Credit Agricole SA · EURONEXT:ACA
Credit Agricole SA — H1 2004 Earnings Presentation
89 slides from Credit Agricole SA's earnings presentation, 2004
Slide 1: Half-Year 2004 Results
Half-Year 2004 Results OE CREDIT AGRICOLE S.A.
Slide 2: Crédit Agricole S.A. consolidated results and presentation of results by business line
2 9 Crédit Agricole S.A. consolidated results 9 Presentation of results by business line ¾ French retail banking – Regional Banks ¾ French retail banking – Crédit Lyonnais ¾ Specialised financial services ¾ Asset management, insurance and private banking ¾ Corporate and investment banking ¾ Internat
Slide 3: Crédit Agricole S.A. consolidated results
3 Crédit Agricole S.A. consolidated results 2004 First Half Results up sharply A well-advanced integration Half-year 2004 results
Slide 4: Consolidated results at 30 June 2004
4 Crédit Agricole S.A. consolidated results Consolidated results* at 30 June 2004 Net income - Group share, before goodwill and integration-related costs: €1,533m (+43.7%) Net income - Group share, before integration-related costs: €1,186m (+61.6%) Net income - Group share: €1,075m (+46.5%) H1-0
Slide 5: Q2-04 consolidated results
5 Crédit Agricole S.A. consolidated results Q2-04 consolidated results Net income - Group share, before goodwill and integration-related costs: €823m (+37.2% vs. Q2-03 pro forma / +15.9% vs. Q1-04) Net income - Group share, before integration-related costs: €653m (+50.8% vs. Q2-03 pro forma / +22.
Slide 6: Pro forma consolidated income statement
6 Crédit Agricole S.A. consolidated results Pro forma consolidated income statement €m H1-03 % change % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 6,228 6,298 +1.1% 3,250 +6.6% (3.3%) Operating expenses (4,428) (4,341) (2.0%) (2,168) (0.2%) (4.1%) Gross opera
Slide 7: Excellent performance from all business lines
7 Crédit Agricole S.A. consolidated results Excellent performance from all business lines Contribution of business lines to net income before goodwill and integration-related costs €m 9 Solid business levels and good 1,690 results for the Regional Banks, +36.0% French retail banking - Crédit Lyonnai
Slide 8: High profitability from all business lines
8 Crédit Agricole S.A. consolidated results High profitability from all business lines H1-04 Targets € bn Allocated capital % ROE ROE 2006* French retail banking – Regional 3.2 13.7 17.7% 18% Banks French retail banking – Crédit 2.2 9.8 23.9% 25% Lyonnais Specialised financial services 1.9 8.4 20.3%
Slide 9: Presentation of business lines results
9 9 Crédit Agricole S.A. consolidated results 9 Presentation of business lines results ¾ French retail banking – Regional Banks ¾ French retail banking – Crédit Lyonnais ¾ Specialised financial services ¾ Asset management, insurance and private banking ¾ Corporate and investment banking ¾ Internatio
Slide 10: Continued buoyant growth at Regional Banks
10 French retail banking – Regional Banks Continued buoyant growth at Regional Banks H1-04 Pre-tax income: € 362 m 9 Policy designed to conquer priority 16.4% segments (young customers and high net worth individuals) 9 Leadership in bancassurance in France reinforced: Life insurance: over 10m poli
Slide 11: Sharp increase in customer assets
11 French retail banking – Regional Banks Sharp increase in customer assets 9 Robust growth in deposits outstanding in the first half (+€5.3bn) compared with +€3.2bn in H1-03. Over one year, deposits outstanding expanded by 7.6% • continued strong growth momentum in life insurance • sharp rebound fo
Slide 12: Strong growth in loans outstanding and new lending
12 French retail banking – Regional Banks Strong growth in loans outstanding and new lending 9 Very high growth in loan production with €23.1bn in medium- and long-term loans written during the first half, 26.3% more than in H1-03. Growth in residential mortgage lending exceptionally strong at 35% 9
Slide 13: Increase in fee income and products per customer
13 French retail banking – Regional Banks Increase in fee income and products per customer 9 Customer base continued to expand steadily (+126,000 current accounts over one year). 9 Fee income from customers rose sharply (up 9.2% on H1-03). The strong growth in fee income on securities (+14.3%) refle
Slide 14: Continued tight control over costs and risks
