Credit Agricole SA · EURONEXT:ACA
Credit Agricole SA — Q1 2004 Earnings Presentation
79 slides from Credit Agricole SA's earnings presentation, 2004
Slide 1: 2004 First Quarter Results
2004 First Quarter Results KE CREDIT AGRICOLE S.A.
Slide 2: Agenda
2 ü Crédit Agricole S.A. consolidated results ü Presentation of business lines results Ø French retail banking – Regional Banks Ø French retail banking – Crédit Lyonnais Ø Specialised financial services Ø Asset management, insurance and private banking Ø Corporate and investment banking Ø Internatio
Slide 3: Consolidated results at 31 March 2004
3 Crédit Agricole S.A. consolidated results Consolidated results* at 31 March 2004 Net income group share, before goodwill and integration-related costs: €710m (+52.0%) § Net income group share, before integration-related costs: €533m (+77.1%) § Net income group share: €506m (+68.1%) Annualised Q1-0
Slide 4: Consolidated income statement
4 Crédit Agricole S.A. consolidated results Consolidated income statement €m Q1-03 Q1-04 % change pro forma Q1-04/Q1-03 Net banking income 2,866 3,048 +6.4% Operating expenses (2,167) (2,173) +0.3% Gross operating income 699 875 +25.2% Risk-related costs (203) (196) (3.4%) Equity affiliates 216 308
Slide 5: Excellent performance from all business lines
5 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 ü Net banking income up 6.4%, €m reflecting robust growth 786 momentum in the retail banking +42.6% business and its re
Slide 6: High profitability from all business lines
6 Crédit Agricole S.A. consolidated results High profitability from all business lines Q1-04 € bn Allocated capital % ROE French retail banking – Regional 3.0 13.2% 20.4% Banks French retail banking – Crédit 2.2 9.6% 22.8% Lyonnais Specialised financial services 1.7 7.5% 20.2% Asset management, insu
Slide 7: Agenda
7 ü Crédit Agricole S.A. consolidated results ü Presentation of business lines results Ø French retail banking – Regional Banks Ø French retail banking – Crédit Lyonnais Ø Specialised financial services Ø Asset management, insurance and private banking Ø Corporate and investment banking Ø Internatio
Slide 8: Very robust Q1 business performance by the Regional Banks
8 French retail banking – Regional Banks Very robust Q1 business performance by the Regional Banks Q1-04 Pre-tax ordinary income: €216m ü Prominent market position enjoyed by Retraite Verte retirement savings products 21.8% (over 550,000 sold in Q1), part of which is convertible into PERPs ('popular
Slide 9: Sharp increase in customer assets
9 French retail banking – Regional Banks Sharp increase in customer assets ü Customer assets up sharply by 8.3% vs Q1-03, i.e. a €2.2bn increase in Q1-04, driven by: § robust growth in life insurance (up 12% vs Q1-03) § a sharp rebound in mutual fund assets (up 15.1% vs Q1-03) § strong net inflows i
Slide 10: Strong growth in loans outstanding and new lending
10 French retail banking – Regional Banks Strong growth in loans outstanding and new lending ü Continued strong growth in new medium and long-term lending (up 27.1% vs Q1-03 to €10.8bn), especially mortgage loans (up 42.2% year-on-year to €6.2bn). ü Faster growth in loan book: up 8.2% vs Q1-03, comp
Slide 11: Sharp growth in services and fee income from customers
11 French retail banking – Regional Banks Sharp growth in services and fee income from customers ü Fee income from customers up 8.5% to €971m at end-March 2004, accounting for 38.0% of net banking income from customer accounts, i.e. a year-on-year increase of two percentage points. ü Further increas
Slide 12: Steady improvement in key operating ratios
12 French retail banking – Regional Banks Steady improvement in key operating ratios ü Cost/income ratio down 3.3 percentage points vs Q1-03, with operating expenses well under control and NBI up sharply. ü Cost of credit risk steady at 25bp in Q1-04, with cover of bad and doubtful loans at 68.1%. C
Slide 13: Continued growth in income and stronger contribution from Regional Banks
13 French retail banking – Regional Banks Continued growth in income and a stronger contribution from the Regional Banks ü Gross operating income up sharply by 17.6%, driven by growth in net banking income (up 8.2%, or 2.8% excluding return on investment of excess equity) and controlled operating ex
Slide 14: French retail banking division – Regional Banks
14 French retail banking – Regional Banks French retail banking division – Regional Banks €m % change Q1-03 Q1-04 Q1-04/Q1-03 Net banking income Operating expenses Gross operating income Risk-related costs Income from equity affiliates 192 216 +12.5% Pre-tax ordinary income 192 216 +12.5% Extraordin
