Credit Agricole Sa · EURONEXT:ACA
Credit Agricole Sa — Q3 2007 Earnings Presentation
78 slides from Credit Agricole Sa's earnings presentation, November 2007
Slide 1: Results for the third quarter and first nine months of 2007
Results for the third quarter and first nine months of 2007 November 2007 1 Results for Q3-07 and the first nine months of 2007 - November 2007
Slide 2: Disclaimer
Crédit Agricole S.A. consolidated results 9 Disclaimer This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts under the meaning of European Regulation n° 809/2004 from 29 April 2004 (chapter 1, article 2, § 10). T
Slide 3: Contents
Contents Crédit Agricole S.A. consolidated results Presentation of results by business line French retail banking – Regional Banks French retail banking – LCL International retail banking Specialised financial services Asset management, insurance and private banking Corporate and investment banking
Slide 4: A good resilience in a deteriorating climate
Crédit Agricole S.A. consolidated results A good resilience in a deteriorating climate 9 Months 2007 9 Gross operating income: €4,980m (+11.4%) 9 Net income – Group share: €4,901m (+29.0%) 9 Net income – Group share excl. atypical items*: €3,713m (+4.5%) 9 Cost/income ratio*: 64.4% 9 Annualised ROE*
Slide 5: First nine months 2007 results
Crédit Agricole S.A. consolidated results First nine months 2007 results Δ 9M/9M excl. €m 9M-07 9M-06 Δ 9M/9M atypical 9 Persistently robust operating income items* growth (GOI up 18.7% excluding Net banking income 14,362 11,979 +19.9% +18.5% atypical items) driven primarily by: Operating expenses (
Slide 6: Contribution of business lines to Net income – Group share
Crédit Agricole S.A. consolidated results Contribution of business lines to Net income – Group share Net income - Group share Regional Banks €m Retail banking A solid performance and contribution to Group RB* 1,291 income up 10% (excluding home purchase Corporate and 555 LCL 32.1% 13.8% 383 savings)
Slide 7: Q3-07 results
Crédit Agricole S.A. consolidated results Q3-07 results Δ Q3/Q3 excl. atypical €m Q3-07 Q3-06 Δ Q3/Q3 items* and trading loss Net banking income 4,076 3,813 +6.9% +17.7% Excluding atypical items and trading loss Operating expenses (2,885) (2,520) +14.5% +14.5% 9 Net income – Group share: Gross opera
Slide 8: Contents
Contents Crédit Agricole S.A. consolidated results Presentation of results by business line French retail banking – Regional Banks French retail banking – LCL International retail banking Specialised financial services Asset management, insurance and private banking Corporate and investment banking
Slide 9: French retail banking – Regional Banks: Solid growth in contribution
French retail banking – Regional Banks Solid growth in contribution Δ9M/9M €m Q3-07 ΔQ3/Q3 ΔQ3/Q2 9M-07 Δ9M/9M excl. HPSP 9 Regional Banks' aggregate NBI (excluding impact of home purchase IAS Aggregate NBI 2,794 (4.7%) (27.1%) 9,828 +0.9% +3.3% savings plans) up 0.5%, up 2.0% IAS Adjusted NBI* 2,81
Slide 10: Regional Banks: Persistently robust business momentum
French retail banking – Regional Banks Persistently robust business momentum Customer assets € bn +5.7% 489.0 9Solid rise in customer deposits outstanding: 444.3* 462.8 up 5.7% year-on-year despite decline in securities in Q3 (due to valuation effect) driven primarily by impressive growth in tim
Slide 11: Regional Banks: Persistently robust business momentum
French retail banking – Regional Banks Persistently robust business momentum 9Business franchise continued to expand at a brisk pace: 120,000 new accounts in Q3, 360,000 opened over 9M driven partly by the June campaign aimed at young people/young workers and offering targeted products and par
Slide 12: LCL: Robust growth in net operating income
French retail banking – LCL Robust growth in net operating income: up 7.5% over 9 months Δ9M/9M excl. ΔQ3/Q3 HPSP & 9 NBI, excluding home purchase €m Q3-07 ΔQ3/Q3 excl. 9M-07 Δ9M/9M compet. plan HPSP savings plans impact, up 2.4% over the third quarter, up 2% over the first Net banking income 886 +0
Slide 13: LCL: Stepped-up business momentum