14 French retail banking – Regional Banks Continued tight control over costs and risks 9 Continued improvement in cost/income ratio for the Regional Banks (1.1 point decline from H1-03) due to controlled operating costs 9 Cost of credit risk receded to 28bp in H1-04 9 Doubtful loan ratio dropped sha
Slide 15: Continued growth in income and strong contribution from Regional Banks
15 French retail banking – Regional Banks Continued growth in income and a strong contribution from the Regional Banks 9 Solid growth in GOI (+8.5%) owing to a combination of a 4.8% rise in NBI and a contained 2.1% increase in operating costs 9 Risk-related costs were stable (1.6% higher than in H1-
Slide 16: Income statement
16 French retail banking – Regional Banks Income statement €m % change % change H1-03 H1-04 Q2-04 H1-04/H1-03 Q2-04/Q2-03 Net banking income Operating expenses Gross operating income Risk-related costs Income from equity affiliates 310 362 +16.8% 146 +23.7% Pre-tax ordinary income 310 362 +16.8% 146
Slide 17: Sharp growth in gross operating income
17 French retail banking – Crédit Lyonnais Sharp growth in gross operating income (up 16.5%), driven by a persistently strong business performance H1-04 Pre-tax income: €382m 9 Robust business momentum over the first half: 17.3% • 39,000 increase in individual customers • Leading bank for retail pla
Slide 18: Sharp increase in customer assets
18 French retail banking – Crédit Lyonnais Sharp increase in customer assets 9 Strong growth in deposit-taking driven by robust increase in number of passbook accounts (up 15.7% on H1-03 – commercial success of ‘Cerise’ passbook account with 150,000 contracts written and total deposits outstanding o
Slide 19: Continued strong growth in loans outstanding
19 French retail banking – Crédit Lyonnais Continued strong growth in loans outstanding 9 Robust growth (10.7%) in outstanding loans to individuals and professionals owing to: • Continued strong rise in mortgage loans (up 13.6% on H1-03) • Stepped-up expansion in amortisable consumer loans (up 8.2%)
Slide 20: NBI fuelled by strong commercial drive in all segments
20 French retail banking – Crédit Lyonnais NBI fuelled by a strong commercial drive in all customer segments 9 NBI growth was 6.5% year-over-year and was driven by: • Higher fee income, especially from account management (+13.9%) and commitment and set-up fees (up 11.3%) • The interest margin, due t
Slide 21: Operating expenses and risk-related costs
21 French retail banking – Crédit Lyonnais Operating expenses and risk-related costs 9 Costs extremely tightly controlled, with a rise of 2.2% on a like-for-like basis, including large marketing investments of €20m in H1-04 (opening of new branches, installing a multi-channel platform, …) 9 Risk-rel
Slide 22: Income statement
22 French retail banking – Crédit Lyonnais Income statement % change H1-03 % change €m H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 1,588 1,692 +6.5% 859 +3.1% +6.3% Operating expenses (1,195) (1,234) +3.3% (626) +3.0% +3.5% Gross operating income 393 458 +16.5% 233 +
Slide 23: A high-growth business
23 Specialised financial services A high-growth business H1-04 Pre-tax income: €308m 13.9% Consumer credit 9 Robust expansion in international business, with a 27.7% year-over-year rise in outstandings 9 First-time consolidation of Dan’Aktiv in Q2-04, with managed outstandings of €100m at 30 June 20
Slide 24: Consumer credit in France and abroad
24 Specialised financial services Consumer credit in France and abroad 9 Strong growth in credit outstandings (up 13.8% on H1-03), especially abroad (up 27.7% on H1-03) 9 Loan origination advanced by 11.7%: In France: up 7.0% on H1-03 Abroad : up 25.6% on H1-03 9 Sales over the Internet jumped b
Slide 25: Consumer credit
25 Specialised financial services Consumer credit 9 Impact of provisions for the Neiertz discount and changes in scope of consolidation (Crédibom and Dan’Aktiv) pushing up risk-related costs Excluding these effects, risk-related costs were tightly -controlled (up 5.8% on H1-03) 9 Margins maintained
Slide 26: Leasing and factoring: improvement in business conditions in Q2-04
26 Specialised financial services Leasing and factoring: improvement in business conditions in Q2-04 9 Leasing • Rapid business growth momentum for EFL in Poland, with a 17.3% rise in outstandings between 30 June 2003 and 30 June 2004 • In France, production catching up significantly in Q2-04, with
Slide 27: Income statement
