Buoyed by resilient sales in retail and asset management divisions and less than expected asset writedowns, Credit Agricole has reported healthy profits in the second quarter. It has been reported that in the first half of 2009, the France-based bank’s net banking income was E8,620 million, up 17.1% year-on-year.
Excluding Emporiki, International retail banking made a significant contribution to Group results: E199 million net income – Group share for the first half (down 9.9% year-on-year) and E105 million for the second quarter (up 7.7% quarter-on-quarter). In all, during the second quarter of 2009, International retail banking staged a recovery in its operating performance. Asset management, insurance and private banking turned in a good performance over the period. Net new inflows amounted to E14.5 billion in the first half, lifting assets under management to E775.5 billion at 30 June 2009, with growth of 3.2% in the second quarter.
René Carron, chairman of Crédit Agricole, said: The new model that Crédit Agricole S.A. adopted nearly a year ago now fully reflects our Group’s original values: taking account of the human dimension of a situation; dedicating our resources to provide financing to the economy and support to our individual and business customers in this time of crisis”.
Georges Pauget, chief executive officer of Crédit Agricole, said: Crédit Agricole S.A. has fully integrated the lessons learnt from the crisis and has adapted its business model to meet the needs of the real economy. This is not only a relevant but sound strategy for the Group. All our historic business lines are producing good results which allows us to deal with the impact of the current crisis. Retail banking, insurance, asset management and consumer finance delivered very good performances, despite the adverse economic climate.
