Crédit Agricole, the French parent bank of Crédit Agricole Leasing & Factoring (CAL&F) made a loss of 2.8bn in the third quarter of 2012, contributing to a loss of 2.3bn for the first nine months of the year.
Profit at Crédit Agricole was heavily impacted by the disposal of its Greek subsidiary Emporiki Bank, sold to Alpha Bank for a 1 nominal fee in a deal which included a 2.85bn recapitalisation. The retail banking unit of Emporiki accounted for a 1.8bn in losses in the quarter along with brokerage Cheuvreux, which was also sold.
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Crédit Agricole retained the leasing assets of Emporiki in the deal and reported the impact on its CAL&F division from Greek business had reduced from 26m in the third quarter of 2011 to 11m this year.
The leasing division’s portfolio declined 4.6% year-on-year to 18.9bn which the bank said was in-line with its strategy to reduce the business’s cash consumption.
CAL&F contributed to 546m third-quarter and 536m nine-month losses in Crédit Agricole’s Specialised Financial Services division which was also impacted by consumer lending in Italy. A separate profit figure for CAL&F was not disclosed.
Crédit Agricole reported 799m in profit when the disposal losses where removed.
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