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[waldron] 10/11/2022 15:49

UPDATE: Crédit Agricole SA reports lower Q3 profit, share price falls



10 November 2022 - 12:26PM


Dow Jones News



PARIS (Agefi-Dow Jones)--Amidst a rapid rise in interest rates and high market
and high market volatility, Crédit Agricole SA (CASA), the
(CASA), the listed arm of the Crédit Agricole group, reported a
of the Crédit Agricole group, reported a decline in net income for the third quarter on Thursday, despite a capital gain of
101 million capital gain on the sale of La Médicale, the insurer of the
La Médicale, the insurer of health professionals, to the Italian group
group Generali.



The French bank posted a third-quarter net profit of
1.35 billion euros in the third quarter, down 3.6% on a published basis and 10% if
The decline was due to "the impact of the financial crisis on the bank's results", the report said.
This decline is explained by "the exceptional results of the
third quarter of 2021", according to CASA's managing director,
Philippe Brassac. The group had published figures at the time that were
The group had published figures at an all-time high for a third quarter.



In reaction to these results, the Crédit Agricole SA share
In reaction to these results, the Crédit Agricole SA share was down 4.4% at midday on Thursday, at 9.27 euros.



"The operating performance for the quarter was below expectations and the
expectations and the equity ratio has declined, leaving less room for
less scope for additional remuneration for shareholders," said a note from the
shareholders," analysts at RBC Capital Markets said in a note.
Capital Markets in a note.



CASA benefited from positive one-off items in the past quarter
of 79 million euros.
While the sale of La Médicale to Generali generated a
101 million, the integration of Lyxor into its asset management
Lyxor's integration into its asset management business cost it 4 million euros. The
moratorium on mortgages in Poland, which allows
borrowers to defer their next eight payments, had a negative impact of
17 million negative impact on the net result, group share.
Group share.



Excluding these items, CASA's underlying profit was
1.27 billion euros in the third quarter, compared to 1.4 billion euros a year earlier.
a year earlier.



CASA's net banking income (NBI) rose by 0.6% to
0.6% to 5.56 billion euros in the third quarter. In detail
In detail, income from asset management rose by 11.6%,
226 million euros, while the insurance business grew more modestly
modestly (+1.3% to 602 million euros). In contrast, asset management
Asset management, on the other hand, fell by 4.7% to
738 million.

Translated with www.DeepL.com/Translator (free version)

[gibbs1] 10/11/2022 09:55

(MT Newswires) -- Crédit Agricole (ACA.PA) on Thursday said its regional investors, through the Rue La Boétie entity, plan to purchase up to 1 billion euros ($1 billion) of the bank's shares in the first half of 2023.

The regional owners, which currently hold a 56.8% stake in the European lender, do not intend to raise their stake to more than 65% in Crédit Agricole. In a call with reporters, Chief Executive Officer Philippe Brassac noted that the regional-bank owners are investing in the company due to "its performance, its solidity and its development potential."

[adrian j boris] 17/10/2022 10:17

CACEIS, a subsidiary of Crédit Agricole S.A. and Santander, has signed a memorandum of understanding to acquire the European asset servicing business of Royal Bank of Canada (RBC) Investor Services. These services will include custody and foreign exchange, fund administration, transfer agency services, middle office and securities lending and borrowing. Following the acquisition, CACEIS would have approximately €3,500 billion of assets under administration and €4,800 billion of assets under custody.

The European asset servicing banking group "would benefit from a more international dimension, a greater geographical presence, enabling it to strengthen its competitive position, and to cover the entire value chain with a broader offering for its existing and future clients".

This transaction would be in line with the Crédit Agricole Group's development objectives and would meet its profitability criteria with an expected return on investment of more than 10% over three years thanks to the realisation of synergies. It would have a negative impact of less than 10 basis points on the CET1 ratio of Crédit Agricole S.A. and the Crédit Agricole Group.

The proposed transaction is expected to be completed by the end of the third quarter of 2023.

Translated with www.DeepL.com/Translator (free version)

[grupo guitarlumber] 01/10/2022 10:25

Ørsted Closes $3.3 Billion Sale of 50% Stake in UK's Hornsea 2 Offshore Wind Farm
09/30/2022 | 05:08am BST


(MT Newswires) -- Ørsted (ORSTED.CO) on Thursday concluded the 3 billion-pound sterling ($3.33 billion) sale of its 50% stake in the Hornsea 2 wind farm off the Yorkshire coast in the North Sea to a consortium.

