How the French of Crédit Agricole feast in Italy
The Credit Agricole Italia banking group posted a net profit of 83 million euros (+ 71% compared to the same period last year). All accounts of the French group in Italy.
The Frenchmen of the French banking group Crédit Agricole are galloping more and more into Italy by registering sparkling accounts
Here are all the details.
AGRICULTURAL CREDIT ACCOUNTS IN ITALY IN THE FIRST QUARTER
Crédit Agricole closed the first quarter of the year with profits doubled to 1.75 billion from 908 million in the same quarter of 2020.
REVENUES FROM AGRICULTURAL CREDIT
The transalpine group recorded revenues of € 9.05 billion, up 8.2%, registering solid activity in all its business segments.
THE OPA OK ON THE CREVAL
Crédit Agricole, which in recent weeks has successfully concluded the takeover bid on Credito Valtellinese , explained by presenting the quarterly results that it plans to merge the Italian bank into the group by this year.
THE NET RESULT
In the first quarter, the Credit Agricole Group in Italy recorded an aggregate net result of 230 million euros (+ 58% compared to the same period last year), of which 173 million pertaining to the group (+ 58%).
COMMERCIAL ACTIVITY
Commercial activity continues to be dynamic, with growth in total loans to the economy rising to 78.2 billion (+ 1.6% compared to the first quarter of 2020) and total deposits to 276.5 billion (+14 , 1%).
THE PRESENCE OF AGRICULTURAL CREDIT IN ITALY
Credit Agricole is present in Italy, as well as with the Credit Agricole Italia banking group, with a series of companies that deal with corporate and investment banking, specialized financial services, leasing and factoring, asset and services management, insurance and wealth management.
PROFITS IN ITALY
In particular, the Credit Agricole Italia banking group recorded a net profit of 83 million euros (+ 71% compared to the same period last year) and revenues up by 9.4%, driven by the positive contribution of commission sector (+ 12%).
COMPARISONS
In addition, commercial activity returned to pre-crisis levels, with new home purchase loans up by 27% and the placement of products linked to asset management up by 55%. Loans to businesses and households increased by 7.2%, with an expansion of the direct funding basin (+ 5.8%) and of managed savings (+ 15.1%).
CREDIT
The company saw an improvement in credit quality (net NPE ratio down to 2.8% and coverage of the non-performing portfolio which rose to 52.4% and that of non-performing loans to 69.6%).
LIQUIDITY
The institute also showed a high level of liquidity with Lcf equal to 275% and a solid capital position with a Cet 1 Ratio of 13.7% and Total Capital Ratio of 19.4%. Credit Agricole Italia has successfully concluded the voluntary takeover bid on Credito Valtellinese and now controls 91.167% of the share capital of Creval.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-i-francesi-di-credit-agricole-banchettano-in-italia/ on Fri, 07 May 2021 09:44:43 +0000.