Crédit Agricole’s (CA) factoring and lease finance businesses
showed “strong resilience” in the first quarter of the year, the
French bank reported.

Although the bank reported a rise of 15 percent in net income in
its lease finance businesses, to €77 million, its factoring arm saw
factored receivables fall by just under 3 percent year-on-year.

Nevertheless, Eurofactor retained its top spot in France, with
23 percent market share, up one percentage point on December
2008.

Loans outstanding in CA’s lease finance arm grew by over 15
percent overall, mainly due to the consolidation of CALIT, CA
Leasing’s Italian subsidiary.

“Production in France stood up well despite the effect of
certain customers deferring investments to the next several
quarters,” added the bank.

Earlier this year, CA Leasing and Eurofactor also launched a
joint project with the aim of increasing potential revenues and
combining their support functions.

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By GlobalData

Jason T Hesse