Crédit Agricole, profits in Italy jump to 375 million – Corriere.it

The race for quarterly banking reports continues and also that of Crdit Agricole does not disappoint. In Italy, the Banque Verte between January and March recorded an aggregate net result of 375 million euros (+44% year on year), of which 299 million pertaining to the French parent company. The group – which includes the credit institution and the other product and business companies with which Crdit Agricole operates in our country, and which totals approximately 16,500 collaborators and 5.3 million customers – disbursed loans in the first three months of the year for 96 billion euro and has funding, including assets under management and the custodian bank, of 324 billion euro. The banking business of Crdit Agricole Italia, led by Giampiero Maioli, contributed to these numbers with a profit of 208 million euros, up 65%, supported by the run in revenues (+21.3%), driven by the performance of the interest margin (+46.6%).

Both loans to customers and direct deposits recorded a slight decrease (-0.6%) compared to the end of 2022, as did the stock of managed savings (-0.4%), which was affected by the uncertainty on the markets financial. NoDuring the quarter, according to a note, commercial activity was dynamic, with over 39 thousand customers acquired (+7%) and a customer base that grew by 5 thousand, the placement of 1.7 billion euro of products of wealth management, a 14% increase in non-life insurance premiums, the disbursement of over 2 billion in tax credits linked to the Ecobonus. The production of loans fell by 11.4% year on year, by 21.3% that of mortgages, which was affected by a contracting real estate market, while the production of consumer credit fell by 7.5% even if recovery of 7% compared to the last quarter of 2022.

The ratio of net non-performing loans decreased further to 1.7% (against 1.8% in December). The Common Equity Tier 1 Ratio Fully Loaded therefore at 12.9% and the Total Capital Ratio at 18.0%. At the end of January 2023, a new package of concrete measures to support employees was announced; among the most important measures is the disbursement of an extraordinary welfare contribution of 500 euros, in favor of all personnel with the exception of executives, as well as a greater contribution to health coverage and new favorable banking conditions. These measures are in addition to the raising of parental leave for fathers to 20 days, 100% paid (which will become a total of 28 days in 2024). In the first three months of 2023, Crdit Agricole Italia, in line with the “Next Generation” generational renewal program, made about 150 hires, of which 130 concerned young people up to 35 years of age. The work of integrating people with diversified profiles into the Group continues: digital, technical, scientific and humanistic, supported by targeted onboarding and training initiatives, which have seen the Group collaborate with all the main Italian universities.