(Boursier.com) – The listed structure of the Crédit Agricole Group, Credit Agricole SA, published improved results in the second quarter 2015, despite an increase in the cost of risk due to exceptional provisions. The green bank confirmed that it had not, at this stage, project reorganization of its structure that some consider too complex.
Category and profits up
The bank posted a consolidated net profit after minority interests of EUR 920 million in the second quarter of 2015, and even 982 ME on an adjusted basis, beyond the 901 anticipated by the consensus ME Bloomberg. It is up 6.2% year on year once all non-recurring and volatiles were removed. Earlier in the income statement, net banking income is up 18.1% live at 4.63 billion euros and gross operating income flies from 49% to 1.84 MoE. The cost of risk strike results ME 601, 12.4% higher than a year before, but it includes ME 350 additional provision for litigation. This does not in any case prevents the operating result to be very strong growth of 76.4% to 1.24 MoE. Failure phased CET1 ratio stood at 10.3% end of June, up 30 points compared to June 2014. It was 10.2% at the end of March.
The Board evokes a good
level of income, which is based on every trade, thanks to the savings management and insurance, but also the side of the financing and investment banking . The cost of risk has incorporated for the first time in the second quarter guarantees “switch”, which cover the prudential requirements related to the holding of Crédit Agricole SA’s interests in the Regional Banks and Crédit Agricole Assurances. They have led to a product of 173 ME for the listed structure, produced by 350 ME gummed provisions taken as a supplement as part of the ongoing investigation of US authorities concerning transactions in dollars with countries hit by the US embargo. Crédit Agricole SA indicates that discussions are now very advanced
with the US authorities for a resolution of the dispute, which should lead to a settlement before the end of the year.
No disruption to the organization
The management of the institution added that the reflections started in September 2013 on his organization continues. These reflections are the subject of discussions with the regulatory authorities, in particular the services of the European Central Bank
, exchanges that led to “see unexercised constraints to date.” Therefore, any operation that may substantially affect the scope of Crédit Agricole SA is achievable at this stage, explains the direction contrary to recent rumors. The reflections therefore continue, with a real vision guideline across the group in line with its history and its cooperative and mutualist Culture
. In other words, there should not be any major change in the short term.
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