Advanced Theory & Practice of Bonds

Recognized under IBF-FTS | 7-8 June 2022 | 12 CPD Hours

Comprehensive 2-day course on bonds designed for private bankers, wealth managers and advisors.

Credit Agricole Group reported a 4.4x rise in its Q4 net income to €2.35bn ($2.7bn) vs. €530mn ($604mn) a year ago. This was helped by revenues increasing 9.6% to €9.5bn ($10.8bn) from last year’s €8.8bn ($10bn) and its underlying cost of risk down to down to €783mn ($892mn). The group’s cost-to-income ratio stood steady at 64.3%. The lender said it would present a new strategic plan for 2025 on June 22 and gave a 2022 cost-to-income ratio target of below 60%. The group said it would propose a 2021 dividend of €1.05/share including a 20 cent catch-up for the 2019 dividend which could not be paid. Credit Agricole’s CFO Jerome Grivet said, “At this stage, we don’t plan to start further buyback”. The group’s CET1 ratio stood at 17.5% while Credit Agricole SA’s CET1 stood at 11.9%.

Credit Agricole’s dollar bonds were stable with its 7.875% Perp at 107.91, yielding 3.63%

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SocGen reported a Q4 group net income of €1.8bn ($2bn), up 3.8x YoY during its Q4 results. Profits were helped by net banking income rising 13.4% to €6.6bn ($7.5bn) and a sharp drop in its net cost of risk to only 6bp or €86mn ($98mn) vs. 54bp or €689mn ($785mn) in Q4 2020. It said that the cost of risk is expected to be below 30bp in 2022. Its revenues were helped by a 11% rise in French retail banking, and sales in equity trading rising almost 23%. SocGen also said its financing and advisory business delivered its “best historical annual performance” last year, with record revenue of €814mn ($928mn). SocGen’s CET1 ratio stood at 13.7% end-2021, 470bp above the regulatory requirement.

SocGen’s dollar bonds were stable with its 7.875% Perp at 106.72, yielding 4.05%.

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