Credit Agricole S.A.: Strong Earnings Growth.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Credit Agricole S.A.
First-half 2004 results
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-- Gross operating income EUR 1,957 million (+8.7%)
-- Net income -- Group share
before goodwill and integration-related
costs EUR 1,533 million (+43.7%)
after goodwill and integration-related
costs EUR 1,075 million (+46.5%)
Annualised ROE: 13.25% (vs. 9.7% in H1-03)
Second-quarter 2004 results
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-- Net income -- Group share
before goodwill and integration-related
costs EUR 823 million (+37.2%)
after goodwill and integration-related
costs EUR 569 million (+31.4%)
Credit Agricole S.A.'s Board of Directors, chaired by Rene RENE Recycling Network Europe RENE Rocket Engine Nozzle Ejector Carron, met on 7 September 2004 to approve the results for the first half of 2004. Results were up sharply on the corresponding period of 2003, driven by good operating performances (8.7% growth in gross operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ), low risk-related costs (down 40.7%) and a sharp improvement in the contribution from equity affiliates (up 24.4%). The six business lines all delivered an increased contribution to group net income. Retail banking in France (Regional Banks and Credit Lyonnais) maintained its robust business dynamics, insurance and asset management achieved firm growth in new business inflows, specialised Adj. 1. specialised - developed or designed for a special activity or function; "a specialized tool" specialized specific - (sometimes followed by `to') applying to or characterized by or distinguishing something particular or special or unique; "rules with financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (and particularly consumer credit) reported strong growth, corporate and investment banking's contribution to group net income increased, driven notably by a fall in risk-related costs, and international retail banking continued its improvement. The first half of 2004 also saw the successful completion of most of the Credit Lyonnais integration operations. The majority of mergers between subsidiaries with the same business activities were completed on schedule, including corporate and investment banking with the creation of Calyon, consumer credit, lease finance, asset management and non-life insurance. Compared with the target synergies announced at the time of the tie-up, the 2004 target of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 275 million is confirmed, with EUR 211 million already achieved at 30 June 2004. Furthermore, Credit Lyonnais has adopted a new business plan, which focuses on delivering strong sustainable growth in net banking income aiming to lower the cost/income ratio to 65% in 2007/08. After the Board meeting, Jean Laurent, Chief Executive, said, "The scale of the reorganisation Noun 1. reorganisation - the imposition of a new organization; organizing differently (often involving extensive and drastic changes); "a committee was appointed to oversee the reorganization of the curriculum"; "top officials were forced out in the cabinet just accomplished by the Group is undoubtedly without precedent in Europe." Rene Carron, Chairman, expressed his satisfaction with "the excellent first half results. These results bear out the robustness and pertinence per·ti·nent adj. Having logical precise relevance to the matter at hand. See Synonyms at relevant. [Middle English, from Old French partenant, pertinent, from Latin of our project." |
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