The consortium comprises AXA IM Alts and Crédit Agricole Assurances. The 1.3-gigawatt wind farm became fully operational on Aug. 31.

Ørsted shares were down over 5% on Thursday's close.

[waldron] 27/9/2022 07:32

Crédit Agricole Subsidiaries to Settle Alleged Violations of U.S. Sanctions

Two subsidiaries of French bank Crédit Agricole Group's corporate and investment banking arm have agreed to pay more than $1.12 million in civil penalties to settle alleged violations of U.S. sanctions, the Treasury Department said on Monday.

CA Indosuez Switzerland SA, a Switzerland-based indirect subsidiary of Crédit Agricole Corporate and Investment Bank, has agreed to pay $720,258 for allegedly violating sanctions against Cuba, Iran, Sudan and Syria as well sanctions related to the annexation of Ukraine's Crimea region, according to the Treasury's Office of Foreign Assets Control.





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[waldron] 19/9/2022 19:38

10 Nov

Third quarter results 2022

Quiet period - Equity only: 18 October 2022

[gibbs1] 08/9/2022 08:22

Credit Agricole SA said late Wednesday that it intends to increase its ownership of its Egyptian subsidiary.

The French bank will add a stake of around 4.8% in Credit Agricole Egypt in a deal that it said reflected its confidence in the development and performance of the business.

The acquisition will have no impact on the CET1 ratio--a measure of a bank's resilience--of Credit Agricole, it said..

Credit Agricole currently owns around 60% of Credit Agricole Egypt.



Write to Pierre Bertrand at [e-mail]



(END) Dow Jones Newswires

September 08, 2022 01:36 ET (05:36 GMT)

[ariane] 05/8/2022 12:51

Consensus

Mean consensus OUTPERFORM

Number of Analysts 20

Last Close Price 9,54 €

Average target price 11,87 €
Spread / Average Target 24,4%

High Price Target 14,90 €
Spread / Highest target 56,2%

Low Price Target 5,55 €
Spread / Lowest Target -41,8%

[ariane] 05/8/2022 12:46

Oddo maintains its 'outperformance' rating on Crédit Agricole shares with a price target raised from €12.8 to €13.2.

[sarkasm] 05/8/2022 08:02

Crédit Agricole: Jefferies remains at HOLD with a price target raised from 10 to 10.50 EUR.

[waldron] 04/8/2022 21:42

Credit Agricole is among the most talked-about banks across news items in Europe, according to Factiva data, after it said its second-quarter profit and revenue beat expectations.

Net profit totaled EUR1.98 billion, the French lender said, while revenue rose 8.8% to EUR6.33 billion.

Strong activity in capital markets and investment banking drove the bank's results over the reporting period, in which it reduced its exposure to Russia by around EUR400 million.

Analysts paid close attention to the bank's fully-loaded CET1 ratio, a measure of capital strength.

At 11.1%, the ratio beat views by 30 basis points, driven by the bank's insurance operations, Citi analysts Azzurra Guelfi and Maria Semikhatova say in a research note.

The results boosted the bank's shares. At 1410 GMT, shares were up 4.8% at EUR9.55.

Dow Jones & Co. owns Factiva. ([e-mail])



(END) Dow Jones Newswires

August 04, 2022 10:51 ET (14:51 GMT)

[la forge] 04/8/2022 07:46

Credit Agricole SA said Thursday that profit and revenue beat expectations in the second quarter in its capital markets and investment banking business, despite macroeconomic uncertainties.

Net profit at the French bank came to 1.98 billion euros ($2.01 billion) in the three months to the end of June, ticking up on the EUR1.97 billion of the same period last year.

Revenue rose 8.8% to EUR6.33 billion, amid strong activity in capital markets and investment banking, where revenue rose 29% excluding foreign exchange impact, and at its wealth-management operations.

The results beat expectations of EUR1.26 billion for net profit and EUR5.64 billion for revenue, according to analysts' consensus provided by FactSet.

Credit Agricole said it reduced its exposure to Russia by around EUR400 million between March and June, though it didn't add extra provisions to the EUR584 million it set aside for the impact of the war in Ukraine in the first quarter.

Cost of risk, however, was EUR203 million in the period, around 20% down on the second quarter of 2021.

The Paris-based company also said it had robust activity at its home-loans business and consumer-finance operations.

