Gruppo Crédit Agricole*Terzo trimestre 2009Utile netto di Gruppo: 700 milioni di euro (+5 . 6% sul secondo trimestre 2009; -23 . 9% sul terzo trimestre 2008)9 mesi 2009Utile netto di Gruppo: 1 . 790 milioni di euro (-28 . 9% rispetto a 9 mesi 2008)* Crédit Agricole S . A . e tutte le banche regionaliCrédit Agricole S . A . Buoni risultati che riflettono una tendenza altamente positivaTerzo trimestre 2009- Ulteriore aumento dei proventi: in crescita del 3 . 5% rispetto al secondo trimestre 2009*- Riduzione costante dei costi: in calo di 1 . 2% rispetto al secondo trimestre 2009*- Ottima crescita del risultato lordo di gestione: in crescita di 14 . 7% sul secondo trimestre 2009*Utile netto di Gruppo: 289 milioni di euro(up 43 . 8% / Q2-09, down 20 . 8% / Q3-08)9 months 2009- Strong revenue growth up 15 . 1% / 9M 08**- Significantly lower costs: down 7 . 1% / 9M 08**- Operating income up sharply: x2 . 3 / 9M 08**- Increase of risk-related costs in line: x2 . 2 / 9M 08Net income Group share: E692 million- Earnings per share: E0 . 31- A solid financial position: Tier One ratio: 9 . 7%* on a like-for-like basis ** on a like-for-like basis (primarily CACEIS and CA Life Japan) at constant exchange ratesCrédit Agricole S . A . s Board of directors, chaired by René Carron, met on 10 November to review the accounts for the nine months ended 30 September 2009 . Net income Group share for the first 9 months was E692 million, including E289 million in the third quarter of 2009 . These solid results were generated in a climate of persistent economic deterioration, but there were a few positive signs, confirming the strength of the business model that the Group adopted in early 2008 . The model is based primarily on a powerful retail bank - with an average market share in France of some 25% -of which the activities show strong dynamism . In addition, risk-related costs are stabilising . - The Regional Banks delivered excellent commercial results, with robust growth in deposits, including a 13 . 3% year-on-year jump in passbook deposits, an array of services that meet customer expectations (over 160,000 M6 Mozaic cards ordered in one month), and a substantial pick-up in lending since July . This restored momentum pushed up net banking income from the Regional Banks customer business by 7 . 7% over the first 9 months . - LCL s business performance was of comparable quality, with over 110,000 net new individual accounts added since the beginning of the year . - Internationally, the subsidiaries have contained the fall in revenues in countries that were more severely affected by the crisis than France . In Italy, Banca Finanza ranked Cariparma FriulAdria the No . 1 major bank group on the basis of financial strength, profitability and productivity . In Greece, a restructuring and development plan has been launched to return Emporiki to profits by 2011 . The first signs of measures taken in March are now visible . The business model is also underpinned by high-performing specialised business lines that combine expertise with economies of scale:- Sofinco Finaref is the leader in consumer finance, with like-for-like revenue growth of 8% over the first 9 months . Its intermediation ratio is below 80%- one of the best in the sector, despite high risk-related costs, which have now stabilised;- The Asset management division is No . 1 in France and Europe in mutual funds, with strong business momentum generating over E6 billion in new inflows in the third quarter alone . Its cost/income ratio of 46 . 1% in the third quarter is the best in the European asset management industry;- In Insurance, the third quarter was excellent, reflecting solid business momentum that outpaced the market average by far . Results were excellent, owing primarily to active but conservative management of investments . In life insurance, the Group s 15 . 1% market share ranks it No . 2 in France among all insurance providers . The business model includes a deliberately lowered risk profile in Corporate and investment banking, which was refocused on its areas of expertise . During the third quarter of 2009, the strength of the business franchise was confirmed, with revenues from structured finance up 5 . 6% compared to the second quarter thanks to robust growth in project finance (No . 2 worldwide), export finance (No . 2 worldwide) and aircraft finance (No . 1 worldwide) . Revenues from Capital markets and investment banking reflect a normalisation of the market . Fixed income revenues remained high while the Equity segment, and particularly Brokerage, picked up at the end of the quarter . The negative contribution from discontinuing operations contracted appreciably in the third quarter compared to the previous quarter . On the whole, results for the third quarter reflect a clearly positive trend: the 3 . 