27 Specialised financial services Income statement €m H1-03 % change % change pro forma H1-04 Q2-04 H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 1, 042 1,176 +12.9% 600 +4.2% +12.1% Operating expenses +12.1% (344) +3.0% +13.1% (605) (678) Gross operating income +14.0% 256 +5.8% +10.7% 437
Slide 28: Outstanding performance in asset management and insurance
28 Asset management, insurance and private banking Outstanding performance in asset management and insurance H1-04 Pre-tax ordinary income: €727m 9 Managed outstandings (excluding double 32.9% counting) advanced by nearly €38bn over one year to over €400bn at 30 June 2004 9 Private banking business
Slide 29: Exceptionally strong inflows in all segments
29 Asset management, insurance and private banking Exceptionally strong inflows in all segments Assets under management (excluding double counting) rose by €15.1bn over the first half (up 12.4% over one year): owing to strong momentum in new inflows in asset management and life insurance; and to t
Slide 30: Asset management
30 Asset management, insurance and private banking Asset management 9 Sharp rise in new inflows (+€12bn) concentrated on: • bond instruments and alternative management, which alone accounted for 42% of net new inflows • corporate and institutional customers 9 ’Performance’ effect: +€6.3bn 9 Signific
Slide 31: Private banking
31 Asset management, insurance and private banking Private banking 9 Solid business growth. On a like-for-like basis, assets under management moved up 5.3%: • in France: up 9% • abroad: up 3.3% 9 Outstanding amounts expanded by €2.2bn on a like-for-like basis, with: • net new inflows of €600m • perf
Slide 32: Life insurance
32 Asset management, insurance and private banking Life insurance 9 Continued strong business: • Revenues were €8.4bn (up 11.3% on H1-03). Revenues from unit-linked contracts advanced by 20.2% on H1-03 and accounted for 30% of total revenues • Assets under management up 10.3% on H1-03 9 Increase in
Slide 33: Property & casualty insurance
33 Asset management, insurance and private banking Property & casualty insurance 9 Strong growth in business activity in all areas: Pacifica’s portfolio expanded by nearly 14% over one year 9 Premium income up 17.7% on H1-03 9 Claims ratio declined over the first half to 55.5% from 60.5% in H1-03 Pr
Slide 34: Income statement
34 Asset management, insurance and private banking Income statement €m % change H1-03 % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 1,262 1,410 +11.7% 730 +7.4% +12.1% Operating expenses (683) (681) (0.3%) (343) +1.5% (1.4%) Gross operating income 579 729 +25.
Slide 35: A 20% increase in the CIB contribution
35 Corporate and investment banking A 20% increase in the CIB contribution H1-04 Pre-tax ordinary income: €650m 9 Revenues down overall (-20%), reflecting a mixed situation 29.5% Satisfactory performance in corporate banking, brokerage and foreign exchange and debt market operations Steep declin
Slide 36: Financing activities: H1-04 net income up to €358m
36 Corporate and investment banking Financing activities: H1-04 net income up to €358m from €86m in H1-03 9 A satisfactory business level for product lines. On a like-for-like basis, at constant exchange rates and excluding extraordinary revenues booked in the first half of 2003, the revenue decline
Slide 37: Investment banking: overall decreasing results, with contrasted situations
37 Corporate and investment banking Investment banking: overall decreasing results, with contrasted situations 9 A satisfactory performance for credits and rates activities (trading, derivatives and futures operations), with a contained decrease in spite of noticeably less favourable market conditio
Slide 38: H1-04 results by business activity: financing
38 Corporate and investment banking H1-04 results by business activity Financing activities €m H1-03 % change % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q1-03 Net banking income 1,045 870 (16.7%) 411 (10.5%) (25.3%) Operating expenses (608) (471) (22.5%) (203) (24.3%) (34.7%) Gross
Slide 39: H1-04 results by business activity: investment banking
39 Corporate and investment banking H1-04 results by business activity Investment banking and capital markets €m H1-03 % change % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q1-03 Net banking income 1,413 1,086 (23.1%) 542 (0.4%) (35.3%) Operating expenses (987) (897) (9.1%) (449) +0.
