14.02.20 - Communiqué résultats annuels 2013 du

Press release
February 20, 2014
2013 ANNUAL RESULTS
Crédit du Nord Group
achieved a very solid level of commercial and financial performance
Consolidated net banking income: EUR 1,939m, up 3.4%*
Operating expenses under control, down 1.0%
Stable cost of risk: 54bp of loan outstandings
Net income (Group share): EUR 368.9m, up 28.0%*
ROE: 13.8%
Core Tier 1 ratio (under Basel 3) of 9.0%
*
Change restated for the effects of the implementation of IFRS governing future commitments related to home savings products
(+EUR 0.6m in 2012, -EUR 0.1m in 2013 before tax) and the fair value measurement of financial liabilities
(-EUR 12.4m in 2012, -EUR 43.5m in 2013 before tax), and the first-time application of IFRS 13 - Fair Value Measurement pertaining to the valuation of derivatives, i.e. Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA) (-EUR 12.2m in
2013 before tax).
The Board of Directors of Crédit du Nord met on February 19, 2014 to approve the Crédit du
Nord Group's 2013 financial statements.
Against a difficult market backdrop, which witnessed an intense level of competition, Crédit du
Nord posted solid results in 2013
Consolidated net banking income rose 3.4%* to EUR 1,939.4 million.
Income was particularly boosted by a solid level of demand deposit inflows on each of the Group's
markets and a significant increase in on-balance sheet deposit inflows of 9.9% over one year.
Operating expenses were kept under control and dropped by 1.0%.
The cost-to-income ratio was 63.3%.
Cost of risk remained stable at 54 basis points, despite an ongoing strained economic and financial
backdrop.
Operating income totalled EUR 566.3 million, including EUR 52.5 million in capital gains generated
from the sale to Societe Generale of its stake in asset-management subsidiary Amundi, which is jointly
owned by Societe Generale and Crédit Agricole.
Crédit du Nord Group ultimately generated consolidated net income (Group share) of
EUR 368.9 million in 2013, an increase of 28.0%*.
Commitments to enhancing customer relations
Local values are the cornerstone of Crédit du Nord Group's business – thanks to the regional roots of
its companies, which are long-standing businesses in their respective regions – as are expertise, the
quality of the service provided and customer satisfaction.
These values, which are shared by all of the Group's banks, attract and appeal to customers. Once
again this year, the growth in the Group's banks' customer bases - which increased by 2.9% in the
Individual segment, 1.4% among Professional customers and 1.2% in the Business segment - is
a testament to this appeal.
The desire to support our customers in achieving their personal and professional goals
"Etre à vos côtés" [By your side] is the Group's new communications campaign slogan – a notion that
is clearly illustrated in the support provided to our customers in helping them achieve their goals.
In this vein, Crédit du Nord Group banks granted EUR 3.8 billion in new housing loans to
Individuals in 2013, an increase of 4.3% on 2012. At the same time, the banks played an active role
in financing the economy and developing SMEs, releasing over EUR 2.8 billion in investment loans
and lease financing. However, total outstanding loans were down slightly by 2.5%, which reflects the
weak demand from the Business segment against a continuing uncertain backdrop.
Quality and satisfaction requirements, now and for the future
Intent on maintaining a consistently high level of quality, Crédit du Nord Group's banks poll their
customers annually on their level of satisfaction. Furthermore, every new customer receives a
satisfaction questionnaire after six months with the Group.
In 2013, the CSA Institute's(1) customer satisfaction competition survey confirmed Crédit du Nord's
position among the industry's leaders, with the Group placing second on its three markets.
The quality of Crédit du Nord Group's online customer relations was also recognised in 2013 by the
Trophées QualiWeb, awarded by Cocedal Conseil(2), where the Group placed second in the "Banking
and Finance" category.
An offer to meet the needs of our customers, in digital banking too
In 2013, several new products were added to the Group's range of products and services, including
the "Madelin" personal protection and health insurance contract for Professional customers, a
comprehensive range of home insurance products for Individuals, as well as the Etoile Multi Gestion
France and Etoile Multi Gestion USA funds for investors.