5%[1] quarter-on-quarter rise in revenues coupled with a further 1 . 2%1 decline in costs resulted in a 14 . 7%1 rise in gross operating income . Operating income increased by 31 . 4% even when taking into account the persistently high but now stabilised risk-related costs . ** *After the Board of Directors meeting, Georges Pauget, Chief Executive Officer of Crédit Agricole S . A . , commented:"Our solid third quarter results, which show significant improvement on the second quarter with a profit of E289 million, reflect a highly positive trend . They confirm the strength of the Group s new business model, as it was redefined in early 2008 . My mission at Crédit Agricole S . A . , which entailed managing the Group throughout the crisis period and reconfiguring the bank to prepare it for the post-crisis period, is nearing completion . I have therefore advised the Board that I intend to resign from my position effective as of 1 March 2010, after reporting of the 2009 full-year accounts . The Group is definitely emerging from the financial crisis and now has the firm foundations for a solid future . "René Carron, Chairman of Crédit Agricole S . A . s Board of Directors, added:"The Board is extremely pleased with the strength of third quarter results, which show that Crédit Agricole S . A . s growth momentum has been restored . The Board formally noted that Georges Pauget planned to resign from his role as Chief Executive Officer after the full-year 2009 accounts have been reported . The Board paid tribute to Mr Pauget and to the considerable work that he and his teams have accomplished throughout the recent unprecedented crisis that we have just endured . His actions were instrumental in redefining the Group s business model, bolstering its strength and laying the groundwork for the post-crisis period" . 25 February 2010 Q4 and FY 2009 results12 May 2010 Q1 2010 results19 May 2010 Annual General Meeting26 August 2010 Q2 and H1 2010 results10 November 2010 Q3 and 9M 2010 resultsCRÉDIT AGRICOLE S . A . CONSOLIDATED RESULTS
| (in millions of euros) | Q3-09 | Q3-08 | Change Q3/Q3 | Change Q3/Q2 | 9M 2009 | 9M 2008 | Change 9M/9M |
| Net banking income | 4,828 | 3,999 | +20 . 7% | +5 . 9% | 13,448 | 11,358 | +18 . 4% |
| Operating expenses | (3,053) | (3,124) | (2 . 3%) | +2 . 2% | (9,017) | (9,489) | (5 . 0%) |
| Gross operating income | 1,775 | 875 | x2 . 0 | +12 . 8% | 4,431 | 1,869 | x2 . 4 |
| Risk-related costs | (1,189) | (740) | +60 . 7% | +5 . 5% | (3,401) | (1,551) | x2 . 2 |
| Operating income | 586 | 135 | x4 . 3 | +31 . 4% | 1,030 | 318 | x3 . 2 |
| Equity affiliates | 275 | 347 | (20 . 7%) | x6 . 4 | 639 | 895 | (28 . 6%) |
| Net income on other assets | (438) | (8) | nm | nm | (433) | 428 | nm |
| Tax | (121) | (52) | x2 . 3 | (47 . 4%) | (433) | (26) | x16 . 7 |
| Gain/(loss) on discontinued operations | 89 | 2 | nm | nm | 100 | - | nm |
| Net income | 391 | 424 | (7 . 8%) | +47 . 0% | 903 | 1,615 | (44 . 1%) |
| Net income, Group share | 289 | 365 | (20 . 8%) | +43 . 8% | 692 | 1,333 | (48 . 1%) |
Crédit Agricole S . A . Group s net banking income for the first 9 months of 2009 was E13 . 4 billion, a rise of 18 . 4% year-on-year . Operating expenses moved up 5 . 0% to E9 . 0 billion while gross operating income was multiplied by 2 . 4 to E4 . 4 billion . At constant exchange rates and on a like-for-like basis, i . e . excluding the impact of the consolidation of Ducato, first-time full consolidation of CACEIS, and consolidation of CA Life Japan:The Group s net banking income increased to E13 . 2 billion, an advance by 15 . 1% compared to the first 9 months of 2008 that benefited from the gain on the disposal of Suez shares . This increase comes from a significant decrease in the negative impacts in the Corporate and investment banking discontinuing activities but also reflects the solid momentum across all business lines, given the prevailing economic climate . In Retail banking, LCL s net banking income moved up 2 . 7% and in Specialised financial services, the advance was 8 . 0% . In International retail banking, net banking income (excluding Emporiki) edged down by 4 . 7% but was contained in a difficult economic environment . Revenues in Asset management, insurance and private banking also receded, but by much less than in the first half of 2009, thereby reflecting a recovery in business . Recurring revenues in Corporate and investment banking moved up 33 . 