Slide 40: Income statement
40 Corporate and investment banking Income statement €m % change H1-03 % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 2,458 1,956 (20.4%) 953 (5.0%) (31.3%) Operating expenses (1,595) (1,368) (14.2%) (652) (8.9%) (21.8%) Gross operating income 863 588 (31.9%) 3
Slide 41: Sharp rise in contribution from international retail banking
41 International retail banking Sharp rise in contribution from international retail banking H1-04 Pre-tax ordinary income: €162m 7.3% 9 Thanks to an outstanding performance, Banca Intesa’s contribution rose sharply in H1-04, to €108m from €75m in H1-03 Allocated capital: €2.4bn 9 Al Bank Al Saudi A
Slide 42: Income statement
42 International retail banking Income statement €m % change H1-03 % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 187 186 (0.5%) 99 +13.8% +2.1% Operating expenses (146) (150) +2.7% (80) +14.3% +9.6% Gross operating income 41 36 (12.2%) 19 +11.8% (20.8%) Risk-r
Slide 43: Proprietary asset management
43 Proprietary asset management and other activities Proprietary asset management H1-04 Pre-tax ordinary income: €(378)m 9 €16m in reversals of provisions on unconsolidated industrial participations: NBI €168m higher than in H1-03 17.1% negative 9 Modest increase in financing costs due primarily to
Slide 44: Income statement
44 Proprietary asset management and other activities Income statement €m % change H1-03 % change H1-04 Q2-04 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income (309) (122) (60.5%) 9 n.m. n.m. Operating expenses (204) (230) +12.7% (123) +15.0% +29.5% Gross operating income (513) (352) (
Slide 45: Presentation of results by business lines
45 9 Crédit Agricole S.A. consolidated results 9 Presentation of results by business lines ¾ French retail banking – Regional Banks ¾ French retail banking – Crédit Lyonnais ¾ Specialised financial services ¾ Asset management, insurance and private banking ¾ Corporate and investment banking ¾ Intern
Slide 46: The new group's organisation is in place
46 A well-advanced integration The new group’s organisation is in place 9Operating activities implemented by subsidiaries combined into business lines Principle: one business line, one subsidiary Nearly all the new legal entities have now been created Implementation in accordance with announced
Slide 47: Business lines built on simplified legal structures: Crédit Lyonnais
47 A well-advanced integration Business lines built on simplified legal structures 9 French Retail Banking - Crédit Lyonnais Corporate strategic plan presented in July 2004 and approved by the Board of Directors at its 1 September meeting Characteristics of the new Crédit Lyonnais: A national op
Slide 48: Business lines built on simplified legal structures: specialised financial services
48 A well-advanced integration Business lines built on simplified legal structures 9Specialised Financial Services Consumer credit • Sofinco/Finalion merger • Integration of marketing networks; management systems, Sofinco credit assessment and risk processing systems generalised; support functions
Slide 49: Business lines built on simplified legal structures: asset management and insurance
49 A well-advanced integration Business lines built on simplified legal structures 9Asset management, insurance and private banking Asset management • CAAM • Mutual fund manager for the Regional Banks, Crédit Lyonnais and French and foreign corporate and institutional investors • Separate Crédit A
Slide 50: Business lines built on simplified legal structures: Calyon
50 A well-advanced integration Business lines built on simplified legal structures 9Corporate and investment banking (CALYON): Operational merger process in advanced stage The Calyon subsidiary was created on 30 April by a partial transfer of assets from Crédit Lyonnais Successful IT system migr
Slide 51: Targeted change in business scope
51 A well-advanced integration Targeted change in business scope 9Development of consumer credit Stake in Finaref increased to 90% Stake in Crédibom (Portugal) increased to 100% in early July 2004 Acquisition of Dan’Aktiv (Denmark) Reinforcement of partnership with Wafasalaf (Morocco) 9Withd
