Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

French lender Credit Agricole reported a net income rise of 64% YoY €1.05bn ($1.27bn), helped by a significant decrease in provisioning to €384mn ($467mn) down 38% YoY. Group level net income stood at €1.75bn ($2.1bn), up 93% YoY. Their capital markets and investment banking revenue rose 17% to €708mn ($861mn). The cost of credit risk fell sharply to €537mn ($653mn) at the group level vs. €930mn ($1.13bn) in first quarter 2020. The group’s CET1 ratio was at 17.3% up 10bp over the quarter with €19.7bn ($24bn) in loan loss reserves at end-March 21. Credit Agricole SA’s CET1 ratio stood at 12.7%, down 40bp in the quarter while its NPL ratio was stable at 3.2%.

Credit Agricole’s USD 6.875% Perps were flat at 111.72, yielding 3.17%.

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