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☆ Credit Agricole's first-quarter earnings jump as investment banking beats rivals
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +2 min

Credit Agricole , France's second-biggest listed bank, posted a forecast-beating 55% jump in first-quarter net profit on Friday, helped by corporate and investment banking sales that outperformed rivals. Net profit in the January to March period rose to 1.9 billion euros ($2.04 billion), above the 1.48 billion-euro average of 19 analyst estimates compiled by the company. Sales climbed 11% to 6.81 billion euros, topping analyst expectations of 6.47 billion euros. The cost of risk, or money put aside for bad loans, was 400 million euros, 105 million euros less than expected. Targets include annual underlying net income of more than 6 billion euros and a return on tangible equity of more than 12%.

Persons: Amundi Organizations: Credit Agricole, BNP Paribas, Societe Generale, Agricole Locations: France's, France

The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/PARIS, Dec 1 (Reuters) - French digital payments company Worldline (WLN.PA) is considering options including asset sales as part of efforts to reassure shareholders after a sharp drop in its share price, three people familiar with the matter said. Another said assets sales may come from its software businesses but suggested these might not be sizeable enough to revitalise its shares. Other French banks could also partner with Credit Agricole for a role in Worldline's future, this person added. Bloomberg first reported Credit Agricole's interest in buying a stake in Worldline, prompting its shares to soar by almost 12% earlier on Friday.

Persons: Gonzalo Fuentes, Worldline, Adyen, Tommaso Nieddu, Amy, Jo Crowley, Mathieu Rosemain, Pablo Mayo Cerqueiro, Diana Mandiá Álvarez, Gaëlle Sheehan, Kirsten Donovan Organizations: La Defense, REUTERS, Worldline's Mobility, Worldline, Credit Agricole SA, Credit Agricole, Bloomberg, Credit, Thomson Locations: La, Paris, France, PARIS, Germany, appeasing, Worldline's, U.S, Worldline

[1/2] The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. Its net income jumped 33% to 1.75 billion euros ($1.87 billion), above the 1.37 billion expected by analysts in a company-compiled poll. Group revenue rose 19% to 6.34 billion euros, topping the 5.99 billion expected by analysts. It reported lower-than-expected provisions of 429 million euros, helping its bottom line. Credit Agricole controls Europe's largest fund manager Amundi (AMUN.PA) and recently announced plans to acquire Belgian wealth management firm Degroof Petercam.

Persons: Marcin Goclowski, Morgan, Amundi, Degroof, Mathieu Rosemain, Augustin Turpin, Silvia Aloisi, Jason Neely Organizations: Credit Agricole, REUTERS, Credit, Credit Agricole Group, Societe Generale, BNP, Deutsche Bank, Barclays, Thomson Locations: Credit, Warsaw, Poland, PARIS, Italy, France

FILE PHOTO-A woman walks past a Credit Agricole logo outside a bank office in Reze near Nantes, France, May 12, 2021. The results boosted Credit Agricole SA's (CAGR.PA) stock, which was up by about 5% at 0817 GMT, making it the best performer within France's blue-chip index CAC 40 (.FCHI). Helping the positive sentiment, the investment vehicle of the mutual banks that control Credit Agricole said it would spend 1 billion euros on the bank's shares, further tightening its grip on the lender. The vehicle currently owns 60.2% of Credit Agricole SA and said it had no intention to go beyond 65%. Degroof Petercam has client assets of 71 billion euros, while Indosuez said it had assets under management of 130 billion euros at the end of 2022.

Persons: Stephane Mahe, Degroof, France's, JP Morgan, Degroof Petercam, Indosuez, Xavier Musca, Musca, Mathieu Rosemain, Geert de Clercq, Piotr Lipinski, Ingrid Melander, Augustin Turpin, Alexander Smith Organizations: REUTERS, Agricole, CAC, PARIS, Credit Agricole, Credit Agricole SA, Royal Bank of Canada, Barclays, Credit Agricole's, Indosuez, KBC, Thomson Locations: Reze, Nantes, France, Belgian

☆ Credit Agricole's CACEIS registers in France as crypto custody services provider
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - CACEIS, the asset servicing business owned by Credit Agricole (CAGR.PA) and Santander (SAN.MC), has registered with France's markets regulator AMF to provide custody services for digital assets, such as cryptocurrencies. The company registered as a digital asset service provider (DASP) on June 20, according AMF's website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog. France has been supportive of the nascent industry and was the first major European country to grant registration to the world's biggest cryptocurrency exchange, Binance. CACEIS had 4.1 trillion euros ($4.51 trillion) in assets under custody at end of last year, according to its website. Credit Agricole SA is its majority owner with a 69.5% stake, while Santander holds a 30.5% of the group.