Slide 52: Amount of synergies achieved in line with targets
52 A well-advanced integration Amount of synergies achieved in line with targets (€ m) 275 211 128 40 2003 2004 impact of 2004 impact of 2004 target synergies achieved at synergies achieved at end-March 2004 end-June 2004 Half-year 2004 results
Slide 53: Synergies achieved in line with targets
53 A well-advanced integration Synergies achieved in line with targets 9 Headcount reduction in line with targets In France: 30% of announced staff cuts have been achieved 50% are in process of completion Abroad: all staff cuts should be implemented by end-2004 ‘Espace Mobilité’, the entity de
Slide 54: Presentation of results by business lines
54 9 Crédit Agricole S.A. consolidated results 9 Presentation of results by business lines ¾ French retail banking – Regional Banks ¾ French retail banking – Crédit Lyonnais ¾ Specialised financial services ¾ Asset management, insurance and private banking ¾ Corporate and investment banking ¾ Intern
Slide 55: A sound balance sheet
55 Crédit Agricole S.A. balance sheet data A sound balance sheet 9 Prudential shareholders’ equity stable in the first half of 2004. Shareholders’ equity (Group share) were 2.5% higher than at 31 December 2003 9 Modest rise in risk-weighted assets during the first half. These assets declined by near
Slide 56: Presentation of results by business lines
56 9 Crédit Agricole S.A. consolidated results 9 Presentation of results by business lines ¾ French retail banking – Regional Banks ¾ French retail banking – Crédit Lyonnais ¾ Specialised financial services ¾ Asset management, insurance and private banking ¾ Corporate and investment banking ¾ Intern
Slide 57: Crédit Agricole Group consolidated income statement
57 Crédit Agricole Group financial data Crédit Agricole Group consolidated income statement H1-03* % change €m H1-04 pro forma H1-04/H1-03 Net banking income 11,685 12,033 +3.0% Operating expenses (7,753) (7,761) (0.1%) Gross operating income 3,932 4,272 +8.7% Risk-related costs (934) (711) (23.9%)
Slide 58: Crédit Agricole Group consolidated capital
58 Crédit Agricole Group financial data Crédit Agricole Group consolidated capital € bn Dec 02 June 03 Dec 03 June 04 Equity group share 29.8 35.8 38.6 40.0 FGBR 4.3 4.9 4.6 4.6 Preferred shares - - 2.9 3.0 Subordinated debt 10.2 18.7 17.5 16.9 Total risk-weighted assets 292.2 409.3 411.9 420.5 Inte
Slide 59: Half-year 2004 results
DE CREDIT AGRICOLE S.A. ; 2|8 a a ° Q 59
Slide 60: Appendices
Half-Year 2004 Appendices
Slide 61: Appendices contents
61 9 Crédit Agricole S.A. consolidated results by business line ¾ H1-04/H1-03 ¾ Quarterly comparisons 2003/2004 ¾ Quarterly analysis of NBI and GOI 9 Trends in risk 9 Movements in consolidated capital 9 Capital allocation 9 Additional information on business lines ¾ French retail banking – Regional
Slide 62: H1-04: Consolidated income statement by business line
62 Crédit Agricole S.A. consolidated results H1-04: Consolidated income statement by business line French retail French retail Specialised Asset Corporate and International Proprietary banking – banking – financial management, investment retail banking asset Regional Crédit Lyonnais services insuran
Slide 63: Quarterly consolidated income statement: retail banking
63 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement French retail banking – Regional Banks French retail banking – Crédit Lyonnais €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Net banking - - - - - - 780 808 831 893 833 859 income Operat
Slide 64: Quarterly consolidated income statement: financial services and asset management
64 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement Specialised financial services Asset management, insurance and private banking €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Net banking income 512 530 560 606 576 600 611 651 645 728 68
Slide 65: Quarterly consolidated income statement: corporate and investment banking