Slide 15: Sharp growth in gross operating income, up 18.4%
15 French retail banking – Crédit Lyonnais Sharp growth in gross operating income (up 18.4%), driven by a persistently strong business performance Q1-04 Pre-tax ordinary income: €181m 18.3% ü Continued strong growth in customer assets and loans outstanding, particularly mortgage loans. ü Robust grow
Slide 16: Faster increase in customer assets
16 French retail banking – Crédit Lyonnais Faster increase in customer assets ü Increase in deposit-taking, driven by a very sharp rise in passbook deposits (up 18.9%) and growth in sight deposits (up 8.6%). ü Continued strong performance in life insurance (up 10.3%). ü Sharp pick-up in mutual funds
Slide 17: Continued strong growth in loans outstanding
17 French retail banking – Crédit Lyonnais Continued strong growth in loans outstanding ü Robust growth in loans outstanding: up 10.1% § continued sharp increase in mortgage lending: up 14.6% (new business up 31.3% vs Q1-03) § consumer credit up 5,8% § selective increase in loans to SMEs (up 4.0% vs
Slide 18: NBI up 6.8%, fuelled by strong commercial drive
18 French retail banking – Crédit Lyonnais NBI up 6.8%, fuelled by a strong commercial drive in all customer segments ü Strong increase due to the combined impact of: § 4.0% increase in net interest income § 10.1% rise in fee income, chiefly due to management and brokerage fees, driven by strong bus
Slide 19: Operating expenses and risk-related costs
19 French retail banking – Crédit Lyonnais Operating expenses and risk-related costs ü 2.6 percentage-point improvement in cost/income ratio, despite a 3.1% increase in operating expenses as a result of sales development efforts (branch openings and refurbishments, recruitment of sales staff, etc.)
Slide 20: French retail banking division – Crédit Lyonnais
20 French retail banking – Crédit Lyonnais French retail banking division – Crédit Lyonnais €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 780 833 +6.8% Operating expenses (590) (608) +3.1% Gross operating income 190 225 +18.4% Risk-related costs (41) (44) +7.3% Pre-tax ordinary in
Slide 21: A high-growth business
21 Specialised financial services A high-growth business Q1-04 Pre-tax ordinary income: €148m 14.9% Consumer credit ü Acquisition of a further 14.5% stake in Finaref, increasing Crédit Agricole S.A.'s holding to 90%. ü Strong business growth in international subsidiaries, bolstered by the acquisitio
Slide 22: Consumer credit in France and abroad
22 Specialised financial services Consumer credit in France and abroad ü Sharp rise in loans outstanding (up 18.2% vs Q1-03), driven by a steady increase in loan demand compared with 2003 (new business up 10.3% to €4.2bn in Q1-04), particularly in international subsidiaries (new business up 28.6% an
Slide 23: Consumer credit: contribution from European subsidiaries
23 Specialised financial services Consumer credit: continued increase in contribution from European subsidiaries ü Increase in risk-related costs, due to the 'Neiertz' discount and provisions for personal bankruptcy (€10.4m in Q1-04). Excluding these factors, little change in risk-related costs for
Slide 24: Leasing and factoring: good resilience
24 Specialised financial services Leasing and factoring: good resilience in a very sluggish economic climate ü Leasing: Leasing book up slightly by 1.3%, despite a 10% decline in origination vs Q1-03. ü Factoring: Factoring revenues virtually flat compared to Q1-03 and total factoring outstandings d
Slide 25: Specialised financial services
25 Specialised financial services Specialised financial services €m Q1-03 % change* Q1-04 pro forma Q1-04/Q1-03 Net banking income 512 576 +12.5% Operating expenses +11.7% (299) (334) Gross operating income +13.6% 213 242 Risk-related costs (83) (95) +14.5% Income from equity affiliates (50.0%) 2 1
Slide 26: Outstanding performance in asset management and insurance
26 Asset management, insurance and private banking Outstanding performance in asset management and insurance Q1-04 Pre-tax ordinary income: €343m ü Very sharp growth in assets under 34.6% management, exceeding €390bn at end-March 2004. ü Private banking business impacted by LACIM disposal. Allocated
Slide 27: Exceptionally strong inflows in all segments
27 Asset management, insurance and private banking Exceptionally strong inflows in all segments ü Assets under management up €11.8bn in Q1-04 § despite the LACIM disposal (-€7.1bn), which has impacted growth in the private banking business… § …but driven by brisk new business in asset management and
Slide 28: Asset management
