Credit Agricole SA · EURONEXT:ACA
Credit Agricole SA — 9M 2004 Earnings Presentation
80 slides from Credit Agricole SA's earnings presentation, 2004
Slide 1: Results for first nine months of 2004
Results for first nine months of 2004 KE CREDIT AGRICOLE S.A.
Slide 2: Agenda
2 ü Crédit Agricole S.A. consolidated results ü Presentation of results by business line 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 Internat
Slide 3: Consolidated results at 30 September 2004
3 Crédit Agricole S.A. consolidated results Consolidated results at 30 September 2004 Net income - Group share, before goodwill and integration-related costs: €2,407m (+46.4%) § Net income - Group share, before integration-related costs: €1,873m (+67.8%) § Net income - Group share: €1,728m (+54.8%)
Slide 4: Q3-04 consolidated results
4 Crédit Agricole S.A. consolidated results Q3-04 consolidated results Net income - Group share, before goodwill and integration-related costs: €874m (+51.5% vs. Q3-03 / +6.2% vs. Q2-04) § Net income - Group share, before integration-related costs: €687m (+79.8% vs. Q3-03 / +5.2% vs. Q2-04) § Net in
Slide 5: Consolidated income statement
5 Crédit Agricole S.A. consolidated results Consolidated income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 9,290 9,351 + 0.7% 3,053 (6.1%) (0.3%) Operating expenses (6,593) (6,456) (2.1%) (2,115) (2.4%) (2.3%) Gross operating income 2,697
Slide 6: Sharp growth in results
6 Crédit Agricole S.A. consolidated results Sharp growth in results Contribution of business lines to net income ü Continued strong momentum in before goodwill and integration-related costs retail banking, where results rose €m sharply. +37.8% 2,637 ü A persistently robust performance 472 French ret
Slide 7: Good profitability from all business lines
7 Crédit Agricole S.A. consolidated results Good profitability from all business lines 9M-04 € bn Allocated capital % ROE French retail banking – Regional 3.2 14.0% 18.3% Banks French retail banking – Crédit Lyonnais 2.2 9.6% 23.7% Specialised financial services 1.9 8.3% 21.8% Asset management, insu
Slide 8: Presentation of business lines results
8 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 9: Further robust growth for Regional Banks
9 French retail banking – Regional Banks Further robust growth for Regional Banks 9M-04 Pre-tax income: €532m ü A persistently buoyant commercial performance, fuelled by strong new mortgage 15.8% lending; innovative product launches: § Mozaic Micro (computer) § Ambitious car purchase loans campaign.
Slide 10: Sharp increase in customer assets
10 French retail banking – Regional Banks Sharp increase in customer assets ü Deposits outstanding were up €22.5bn (x6.7%) year-on-year, driven by: § Sustained growth in savings (up 5.1% vs Sept 03), faster for passbook accounts (up 15.0%) and a continued strong increase in sight deposits (up 6.4%);
Slide 11: Strong growth in loans outstanding and new lending
11 French retail banking – Regional Banks Strong growth in loans outstanding and new lending ü New medium and long-term lending still very buoyant, amounting to €35.9bn at 30 September 2004 (up 20.5% vs 9M-03). Continued sharp growth in mortgage loans (up nearly 28%). ü Loan book up €19bn (or 8.8%).
