Crédit Agricole Leasing & Factoring (CAL&F) has reported a 3.7% year-on-year drop in net profit and a 3.9% drop in revenue for the first half of 2013.
The leasing division of the French bank reported a 26m net profit for the first six months of the year compared to 27m in 2012.
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The specialised financial services business line of the Crédit Agricole group, which includes CAL&F, contributed 10% of total group revenues for the first half but just 2% of the overall profit of the group, despite its net income doubling from H1 2012 to 67m.
Lease finance outstandings were 16.2bn at 30 June 2013, a decrease of 7.4% from the first half of 2012.
Turnover from the factoring business rose by 2.4% year-on-year to 14.8bn over the period.
The reduction in leasing is in keeping the group’s strategy to refocus geographically and reduce its debt.
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By GlobalDataProfit for the Crédit Agricole group increased by more than three times compared to H1 2012, up from 443m to 1.34bn, thanks in part to the sale of the group’s Greek bank Emporiki. Crédit Agricole retained its Greek leasing business, Emporiki Leasing, in the sale, which was completed in the final quarter of 2012.
