Consolidated results of Groupe Crédit Foncier
The Group share of net income in 2017 was €33m.
Crédit Foncier’s main consolidated financial indicators at December 31, 2017 were as follows:
- Loan production: €11.8bn
- Outstandings (end of year): €85.8bn
- Net banking income: €555m
- Group share of net income: €33m
- Total assets: €114.3bn
- Consolidated equity (group share): €3.7bn
- Consolidated European capital adequacy ratio: 12.6%, of which Common Equity Tier One (CET1): 10.3%
|(in €m)||2017||2016||Change, in %|
|Net banking income (NBI)||555||979||-30|
|Gross operating income||82||286||-71|
|Cost of risk||-81||-120||-33|
|Gains or losses on other assets*||-21||4||na|
|Income before tax||54||-115||na|
|GROUP SHARE OF NET INCOME||33||57||-42|
Net banking income amounted to €555m, down by 30% on 2016, mainly due to the decline in Net interest margin impacted by a high level of early repayments given the low rate environment.
Operating expenses totalled €473m in 2017, including €24m of contribution to Single Resolution Fund (SRF). In 2016, operating expenses accounted for €511m including €19m contribution to SRF. Consequently, operating expenses excluding SRF contribution illustrate the continuous efforts aimed at cost savings.
Cost of risk stands at €81m vs. €120m.
The gain on other assets includes the consequences of divestments of non-strategic holdings.
Therefore, the Group share of net income stands at €33m in 2017 compared with €57m a year earlier.