Slide 12: Sharp increase in services and fee income
12 French retail banking – Regional Banks Sharp increase in services and fee income ü Fee income from customers up 8.4% to €2.9bn, accounting for 37.8% of net banking income from customer based business. This increase was mainly fuelled by: § Insurance fees (up 7.8%) § The success of the 'Compte Ser
Slide 13: Continued improvement in operating ratios
13 French retail banking – Regional Banks Continued improvement in operating ratios ü Further improvement in cost/income ratio to 59.4% (down 0.8 percentage points vs 9M-03 and 5.3 points vs 9M-02). ü Cost of credit risk down to 25bp in 9M-04, with 'BDD/total loans outstanding' showing a steady decl
Slide 14: Further growth in income and contribution from Regional Banks
14 French retail banking – Regional Banks Further growth in income and contribution from Regional Banks ü Gross operating income up 7.0%, driven by: (i) growth in net banking income (up 4.3%, or 3.6% excluding return on investment of equity); and (ii) controlled operating expenses (up 2.3%). ü Sligh
Slide 15: Income statement
15 French retail banking – Regional Banks Income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q3-03 Net banking income Operating expenses Gross operating income Risk-related costs Income from equity affiliates 456 532 + 16.7% 170 + 16.4% Pre-tax ordinary income 456 532 + 16.7%
Slide 16: Contribution from Crédit Lyonnais network up 16.0%
16 French retail banking – Crédit Lyonnais Contribution from Crédit Lyonnais network up 16.0%, driven by good control over risks and expenses ü An expanding customer base, with the 9M-04 Pre-tax income: €570m number of accounts reaching a seven-year peak of around 4,275,000. 16.9% 10% year-on-year i
Slide 17: Steady growth in customer assets
17 French retail banking – Crédit Lyonnais Steady growth in customer assets ü Deposit-taking up 3.9% vs 9M-03, driven by sight deposits (up 5.5%) and continued sharp growth in passbook accounts (up 16.3%, owing to the commercial success of 'Cerise' passbook accounts). ü Continued growth momentum in
Slide 18: A continued strong increase in loans outstanding
18 French retail banking – Crédit Lyonnais A continued strong increase in loans outstanding ü Sharp increase in outstanding mortgage loans (up 11.1% vs 9M-03), with new mortgage lending still very strong (up 22% vs 9M-03). ü Persistently strong growth in loans to professional customers (up 6%). ü Lo
Slide 19: NBI fuelled by a strong commercial drive
19 French retail banking – Crédit Lyonnais NBI fuelled by a strong commercial drive ü NBI up 5.6%*, driven by: § Higher fee income (up 8.1% vs 9M-03), owing to a robust performance in insurance, IPO placements and new lending. § A stronger interest margin (up 3.6% vs 9M-03), which continues to benef
Slide 20: Operating expenses and risk-related costs
20 French retail banking – Crédit Lyonnais Operating expenses and risk-related costs ü Operating expenses up 1.6% like-for-like, impacted by marketing investments (e.g. new branch openings and call centres). Excluding these factors, operating expenses held steady. ü Risk-related costs down to 42bp a
Slide 21: Income statement
21 French retail banking – Crédit Lyonnais Income statement % change % change €m 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 2,419 2,529 + 4.5% 837 (2.6%) + 0.7% Operating expenses (1,789) (1,846) + 3.2% (612) (2.2%) + 3.0% Gross operating income 630 683 + 8.4% 225 (3.4%
Slide 22: Growth still strong
22 Specialised financial services Growth still strong 9M-04 Pre-tax income: €485m 14.4% Consumer credit ü A persistently strong performance, driven by: § Satisfactory business levels in France § Strong growth abroad. Allocated capital: €1.9bn Lease finance and factoring ü Confirmation of a gradual p
Slide 23: Consumer credit in France and abroad
23 Specialised financial services Consumer credit in France and abroad ü Strong growth in credit outstandings (up 12.8% vs 9M-03), especially outside France (up 26.9% vs 9M- 03, excluding Dan’Aktiv acquired in Q2-04). ü Loan origination up 9.5%: § France: up 4.3% vs 9M-03 § International: up 24.2% v
Slide 24: Consumer credit
24 Specialised financial services Consumer credit ü Net banking income still rising steeply, despite a dip in margins in Q3. ü Risk-related costs pushed up by impact of provisions for Neiertz discount and changes in scope of consolidation (Credibom and Dan’Aktiv). Excluding these factors, risk-relat
Slide 25: Leasing and factoring: improved business levels in Q3-04