French retail banking – LCL Stepped-up business momentum Customer assets € bn Momentum confirmed in Q3: 137.0 131.9 +3.9% 125.1 +5.3% 9 Customer assets: 3.9% rise fed by passbook accounts (up 11.8%) and demand deposit accounts (up 4.6%), which picked up with new account openings 9 Loans: increase of
Slide 14: LCL: Stepped-up business momentum
French retail banking – LCL Stepped-up business momentum 9 Networks’ reorganisation now complete and starting to bear fruit Individual customers • Good success in attracting new customers owing to products appropriate for each target: 67,000 accounts opened since the beginning of the year • Succes
Slide 15: International retail banking
International retail banking First quarter representative of our new international profile €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 742 x3.2 +6.2% 1,913 x4.2 9 First quarter of activity including the full Cariparma/Friuladria scope, Operating expenses (458) x2.5 (0.5%) (1,226) x3.4
Slide 16: Cariparma – Friuladria
International retail banking Cariparma – Friuladria Goals 2010 NBI €2bn (+7.7% CAGR) Cost/income ratio ≈ 43% Pre-tax income €1bn (+12.9% CAGR) ROE for business line 30% 9 Faster-than-expected integration with business franchise maintained during the transition 9 Announced synergies of €253m (i.e. ≈
Slide 17: Emporiki
International retail banking Emporiki Goals 2011 NBI €1.7bn (+11% CAGR) Cost/income ratio < 50% Pre-tax income > €600m (+30% CAGR) ROE for business line 22% 9 Overhaul of network organisation and of risk monitoring to be completed by year-end: Launch of business centres to improve segmentation amo
Slide 18: Specialised financial services results
Specialised financial services Specialised financial services results €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 736 +14.0% (0.9%) 2,207 +12.9% 9 The business line's net income - Group Operating expenses (391) +15.4% (0.6%) (1,173) +14.6% share expanded by 10.3% over the Gross operati
Slide 19: Consumer credit in France and abroad
Specialised financial services Consumer credit in France and abroad 9 Continuing to set up partnerships: Sofinco and FGAFS launched the “Fiat 500” bank card, the first co-branded card in the Continental European automotive segment Finaref entered into its 10th major partnership, with GO Sport, a
Slide 20: Asset management, insurance and private banking results
Asset management, insurance and private banking Asset management, insurance and private banking results €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 985 +11.1% (14.3%) 3,191 +14.5% 9 The business line delivered another excellent performance, with a 14.5% Operating expenses (415) +5.0% (
Slide 21: Asset management: business resilient
Asset management, insurance and private banking Asset management: business resilient 9 In a context of crisis, the Group strengthened its leadership position in France with a 0.2 point year-on-year increase in market share (source: Fininfo-Europerformance 09-2007) AUM rose by 9.1% year-on-year (up
Slide 22: Private banking
Asset management, insurance and private banking Private banking 9 Business stood up well in Q3 as customers adopted a wait-and-see stance owing to the decline in financial markets, subprime crisis, seasonal factors: New inflows of €1,040m lifted total inflows since the beginning of the year to €5b
Slide 23: Life insurance: persistently strong business momentum
Asset management, insurance and private banking Life insurance: persistently strong business momentum 9 Premium income of nearly €16bn over the first 9M of 2007; an excellent quarter for BES Vida 9 Plus persistently high “Fourgous transfers": €10.8bn, i.e. over 60% of transfers from bancassurance co
Slide 24: Non-life insurance
Asset management, insurance and private banking Non-life insurance 9 Another quarter of strong growth in non-life insurance with over 5.7 million policies for Pacifica and premium income growth of 22.6% for the business line 9 Development campaigns in certain persistently buoyant sectors, with a 2.6
Slide 25: Corporate and investment banking: a diversified model
Corporate and investment banking A diversified model to face the current crisis €m Q3-07 ΔQ3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Δ 9M/9M* 9 Net income - Group share of €11m in Net banking income 753 (39.4%) (52.3%) 3,950 (4.4%) (1.2%) Q3 and €1,008m over 9M, down Operating expenses (786) +2.2% (17.8%) (2,656)
