French banking group Crédit
Agricole reported record business in both lease finance and
factoring last year.
New leasing business grew by
6.8% to €6.6bn in 2010 – an all-time high new production for the
company. Lease finance outstandings rose to €19bn, an increase of
7.4%.
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The company said that its
cost of risk in leasing mitigated over the year, falling in the
last two quarters.
In factoring business,
receivables grew by 21.5% in France and by 45.6% abroad.
International operations now
account for 39% of the overall factoring business, a 4% rise on
2009. Factoring turnover jumped to €57.8bn from €44.6bn in
2009.
Credit Agricole restructured
its leasing and factoring business last year, merging CA Leasing
and Eurofactor into Credit Agricole Leasing and Factoring
(CAL&F). The restructuring, alongside other operations in other
divisions, meant that expenses for the group grew by
3.9%.
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By GlobalDataCAL&F’s gross operating income grew 18.4% to €233m.
Net income was €95m, a rise of 17.7% in 2010 and of 13.8%
year-on-year in the fourth quarter.