25 Specialised financial services Leasing and factoring: improved business levels in Q3-04 ü Leasing: § Outstandings up 1.2% (vs 0.9% at end-June 2004), driven by property and vehicle leasing. ü Factoring: § Sharp improvement in business levels, generating a 6.1% increase in revenues. Outstandings u
Slide 26: Income statement
26 Specialised financial services Income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 1,602 1,780 + 11.1% 604 + 0.7% + 7.9% Operating expenses + 10.4% (337) (2.0%) + 7.3% (919) (1,015) Gross operating income + 12.0% 267 + 4.3% + 8.5% 683 765
Slide 27: A significantly increased contribution
27 Asset management, insurance and private banking A significantly increased contribution 9M-04 Pre-tax ordinary income: €1,052m 31.3% ü Assets under management up almost €36bn year-on-year. Q3-04 performance impacted by: § A more favourable environment for arbitrage transactions (Sarkozy law, IPOs
Slide 28: Total assets under management approaching €400bn
28 Asset management, insurance and private banking Total assets under management approaching €400bn ü Assets under management (excl. double counting) up €35.8bn (or 9.9%) vs 9M-03 § mainly fuelled by continued strong growth in new life insurance inflows. Assets under management % change € bn Sept 04
Slide 29: Asset management
29 Asset management, insurance and private banking Asset management ü Margins boosted by a shift in assets towards bonds and alternative investments. ü Persistently impressive performance outside France (e.g. Japan and Spain). ü €20bn in assets previously managed by UAF transferred to CAAM in Q3. €
Slide 30: Private banking
30 Asset management, insurance and private banking Private banking ü Assets under management up 3.4% vs 9M-03 on a like-for-like basis, i.e. excluding the sale of the Italian private banking business, which managed €1.6bn in assets, to Banca Intesa. ü Assets under management up €1.7bn since the begi
Slide 31: Life insurance
31 Asset management, insurance and private banking Life insurance ü Business still growing fast: § Premium income up 7.8% vs 9M-03 (or up 8.4% for unit-linked policies alone) § In-force business up 9.6% vs 9M-03 ü Increase in equity products as a percentage of investments Assets under management** B
Slide 32: Property & casualty insurance
32 Asset management, insurance and private banking Property & casualty insurance ü Sales performance excellent again. Total number of Pacifica policies up 14.6%. ü Premium income up 17.2% vs 9M-03, with a robust performance in comprehensive household and personal accident insurance. ü Claims ratio d
Slide 33: Income statement
33 Asset management, insurance and private banking Income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 1,907 2,086 + 9.4% 676 (7.4%)* + 4.8% Operating expenses (1,024) (1,032) + 0.8% (351) + 2.3% + 2.9% Gross operating income 883 1,054 + 19.
Slide 34: 41% increase in 9M contribution
34 Corporate and investment banking 41% increase in 9M contribution 9M-04 Pre-tax ordinary income: €1,019m ü Revenues flat (down 0.6%) vs Q2-04: 30,3% § Significant capital gains in private equity business § Good performance in financing activities § Lower results from capital markets and investment
Slide 35: Financing activities: net income of €536m at 9M-04
35 Corporate and investment banking Financing activities: net income of €536m at 9M-04 vs €182m at 9M-03 ü Good performance by structured financing activities, accounting for 56% of 9M revenues. ü Reduction in allocated capital, in line with announced targets. ü Continued decline in operating expens
Slide 36: Investment banking: decrease in results
36 Corporate and investment banking Investment banking: decrease in results, based on contrasted situations ü €120m capital gains generated by Private Equity in Q3-04 ü Improved performance in trading and equity derivatives after a low point in Q2-04 ü Lower results from the fixed income business du
Slide 37: Income statement by business activity
37 Corporate and investment banking Income statement by business activity Financing activities €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 1,562 1,266 (19.0%) 396 (3.6%) (23.4%) Operating expenses (876) (662) (24.4%) (191) (5.9%) (28.7%) Gross operat
Slide 38: Income statement by business activity
38 Corporate and investment banking Income statement by business activity Investment banking and capital markets €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 2,020 1,637 (19.0%) 551 + 1.7% (9.2%) Operating expenses (1,463) (1,311) (10.4%) (414) (7.8%)
Slide 39: Income statement
39 Corporate and investment banking Income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 3,582 2,903 (19.0%) 947 (0.6%) (15.7%) Operating expenses (2,339) (1,973) (15.6%) (605) (7.2%) (18.7%) Gross operating income 1,243 930 (25.2%) 342 + 13.
