agricole S.A. results€m Q2-12 Q2-12*Q2*/Q2*H1-12 H1-12*H1*/H1*Revenues 824 599 (16.9%) 1,724 1,498 (8.9%)Operating expenses (596) (596) (4.3%) (1,198) (1,238) (4.8%)Gross operatingincome228 3 (97.0%) 526 260 (24.3%)Cost of risk (17) (17) +38.2% (21) (21) x3.3Net income Groupshare125 (16) nm 317 151 (31.7%)1 Source: Thomson FinancialResidual stock of revaluation adjustments to debt issues at 30/06/2012: €1,235m27 SECOND QUARTER AND FIRST HALF 2012 RESULTS* Restated for revaluation of debt issues (in revenues, Q2-12: +224m; Q1-12: +€1m) andthe impact of the adjustment plan (in operating expenses, Q2-12: €0m; Q1-12: +€40m)CRÉDIT AGRICOLE S.A.: FINANCIAL STRUCTURESolvency ratios• Risk-weighted assets down €31.5bncompared to 31/12/11• mostly due to the adjustment plan and the transferof market risk of the correlation bookSolvency ratios (Basel 2.5)13,0% 13,4% 13,9% 14,1%11,9% 11,9%11,0% 11,2%9,4% 9,6%8,9% 8,6%• Core Tier 1 ratio up 100bp on 31/12/2011• Significant impact of increase in unrealised gainscompared with 31/12/2011: +21 bp• Continued implementation of adjustment plan forCIB and SFS: +26bp• Disposal of correlation book completed: +49 bpJune 11 Dec 11 March 12 June 12CRD Ratio o/w Tier 1 o/w Core Tier 1Change in Core Tier 1 in H1-12• Tier 1 and CRD ratios up 70bp on31/12/20118.6%+8bp +21bp -4bp +26bp+49bp9.6%28SECOND QUARTER AND FIRST HALF 2012 RESULTSPage 41 sur 237
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