28 Asset management, insurance and private banking Asset management ü Brisk new business (net inflows up €10bn in Q1-04), mainly driven by: § corporate and institutional customers (up €6.2bn) § alternative asset management (up €3.3bn) and bonds (up €3.8bn). ü Positive 'market performance effect' of
Slide 29: Private banking
29 Asset management, insurance and private banking Private banking ü Assets under management up 8.7% vs Q1-03 on a comparable consolidation basis. AUM virtually unchanged after taking into account the sale of Laing & Cruickshank Investment Management Limited (LACIM), which managed €7.1bn in assets a
Slide 30: Life insurance
30 Asset management, insurance and private banking Life insurance ü Continued robust growth in life insurance business: § Premium income up 15.5% vs Q1-03 § In-force business up 11% vs Q1-03 (compared to an increase of 9.1% in 2003) § Sharp rise in unit-linked business (notably Prédica's Opportunité
Slide 31: Property & casualty insurance
31 Asset management, insurance and private banking Property & casualty insurance ü Excellent commercial drive: § over 3.7 millions policies managed, of which some 179,000 new policies sold in Q1-04 § take-off in farming insurance: over 13,000 policies sold in Q1-04. ü Premium income up 19.8% vs Q1-0
Slide 32: Asset management, insurance and private banking
32 Asset management, insurance and private banking Asset management, insurance and private banking €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 611 680 +11.3% Operating expenses (335) (338) +0.9% Gross operating income 276 342 +23.9% Risk-related costs 1 0 - Income from equity af
Slide 33: Stronger contribution due to lower risk-related costs
33 Corporate and investment banking Stronger contribution due to lower risk-related costs Q1-04 Pre-tax ordinary income: €285bn 28.8% ü Gross operating income down 7.1% vs Q1-03. At constant forex, GOI showed strong resilience (up 1.3% vs Q1-03). ü Excellent control over operating expenses. Allocate
Slide 34: Financing activities
34 Corporate and investment banking Financing activities ü Slump in overall loan demand, decline in weighted assets, and reduced commercial banking revenues in France and abroad (notably Asia) ü Impact of the exchange rate and of the fall in the weighted assets on the structured finance revenues ü S
Slide 35: Investment banking
35 Corporate and investment banking Investment banking ü €47m decline in NBI from fixed income business offset by a €21m (or 12.6%) increase in NBI from equity and advisory business, driven by an excellent performance in European and Asian brokerage, particularly towards the end of the quarter. ü €4
Slide 36: Q1-04 results by business activity
36 Corporate and investment banking Q1-04 results by business activity Investment banking and capital markets Financing activities €m Q1-03 % change Q1-03 % change Q1-04 Q1-04 pro forma Q1-04/Q1-03 pro forma Q1-04/Q1-03 Net banking income 575 544 (5.4%) 495 459 (7.3%) Operating expenses (464) (448)
Slide 37: Corporate and Investment Banking
37 Corporate and investment banking Corporate and Investment Banking €m % change Q1-03 Q1-04 At constant pro forma Q1-04/Q1-03 forex Net banking income 1,070 1,003 (6.3%) (1.3%) Operating expenses (761) (716) (5.9%) (2.4%) Gross operating income 309 287 (7.1%) +1.3% Risk-related costs (84) (42) (50.
Slide 38: Sharp rise in contribution from international retail banking
38 International retail banking Sharp rise in contribution from international retail banking Q1-04 Pre-tax ordinary income: €94m 9.5% ü Steep improvement in net income before goodwill from international retail banking: €92m in Q1-04 vs €41m in Q1-03. Allocated capital: €2.6bn ü Sharp increase in con
Slide 39: International retail banking
39 International retail banking International retail banking €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 90 87 (3.3%) Operating expenses (73) (70) (4.1%) Gross operating income 17 17 - Risk-related costs (8) (9) +12.5% Income from equity affiliates 37 86 X2.3 Pre-tax ordinary in
Slide 40: Proprietary asset management
40 Proprietary asset management and other activities Proprietary asset management Q1-04 Pre-tax ordinary income: €(277)m ü No markdowns on proprietary equity book: €99m (28.0%) negative improvement in net banking income. ü Slight increase in cost of financing investments: €14m negative impact on net
Slide 41: Proprietary asset management and other activities
41 Proprietary asset management and other activities Proprietary asset management and other activities €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income (197) (131) (33.5%) Operating expenses (109) (107) (1.8%) Gross operating income (306) (238) (22.2%) Risk-related costs 12 (6) n.m.