Slide 40: Sharp growth in contribution from international retail banking
40 International retail banking Sharp growth in contribution from international retail banking 9M-04 Pre-tax ordinary income: €251m 7.5% ü Excellent performance from equity affiliates. Banca Intesa contribution up 64.1% to €169m at 9M-04 Allocated capital: €2.4bn ü Impact of BLF disposal and deconso
Slide 41: Income statement
41 International retail banking Income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 276 256 (7.2%) 70 (29.3%) (21.3%) Operating expenses (217) (204) (6.0%) (54) (32.5%) (23.9%) Gross operating income 59 52 (11.9%) 16 (15.8%) (11.1%) Risk-rel
Slide 42: Proprietary asset management
42 Proprietary asset management and other activities Proprietary asset management 9M-04 Pre-tax ordinary income: €(543)m ü NBI up €220m vs 9M-03 owing to a €40m 16.1% negative write-back of mark-downs on the proprietary equity book. ü €24m increase in financing costs vs 9M-03, due to additional stak
Slide 43: Income statement
43 Proprietary asset management and other activities Income statement €m % change % change 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income (496) (203) (59.1%) (81) nm (56.7%) Operating expenses (305) (386) + 26.6% (156) + 26.8% + 54.5% Gross operating income (801) (589) (26.
Slide 44: Presentation of results by business lines
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: A sound balance sheet
45 Crédit Agricole S.A. balance sheet data A sound balance sheet ü Regulatory capital stable at end-September 2004 (up 0.3% vs end-December 2003). Shareholders' equity up 4.9% on end-December 2003. ü Risk-weighted assets up €4bn during first nine months of 2004, but down €5bn year-on-year ü Tier 1 r
Slide 46: Presentation of results by business lines
46 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 47: Synergy gains ahead of full-year target
47 Progress report on synergies Synergy gains ahead of full-year target (€ m) 300 275 211 128 40 2003 2004 impact of 2004 impact of 2004 impact of 2004 target synergies achieved at synergies achieved at synergies achieved at end-March 2004 end-June 2004 end-September 2004 Positive impact on income s
Slide 48: Report on synergies
48 Progress report on synergies Report on synergies ü Headcount reduction § In France: 40% of announced staff cuts have been achieved 60% are in process of completion § Abroad: all staff cuts should be implemented by end-2004 § ‘Espace Mobilité’, the entity dedicated to managing employee transfers,
Slide 49: Presentation of results by business lines
49 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 50: Crédit Agricole Group consolidated income statement
50 Crédit Agricole Group financial data Crédit Agricole Group consolidated income statement 9M-03* % change €m 9M-04 pro forma 9M-04/9M-03 Net banking income 17,421 17,910 + 2.8% Operating expenses (11,513) (11,529) + 1.4% Gross operating income 5,908 6,381 + 4.8% Risk-related costs (1,316) (926) (2
Slide 51: Crédit Agricole Group consolidated capital
51 Crédit Agricole Group financial data Crédit Agricole Group consolidated capital € bn Dec. 02 Sept 03 Dec 03 Sept 04 Equity group share 29.8 36.6 38.6 41.1 FGBR 4.3 4.8 4.6 4.5 Preferred shares - - 2.9 3.0 Subordinated debt 10.2 17.5 17.5 16.5 Total risk-weighted assets 292.2 419.2 411.9 425.1 Int
Slide 52: Results for first nine months of 2004
52 Results for first nine months of 2004
Slide 53: Appendices
Results for first nine months of 2004 Appendices
Slide 54: Appendices contents
54 ü Crédit Agricole S.A. consolidated results by business line Ø 9M-04/9M-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
Slide 55: 9M-04: Consolidated income statement by business line
55 Crédit Agricole S.A. consolidated results 9M-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 56: Quarterly consolidated income statement
56 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement French retail banking – Regional banks French retail banking – Crédit Lyonnais en m € Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Net banking income - - - - - - - 780 808 831
Slide 57: Quarterly consolidated income statement
57 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 Q3-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Net banking income 512 530 560 606 576 600 604 61
Slide 58: Quarterly consolidated income statement
