The Credit Agricole Italia group, led by Giampiero Maioli (the perimeter incorporates, among others, the bank, leasing, insurance and asset management with Amundi), recorded an aggregate net result at 30 September last of 789 million ( + 43% year on year), of which 603 million pertaining to the French holding Credit Agricole. The figure does not include the extraordinary items deriving from the acquisition of Creval.
The bank in Italy alone closed the first three quarters with a consolidated net profit of 343 million (+ 103% on 2020), a figure again net of the extraordinary components linked to the takeover bid on the Creval. The liquidity level (Liquidity Coverage Ratio, LCR) was 249% at the end of September, with a Total Capital Ratio of 16.3%. The non-performing loans indicator, the net NPE ratio, went to 2.7% with coverage increasing to 54%. And the cost of credit stood at 47 basis points.
The listed parent company, Credit Agricole Sa reported (reported) net profits in the nine months of € 4.416 billion (+ 71.9% year on year), and in the quarter of € 1.402 billion (+ 43.5%) with a cost / revenue ratio to 58.9%. The group in general (there is an unlisted part) closed the nine months with net profits of € 6.746 billion (+ 62.2% year on year), equal to € 2.222 billion in the quarter (+ 25.7% on 2020) and a cost / income ratio of 60.8% against total revenues in the nine months of € 8.969 billion (+ 5.9%). Today the stock suffers a bit in Paris, it drops 0.96% to € 12.98 with the Cac 40 down 0.22%.
In the meantime, the Creval integration plan is proceeding, which brought in total assets of 41 billion euros and the merger by incorporation is now expected in the second quarter of 2022. At 30 September Creval recorded a net profit of 60 million euros and in the third quarter, the first period of full consolidation, contributed to the operating result of the Italian group with revenues of 145 million, “equal to 23% of the aggregate entity and charges of 93 million euros which lead to a profit attributable to the group of 15 million euros “.
The results of the first nine months, explains the bank, “show a good commercial trend, with an acceleration in the post-acquisition months, positively reflecting on the income which recorded a growth of + 4% year on year. In particular, commissions recorded a significant increase driven by the Wealth Management component (+ 19%), which benefits from the 347 million euro increase in net flows from managed deposits (+ 80%) “.
In September, the tender offer for the shares of Credit Agricole FriulAdria was completed, through which Credit Agricole Italia came to hold over 99% of the share capital. At 30 September 2021, net income stood at 56 million euros, up + 47% on 2020. In terms of overall deposits, direct deposits grew by 6% and managed deposits by 13%. The incidence of net impaired loans increased to 1.8% with hedges equal to 59.1%.
The Credit Agricole Italia group made loans to the economy, in the nine months, for 93 billion euros, while total deposits amounted to 311 billion. The French company is present in Italy, the second domestic market, with about 17,500 employees and 5.2 million customers thanks to a group made up not only by banking (Credit Agricole Italia), but also by Corporate and Investment Banking companies (CACIB ), Specialized Financial Services (Agos, FCA Bank), Leasing and Factoring (Credit Agricole Leasing and Credit Agricole Eurofactor), Asset Management and Asset Services (Amundi, CACEIS), Insurance (Credit Agricole Vita, Credit Agricole Assicurazioni, Credit Agricole Creditor Insurance ) and Wealth Management (Indosuez Wealth Management in Italy and CA Indosuez Fiduciaria). (All rights reserved)