Slide 26: Corporate and investment banking
Corporate and investment banking 9 Most business segments delivered a good performance, with results reaching an all-time quarterly high on the whole 9 As announced on 18 September, the unauthorised proprietary trading position in US credit market indices was unwound; it generated an ultimate loss o
Slide 27: Financing activities
Financing activities (€m) Trends in revenues Solid performance in Financing 1,787 1,619 +10% activities in a tougher business climate +18% 9 Revenues up 14% year-on-year at constant 533 +8% 576 1,075 910 exchange rates in the first 9 months. This growth +14% was due to the rising contribution of str
Slide 28: Capital market and investment banking
Capital market and investment banking (€m ) Trends in revenues* 9 Q3 NBI adversely affected by: Capital markets the isolated trading loss in New York Brokers and advisory additional impairment of ABS and cash CDO portfolios: €546m 2,512 2,514 conversely, the change in issuer spreads on structu
Slide 29: Proprietary asset management and other activities: Results
Proprietary asset management and other activities Results €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M 9 NBI for the quarter includes Net banking income (26) (66.2%) n.m. 383 n.m. €34m in write-backs from provisions from home purchase Operating expenses (217) (3.0%) (57.0%) (974) 61.3% savings plans and g
Slide 30: Contents
Contents Crédit Agricole S.A. consolidated results Presentation of results by business line French retail banking – Regional Banks French retail banking – LCL Specialised financial services Asset management, insurance and private banking Corporate and investment banking International retail banking
Slide 31: Financial structure
Financial structure Crédit Agricole S.A. : 9 Growth in risk weighted assets in Q3 due mainly to trends in market risks, credit outstandings in Financing activities, and changes in scope of consolidation in International retail banking 9 Prudential ratios are at the same level as at the beginning of
Slide 32: Contents
Contents Crédit Agricole S.A. consolidated results Presentation of results by business line French retail banking – Regional Banks French retail banking – LCL Specialised financial services Asset management, insurance and private banking Corporate and investment banking International retail banking
Slide 33: Crédit Agricole Group: Consolidated income statement
Crédit Agricole Group highlights Consolidated income statement €m 9M-07 9M-06 Δ 9M/9M Net banking income 23,779 21,585 +10.2% Operating expenses (14,970) (13,085) +14.4% Gross operating income 8,809 8,500 +3.6% Risk-related costs (1,386) (1,197) +15.8% Operating income 7,423 7,303 +1.6% Equity affil
Slide 34: Crédit Agricole Group: Consolidated capital
Crédit Agricole Group highlights Consolidated capital €bn Dec 06 June 07 Sept 07 Equity group share 58.0 65.0 64.9 Preferred shares 2.9 2.8 2.8 Subordinated debt 22.0 21.9 22.0 Total risk-weighted assets 532.6 580.7 612.6 CAD/ESR ratio 10.0% 10.4% 9.9% Tier 1 ratio 7.7% 7.8% 7.5% Note: The 2006 acco
Slide 35: Results for Q3-07 and the first nine months of 2007 - November 2007
35 Results for Q3-07 and the first nine months of 2007 - November 2007
Slide 36: Appendices
Results for Q3-07 and the first nine months of 2007 Appendices 36 Results for Q3-07 and the first nine months of 2007 - November 2007
Slide 37: Contents
Contents Crédit Agricole S.A. consolidated results Consolidated results by business line Movements in consolidated capital Capital allocation Trends in risk Additional information on business lines French retail banking – Regional Banks French retail banking – LCL Specialised financial services Asse
Slide 38: Change in accounting method for treatment of changes in minority interests
Crédit Agricole S.A. consolidated results Change in accounting method for treatment of changes in minority interests 9 The accounting method now applied by Crédit Agricole S.A. Group is in keeping with the most widely practiced method in Europe When the percentage of ownership of an entity is increa
