The merger with Creval will arrive within the year. This was announced by Crédit Agricole in the note with which it released the accounts for the first quarter, which ended with profits almost doubling and revenues up sharply.
“Based on the experience gained through successful integrations of other banks, Credit Agricole Italia is confident of integrating in the coming months Credito Valtellinese without difficulty”, reads the note. The takeover bid, on the other hand, ended with Bulgarian percentages, allowing the French to control the 91,167% of the share capital of Creval. Thanks to this merger, Agricole "will consolidate the group's competitive position in Italy by generating value for all stakeholders, local communities and territories through a complete universal bank model, serving approximately 3 million customers", concludes the note. We recall that the Creval assembly which will appoint the new Crédit Agricole board of directors is scheduled for 18 June.
Turning to the accounts, the first quarter of 2021 closed with a profit of 1,75 billion, almost doubled (+93,2% to be exact) compared to 908 million in the same quarter of 2020. In revenues increased by 8,2%., which stood at 9,05 billion.
The cost of banking risk, on the other hand, fell to 537 million (from 930 million). On the balance sheet front, Phased-in CET1 is 17,3%. The French group recorded an aggregate net result of 230 million (+58%) in Italy in the first quarter of 2021, of which 173 million pertaining to the Credit Agricole group (+58%). The growth in total loans to the economy rose to 78,2 billion (+1,6%), total funding to 276,5 billion (+14,1%).
The listed parent company, Casa, recorded a profit of 1,05 billion (+63,9%) and revenues of 5,4 billion.
Crédit Agricole Italy net profit amounted to 83 million, up 71% in the first three months of 2020. On the balance sheet front, the CET1 Ratio is 13,7%, while the Total Capital Ratio is 19,4%. Revenues rose by 9,4%, "supported by the positive contribution of the commission component (+12%)", reads the note. Commercial activity returned to pre-crisis levels, with new loans for home purchases up 27% and the placement of products linked to managed savings up 55%. The ratio of net non-performing loans to total loans decreased further and stood at 2,8%.
