Credit Agricole de Morbihan Bank
Activities and results in 30 June 2022
(A press release was issued on 29 July 2022 after grant)
Vanes, July 29, 2022
The Caisse Régionale du Morbihan Board of Directors met on Friday 29 July 2022 to approve the accounts with effect from 30 June 2022.
a Activity good level
In an uncertain economic environment, Crédit Agricole du Morbihan continues to mobilize for the service and commercial development of the Morbihan region:
- 9,336 new customers joined us during the half year, bringing the number of customers to 398,250.
- Total inflow increased by 2.1% to €14.3 billion in assets. Liquid and safe savings (current accounts and ledgers) are still on the rise. At the same time, life insurance levels grew by an average of 1.1%, taking into account the unfavorable trend in stock markets.
- Existing loans to finance the local economy which increased by 5.3% in one year to more than 9.7 billion euros.
- Number of property and personal insurance contracts that grew by 2.5% in one year.
strong financial results
Social Banking net income was 139.8 million euros, an increase of 19.9% over the previous fiscal year. It was driven in particular by exceptionally favorable elements (reverse home savings savings, economic recognition of a bonus on death insurance commissions for the borrower) and the increase in dividends paid by SAS rue de La Boétie (which owns the majority shareholding regional banks of Crédit Agricole SA).
The brokerage margin increased by 5.9% to 54 million euros. This favorable trend is related to business development and favorable refinancing terms (TLTRO). In addition, the notable rise in interest rates during the first half of 2022 has reversed the home savings savings of €8.3 million compared to the €0.2 million reversal in 2021.
Net operating commissions increased sharply (+20.2%) compared to 2021. This relates in particular to insurance activities due to a better than expected end of 2021 in terms of claims provisions and bonus on death insurance commissions for the borrower. Moreover, the growth of insurance activities and services used by clients contributed positively to the NIB.
In accordance with our mutual and societal commitments, we have been setting up “SMS Alert” since January 1st. In case of debiting out of authorizations, the customer is alerted by SMS to allow him to settle his account during the day while relieving him of costs. This made it possible to reduce this type of billing by 1.2 million euros for the benefit of clients.
Operating expenses, at 74.1 million euros, increased significantly by 8.3% while remaining well below the increase in net banking income. This increase is attributable to the increase in profit-sharing and profit-sharing associated with financial performance, increase in other personnel expenses and miscellaneous operating expenses in a context less disturbed by the effects of the health crisis (more normal resumption in terms of travel, training, receptions, etc., preparation for work project next one.
Total operating income amounted to 65.7 million euros, an increase of 36.3%.
The doubtful debts and litigation ratio continued to decline to 1.53% compared to 1.68% as of December 31, 2021 (on a consolidated basis). The coverage ratio, which relates to impairment of doubtful receivables and litigation, remains satisfactory at 61.35%. It was 61.66% at the end of December 2021.
The cost of risk on the basis of the company amounted to 3 million euros, including 2.9 million euros in provisions for provisions and group segments.
The General Banking Risk Fund (FRBG) was also set aside at €12 million in 2022 compared to €8.4 million in 2021, in uncertain health, geopolitical and economic contexts. This enables Caisse Régionale to maintain a prudent level of risk coverage. It should be noted that Caisse Régionale has no direct exposure to Ukrainian or Russian counterparties.
The provisions for unpaid doubtful debts on the basis of the company amounted to 91.1 million euros. In addition, the amount of FRBG is 94.5 million euros. Taking into account these two components and the provisions for proper and sensitive handling, the overall coverage ratio (provisions on doubtful, sound, discounted loans and FRBG loans / gross loans total) is 2.94%.
After corporate tax of €9.2 million, the company’s net income was €41.6 million on June 30, 2022 compared to €30.6 million on June 30, 2021.
Consolidated net income (group share) was €57.7 million at 30 June 2022 compared to €39.5 million at 30 June 2021.
financial structure Solid
Caisse Régionale’s financial structure confirms its strength with €1,930 million in consolidated equity, and group stake as of June 30, 2022. CET 1 was 27.33% as of March 31, 2022. Similarly, the Caisse Régionale Régionale du Morbihan is in compliance, as of June 30, 2022, with all liquidity risk monitoring indicators. These include internal short and medium-term debt limits, and the LCR which, calculated over 2022, averages 179.2% (for 100% regulatory requirements). It was 181.5% on June 30, 2022.
The consolidated balance sheet as at June 30, 2022 totaled €12.9 billion, and equity and debt represented 14.9% and 85.1% respectively of the consolidated balance sheet. In terms of the debt structure, the main sources of financing consist of debt owed to customers, mainly demand and term deposits (31.9% of all debt) and debt to credit institutions, mainly against – against Crédit Agricole SA in relation to the group’s internal refinancing rules (62.6). % of total debt).
The price of the Crédit Agricole du Morbihan (CCI) Cooperative Investment Certificate, listed under ISIN code FR0000045551, has fallen during this period. It was €63.51 as of June 30, 2022, compared to €70.50 as of December 31, 2021.
The general meeting on March 17, 2022 voted to pay a dividend of €2.72 per share (ie a return of 3.65% on average price in 2021). Paid in June 2022.
The againstPreparation againstthey
|in € m||June 2021||June 2022||Evolution in one year|
|global group||14,031||14327||+ 2.1%|
|attributed to him (1)||9276||9768||+ 5.3%|
|Net Banking Product – Social||116.7||139.8||+ 19.9%|
|Operating Expenses – Social||-68.5||-74.1||+ 8.3%|
|Gross Operating Income – Social||48.2||65.7||+ 36.3%|
|Net Score – Social||30.6||41.6||+ 36.3%|
|net income – aggregate||39.5||57.7||+ 46.0%|
|Total Balance Sheet – Consolidated||12455||12985||+ 4.3%|
|Equity – Consolidated (Group Share)||1,744||1,930||+ 10.7%|
(1) These amounts include housing receivables sold as part of the Group’s securitization transactions that have been completed in 2018, 2019, 2020, and 2022.
Since the beginning of the health crisis, Caisse Régionale du Morbihan has set itself the goal of strengthening its proximity and supporting its clients. This mobilization and this desire to bring more to our customers remains the same and continues in an economic and geopolitical environment that has become more complex since the beginning of 2022.
The first half saw the resumption of member meetings, with the directors of the Caisse Régionale inviting 234,759 members to come, discuss and meet with their 378 directors during 39 local meetings.
Despite this complex environment, Caisse Régionale faces the future calmly thanks to the growth in the number of clients and a very strong solvency base, which enables it to expand its business to serve Morbihan and the people of Morbihan.
Find all financial information And the seRegulations on www.credit-agricole.fr/ca-morbihan
sObrek ” information reRegulations ».
Contact ” Links Investors » :
M. Georges de Mesnil de Buisson Georges.DUMESNILDUBUISSON@ca-morbihan.fr – 02 97 01 77 77
Activities and results until 30 June 2022