Slide 39: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Proprietary Asset asset French retail International Specialised Corporate and French retail management, banking – financial investment management banking – LCL retail banking insurance and €m Regional Banks services bank
Slide 40: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Proprietary Asset French retail Specialised Corporate and asset French retail International management, banking – financial investment management €m banking – LCL retail banking insurance and banking Group Regional Banks
Slide 41: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line French retail banking – Regional Banks French retail banking – LCL €m Q1-05 Q2-05Q3-05Q4-05Q1-06Q2-06Q3-06Q4-06Q1-07Q2-07Q3-07 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Net banking - - - - - - - -
Slide 42: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line International retail banking €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Net banking income 63 88 76 90 92 130 235 367 472 698 742 Operating expenses (53) (76) (67) (71) (77) (100) (181) (267) (3
Slide 43: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Specialised financial services €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Net banking income 603 594 601 669 645 664 646 682 728 743 736 Operating expenses (324) (308) (317) (342) (344) (341) (3
Slide 44: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Asset management, insurance and private banking €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Net banking income 777 751 817 988 979 921 886 1,086 1,058 1,148 985 Operating expenses (338) (350) (34
Slide 45: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Corporate and investment banking €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06* Q1-07 Q2-07 Q3-07 Net banking income 1,033 1,119 1,107 1,197 1,394 1,495 1,243 1,324 1,620 1,578 753 Operating expenses (678) (684) (69
Slide 46: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Financing activities Investment banking €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06* Q1-07 Q2-07 Q3-07 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06* Q1-07 Q2-07 Q3-07 Net banking 423 501 464 485 484 602 533 516
Slide 47: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Proprietary asset management and other activities €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06* Q2-06 Q3-06 Q4-06* Q1-07 Q2-07 Q3-07 Net banking income (80) 8 (137) (171) (54) 41 (76) (166) 239 169 (26) Operating expenses (190) (221
Slide 48: Consolidated results by business line
Crédit Agricole S.A. consolidated results Consolidated results by business line Group €m Q1-05 Q2-05 Q3-05 Q4-05 Q1-06* Q2-06 Q3-06 Q4-06* Q1-07 Q2-07 Q3-07 Net banking income 3,233 3,461 3,317 3,682 3,995 4,171 3,813 4,208 5,015 5,271 4,076 Operating expenses (2,209) (2,254) (2,229) (2,474) (2,493)
Slide 49: CAD ratio
Movements in consolidated capital CAD ratio €bn Dec 06 Sept 07 Credit risks 248.1 306.0 Market risks 15.5 25.3 Total risk-weighted assets 263.6 331.3 Tier 1 21.6 27.1 Tier 2 18.8 16.4 Tier 3 0.9 0.9 Deductions 18.2 14.9 Total net regulatory capital 23.1 29.5 Tier 1 solvency ratio 8.2% 8.2% Total sol
Slide 50: Breakdown of share capital and earnings per share calculation
Movements in consolidated capital Breakdown of share capital and earnings per share calculation Breakdown of share capital: Sept 2006 Dec 2006 Sept 2007 % SAS Rue la Boétie 819,541,855 819,541,855 901,496,041 54.73% Treasury shares* 14,426,376 15,144,404 12,492,519 0.76% Employees (company investmen
Slide 51: Equity and subordinated debt
Movements in consolidated capital Equity and subordinated debt Subordinated €m Group share Minority interests Total debt 31 December 2006 34,319 4,770 39,089 24,470 Capital increase 3,993 - 3,993 Dividend paid in 2007 (1,880) (375) (2,255) Dividend paid by Crédit Agricole S.A. and received by the Re
Slide 52: Allocated capital per business line
Movements in consolidated capital Allocated capital per business line €bn Sept 06 (%) Dec 06 (%) Sept 07 (%) French retail banking 6.6 23.1 6.6 23.4 7.2 22.9 - Regional Banks 3.9 3.9 4.3 - LCL 2.7 2.7 2.9 International retail banking 3.7 13.1 3.8 13.3 3.2 10.2 Specialised financial services 2.4 8.4
