Of Special Interest


[x] [x]

11th November 2011

Credit Agricole and impact of Greece and Italy

Crédit Agricole Group (including the regional mutual banks) reported net income of €930m (£794m $1,268m ¥98.5bn Y8,028) for Q3 and €3,338m (£2,850m $4,551m ¥353.7bn Y28,815m). This was DOWN 36% and UP 1.2% on the respective year ago figures. The listed company, Crédit Agricole S.A. reported Q3 of €339m (£289m $462m ¥35.9bn Y2,926m) down 65%.

Crédit Agricole S.A. is now 100% owner of Emporiki, the Greek bank. Writing down 60% of Greek debt cost the bank €905m before tax and €637m after. Emporiki made a €397m LOSS for the quarter. Crédit Agricole has also bought extensively into Italy and is the 7th largest bank in Italy with 1.8m customers and 902 branches. Not published at the time of writing was an up to date figure for its Italian sovereign exposure and its other exposure to Italy and Greece. It did note that it has reduced its sovereign debt to the PIIGS countries by over a quarter in each of the last two calendar quarters though did not give what the remaining level was.

The positive was that gross operating income increased 7%.