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Crédit Agricole S.A.Update of the 2011 registration document - A033- International retail bankingIn International retail banking, 2012 first-half results were again impacted by the support plan for Greece, aswell as by the effects of deterioration in economic conditions on the cost of risk.On 24 February 2012, Greece announced its intention to extend the European support plan to three stateownedcompanies. Furthermore, an additional cost of risk was booked on the exchange of Greekgovernment bonds. The total impact of these two items in terms of cost of risk amounted to-344 million euros during the first half of the year. In addition, a provision for business sector and country riskof 314 million euros was booked in the first half of 2012 to take into account the downgrading of Greece’scredit rating on the ratings of local businesses and a particular risk relating to state-owned companiesguaranteed by the State.In all, net income Group share for the business line in the first half of 2012 was a loss of 1,117 million euros.Excluding Greece, International retail banking contributed 158 million euros to Crédit Agricole S.A.’s resultsin the first half of 2012 compared with 163 million euros in the first half of 2011.(in millions of euros)H1 2012 H1 2011Change2012/2011Revenues 1,515 1,527 (0.8%)Operating expenses, depreciation and amortisation (1,092) (1,012) +7.9%Gross operating income 423 515 (17.9%)Cost of risk (1,446) (755) +91.5%Equity affiliates 52 55 (4.7%)Net income on other assets and change in value ofgoodwill- (359) nmPre-tax income (971) (544) +78.5%Income tax (150) (246) (38.9%)Net income (after tax) from discontinued activities 4 14 (71.2%)NET INCOME (1,117) (776) +44.0%NET INCOME GROUP SHARE (1,117) (754) +48.2%NB: in the first quarter of 2012, BNI Madagascar was reclassified under discontinuing operations, representing 4.6 million euros inafter tax income for discontinued activities in the first half of 2012.In Italy, where GDP growth forecast for 2012 is negative by 2%, Cariparma shows good resilience thanks toits specific position as a regional network located in the north of the country. Lending and margins stood upwell and gross operating income remained stable excluding the impact of integration-related costs in 2011and expenses relating to the cost-cutting programme launched at the end of the first half of the year.At 30 June 2012, Cariparma shows a customer liquidity surplus of 1.2 billion euros, compared withbreakeven at 31 December and a deficit of 0.4 billion euros at 30 June 2011. This liquidity surplus helped tofund the Crédit Agricole S.A. Group’s other business activities in Italy.Loans outstanding were 33.7 billion euros, 0.4% higher than at 31 December 2011 (excluding financing ofthe Group's other activities), in a market that declined by 1.0% (source: Associazione Bancaria Italiana).Loans to retail customers moved up by 1.4%, driven primarily by home loans. Corporate lending was downPage 81 sur 237