9%[2] . Operating expenses were 7 . 1% lower thus reflecting an improvement in efficiency across all business lines . They were contained at LCL, while contracting by 4 . 6% in International retail banking, by 3 . 3% in Specialised financial services, by 5 . 1% in Asset management, insurance and private banking, and by 10 . 1% in Corporate and investment banking for ongoing activities . Gross operating income was multiplied by 2 . 3 compared to the first 9 months of 2008 to reach E4 . 3 billion . Risk-related costs totalled E3 . 4 billion, up sharply year-on-year in the first 9 months . The bulk of these costs came from International retail banking (E813 million) and primarily from the impact of Greece, from Specialised financial services (E894 million) and from Corporate and investment banking including discontinuing operations (E1,354 million) . Income from equity affiliates was E639 million, including a E649 million contribution from the Regional Banks, up 13 . 0% reflecting a substantial improvement in operating performance . Net customer revenues for the Regional Banks advanced by 7 . 7% . Expenses contracted by 1 . 0% . Income from equity affiliates over the period also includes a negative E206 million impact from the first-time consolidation of Intesa SanPaolo in Q2-09 . The E52 million net income on other assets included in 2008 a E420 million gain arising from the creation of Newedge, the brokerage subsidiary owned 50/50 with Société Générale . The change in the value of goodwill amounted to -E485 million corresponding to the impairment charges for Emporiki in the third quarter 2009 . Net income from discontinued operations, amounting to E100 million, reflects the gain on disposal of the entities in Gabon and Congo and net income from the African entities that have not been sold yet . Crédit Agricole S . A . s total net income Group share in the first 9 months of 2009 was E692 million, compared with E1,333 million in the same year-ago period that benefited from the significant gains on disposals (Suez and Newedge) . Net income Group share in the third quarter of 2009 was E289 million, up 43 . 8% compared to the previous quarter . These solid results are part of a highly positive trend and reflect a good performance by all of the Group s business lines . FINANCIAL POSITIONAt 30 September 2009, CRD risk-weighted assets stood at E320 . 9 billion, a decline of 5 . 2% compared to 1 January 2009, owing to the reduction in credit risk, particularly for Calyon and Crédit Agricole S . A . , and to the E15 billion fall in market risk resulting from the strict management of the market activities risk profile . Conversely, the change also includes an increase in risk-weighted assets in certain business lines, particularly due to the acquisition of control in CACEIS in the second quarter . Tier 1 Capital (before deductions) amounted to E63 . 8 billion, an increase of 5 . 4% compared to 31 December 2008 . This includes E3 billion of deeply subordinated notes taken up by the State in the context of the French support plan to the economy which were reimbursed on the 27 October 2009 . After deductions, Tier 1 capital amounts to E31 . 1 billion . Thus, at 30 September 2009, the overall capital adequacy ratio was 10 . 0%, the Tier 1 ratio was 9 . 7%, and the Core Tier 1 ratio was 9 . 1% . RESULTS BY BUSINESS LINE1 . FRENCH RETAIL BANKING1 . 1 . - CRÉDIT AGRICOLE REGIONAL BANKS
| (in millions of euros) | Q3-09 | Change Q3/Q3 | Change Q3/Q2 | 9M 2009 | Change |
| | | | | | 9M/9M |
| | | | | | |
| Net income accounted for at equity (at 25%) | 214 | +52 . 5% | +28 . 5% | 515 | +19 . 1% |
| Change in share of reserves | 8 | nm | nm | 134 | nm |
| Income from equity affiliates | 222 | +63 . 0% | +36 . 9% | 649 | +13 . 0% |
| Tax* | - | nm | nm | (92) | (4 . 7%) |
| Net income | 222 | +63 . 0% | +41 . 7% | 557 | +16 . 6% |
* Tax impact of dividends received from the Regional Banks . In the first 9 months of 2009, the Regional Banks delivered excellent commercial results, with many accomplishments, including the successful launch of the M6 Mozaïc card (163,000 cards ordered within one month) and the continued acquisition of Double Action cards by existing customers (769,000 activated cards at 30 September 2009) . Customer deposits outstanding amounted to almost E510 billion, a substantial 4 . 3% rise on 30 September 2008 . They benefited from a robust 4 . 0% advance in interest-bearing deposits, driven primarily by passbook accounts(up 13 . 3%), under the impetus of Livret A accounts and of sight deposits, which rose by 2 . 1% . Off-balance sheet deposits moved up 4 . 8% to E233 . 