Credit Agricole said that assets under management (AuM) at its private banking business reached EUR151bn at end of 2015, up 6.8% compared to EUR141.4bn a year ago driven by strong business momentum and a favourable currency effect.
This rise in AuM came from net inflows of EUR4.2bn and EUR5.5bn from market and currency effects. Assets under management include EUR109.6bn of assets related to CA Private Banking and EUR41.4bn of assets related to LCL Private Banking.
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The unit’s net income group share stood at EUR25m in the fourth quarter of 2015 driven by revenue growth coupled with controlled operating expenses and a decrease in the cost of risk.
Revenuers at the private banking division grew by 6.6% year-on-year in the fourth quarter of 2015 to EUR189m compared to the same quarter a year ago driven mainly by performance fees.
Crédit Agricole’s savings management unit, which encompasses asset management, insurance, private banking and asset servicing, reported that its total AuM were EUR1.39 trillion at end-2015, up almost EUR128bn from end of 2014, driven by sustained business momentum coupled with a substantial positive market and currency effect.
Net income Group share for the business line stood at EUR462m for the fourth quarter of 2015, up 16.7% compared to the year ago period.
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By GlobalDataThe bank in a statement said that excluding the market and currency effect of almost EUR32bm and a scope effect of about EUR5bn, net inflows stood at almost EUR91bn for 2015 compared with EUR42bn in 2014.
For the full year of 2015, Amundi contributed net inflows of almost EUR80bn, while savings/retirement insurance contributed EUR7bn and private banking more than EUR4bn.
Revenues for this business line increased 7.9% to EUR1.4bn for the fourth quarter, while operating income grew 9% to EUR718m.
In asset management, Amundi’s assets under management were EUR1000bn at end 2015, an increase of 12.2% compared with end of 2014. Net inflows totalled a record EUR79.9bn over the year, including EUR14.1bn in the fourth quarter.
Amundi’s revenues grew by 13.1% year-on-year in the fourth quarter of 2015, while net income Group share increased by 1.3% year-on-year in the fourth quarter to EUR96m.
Overall, Crédit Agricole Group reported a net income Group share came of EUR1.56bn for the fourth quarter of 2015, up 16% from the corresponding period of 2014.
Additionally, the boards of directors of Crédit Agricole S.A. and the regional banks have examined a project to simplify Crédit Agricole Group’s structure and strengthen the capital structure of Crédit Agricole S.A.
This restructure will include transfer by Crédit Agricole S.A. of co-operative investment certificates (CCIs) and co-operative associate certificates (CCAs) held in regional banks.
Under this plan, the regional lenders will buy back the 25% stake currently owned by CASA for EUR18bn.