In the digital area, the Group continued to enhance its offering, in particular with the launch of a
smartphone app for Android and iPhone dedicated to Professional customers, an ergonomic and
graphic overhaul of the mobile app for Individuals (easier access to the most used functions) and the
introduction of new services (practical information for travellers abroad and expense management).
Improved operating efficiency
Work continued on the "Convergence" project to construct a shared information system with Societe
Generale and, in 2013, specifically gave rise to mass processing of SEPA transactions.
In the area of electronic payments, in 2013 Crédit du Nord also joined the Transactis platform, created
by Societe Generale and La Banque Postale to consolidate the management of their electronic
payment system.
"Crédit du Nord Group's performance in 2013 was extremely satisfying. We developed our customer
base, posted solid sales of our products and services and increased our net banking income and
operating income. Beyond these commercial and financial indicators, the Group also successfully
completed a number of organisational and IT projects, which demonstrate its flexibility and ability to
adapt", said Jean-François Sammarcelli, Chairman of Crédit du Nord Group's Board of Directors.
(1)
(2)
Competitive surveys carried out by the CSA Institute on a representative sample of over 10,000 Individual,
Professional and Business customers of the market's ten largest banks.
Awarded by the Cocedal Conseil Institute, the Trophées QualiWeb recognise the quality, relevance, tone and speed
of the answers provided by the webmaster teams to emails submitted by customers and prospects on the Group's
websites. The QualiWeb survey tests over 300 sites in 17 business sectors every year.
KEY FINANCIAL DATA (CONSOLIDATED GROUP DATA)
In EUR m
NBI
Operating expenses
GOI
Operating income
Net income
(Group share)
In EUR m
Customer loans
Customer deposits
Managed customer
savings
2013
2012
1,939.4
1,227.7
711.7
513.9
368.9
1,917.0
1,240.1
676.9
485.1
308.3
2013
2012
35,480.2
30,894.4
25,390.3
35,642.4
29,554.7
24,838.0
Change
2013/2012
Consolidated
+1.2%
-1.0%
+5.1%
+5.9%
+19.7%
Change
2013/2012
Restated*
+3.4%
-1.0%
+11.2%
+14.3%
+28.0%
Change
2013/2012
-0.5%
+4.5%
+2.2%
*
Restated for the effects of the application of IFRS on future commitments related to home savings products, the fair value
measurement of financial liabilities and the first-time application of IFRS 13 - Fair Value Measurements - pertaining to the
valuation of derivative products, i.e. Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA).
About Crédit du Nord Group:
Crédit du Nord Group comprises eight regional banks, Courtois, Kolb, Laydernier, Nuger, Rhône-Alpes, Société Marseillaise de
Crédit, Tarneaud and Crédit du Nord, and one brokerage firm, Gilbert Dupont.
The Group’s 9,500 employees and network of 915 branches serve over 2.1 million Individual customers, 228,000 Professional
customers, and 47,000 Business customers.
Crédit du Nord Group's entities enjoy a large degree of freedom in the management of their activities, ensuring rapid decisionmaking and exemplary responsiveness to their customers' needs.
The strategy of the Group’s banks is based around three core aims:
- to be a reference bank in terms of the quality of their customer relationships;
- to develop a high degree of individual and collective professionalism;
- to offer customers state-of-the-art services and technologies.
The quality and strength of Crédit du Nord Group’s results is recognised by the market and through Standard & Poor’s long-term
rating of A and Fitch’s long-term rating of A.
Crédit du Nord Group was established through the grouping of some 80 regional banks that have been pooling their respective
strengths and talents for over 160 years now. The Group is currently a wholly-owned subsidiary of Societe Generale.
Crédit du Nord Group press contacts:
Sylvie Aussavis
Crédit du Nord Group
Head of Press Relations
Tel.: +33 (0)1 40 22 53 21
[email protected]
Eric L’Hôte
Crédit du Nord Group
Head of Communication
Tel: +33 (0)1 40 22 27 53
[email protected]