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Crédit Agricole S.A.Update of the 2011 registration document - A034- Specialised financial servicesDuring the first half of 2012, Specialised Financial Services continued with its policy of reducing liquidityconsumption, in keeping with the adjustment plan announced on 14 December 2011.(in millions of euros) H1-2012 H1 2011Change2012/2011Revenues 1,805 1,999 (9.7%)Operating expenses (794) (848) (6.4%)Gross operating income 1,011 1,151 (12.2%)Cost of risk (1,069) (677) +57.9%Equity affiliates 10 7 +34.2%Income before tax (48) 481 nmTax (37) (164) (77.6%)Net income from discontinued operations - 5 nmNet income (85) 322 nmNet income Group share 28 298 (90.7%)This policy dented the division’s revenues, which fell by 9.7% in the first half of 2012 relative to thefirst half of 2011. Operating expenses followed a similar trend, down 6.4% over the same period. The costincomeratio was therefore maintained at 44.0%.The cost of risk increased by 57.9% in the first half of 2012 relative to the first half of 2011, mainly asa result of additional provisions booked for Italian consumer finance subsidiary Agos, representing a total of364 million euros. The impact of the adjustment plan, representing a write-back of 46 million euros in cost ofrisk, partly compensating the additional provision for Agos.Total net income Group share for the business line was 28 million euros in the first half of 2012.Restated for the impact of the adjustment plan and the additional provisions for Agos, net income Groupshare was 159 million euros, down 46.8% relative to the first half of 2011.In consumer finance, the impact of the additional provisions for Agos and the managed reduction inbusiness activity resulted in net income Group share just at breakeven in the first half of the year at 1 millioneuros compared with 253 million euros in the first half of 2011.The business line saw a slowdown in activity, with a fall in the consolidated loan book by 1.9billion euros in the first half of the year to 49.7 billion euros. The managed loan book amounted to 76.1 billioneuros, a reduction of 2.2 billion euros, divided primarily between France (37%) and Italy (36%), with othercountries accounting for just 27%. This was due to the market slowdown, relating to the economic slowdownand measures of the adjustment plan, including a more selective approach and cutting back on certaintargeted partnerships. Non-performing loans were also sold in the first half of the year, representing a total of0.6 billion euros in France and Portugal.Crédit Agricole Consumer Finance has also diversified its external sources of funding as partof the adjustment plan, mainly via securitisation operations and development of deposits. Diversificationefforts concerned 3.7 billion euros at 30 June 2012.The slowdown in activity for the business line was reflected by a 10.7% fall in revenues in the firsthalf of 2012 compared with the first half of 2011, to 1,528 million euros. Against this backdrop, the businessline improved its operating efficiency. During the first half of 2012, expenses decreased by 6.4%. The costincomeratio therefore increased by 1.9 percentage point relative to the first half of 2011, to 41.6%.Page 84 sur 237