6 in the second quarter to EUR 462 million

"Balanced" model, "robust", "economical", are the words used yesterday by Credit Agricole SA leaders to characterize the performance of the group in the first half. Balanced, it is indeed as now appears the result of the vehicle side the distribution of the contribution of the three main poles: Bank proximity (33.3), financing and Investment Bank (31.9) and asset management (25.9). Robust growth of 33.8 of the net profit in the second quarter, to EUR 1.28 billion, was there to attest to that, the result of a sharp rise in income (20.5) and cost of risk, always very moderate. VMware, finally, as attests the strategy of control loads and provisioning in force at the Credit Agricole, particularly in regional banks. First-half net profit stood at 2.67 billion, an increase of 43.

Flagship of the group, Calyon, funding and investment subsidiary, registers new the highest increase in net profit (47.6) in the second quarter to EUR 462 million. This record result is located at the same level as that of the first quarter, which is an exception among the major banks, while the markets marked way from mid-May.

The income of the activities of market, increased by 44.5, to EUR 893 million, have approached those of the first quarter with rate derivatives (revenue multiplied by four), structured products and derivatives actions (GNP increased by 80). The financing bank, which has seen its activity progress of 20.1 in the second quarter, to EUR 602 million, benefited from a "significant transaction" for the restructuring of debts of an American company with revenues in the order of 100 million euros.

Bank of proximity: break

Another pole booming, asset management has identified a net result of EUR 377 million ( 35.6) in the second quarter. Managed assets grew by 6 between January and June 2006 to $ 520 billion euros. In the private bank, cooperation between the IPMO and regional caisses seems to bear fruit with 1 billion euros collected in the second quarter. Life insurance, collection jumped more than 39 in the first half (to EUR 13.6 billion) against 22 for the whole of the market. For its part, the specialized financial services pole (credit consumption, etc.) has resumed walking in front of its revenues in the second quarter ( 11.8), with a contribution increased by more than 17, to EUR 133 million.

It is in fact the pole Bank of proximity that appears less dynamic with a progression for the less "measured" of activity in the second quarter from other actors in the market, the admission of Georges Pauget, the General Director of Credit Agricole SA.

The LCL (ex-Crédit Lyonnais) network, first. He has recorded a net profit increased by 8.9, to EUR 190 million. If the commercial development of the sign continued, the stock of credit showing an increase of 16.2 over a year, its margins continue to suffer ( 5), limiting the progression of the net proceeds to 2.3 banking to a second quarter of 2005 it is very true. Through the mastery of loads ( 1.5), the gross operating income is still increased by more than 10 and the coefficient of operation is spent under the bar of the 66. In addition, LCL opened 41 new accounts since the beginning of the year.

Consolidated 25 in the side car, regional banks have also benefited a progression to two digits of their stock of credits ( 11.4), but their commercial GNP remained almost stable in the second quarter, while their current account portfolio increased to 98,000 in the first half. In addition, their contribution to the net result of Credit Agricole SA has decreased by more than half, to EUR 89 million, due to a very significant strengthening of their collective provisions related to Basel II risk coverage.

International: 30

New pole in development, the international retail Bank enjoys only now the contribution implementation equivalence of Banca Intesa (an increase of 18 in the quarter to EUR 109 million), but also new acquisitions, namely Serbian Meridian Bank and Egyptian EAB become Credit Agricole Egypt in early September, pending integration of the Ukraine Index Bank and Emporiki in the second half Greek. In the second quarter, the contribution of this pole increases of 30, to EUR 142 million.

In total, these than expected better results, the fact especially the renewal of the performance recorded by Calyon in the first quarter, were rather well received by the stock exchange. The title won 0.34 yesterday in Paris, 32.05 EUR, in a declining market.