Slide 42: Agenda
42 ü Crédit Agricole S.A. consolidated results ü Presentation of results by business lines Ø French retail banking – Regional Banks Ø French retail banking – Crédit Lyonnais Ø Specialised financial services Ø Asset management, insurance and private banking Ø Corporate and investment banking Ø Intern
Slide 43: A sound balance sheet
43 Crédit Agricole S.A. balance sheet data A sound balance sheet ü Stable shareholders' equity after appropriation of income (€0.8bn in dividends) and regulatory capital in Q1-04. ü Modest rise in risk-weighted assets (up 0.9% vs December 2003). ü Tier 1 ratio of 8.0% in Q1-04. Capital Risk-weighted
Slide 44: Agenda
44 ü Crédit Agricole S.A. consolidated results ü Presentation of results by business lines Ø French retail banking – Regional Banks Ø French retail banking – Crédit Lyonnais Ø Specialised financial services Ø Asset management, insurance and private banking Ø Corporate and investment banking Ø Intern
Slide 45: Progress report on synergies: amount achieved/targeted
45 Progress report on synergies Amount of synergies achieved/targeted (€ m) 760 275 128 40 2003 2004 impact of 2004 target 2006 target synergies achieved at end-March 2004* * Synergies in Q1-04: €29m
Slide 46: Progress report on synergies
46 Progress report on synergies ü Mergers and tie-ups between entities: in line with timetable § 31 march 2004 : Finalion merged into Sofinco § 30 april 2004 : CALYON • setting-up of Calyon with the contribution of Crédit Lyonnais’s CIB to Crédit Agricole Indosuez • successful switch of the key oper
Slide 47: Agenda
47 ü Crédit Agricole S.A. consolidated results ü Presentation of results by business lines Ø French retail banking – Regional Banks Ø French retail banking – Crédit Lyonnais Ø Specialised financial services Ø Asset management, insurance and private banking Ø Corporate and investment banking Ø Intern
Slide 48: Crédit Agricole Group consolidated income statement
48 Crédit Agricole Group financial data Crédit Agricole Group consolidated income statement Q1-03* % change €m Q1-04 pro forma Q1-04/Q1-03 Net banking income 5,597 5,964 +6.6% Operating expenses (3,802) (3,866) +1.7% Gross operating income 1,795 2,098 +16.9% Risk-related costs (330) (351) +6.4% Inco
Slide 49: Crédit Agricole Group consolidated capital
49 Crédit Agricole Group financial data Crédit Agricole Group consolidated capital € bn Dec 02 Dec 03 Mar 04 Equity group share 29.8 38.6 39.0 FGBR 4.3 4.6 4.6 Preferred shares - 2.9 3.0 Subordinated debt 10.2 17.5 17.3 Total risk-weighted assets 292.2 411.9 414.9 International Solvency Ratio 11.7%
Slide 50: CREDIT AGRICOLE S.A.