Persons: Mathieu Rosemain, Jane Merriman Organizations: Credit Agricole, Santander, AMF, Binance, Societe Generale, AXA, CACEIS, Credit Agricole SA, Thomson Locations: France

☆ SocGen beats estimates as bond trading offsets retail banking slump
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +1 min

General view of the logo outside a branch of French bank Societe Generale in Paris. French bank Societe Generale posted better than expected quarterly earnings on Friday after turmoil in bond and currency markets boosted its trading business. The trading windfall cushioned a slump in SocGen's French retail division, where earnings were curbed by stricter interest rate caps on mortgages and other loans. "Performance is tracking well in all the divisions, but the main issue is French retail," JPMorgan said in a note to clients. "We think the market will focus on French NII (net interest income), taking the shares down," it said.

SummarySummary Companies Q1 investment bank sales up 20%Trading activity outperforms peersConfirms 2025 targetsPARIS, May 10 (Reuters) - Credit Agricole SA (CAGR.PA), France's second-biggest listed bank, posted better-than-expected earnings on Wednesday, as market volatility boosted trading revenue. This helped drive Credit Agricole's quarterly sales to 6.12 billion euros ($6.74 billion), up 9.6% from a year earlier, while net income more than doubled to about 1.23 billion euros. Both figures beat market expectations of 5.9 billion euros and 816 million euros, respectively, according to an analyst consensus compiled by the company. Deposit levels were stable in the quarter from a year earlier for the group, Credit Agricole said. The cost of risk -- money set aside for failing loans -- fell to 374 million euros, as concerns linked to the war in Ukraine subsided.

Things are calmer now, but seven traders who spoke to Reuters, some heading rates desks at big global banks, said March's mayhem continues to reverberate, with fears of further volatility in traditionally stable bond markets muting activity. Investors rely on government bond markets to translate central bank interest rates into a stable benchmark for borrowing costs, from corporate loans to household mortgages. Yield shifts in government bond markets have become bigger - occasionally hitting 20 bps a day - since central banks started ramping up rate hikes last year to tame surging inflation. For some, March's turmoil is the latest sign of how post-2008 regulations constraining dealer balance sheets are affecting bond market functioning. Others noted markets were leaving behind an era of low volatility for good as rates rise.

☆ Credit Agricole and Worldline plan French payments business
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 19 (Reuters) - Credit Agricole (CAGR.PA) and payment services company Worldline (WLN.PA) have begun exclusive talks to set up a joint venture to provide payment services to businesses and their customers, they said on Wednesday. The joint-venture, slated to be fully operational by 2025, would be majority owned by Worldline and fully consolidated in the payments company's accounts, they said. It will involve an investment of 80 million euros, shared equally between Worldline and Credit Agricole, they said. Credit Agricole has a target to increase sales stemming from payments by 20% by 2025. The French bank previously had a "strategic partnership" focused on payments with German group Wirecard, which filed for insolvency in 2020.

☆ Analysis: Traders relaxed as ECB starts running down massive bond holdings
▼ + stars: | 2023-03-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

So far traders are optimistic, comforted by an initially small pace of bond sales and a predictable structure. U.S. and UK central banks have started QT, although the Bank of England was forced to delay its plans following turmoil in British bond markets last year. said DZ Bank's head of government bond trading Dalibor Jarnevic. If APP reinvestments stop before the end of 2024, ECB market presence would rely on reinvestments under the more flexible Pandemic Emergency Purchase Programme (PEPP). Whatever the size or pace, traders are seeking opportunities as the ECB makes the shift to QT.

☆ Credit Agricole is weighing foray into German car-sharing: media report
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 27 (Reuters) - French bank Credit Agricole (CAGR.PA) is weighing plans to offer car-sharing financial services in Germany because the growing market offers opportunities to challenge incumbent players, an executive told trade publication Automobilwoche. "We are testing car-sharing in smaller towns in France with a population of up to 30,000. The German membership-based car-sharing market is undergoing a transformation as Volkswagen (VOWG_p.DE) is selling its all-electric car-sharing unit WeShare to Berlin-based Miles Mobility. Germany's Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) sold their car-sharing venture Share Now to Stellantis (STLA.MI). Car rental firm Sixt has branched out into car-sharing.

☆ Credit Agricole Q3 profit beats forecast despite asset outflows
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Amundi, which is majority owned by the bank, last month posted net outflows of 12.9 billion euros in the third quarter, hurt by weak markets and concern about the economic outlook following the war in Ukraine. But Credit Agricole, like most European banks, managed to take advantage of rising interest rates to post a strong increase in corporate loans, up by 15.4%, and consumer finance, which rose 12.6% in the quarter. Capital markets and investment banking revenues, which have boosted rivals as they benefited from market volatility, fell by 5.7% in the quarter however. "Globally we have a lower risk profile than rivals, which means we may profit less from volatility," said Credit Agricole deputy CEO Xavier Musca. The bank said that would not increase the holding company's stake in Credit Agricole above 65%.

The entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, in Siena, Italy, August 11, 2021. Rome failed to meet an initial EU deadline when talks to sell MPS to UniCredit (CRDI.MI) collapsed a year ago. One of the sources said UniCredit and Banco BPM are still seen in Rome as the best options for MPS. Investor commitments cover more than half of the up to 900 million euro portion of MPS's share sale that will not be funded by the state. Five years after spending 5.4 billion euros to rescue MPS Italy is having to pump another 1.6 billion euros into the bank.

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