58 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 Q3-04 Net banking income 1,070 1,388 1,124 1,181 1,003 953 947 Operating expenses (761) (834) (744) (778) (716) (652) (605) Gross operating inc
Slide 59: Quarterly consolidated income statement
59 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 Q3-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Net banking income 495 550 517 513 459 411 396 575 838 607 668 544 542 551 Operating exp
Slide 60: Quarterly consolidated income statement
60 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 Q3-04 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Net banking income 90 97 89 83 87 99 70 (197) (11
Slide 61: Quarterly consolidated income statement
61 Crédit Agricole S.A. consolidated results Quarterly consolidated income statement Group €m Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Net banking income 2,866 3,362 3,062 3,431 3,048 3,250 3,053 Operating expenses (2,167) (2,261) (2,165) (2,296) (2,173) (2,168) (2,115) Gross operating income 699 1
Slide 62: Market risk
62 Trends in risk Market risk Overall VaR (99% - 1 day) at 30 September 2004: €30m for Crédit Agricole S.A. Group Market risk VaR (99% - 1 day) 03 May to 30 September 2004* €m Minimum Maximum Average 30 September 04 Cash and equivalents 2.9 5.1 4.1 3.9 I.C.C. (Interest rate, Currency and 12.1 23.1 1
Slide 63: Change in credit risk outstanding
63 Trends in risk Change in credit risk outstanding Crédit Agricole S.A. €m Dec 02* Sept 03 Dec 03 Sept04 Customer loans 171,092 180,769 167,468 170,294 Bad and doubtful loans 9,664 9,642 9,534 9,004 Loan loss reserves 6,186 6,202 6,015 5,839 Doubtful loan ratio 5.6% 5.3% 5.7% 5.3% Ratio of reserves
Slide 64: General provisions – trends by provision type
64 Trends in risk General provisions – trends by provision type €m Dec 2003 Sept 2004 Crédit Agricole S.A. Sector risk provisions and other provisions for credit risk 1,418 1,358 o/w: . General provision for US credit risk 242 269 . Large European corporates 164 164 . Retail banking and SFS 112 123
Slide 65: Equity, FGBR and subordinated debt
65 Movements in consolidated capital Equity, FGBR and subordinated debt Minority Subordinated €m Group share Total FGBR 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) (204) (1,005) 9M-04 results 1,728 230 1,
Slide 66: Breakdown of share capital and earnings per share calculation
66 Change in consolidated capital Breakdown of share capital and earnings per share calculation Breakdown of share Dec 2002 Sept 2003 Dec 2003 Sept 04 % capital: SAS Rue la Boétie 682,717,240 692,046,572 771,841,801 783,146,587 53.15% SNC Crédit Agricole Transactions 26,903,605 26,903,605 14,771,187
Slide 67: International solvency ratio
67 Capital allocation International solvency ratio € bn Dec 02 Sept 03 Dec 03 Sept 04 Credit risks 86.8 197.4 190.0 191.0 Market risks 14.4 24.3 22.5 25.6 Total risk-weighted assets 101.2 221.7 212.5 216.6 Tier 1 15.1 16.5 16.9 17.9 Tier 2 8.7 14.6 15.0 14.1 Tier 3 0.2 1.2 1.1 0.8 Deductions 14.9 13
Slide 68: Risk-weighted assets per business line
68 Capital allocation Risk-weighted assets for capital allocation per business line € bn Dec. 02 Sept 03 Dec 03 Sept 04 French retail banking 80.1 82.9 83.5 88.4 - Regional Banks 46.8 48.1 48.5 51.1 - Crédit Lyonnais 33.3 34.8 35.0 37.3 Specialised financial services 22.7 27.4 28.1 31.8 Asset manage
Slide 69: Allocated capital per business line
69 Capital allocation Allocated capital per business line € bn Dec 02 (%) Sept 03 (%) Dec 03 (%) Sept 04 (%) French retail banking 5.0 22.9% 5.1 22.6% 5.1 22.7% 5.4 23.6% - Regional Banks 2.9 3.0 3.0 3.2 - Crédit Lyonnais 2.1 2.1 2.1 2.2 Specialised financial services 1.4 6.4% 1.7 7.5% 1.7 7.6% 1.9
Slide 70: Regional Banks’ contribution
70 French retail banking – Regional Banks Regional Banks’ contribution € m – Aggregated unconsolidated results of the % change % change 42 Regional Banks consolidated by the 9M-03 9M-04 Q3-04 9M-04/9M-03 Q3-04/Q3-03 equity method Net banking income 8,148 8,495 + 4.3% 2,635 + 3.0% Operating expenses
Slide 71: Consumer credit highlights
71 Specialised financial services Consumer credit highlights €m 9M-03 % change* % change 9M-04 Q3-04 pro forma 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 1,311 1,496 + 14.1% 512 + 1.4% + 10.6% Operating expenses (730) (830) + 13.7% (276) (2.1%) + 9.1% Gross operating income 581 666 + 14.