65 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement Corporate and investment banking €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Net banking income 1,070 1,388 1,124 1,181 1,003 953 Operating expenses (761) (834) (744) (778) (716) (652) Gross operating income 309 554 380
Slide 66: Quarterly consolidated income statement: financing and investment banking
66 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement Financing activities Investment banking €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Net banking income 495 550 517 513 459 411 575 838 607 668 544 542 Operating expenses (297) (311) (2
Slide 67: Quarterly consolidated income statement: international retail and proprietary
67 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement International retail banking Proprietary asset management and other activities €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Net banking income 90 97 89 83 87 99 (197) (112) (187) (60) (
Slide 68: Quarterly consolidated income statement: Group
68 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement Group €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Net banking income 2,866 3,362 3,062 3,431 3,048 3,250 Operating expenses (2,167) (2,261) (2,165) (2,296) (2,173) (2,168) Gross operating income 699 1,101 897 1,135 875 1
Slide 69: Market risk
69 Trends in risk Market risk Overall VaR (99% - 1 day) at 30 June 2004: €31m for Crédit Agricole S.A Group Market risk VaR (99% - 1 day) 03 May to 30 June 2004* €m Minimum Maximum Average 30 June 04 Cash and equivalents 3 6 5 3 I.C.C. (Interest rate, Currency and 18 27 23 23 Commodities) Credit 7 1
Slide 70: Change in credit risk outstanding
70 Trends in risk Change in credit risk outstanding Crédit Agricole S.A. €m Dec 02* Jun 03* Dec 03 Jun 04 Customer loans 171,092 185,715 167,468 174,501 Bad and doubtful loans 9,664 10,087 9,534 9,404 Loan loss reserves 6,186 6,314 6,015 5,921 Doubtful loan ratio 5.6% 5.4% 5.7% 5.4% Ratio of reserve
Slide 71: General provisions – trends by provision type
71 Trends in risk General provisions – trends by provision type €m Dec 2003 Jun 2004 Crédit Agricole S.A. Sector risk provisions and other provisions for credit risk 1,418 1,330* o/w: . General provision for US credit risk 242 269 . Large European corporates 164 164 . Retail banking and SFS 112 143
Slide 72: Equity, FGBR and subordinated debt
72 Movements in consolidated capital Equity, FGBR and subordinated debt Shareholders’ Minority Subordinated €m Total FGBR equity interests debt 31 December 2002 15,431 383 15,814 1,618 9,745 31 December 2003 23,571 4,443 28,014 1,944 18,686 Dividend paid in 2004 (801) (205) (1,006) H1-04 results 1,0
Slide 73: Breakdown of share capital and earnings per share calculation
73 Change in consolidated capital Breakdown of share capital and earnings per share calculation Breakdown of share Dec 2002 Jun 2003 Dec 2003 Jun 04 % capital: SAS Rue la Boétie 682,717,240 685,844,898 771,841,801 783,146,587 53.15% SNC Crédit Agricole 26,903,605 26,903,605 14,771,187 6,102,837 0.41
Slide 74: International solvency ratio
74 Capital allocation International solvency ratio € bn Dec 02 Jun 03 Dec 03 Jun 04 Credit risks 86.8 197.2 190.0 192.0 Market risks 14.4 21.8 22.5 22.2 Total risk-weighted assets 101.2 219.0 212.5 214.2 Tier 1 15.1 16.5 16.9 17.6 Tier 2 8.7 14.1 15.0 14.3 Tier 3 0.2 1.2 1.1 1.0 Deductions 14.9 13.7
Slide 75: Risk-weighted assets per business line
75 Capital allocation Risk-weighted assets for capital allocation per business line € bn Dec 02 Mar 03 Dec 03 Jun 04 French retail banking 80.1 81,0 83.5 87.9 - Regional Banks 46.8 47,5 48.5 50.7 - Crédit Lyonnais 33.3 33,5 35.0 37.2 Specialised financial services 22.7 26,7 28.1 31.2 Asset managemen
Slide 76: Allocated capital per business line
76 Capital allocation Allocated capital per business line € bn Dec 02 (%) Jun 03 (%) Dec 03 (%) Jun 04 (%) French retail banking 5.0 22.9% 5.0 22.4% 5.1 22.7% 5.4 23.6% - Regional Banks 2.9 2.9 3.0 3.2 - Crédit Lyonnais 2.1 2.1 2.1 2.2 Specialised financial services 1.4 6.4% 1.6 7.2% 1.7 7.6% 1.9 8.
