CREDIT AGRICOLE DU MORBIHAN: Quarterly financial information as of March 31, 2022

Credit Agricoledu Morbihan
Activities and results in 31 march 2022
(Press release 29 April 2022 After the scholarship)

Vannes, April 29, 2022

The Board of Directors of Caisse Régionale du Morbihan met on Friday, April 29, 2022 and approved the accounts as of March 31, 2022.

A Always dynamic activity that is rresult individual

Crédit Agricoledu Morbihan shows excellent commercial momentum:

  • Overall inflows increased 4.7% to € 14.3 billion in assets. Liquid and safe savings (recurring accounts and passbooks) are still on the rise. At the same time, life insurance balances increased at a rate of 2.8%, taking into account the unfavorable trends in the stock market.
  • Unpaid loans to the local economy increased by 5.3% over the year to € 9.6 billion.
  • The number of real estate and personal insurance policies increased by 3.1% over the past year.

Social net banking revenue was € 57.6 million, an increase of 13.6% compared to the previous fiscal year. This was driven by improvements in brokerage margins and service and insurance fees.

The brokerage margin increased by 9% to € 27.7 million. This favorable development is associated with commercial dynamism associated with more favorable refinancing terms. In addition, the rise in interest rates observed in the first quarter of 2022 resulted in a reversal of € 1.3 million in housing savings reserves for the slightest claims in 2021.
Fees have increased significantly (+ 18%) compared to 2021 due to the continued development of insurance activities and the services used by customers. Part of the significant contribution to NBI from this quarter’s insurance activity was the higher-than-expected end of 2021 in terms of insurance reserves.
According to our mutual and social commitment, we have set “SMS alerts” from 1er January. For debits that exceed the permit, the customer will be warned by SMS and will be able to normalize their account during the day while being exempt from costs.

Operating expenses were € 35.7 million, a significant increase of + 5.0%, while remaining below the increase in net bank revenue. This increase is due to the impact of financial performance on the amount prepared for profit sharing, increased labor and other operating costs associated with the preparation of the next corporate project, and less disruptive years due to the effects of the health crisis. is. It is relaxing.

Total operating profit was up 31.3% to € 21.9 million.

The proportion of suspicious proceeding debt continues to decline to 1.63%, compared to 1.70% (on a corporate basis) as of December 31, 2021. Support measures that benefit individuals and businesses, especially state-guaranteed loans, have made it possible to mitigate the effects of the health crisis at this stage. The coverage rate of associating impairment with customer receivables in unpaid suspicious proceedings remains satisfactory at 61.55%. As of the end of December 2021, it was 61.82%.
Risk costs and allocations to the General Bank Risk Fund (FRBG) were € 7.8 million, compared to € 3.6 million in 2021. The risk cost of the affected receivables is € 2.5 million as of March 31, 2021. Collective and sector reserves increased by € 1.2 million. In addition, € 8.5 million has been allocated to the corporate accounting BGRF in anticipation of the potential impact on the solvency of certain customers in uncertain health, geopolitical and economic (rising raw material prices) situations. rice field. Please note that Caisse Régionale is not in direct contact with Ukrainian or Russian counterparties.
Allowance for doubtful accounts and the execution of loans on a corporate basis reached € 189 million. In addition, the amount of FRBG is 91.0 million euros. Taking these two factors into account, the overall coverage (suspicious, sound, degraded unpaid and FRBG / total loan reserve) is 2.95%.

After a corporate tax of € 6.1 million, net social income as of March 31, 2022 was € 7.8 million, compared to € 6.9 million in 2021.

Consolidated net income (group share) was € 14.3 million as of March 31, 2022, compared to € 9.5 million as of March 31, 2021.

Financial structure individual

Caisse Régionale’s financial structure confirms its solidity with a consolidated share of € 1,885 million as of March 31, 2022 and a group share. As of December 31, 2021, the CET 1 ratio was 27.38%. Similarly, as of March 31, 2022, Caisse Régionale Régionale du Morbihan complies with all liquidity risk monitoring indicators. These include internal short-term and medium-term debt limits, and an average LCR ratio calculated in 2022 of 181% (for 100% regulatory requirements). As of March 31, 2022, it was 180.7%.

As of March 31, 2022, the consolidated balance sheet totaled € 12.7 billion, with capital and liabilities accounting for 14.9% and 85.1% of the consolidated balance sheet, respectively. Structurally, debt to customers that make up site and term deposits accounts for 32.4% of total debt, and debt to credit institutions centered on Crédit Agricole SA based on the Group’s internal refinancing rules accounts for 63.8%. ..

Prices for the Crédit Agricoledu Morbihan Cooperative Investment Certificate (CCI) listed under the ISIN code FR0000045551 fell during this period. The amount as of March 31, 2022 is 69.00 euros, compared to 70.50 euros as of December 31, 2021.
The General Assembly on March 17, 2022 resolved to pay a dividend of € 2.72 per share (that is, a yield of 3.65% of the average price in 2021). Will be paid from 1er June 2022.

The vsNumbers vsthe

For a million euros March 2021 March 2022 Over a year of evolution
Global collection 13,705 14,354 + 4.7%
credit (1) 9,166 9,652 + 5.3%
Online Banking Products-Social 50.7 57.6 + 13.6%
Operating Expenses – Social -34.0 -35.7 + 5.0%
Total operating profit – society 16.7 21.9 + 31.3%
End result – social 6.9 7.8 + 14.0%
Net Income – Consolidated 9.5 14.3 + 50.8%
Total Balance Sheet-Consolidated 12,188 12,690 + 4.1%
Equity-Consolidated (Group Share) 1,659.6 1,884.9 + 13.6%

(1) These amounts include housing receivables sold as part of a group securitization transaction. So, 2018, 201 2019, 2020 and 2022.

The pOutlook

Since the beginning of the health crisis, Caisse Régionale du Morbihan has set the goal of further enhancing customer proximity and support. This mobilization and this desire to bring more to our customers remains and continues in a much more complex economic and geopolitical environment since the beginning of 2022.

Significant improvement in customer satisfaction (customer recommendation index +13) and positioning as “Morbihannai’s priority bank” is a source of true pride that encourages continued and emphasized strategic choices and customer orientation. is.

Despite this complex environment, Caisse Régionale faces the future calmly, thanks to a very strong solvency base that allows it to grow its customer base and expand its actions to serve its territory. I am.

Crédit Agricoledu Morbihan continues to act daily for the benefit of its customers and society by relying on its own model of universal local banking.

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M.. Georges Dumesnil du Buisson [email protected] – 02 97 01 77 77

  • Quarterly financial information as of March 31, 2022

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