DE CREDIT AGRICOLE S.A. 3 aN a ie fe} Q 50
Slide 51: Appendices
2004 First Quarter Results Appendices
Slide 52: Appendices contents
52 ü Detailed consolidated results by business line Ø Q1-04/Q1-03 Ø Quarterly comparisons 2003/2004 Ø Quarterly analysis of NBI and GOI ü Trends in risk ü Movements in consolidated capital ü Capital allocation ü Additional information on business lines Ø French retail banking – Regional Banks Ø Fren
Slide 53: Pro forma consolidated income statement by business line
53 Crédit Agricole S.A. consolidated results Q1-04: Pro forma 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 services insuran
Slide 54: Pro forma quarterly income statement: Regional Banks and Crédit Lyonnais
54 Crédit Agricole S.A. consolidated results Pro forma 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 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Net banking - - - - - 780 808 831 893 833 income Operating - -
Slide 55: Pro forma quarterly income statement: SFS and asset management
55 Crédit Agricole S.A. consolidated results Pro forma quarterly consolidated income statement Specialised financial services Asset management, insurance and private banking €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Net banking income 512 530 560 606 576 611 651 645 728 680 Oper
Slide 56: Pro forma quarterly income statement: Corporate and investment banking
56 Crédit Agricole S.A. consolidated results Pro forma quarterly consolidated income statement Corporate and investment banking €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Net banking income 1,070 1,388 1,124 1,181 1,003 Operating expenses (761) (834) (744) (778) (716) Gross operating income 309 554 380 403 28
Slide 57: Pro forma quarterly income statement: Financing and investment banking
57 Crédit Agricole S.A. consolidated results Pro forma quarterly consolidated income statement Financing activities Investment banking €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Net banking income 495 550 517 513 459 575 838 607 668 544 Operating expenses (297) (311) (268) (295)
Slide 58: Pro forma quarterly income statement: International and proprietary
58 Crédit Agricole S.A. consolidated results Pro forma quarterly consolidated income statement Proprietary asset management and other International retail banking €m activities Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Net banking income 90 97 89 83 87 (197) (112) (187) (60) (131)
Slide 59: Pro forma quarterly income statement: Group
59 Crédit Agricole S.A. consolidated results Pro forma quarterly consolidated income statement Group €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Net banking income 2,866 3,362 3,062 3,431 3,048 Operating expenses (2,167) (2,261) (2,165) (2,296) (2,173) Gross operating income 699 1,101 897 1,135 875 Risk-relate
Slide 60: Trends in risk: Market risk
60 Trends in risk Market risk Overall VaR (99% - 1 day) at 31 March 2004: €46.5m, including €40.1m for CAI + Crédit Lyonnais. Market risk VaR (99% - 1 day) 1 January to 31 March 2004 €m Minimum Maximum Average 31 March 2004 31 Dec 2003 Interest rates 19.0 24.7 22.2 24.7 18.9 Issuer spreads 20.1 25.0
Slide 61: Trends in risk: Credit risk
61 Trends in risk Credit risk Crédit Agricole SA (pro forma data) €m Dec 02 Jun 03 Dec 03 Mar 04 Customer loans 171,092 185,715 167,468 172,004 Bad and doubtful loans 9,664 10,087 9,534 9,563 Loan loss reserves 6,186 6,314 6,015 6,186 Doubtful loan ratio 5.6% 5.4% 5.7% 5.6% Ratio of reserves to doub
Slide 62: General provisions – trends by provision type
62 Trends in risk General provisions – trends by provision type €m Dec 2003 Mar 2004 Crédit Agricole S.A. Sector risk provisions and other provisions for credit risk 1,418 1,437 o/w: . General provision for US credit risk 242 248 . Large European corporates 274 255 . Retail banking and SFS 112 109 C
Slide 63: Movements in consolidated capital
63 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 (802) (160) (962) Q1-04 results 506 7
Slide 64: Breakdown of share capital and earnings per share calculation
64 Movements in consolidated capital Breakdown of share capital and earnings per share calculation Breakdown of share Dec 2002 Jun 2003 Dec 2003 Mar 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
Slide 65: Capital allocation: International solvency ratio
65 Capital allocation International solvency ratio € bn Dec 02 Jun 03 Dec 03 Mar 04 Credit risks 86.8 197.2 190.0 188.6 Market risks 14.4 21.8 22.5 25.9 Total risk-weighted assets 101.2 219.0 212.5 214.5 Tier 1 15.1 16.5 16.9 17.2 Tier 2 8.7 14.1 15.0 15.0 Tier 3 0.2 1.2 1.1 1.1 Deductions 14.9 13.7
Slide 66: Risk-weighted assets per business line
66 Capital allocation Risk-weighted assets for capital allocation per business line € bn Dec 02 Mar 03 Dec 03 Mar 04 French retail banking 80.1 81,0 83.5 85.2 - Regional Banks 46.8 47,5 48.5 49.0 - Crédit Lyonnais 33.3 33,5 35.0 36.2 Specialised financial services 22.7 26,7 28.1 28.4 Asset managemen
Slide 67: Allocated capital per business line
67 Capital allocation Allocated capital per business line € bn Dec 02 (%) Mar 03 (%) Dec 03 (%) Mar 04 (%) French retail banking 5.0 22.9% 5.0 22.7% 5.1 22.7% 5.2 22.8% - Regional Banks 2.9 2.9 3.0 3.0 - Crédit Lyonnais 2.1 2.1 2.1 2.2 Specialised financial services 1.4 6.4% 1.6 7.3% 1.7 7.6% 1.7 7.