8 billion, reflecting the healthier market trend . Growth in loans outstandings slowed but production picked up over the quarter . Outstandings moved up 1 . 7% year-on-year to E352 . 4 billion at 30 September 2009 . Despite the seasonal slowdown during the third quarter, loan production rose by 7 . 2% quarter-on-quarter to E14 . 2 billion . The upturn in residential mortgages was significant . This trend was magnified in October, when production was 41% higher than in September . In the third quarter of 2009, the Regional Banks registered a robust improvement in their operating performance, driven by extremely strong customer business . Net banking income from customer business progressed by 7 . 7% in the first 9 months, reflecting an increase in the intermediation margin and higher fee income . The 1% contraction in operating expenses over the period shows that operational efficiency was further enhanced . In the third quarter, the cost/income ratio was a low 50 . 2% . With a 41 . 3% increase in risk-related costs, operating income moved up to E3 . 1 billion, a 27 . 0% year-on-year rise in the first 9 months of 2008 . The Regional Banks aggregate contribution to net income Group share came to E557 million in the first 9 months of 2009, up 16 . 6% year-on-year . In the third quarter alone, their contribution was E222 million . 1 . 2 . - LCL
| (in millions of euros) | Q3-09 | Change Q3/Q3* | Change Q3/Q2 | 9M 2009 | Change |
| | | | | | 9M/9M* |
| | | | | | |
| Net banking income | 933 | +3 . 6% | (3 . 7%) | 2,838 | +2 . 7% |
| Operating expenses | (627) | +0 . 7% | +1 . 9% | (1,891) | +0 . 5% |
| Gross operating income | 306 | +10 . 2% | (13 . 6%) | 947 | +7 . 4% |
| Risk-related costs | (95) | +86 . 4% | (7 . 2%) | (296) | x2 . 2 |
| Operating income | 211 | (6 . 9%) | (16 . 2%) | 651 | (13 . 0%) |
| Net income, Group share | 141 | (6 . 7%) | (16 . 2%) | 433 | (12 . 7%) |
*2008 figures under Basel IIDuring the third quarter, LCL s business momentum remained strong and its operating performance remained solid . LCL s business continued to run high, with loans outstanding up 3 . 9% year-on-year, driven by an upturn in demand . As in the previous quarter, the fastest-growing segment was lending to SMEs and small business customers, with a rise of 5 . 4%, reflecting LCL s commitment to provide financing to the French economy . In mortgage lending, the sharp upturn in production at the end of the quarter (22% in September) drove up growth in loans outstanding to 3 . 5% year-on-year . Conversely, growth in consumer loans slowed further, to 0 . 9% year-on-year . LCL continued to attract new clients, both personal customers with 112,300 new accounts added over 9 months and small businesses, with 6,600 new accounts opened since the beginning of the year . This expansion reflects the success of LCL s innovative and concrete offerings to meet daily needs, with many new products launched in 2009 including LCL à la carte", Contrat de Reconnaissance, Solution Trésorerie, the LCL ISIC card for students, and eLCL 100% online banking . Growth in customer deposits remained healthy at 3 . 3% year-on-year . The healthy upturn in sight deposits, which advanced by 2 . 7% year-on-year, coupled with persistently strong growth in passbook accounts (up 12 . 2%) lifted interest-bearing deposits to E60 billion . Off-balance sheet deposits also progressed, propelled by an impressive performance in life insurance, with net production multiplied by 2 . 2 year-on-year, boosting outstandings by nearly 10%, and by resilience in securities and mutual fund business, which returned to the September 2008 level after the dip that followed the market crisis . LCL reported net banking income of E2 . 8 billion in the first 9 months of 2009, a 2 . 7% rise on the same year-ago period . Excluding provisions for home purchase savings plans, NBI improved by 3 . 2% . In the third quarter, owing to a weaker performance in financial management and the seasonal nature of business, net banking income came to E933 million, up 3 . 6% on the third quarter of 2008 . Costs remained under control and were virtually stable year-on-year, edging up 0 . 5% in the first 9 months of 2009 . As a result, the cost/income ratio contracted by 1 . 5 percentage points year-on-year in the first 9 months . Despite difficult economic conditions, risks were tightly controlled and thoroughly covered . Risk-related costs have stabilised since beginning of 2009 and even receded by 7 . 1% in the third quarter . The non-performing loan ratio was similar to that of the second quarter of 2009, at 3% of outstandings, owing to the high percentage of corporate customers in LCL s loan book . Over the first 9 months of 2009 however, the adverse business climate drove up risk-related costs appreciably, and these increased by a factor of 2 . 