Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
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%.