Slide 72: Lease-finance highlights
72 Specialised financial services Lease-finance highlights €m % change 9M-03 % change 9M-04 Q3-04 pro forma 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 216 206 (4.6%) 65 (5.8%) (11.0%) Operating expenses (127) (124) (2.4%) (41) + 2.5% + 2.5% Gross operating income 89 82 (7.9%) 24 (17.2%)
Slide 73: Factoring highlights
73 Specialised financial services Factoring highlights 9M-03 % change % change €m 9M-04 Q3-04 pro forma 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 75 78 + 4.0% 27 + 3.8% + 12.5% Operating expenses (57) (54) (5.3%) (17) (15.0%) (10.5%) Gross operating income 18 24 + 33.3% 10 + 66.7% + 100
Slide 74: Asset management highlights
74 Asset management, insurance and private banking Asset management highlights €m % change 9M-03 % change 9M-04 Q3-04 pro forma 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 794 897 + 13.0% 310 + 2.6% + 17.0% Operating expenses (539) (559) + 3.7% (198) + 7.0% + 10.0% Gross operating income
Slide 75: Insurance highlights
75 Asset management, insurance and private banking Insurance highlights €m % change 9M-03 % change 9M-04 Q3-04 pro forma 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 726 822 + 13.2% 248 (20.0%)* + 3.3% Operating expenses (165) (168) + 1.8% (53) (7.0%) - Gross operating income 561 654 + 16.
Slide 76: Private banking highlights
76 Asset management, insurance and private banking Private banking highlights €m % change 9M-03 % change 9M-04 Q3-04 pro forma 9M-04/9M-03 Q3-04/Q2-04 Q3-04/Q3-03 Net banking income 387 367 (5.2%) 118 - (15.7%) Operating expenses (320) (305) (4.7%) (100) (1.0%) (7.4%) Gross operating income 67 62 (7
Slide 77: Consolidated income statement at 9M-04
77 Crédit Agricole S.A. financial statements Crédit Agricole S.A. consolidated income statement at 9M-04 % change €m 9M-03 9M-04 9M-04/9M-03 Net banking income 5,919 9,351 + 58.0% Operating expenses (4,198) (6,456) + 53.8% Gross operating income 1,721 2,895 + 68.2% Risk-related costs (524) (434) (17
Slide 78: Consolidated balance sheet at 31 December 2003 and 30 September 2004
78 Crédit Agricole S.A. financial statements Consolidated balance sheet at 31 December 2003 and 30 September 2004 € bn € bn Assets 31 Dec 03 30 Sept 04 Liabilities 31 Dec 03 30 Sept 04 Deposits by banks 125.1 127.7 Loans and advances to banks 172.2 172.0 Crédit Agricole internal transactions 13.5 13
Slide 79: 9M-04 consolidated income statement
79 Crédit Agricole Group financial statements 9M-04 consolidated income statement % change €m 9M-03 9M-04 9M-04/9M-03 Net banking income 14,067 17,910 + 27.3% Operating expenses (9,118) (11,529) + 26.4% Gross operating income 4,949 6,381 + 28.9% Risk-related costs (1,035) (926) (10.5%) Income from e
Slide 80: Results for first nine months of 2004
80 Results for first nine months of 2004