Underlying revenue was also helped by the acquisition of Italian bank Creval and asset manager Lyxor, it said, both of which were completed in 2021.

Net inflows at its asset-management business came to EUR1.8 billion, despite what the company called unfavorable market conditions.

"In an opaque and uncertain environment, the Group continues to grow steadily, thanks to its universal customer-focused banking model," Chief Executive Philippe Brassac said.

The lender added it had taken on one million new customers in the year to in France, Italy and Poland.



Write to Ed Frankl at [e-mail]



(END) Dow Jones Newswires

August 04, 2022 01:50 ET (05:50 GMT)

[waldron] 04/8/2022 06:53

Credit Agricole SA said Thursday that profit and revenue beat expectations in the second quarter on solid activity in its loans business despite macroeconomic uncertainties.

Net profit at the French bank came to 1.98 billion euros ($2.01 billion) in the three months to the end of June, very slightly up on the EUR1.97 billion of the same period last year.

Revenue rose 8.8% to EUR6.33 billion, amid strong activity in its home-loans business and consumer-finance operations.

The results beat expectations of EUR1.26 billion for net profit and EUR5.64 billion for revenue, according to analysts' consensus provided by FactSet.

Credit Agricole also had robust activity finance-activities operations and at its capital markets and investment banking business, where revenue rose 28.5%.

Net inflows at its asset-management business came to EUR1.8 billion, despite what the company called unfavorable market conditions.

"In an opaque and uncertain environment, the Group continues to grow steadily, thanks to its universal customer-focused banking model," Chief Executive Philippe Brassac said.

The lender said it had taken on one million new customers in the year to in France, Italy and Poland.



Write to Ed Frankl at [e-mail]



(END) Dow Jones Newswires

August 04, 2022 01:32 ET (05:32 GMT)

[waldron] 03/8/2022 19:14

ARIS (Agefi-Dow Jones)--Crédit Agricole SA (CASA), the listed arm of the Crédit Agricole group, announced on Wednesday the appointment of two new deputy chief executives, Jérôme Grivet and Olivier Gavalda.


This announcement comes after the group presented its new strategic plan "Ambitions 2025" in June.


Jérôme Grivet and Olivier Gavalda will take up their positions on 1 September and 1 November respectively. The former will be in charge of steering and control functions, and the latter will be in charge of development, the group said.


"These appointments complete the executive management of Crédit Agricole SA, which will thus be made up of three deputy chief executives alongside the chief executive," the group said.


The deputy CEO Xavier Musca will be responsible for major clients from 1 September, Crédit Agricole SA added.


In addition, CASA announced that Philippe Brassac, its chief executive, would directly supervise the management company Amundi.

Translated with www.DeepL.com/Translator (free version)

[sarkasm] 01/8/2022 14:52

AXA tops list of largest EU insurers ranked by GPW

1st August 2022 - Author: Jack Willard

When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020.

largest-european-insurers-listBased on research data from ratings agency AM Best, our directory of Europe’s largest insurance companies also shows that out of the big four European insurers, only Munich Re and Swiss Re managed to make the top ten.

Munich Re sits in fourth place with GPW of USD 67.4 billion, along with USD 36.7 billion of capital & surplus. However, Swiss Re comes in eighth place with GPW of USD 42.9 billion, along with USD 27.1 billion of capital & surplus.

SCOR, one of the other big four European insurers, came 20th on the list, with GPW of USD 20.1 billion. But, Hannover Re, the final of the big four European insurers, did not even make the list.

Meanwhile, sitting in second place on the list is Allianz with GPW of USD 101.9 billion. The company also had a massive capital & surplus in 2020 of USD 99.2 billion – the highest on the list.

Tremor - The modern way to place reinsurance

In third place is Italian insurer, Generali with USD 82.8 billion of GPW, along with USD 36.8 billion of capital & surplus.

Sitting one place below Munich Re is Zurich Insurance Group, who recorded USD 50.5 billion of GPW. Close behind in sixth place is HDI Group, with USD 49.4 billion of GPW.

In seventh place on the list is Lloyd’s. The world leading insurance and reinsurance marketplace recorded GPW of USD 48. 1 billion in 2020, along with USD 45 billion of capital & surplus.

In addition, sitting below Swiss Re in ninth place is Chubb, with GPW of USD 41.2 billion. The company also recorded USD 59.4 billion in capital & surplus.

