(Boursier.com) — The Net Banking Product of the Caisse régional du Crédit Agricole Nord de France stands at 455.6 million euros as of September 30, 2023. It is down -4.3%. This decline reflects the role of economic shock absorber played by banks. Indeed, if interest rates have increased sharply over the past year, the maturities of customers’ fixed-rate loans have not changed, even though the remuneration of their savings products is changing favorably. Furthermore, the Regional Fund has voluntarily limited in 2023 the increase in the prices of its services to levels below inflation.
After taking into account capital gains on participation of 2.4 ME, the net result social (including result of securitizations) stands at €114.7 million, up +13.8% over one year.
The bottom line consolidated of the Crédit Agricole Nord de France Group amounts to 129.1 ME, down -21.7% over one year (164.8 ME in 2022), mainly linked to the evolution of the gross operating income of the Regional Fund. This fell by -29.8%, falling from 231.4 ME on September 30, 2022 to 162.4 ME for 2023.
The contribution of the Business Sectors to the consolidated net income is as follows:
– Bancassurance division: 120.4 ME (149.5 ME as of September 30, 2022),
– Investment Capital Division: 8.2 ME (11.7 ME as of September 30, 2022),
– Press division: 0.1 ME, stable over one year,
– Real Estate Division: 2.4 ME (2.5 ME as of September 30, 2022),
– Real Estate Division: -1.2 ME (1.6 ME as of September 30, 2022),
– Innovation division: -0.8 ME (-0.6 ME as of September 30, 2022).
Outlook
The economic and geopolitical context will continue to affect activity in the coming months. Crédit Agricole Nord de France remains mobilized to intensify its support for the economy of the Nord and Pas-de Calais, and the normalization of the situation linked to the usury rate will have a positive impact on the financing of real estate in the months to come.
In a likely context of a weaker rise in rates, the relaunch of loans should gradually result in an increase in the yield of the Regional Bank’s credit portfolio and have a positive impact on the intermediation margin.