Slide 68: Regional Banks' contribution
68 French retail banking – Regional Banks Regional Banks’ contribution € m – Aggregated unconsolidated results of the Q1-03 % change Q1-04 43 Regional Banks consolidated by the equity method pro forma Q1-04/Q1-03 Net banking income 2,536 2,744 +8.2% Operating expenses (1,562) (1,599) +2.4% Gross ope
Slide 69: Consumer credit highlights
69 Specialised financial services Consumer credit highlights €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 418 479 +14.6% Operating expenses (238) (272) +14.3% Gross operating income 180 207 +15.0% Risk-related costs (61) (81) +32.8% Income from equity affiliates 2 1 (50.0%) Pre-t
Slide 70: Lease-finance highlights
70 Specialised financial services Lease-finance highlights €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 70 72 +2.9% Operating expenses (42) (43) +2.4% Gross operating income 28 29 +3.6% Risk-related costs (9) (13) +44.4% Pre-tax ordinary income 19 16 (15.8%) Integration-related c
Slide 71: Factoring highlights
71 Specialised financial services Factoring highlights €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 24 25 +4.2% Operating expenses (19) (17) (10.5%) Gross operating income 5 8 +60.0% Risk-related costs (13) (1) (92.3%) Pre-tax ordinary income (8) 7 n.m. Extraordinary items - (1)
Slide 72: Asset management highlights
72 Asset management, insurance and private banking Asset management highlights €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 250 285 +14.0% Operating expenses (175) (176) +0.6% Gross operating income 75 109 +45.3% Risk-related costs 1 1 - Pre-tax ordinary income 76 110 +44.7% Inte
Slide 73: Insurance highlights
73 Asset management, insurance and private banking Insurance highlights €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 241 264 +9.5% Operating expenses (55) (58) +5.5% Gross operating income 186 206 +10.8% Income from equity affiliates 2 1 (50.0%) Pre-tax ordinary income 188 207 +1
Slide 74: Life-insurance highlights
74 Asset management, insurance and private banking Life-insurance highlights* ü Capital gains realised following Prédica's switch towards higher-yield investments. ü €7bn in unrealised capital gains on investments (up €1.4bn vs end-December 2003), accounting for 7.4% of technical reserves. ü Regulat
Slide 75: Private banking highlights
75 Asset management, insurance and private banking Private banking highlights €m Q1-03 % change Q1-04 pro forma Q1-04/Q1-03 Net banking income 120 131 +9.2% Operating expenses (105) (104) (1.0%) Gross operating income 15 27 +80.0% Risk-related costs - (1) n.m. Net income on fixed assets - - - Pre-ta
Slide 76: Crédit Agricole S.A. consolidated income statement at end-March 2004
76 Crédit Agricole S.A. financial statements Crédit Agricole S.A. consolidated income statement at end-March 2004 % change €m Q1-03 Q1-04 Q1-04/Q1-03 Net banking income 1,291 3,048 X2.4 Operating expenses (1,003) (2,173) X2.2 Gross operating income 288 875 X3.0 Risk-related costs (93) (196) X2.1 Inc
Slide 77: Consolidated balance sheet at 31 December 2003 and 31 March 2004
77 Crédit Agricole S.A. financial statements Consolidated balance sheet at 31 December 2003 and 31 March 2004 € bn € bn Assets 31 Dec 03 31 Mar 04 Liabilities 31 Dec 03 31 Mar 04 Deposits by banks 125.1 142.6 Loans and advances to banks 172.2 179.5 Crédit Agricole internal transactions 13.5 13.1 Cré
Slide 78: Crédit Agricole Group Q1-04 consolidated income statement
78 Crédit Agricole Group financial statements Q1-04 consolidated income statement* % change €m Q1-03 Q1-04 Q1-04/Q1-03 Net banking income 3,943 5,964 +51.2% Operating expenses (2,638) (3,866) +46.6% Gross operating income 1,305 2,098 +60.8% Risk-related costs (220) (351) +59.5% Income from equity af
Slide 79: CREDIT AGRICOLE S.A.
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