The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst
: Can I just come back quickly on insurance and the impact of IFRS 17? I guess it's maybe not easy to understand really the impact. But if you were
to quantify little bit, if we take the impact it has had on the insurance division and Corporate Center, both for the revenues and for the cost, is that
something that we could potentially annualize? Or you don't think that's relevant, and you think we should just take the run rate that we have seen
so far in Q1 in terms of revenues and costs? Just to try to understand a bit how to forecast this division.
The second question is on French retail. Revenues are down 5%. I mean, do you expect further NII pressure in coming quarters? Or would you say
this is now the run rate? And I mean even it is increased in August, that could be managed through other items to offset the negative impact.
And then the last 3 quick question is just on capital. I mean, I think you were guiding before to 10 basis points of TRIM. Is that still coming or not
really?
Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst
: Couple of questions from my side. So firstly, on Slide 9, coming back to the mobility topic and the acquisitions you've done there, I'm just curious,
why did some of the portfolios you bought from ALD LeasePlan fall into the joint venture? And then in some of the other geographies, you put
the acquisitions into your wholly-owned subsidiary, the new CA Autobank. So what's driving the differentiation? And also, what's your priority in
terms of growth? Is it the long-term contract fleet in the JV? Or is it the CA Autobank fleet that you prioritize for growth if you have the choice
between those 2 portfolios?
And then second question, when I look at CrTdit Agricole Group, you've got -- you're showing revenue growth of 1.8%. And of course, CASA, much
stronger, you posted growth of 10% -- over 10% this quarter. Just trying to reconcile Slide 5 and Slide 6. That kind of implies revenue contraction
of the regional banks, excluding CASA, if I'm right.
So just really what's driving those kind of revenue headwinds at the regional banks ex CASA? From what you were saying earlier, I'm not sure if
there's any -- I don't think there was any distortion there in terms of IFRS 17. So just trying to get to the bottom of that kind of revenue headwinds
for the regional banks ex CASA, please?
Question: Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division - Analyst
: Two short follow-up question on my side on insurance. The first one is on capital. We've seen an increase of around 50% in the SCR over Q1. I just
wonder if you can give us some granularity behind this increase. For example, did you suffer from a change in the (inaudible) portfolio in Q1? And
what would have been the impact from the financial market?
And linked to this, can you please let us know what has been the evolution of the sales to margin of your insurance activity and maybe more
specifically, for Predica? And the second question is linked to IFRS 17, you mentioned assets. I have just one question related to your real estate
portfolio. Just would like to know, is the totality of your real estate portfolio is booked at cost? Or part of it is booked at fair value to P&L, just to
understand if potential credit valuation might impact or not the contribution from insurance?
Question: Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division - Analyst
: Okay. And regarding Solvency II or Predica, do you have any plans?
Question: Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division - Analyst
: Okay. And regarding senility to real estate valuation?
Question: Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division - Analyst
: There was also a question on the AT1.
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
MAY 10, 2023 / 12:30PM, CAGR.PA - Q1 2023 Credit Agricole SA Earnings Call
|
