- 3 min
Crédit Agricole S.A.'s board of directors, chaired by René Carron, met on 13 November 2008 to review the accounts for the nine months to 30 September 2008. Over the first nine months, net income, Group share, was €1,333 million, including €365 million in the third quarter.
The financial crisis that characterised the business climate during the first half intensified during the third quarter, creating unprecedented conditions in the financial sector: the interbank market collapsed, issues of fixed-income securities ground to a virtual halt, several major operators ceased to exist, and others were rescued through forced mergers, buyouts or State bailouts. This extraordinary turmoil led the governments of most industrialised countries to take far-reaching measures to restore confidence and to implement plans to provide financing to the economy, as was the case in France.
As the leading financial partner to the French economy, with €420 billion in total loans outstanding held by the Regional Banks and LCL, lending by the Crédit Agricole Group increased significantly, with a 19.2% jump in loans to SMEs and a solid 8.5% rise advance in residential mortgages over the 12 months from September 2007 to September 2008...