Closing out the top ten is Crédit Agricole Assurances, as the France-based insurer recorded USD 36.1 billion of GPW.

Interestingly, only two insurers recorded over USD 100 billion of GPW, with both AXA & Allianz doing so.

[ariane] 31/7/2022 13:32

04 Aug

Second quarter and first half results 2022

Quiet period - Equity only: 14 July 2022

[ariane] 08/7/2022 09:23

Next dividend

Forecast

Final


Per share 105¢

Ex-div date 19 May 2023 (Fri)


Pay date 23 May 2023 (Tu

[waldron] 22/6/2022 08:18

Credit Agricole SA said Wednesday that it aims to take on one million additional customers, boost its net income and add two new business lines and as part of a new strategic plan to 2025.

The French lender said it will target one million additional retail-banking customers alongside yearly net income of 6 billion euros ($6.32 billion), based on strong organic-growth potential and increased offering in protection insurance, savings solutions and real estate.

In addition, the Paris-based company will target an average annual revenue growth rate of around 3.5% between 2021 and 2025, with a return on tangible equity--ROTE--of more than 12%.

It comes despite what its Chairman Dominique Lefebvre called a current "opaque short-term environment."

"The 'medium term' is no longer observable. It has made way for a 'short-term' horizon that is particularly opaque under the combined effects of multiple crises," the company said in its strategy presentation.

As part of its previous plan to 2022, which it achieved a year early, Credit Agricole targeted net income of more than EUR5 billion and ROTE of more than 11%.

It said it would continue to aim for a dividend payout rate of 50% in cash, and target a common equity Tier 1 ratio--a measure of financial strength--of 11%, from more than 11% under 2022 targets.

The bank will also launch two new business lines--one to focus on renewable energy and another directed at healthcare.

"It is now easier to think long-term than it is to predict the short-term," Chief Executive Philippe Brassac said.

"By creating two new business lines to make energy transition accessible to all, and to facilitate access to care and aging services, we are extending our mission as shapers of the future," he added.

The company said it will continue its targeted acquisitions strategy, while keeping to its profitability constraints of more than 10% in return on investment.

In an effort to keep up with the digital transformation, Credit Agricole said it would allocate around EUR20 billion to IT and digital spending over the period.



Write to Ed Frankl at [e-mail]



(END) Dow Jones Newswires

June 22, 2022 02:16 ET (06:16 GMT)

[waldron] 22/6/2022 08:10

Credit Agricole SA said it aims to produce net income of more than 6 billion euros ($6.32 billion) as part of a new strategic plan to 2025.

The French lender said it will aim to add one million additional customers, based on strong organic growth potential, despite what its Chairman Dominique Lefebvre called a current "opaque, short-term environment".

The Paris-based company will target an average annual growth rate between 2021 and 2025 of 3.5%, with a return on tangible equity of more than 12%.

As part of its previous plan to 2022, Credit Agricole targeted net income of more than EUR5 billion and ROTE of more than 11%.

It would continue to target a dividend pay-out rate of 50% in cash.

The bank will also launch a new business line to focus on renewable energy and another directed at healthcare.

It added that it would also allocate around EUR20 billion to IT and digital spending over the period.



Write to Ed Frankl at [e-mail]



(END) Dow Jones Newswires

June 22, 2022 01:31 ET (05:31 GMT)

[waldron] 21/6/2022 10:57

Upcoming events on CRÉDIT AGRICOLE S.A.



June/22/2022 Investor Day

[maywillow] 13/6/2022 14:17

Credit Agricole Unit Joins Bidding for Telefonica Rural Network, Expansion Reports
13/06/2022 1:13pm
Dow Jones News

Credit Agricole (EU:ACA)
Intraday Stock Chart


Monday 13 June 2022


-- Predica, a life-insurance unit of Credit Agricole Assurances, has entered bidding for Telefonica's sale of up to 45% of its rural fiber-optic network in Spain, business daily Expansion reports, citing unnamed sources.

-- The unit is participating in the bid in a consortium with Vauban Infrastructure Partners, according to Expansion.

-- Allianz, Dutch pension fund PGGM and Canadian fund Caisse de Depot et Placement du Quebec are also part of the bidding process for the sale, Expansion reports.



Full story in Spanish: [...]



Write to Ed Frankl at [e-mail]



(END) Dow Jones Newswires

June 13, 2022 07:58 ET (11:58 GMT)