Slide 77: Regional Banks' contribution
77 French retail banking – Regional Banks Regional Banks’ contribution € m – Aggregated unconsolidated results of the % change % change 42 Regional Banks consolidated by the H1-03 H1-04 Q2-02 H1-04/H1-03 Q2-04/Q2-03 equity method Net banking income 5,589 5,860 +4.8% 3,116 +2.1% Operating expenses (3
Slide 78: Consumer credit highlights
78 Specialised financial services Consumer credit highlights €m % change H1-03 % change H1-04 Q2-02 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 848 984 +16.0% 505 +5.4% +17.4% Operating expenses (477) (554) +16.1% (282) +3.7% +18.0% Gross operating income 371 430 +15.9% 223 +7.7
Slide 79: Lease-finance highlights
79 Specialised financial services Lease-finance highlights €m % change H1-03 % change H1-04 Q2-02 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 143 141 (1.4%) 69 (4.2%) (5.5%) Operating expenses (87) (83) (4.6%) (40) (7.0%) (11.1%) Gross operating income 56 58 +3.6% 29 - +3.6% Ris
Slide 80: Factoring highlights
80 Specialised financial services Factoring highlights H1-03 % change % change €m H1-04 Q2-02 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 51 51 - 26 +4.0% (3.7%) Operating expenses (38) (37) (2.6%) (20) +17.6% +5.3% Gross operating income 13 14 +7.7% 6 (25.0%) (25.0%) Risk-relat
Slide 81: Asset management highlights
81 Asset management, insurance and private banking Asset management highlights €m % change H1-03 % change H1-04 Q2-02 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 529 587 +11.0% 302 +6.0% +8.2% Operating expenses (359) (361) +0.6% (185) +5.1% +0.5% Gross operating income 170 226
Slide 82: Insurance highlights
82 Asset management, insurance and private banking Insurance highlights €m % change H1-03 % change H1-04 Q2-02 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 486 574 +18.1% 310 +17.4% +26.5% Operating expenses (112) (115) +2.7% (57) (1.7%) - Gross operating income 374 459 +22.7% 25
Slide 83: Prédica highlights
83 Asset management, insurance and private banking Prédica highlights 9 Prédica’s shareholders’ equity reinforced (up 46.4% on Dec. 03) in connection with the acquisition of UAF in the first half of 2004: • Capital increase (€500m) • Issue of subordinated debt (€1,6bn) 9 Prudential reserves (with-pr
Slide 84: Private banking highlights
84 Asset management, insurance and private banking Private banking highlights €m % change H1-03 % change H1-04 Q2-02 pro forma H1-04/H1-03 Q2-04/Q1-04 Q2-04/Q2-03 Net banking income 247 249 +0.8% 118 (9.9%) (7.1%) Operating expenses (212) (205) (3.3%) (101) (2.9%) (5.6%) Gross operating income 35 44
Slide 85: Significant transactions completed by Calyon in Q2-2004
85 Corporate and investment banking Significant transactions completed by Calyon in Q2-2004 Gazprom Project financing – €1,100 m - Calyon sole lead arranger, bookrunner Benetton/Autostrade Bond issue – €6,500m - Calyon mandated lead arranger, bookrunner Project financing – €5,500m - Calyon mandated
Slide 86: Crédit Agricole S.A. consolidated income statement at half-year 2004
86 Crédit Agricole S.A. financial statements Crédit Agricole S.A. consolidated income statement at half-year 2004 % change €m H1-03 H1-04 H1-04/H1-03 Net banking income 2,856 6,298 X2.2 Operating expenses (2,033) (4,341) X2.1 Gross operating income 823 1,957 X2.4 Risk-related costs (264) (324) +22.7
Slide 87: Consolidated balance sheet at 31 December 2003 and 30 June 2004
87 Crédit Agricole S.A. financial statements Consolidated balance sheet at 31 December 2003 and 30 June 2004 € bn € bn Assets 31 Dec 03 30 Jun 04 Liabilities 31 Dec 03 30 Jun 04 Loans and advances to banks 172.2 180.9 Deposits by banks 125.1 150.4 Crédit Agricole internal transactions 13.5 13.1 Créd
Slide 88: Crédit Agricole Group H1-04 consolidated income statement
88 Crédit Agricole Group financial statements H1-04 consolidated income statement % change €m H1-03 H1-04 H1-04/H1-03 Net banking income 8,330 12,033 +44.4% Operating expenses (5,358) (7,761) +44.8% Gross operating income 2,972 4,272 +43.7% Risk-related costs (652) (711) +9.0% Income from equity aff
Slide 89: Half-year 2004 results
DE CREDIT AGRICOLE S.A. ; 2|8 a a ° Q 89