Slide 53: Business lines profitability
Crédit Agricole S.A. consolidated results Business lines profitability Allocated capital ROE 9M-07 9M-07 9M-06 (%) (%) €bn % French retail banking – Regional Banks 4.3 13.7 13.7 14.7% French retail banking – LCL 2.9 9.2 9.4 18.6% International retail banking 3.2 10.2 13.0 18.7% Specialised financial
Slide 54: Risk-weighted assets for capital allocation per business line
Capital allocation Risk-weighted assets for capital allocation per business line €bn Sept 06 Dec 06 Sept 07 French retail banking 106.9 108.5 115.6 - Regional Banks 62.6 63.3 67.6 - LCL 44.3 45.2 48.0 International retail banking 21.8 22.1 42.3 Specialised financial services 39.2 41.7 50.7 Asset man
Slide 55: Trends in credit risk outstanding
Trends in risk Trends in credit risk outstanding Crédit Agricole S.A. €m Dec 06 Sept 07 Gross customer and interbank loans outstanding 321,795 369,436 Bad and doubtful loans 9,123 9,975 Loan loss reserves** 7,380 7,704 Ratio of reserves to doubtful loans 2.8% 2.7% Ratio of reserves (excl. collective
Slide 56: Market risk
Trends in risk Market risk 9 Overall VaR (99% - 1 day) at 30 September 2007: €68m for Crédit Agricole S.A. Group, including €63m for Calyon Trends in VaR for Crédit Agricole S.A. capital markets business VaR (99% - 1 day) 31 December 2006 to 30 September 2007 31 December €m 2006 Minimum Maximum Aver
Slide 57: Breakdown of risks by geographic region and economic sector
Trends in risk Breakdown of risks by geographic region and economic sector Traded services (utilities) 1% Healthcare and Tourism, hotels Asia and Pacific pharmaceuticals and restaurants 5% 2% 3% Aerospace Central and South France Media and Japan Telecoms Other 5% America ( retail banking) publishing
Slide 58: French retail banking – Regional Banks
French retail banking – Regional Banks €bn Customer assets* Δ Sept/Sept Total +5.7% 489.0 462.8 46.2 Securities (0.6%) 46.5 55.2 53.3 Mutual funds and REITs +3.5% 120.6 131.7 Life insurance +9.2% 73.3 Sight deposits +5.1% 69.7 79.5 76.3 Home purchase savings schemes (4.0%) 60.5 65.6 Passbook account
Slide 59: French retail banking – Regional Banks
French retail banking – Regional Banks Loans outstanding Δ Sept/Sept €bn 316.6 287.5 29.0 Total +10.1% 258.9 27.0 16.0 15.5 24.0 50.2 14.7 Local authorities +7.3% 44.7 22.2 42.1 21.0 31.2 Consumer credit +3.4% 20.4 30.5 28.3 SMEs +12.4% 148.8 168.0 Small businesses +5.8% 129.4 Farming loans +2.2% Ho
Slide 60: Growth in fee income from customers
French retail banking – Regional Banks Growth in fee income from customers €m Δ 9M/9M 3,483 3,674 3,119 544 Total +5.5% 529 479 337 329 Services and other banking 302 transactions +2.9% 1,298 1,398 1,166 Securities +2.3% Insurance +7.7% 1,172 1,327 1,395 Account management and payment instruments +5
Slide 61: French retail banking – LCL
French retail banking – LCL €bn Customer assets Δ Sept/Sept 137.0 131.9 11.3 125.1 Total +3.9% 11.0 9.5 30.0 Securities +2.9% 29.7 29.1 Mutual funds +0.9% 35.1 38.2 31.8 Life insurance +8.7% Sight deposits +4.6% 20.5 21.5 22.5 Home purchase savings scheme (12.1%) 12.2 10.7 14.0 16.5 18.4 Passbook ac
Slide 62: French retail banking – LCL
French retail banking – LCL €bn Loans outstanding Δ Sept/Sept 66.0 60.4 11.4 52.0 10.1 Total +9.4% 9.3 9.2 8.9 6.6 SMEs +13.3% 8.1 6.6 6.4 Small businesses +4.6% 38.7 34.8 Consumer loans (0.2%) 28.3 Home finance +11.3% Sept 05 Sept 06 Sept 07 62 Results for Q3-07 and the first nine months of 2007 -
Slide 63: French retail banking – LCL
French retail banking – LCL YoY growth QoQ growth €m Δ 9M/9M Δ Q3/Q3 878 886 2,738 2,718 TOTAL (0.7%) +0.8% Restated for HPSP +2.0% +2.4% Net interest margin (9.3%) (10.4%) 434 1,332 484 1,469 Restated for HPSP (4.7%) (8.1%) Total fee and 268 commission income +9.2% +14.7% 84 277 79 Securities manag
Slide 64: Consumer credit highlights
Specialised financial services Consumer credit highlights €m Q3-07 Δ Q3/ Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 621 +15.9% (1.2%) 1,866 +15.0% Operating expenses (317) +18.8% (0.2%) (948) +19.6% Gross operating income 304 +13.1% (2.3%) 918 +10.5% Risk-related costs (117) +20.3% +0.9% (347) +19.
