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Crédit Agricole S.A.Update of the 2011 registration document - A03by 0.6%, in line with the market. Deposits were maintained in a highly competitive market, owing primarily tolong-term household savings deposits. On-balance sheet deposits therefore rose by 3.3% compared to 31December 2011 to 34.9 billion euros at 30 June, including an increase of 3.7% for term savings deposits.Cariparma is enjoying healthy momentum, which is allowing it to cope with increased cost of risk.Revenues were 829 million euros, reflecting year-on-year rise of 5.5% in the first half of 2012. Thisperformance was due to resilient interest margins along with an upturn in commissions and fee incomedriven by higher production in life insurance and private banking.Operating expenses rose by 14.4% compared to the first half of 2011, to 560 million euros, including 54million euros relating to the voluntary departure plan launched in late June, corresponding to around 400staff departures between now and the end of 2014. This plan forms part of the cost-cutting programmelaunched by Cariparma, combining a review of processes and network organisation. Excluding this plan andintegration-related costs (which represented 27 million euros in the first half of 2011, the year of the end ofintegration of Carispezia and new branches), the cost-income ratio increased by a moderate +1.1 pointrelative to the first half of 2011.The cost of risk was affected by deterioration in economic conditions, rising by 50.2% to 162 million euros inthe first half of 2012. The non-performing loan ratio was 7.1% at 30 June 2012, with a cover rate of 44.5%.With a view to containing the cost of risk, Cariparma took steps to optimise recovery procedures.Furthermore, the change in Italian law for impaired loans calculation (number of days in arrears to classify aloan as non-performing reduced from 180 to 90) produced only a marginal impact on the cost of risk.After tax relief, which generated savings of 51 million euros in the first half of 2012, Cariparma's contributionto net income Group share was 72 million euros in the first half (down 10.5% compared with the first half of2011).In Greece, Emporiki’s results were once again impacted by the PSI and further deterioration in economicconditions. However, in this difficult climate, Crédit Agricole S.A. continued to reduce its exposure during thefirst half of the year, while also looking for the best solution for Emporiki as part of the consolidation processvital for the Greek banking market. In August, several Greek banks submitted binding offers for Emporiki,subject to the usual regulatory authority approvals, to approval by HFSF and to the review by EuropeanCommission of compliance with the State aid rules.Emporiki’s refinancing policy, adopted a year ago with the aim of finding more of its own sources of fundsand reducing its reliance on Crédit Agricole S.A., continued to bear fruit. Against the backdrop of fiercecompetition, also affected by the election period in May and June, Emporiki increased its market share indeposits to 6.6% at end-June 2012, an increase of +90 basis points since 31 December 2011 (source: Bankof Greece). Crédit Agricole S.A.’s net funding to Emporiki Bank decreased by 0.9 billion euros over the firsthalf of the year from 5.5 billion euros at end-December 2011 to 4.6 billion euros at 30 June, benefiting at theend of the period from access to the ELA obtained in early June. Year-on-year, the decline in net fundingrepresented more than 5 billion euros.Crédit Agricole S.A.'s capital exposure amounted to 0.4 billion euros at 30 June 2012, compared with 1.3billion euros at 31 December 2011. A 2.3 billion euro capital increase was carried out in July 2012 andfinanced through an offset from the refinancing provided by Crédit Agricole S.A. Adjusted for this capitalincrease, based on the figures at end-June, Crédit Agricole S.A.'s capital exposure was 2.7 billion euros andnet funding amounted to 2.3 billion euros. Furthermore, the transfers of loans from the shipping loan portfolioto Crédit Agricole 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 21.8% year-on-year in the first half of 2012 to 286 million euros owing to the highercosts of deposits and the decrease in non-impaired loans which impact interest margins.Operating expenses came to 270 million euros, up 2.1% relative to the first half of 2011. Excluding the costof incentivised departures (140 in the second quarter of 2012) and various tax increases, operatingexpenses decreased by 6%. The effect of staff departures and the signing of a new corporate wageagreement at the start of the year allow for a structural reduction in expenses.The cost of risk was 1,207 million euros in the first half of the year, just over double the level of the first halfof 2011. This includes a number of specific items: firstly, the extension of the PSI to three Greek state-ownedcompanies for 319 million euros and an additional cost of risk of 25 million euros relating to the exchange ofGreek bonds; and secondly, a business sector and country risk provision of 314 million euros. The recurringcost of risk was 549 million euros for the first half of the year. The impaired loan ratio was 36.8%, with aPage 82 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03cover rate of 57.3% (including the business sector and country risk provision), including 76.7% relating tocorporates.Lastly, the 130 million euros of residual deferred tax assets was cancelled.In all, Emporiki's contribution to net income Group share amounted to -1,275 million euros in the first half of2012.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 depositsand 9.3 billion euros of gross loans. Their contribution to net income Group share amounted to +86 millioneuros in the first half of 2012 compared with +82 million euros in the first half of 2011.In addition, the first half of 2012 saw a change in investments in equity affiliates.Crédit Agricole S.A. restructured its investment in BES by selling its stake in BES Vida for 225 million euros,and in participating in BES’s capital increase in proportion to its rights, for the same amount.Crédit Agricole S.A.’s stake in Bankinter was reduced in April to 20.6% from 24.5% at 31 December 2011 asa result of the combined effect of asset sales at the start of the year and non-participation in the earlyconversion of convertible bonds. Its stake in Bankinter was reduced below the 20% threshold following thepublic exchange offer for preferred shares realised by Bankinter in August, in which Credit Agricole S.A. didnot participate.Page 83 sur 237
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