Slide 65: Lease finance highlights
Specialised financial services Lease finance highlights €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 60 (0.5%) +1.4% 177 (3.4%) Operating expenses (40) +0.5% +0.3% (119) (5.8%) Gross operating income 20 (2.5%) +3.7% 58 +1.7% Risk-related costs (4) (23.1%) (16.7%) (13) (20.1%) Pre-tax in
Slide 66: Factoring highlights
Specialised financial services Factoring highlights €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 55 +10.8% +1.1% 163 +10.5% Operating expenses (31) +3.4% (5.8%) (95) - Gross operating income 24 +21.8% +11.3% 68 +29.6% Risk-related costs (6) +91.2% +75.7% (15) +30.4% Operating income 18
Slide 67: Trends in assets under management
Asset management, insurance and private banking Trends in assets under management €bn 847.7 787.3 807.4 97.0 85.4 87.9 179.5 163.7 168.5 Total AUM Excl. double counting: +6.7% Private banking Life insurance Asset mgmt ** 619.9 636.9 661.5 +13.6% +9.7% +6.1% 538.2 551.0 571.2 +10.7%* +5.7%* Sept 06 D
Slide 68: Asset management highlights
Asset management, insurance and private banking Asset management highlights €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 364 (8.9%) (33.6%) 1,405 +10.4% Operating expenses (202) (3.0%) (16.9%) (701) +10.1% Gross operating income 162 (15.3%) (46.9%) 704 +10.6% Risk-related costs - (103.4
Slide 69: Insurance highlights
Asset management, insurance and private banking Insurance highlights €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 452 +29.9% +5.8% 1,273 +18.5% Operating expenses (103) +17.2% +14.7% (288) +4.4% Gross operating income 349 +34.2% +3.4% 985 +23.3% Equity affiliates (3) n.m. n.m. - - Opera
Slide 70: Private banking highlights
Asset management, insurance and private banking Private banking highlights €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Net banking income 168 +21.6% (2.4%) 514 +17.0% Operating expenses (109) +10.9% +3.6% (320) +6.2% Gross operating income 59 +48.1% (12.0%) 194 +40.8% Risk-related costs - n.m. (84.2%) 3
Slide 71: Exposure of cash CDO business to US property market
Capital markets and investment banking 9 Exposure of cash CDO business to US property market Net value Net value at 30/09/07 at 30/06/07 €bn ABS Portfolio* 1.1 1.9 CDO shares Mezzanine 0.2 0.1 Super senior 4.0 4.4 Attachment point > 50 % 1.9 2.0 Attachment point < 40 % 2.1 2.4 TOTAL 5.3 6.4 * This p
Slide 72: Other exposure at 30 September 2007
Corporate and investment banking Other exposure at 30 September 2007 9 LBO portfolio Portfolio of commercial loans excluding syndication: €4.4bn Syndication outstandings: consist of eight major transactions totalling €2.1bn (after the sale of €1bn in July and the entry of new outstandings of €1bn
Slide 73: Creation of Newedge in partnership with Société Générale
Corporate and investment banking Creation of Newedge in partnership with Société Générale Market share in US (Futures Commission Merchants, August 2007) 9 8 August agreement to merge Fimat and Ranking Market share (%) Calyon Financial 1 Goldman Sachs & CO 15.3 % Newedge entity operational as from
Slide 74: Results of financing activities
Corporate and investment banking Results of financing activities €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 D 9M/9M Δ 9M/9M* Net banking income 576 +8.1% (0.9%) 1,786 +10.3% +14.5% Operating expenses (215) (2.2%) (7.9%) (701) +8.5% +10.0% Gross operating income 361 +15.4% +3.8% 1,085 +11.5% +17.4% Risk-related
Slide 75: Results of capital market and investment banking
Corporate and investment banking Results of capital market and investment banking €m Q3-07 Δ Q3/Q3 Δ Q3/Q2 9M-07 Δ 9M/9M Δ 9M/9M* Net banking income 177 (75.1%) (82.3%) 2,164 (13.9%) (11.1%) Excluding impact of New York (25.8%) (47.1%) 0.1% (571) +4.0% (21.0%) (1,956) +8.3% +11.1% Operating expenses
Slide 76: Trends in main NBI aggregates
Proprietary asset management and other activities Trends in main NBI aggregates €m 9M-06 9M-07 Cost of financing (946) (1,066) Financial management* 425 540 Other business 227 200 Work-out activities 205 261 Gain on the disposal of Intesa 0 448 Net banking income (89) 383 •Including €62m in home pur
Slide 77: Consolidated balance sheet at 31 December 2006 and 30 September 2007
Crédit Agricole S.A. financial statements Consolidated balance sheet at 31 December 2006 and 30 September 2007 €bn €bn Assets 31/12/06 30/09/07 Liabilities 31/12/06 30/09/07 Cash, central banks, French postal Central banks, French postal system 0.1 0.5 6.2 9.1 system Financial liabilities at fair va
Slide 78: Results for Q3-07 and the first nine months of 2007 - November 2007
78 Results for Q3-07 and the first nine months of 2007 - November 2007