2 . This offset the business line s solid operating performance . LCL s net income Group share was E433 million in the first 9 months of 2009, down 12 . 7% year-on-year . 2 . INTERNATIONAL RETAIL BANKINGNote: The figures for the business line presented below are adjusted for the reclassification of African entities in the process of being sold into discontinued operations in the fourth quarter of 2008 . Excluding Emporiki, International retail banking showed resilience in a difficult business climate . It contributed E354 million to net income Group share in the first 9 months of 2009, up 3 . 9% on the same year-ago period, and E155 million in the third quarter (a jump of 29 . 3% compared with the third quarter of 2008) . Excluding Emporiki, the business line managed to contain the fall in revenues year-on-year . The decline in net banking income for the first 9 months of 2009 was confined to 4 . 7% by comparison with the same period in 2008, in economies where the business line s operations were more severely affected by the crisis than in France . Expenses registered a commensurate decline of 4 . 6% . Gross operating income receded by 5 . 0% over the period . Risk-related costs moved higher in both the first 9 months and the third quarter . Operating income for the first 9 months was E365 million . The disposal of entities in Gabon and Congo in September 2009 generated a gain of E84 million for the business line over the quarter . As a result, net income Group share was higher in both the first 9 months and the third quarter . The network continued to expand, with 56 branches (excluding Emporiki) opened during the first 9 months, most of them in Morocco and Poland . Overall, including Emporiki, the business line s performance was adversely affected by economic conditions in the countries where it operates, which impacted net banking income and risk-related costs, and by a E485 million pre-tax charge for goodwill impairment of Emporiki . The business line s contribution in the first 9 months of 2009 was a loss of E488 million, including a loss of E417 million in the third quarter .
| (in millions of euros) | Q3-09 | Change | Change Q3/Q2 | 9M 2009 | Change 9M/9M | Change 9M/9M* |
| | | Q3/Q3 | | | | |
| | | | | | | |
| Net banking income | 722 | (6 . 4%) | (4 . 4%) | 2,178 | (5 . 5%) | (4 . 7%) |
| Operating expenses | (482) | (5 . 5%) | (5 . 1%) | (1,480) | (2 . 3%) | (4 . 6%) |
| Gross operating income | 240 | (8 . 1%) | (2 . 9%) | 698 | (11 . 6%) | (5 . 0%) |
| Risk-related costs | (274) | +73 . 2% | +0 . 3% | (813) | x2 . 3 | +77 . 4% |
| Operating income | (34) | nm | +30 . 4% | (115) | nm | (30 . 9%) |
| Equity affiliates | 37 | +94 . 3% | (6 . 3%) | 124 | x2 . 1 | x2 . 3 |
| Net income on other assets | (453) | nm | nm | (453) | nm | nm |
| Pre-tax income | (450) | nm | nm | (444) | nm | (16 . 2%) |
| Tax | (47) | (39 . 8%) | (42 . 6%) | (156) | (18 . 8%) | (3 . 1%) |
| Gain/(loss) on discontinued operations | 89 | nm | nm | 100 | nm | nm |
| Net income, Group share | (417) | nm | nm | (488) | nm | +3 . 9% |
* Excluding EmporikiIn Greece, Emporiki s results are in line with the outlook presented in the restructuring and development plan unveiled on 7 October 2009 . The plan s target is to restore Emporiki s profitability by the end of 2011, and to upgrade it to Crédit Agricole Group standards by 2013 while generating profitable growth . To achieve this goal, Emporiki will focus on four areas: lowering risk-related costs to under 100 basis points of total loans outstanding in 2011; streamlining its cost base by optimising the workforce (with a decrease by 1,100 FTEs) and real estate assets; restoring its commercial performance by modernising and redeploying the branch network and through increased specialisation of the sales forces; and lastly, redefining human resources management . In addition, under the plan, Emporiki Bank s main Greek subsidiaries will be folded into the Group s business lines . Emporiki will also endeavour to stabilise its international subsidiaries in the Balkans and in Cyprus . To insure that the plan meets with success, Emporiki is planning a Tier 1 capital injection of around E1 billion . Third-quarter performance was in line with plan targets . In the third quarter, net banking income was 10 . 3% higher than in the second quarter, adjusted for the exceptional E27 million gain arising on repayment of medium term debt in the second quarter . This increase namely reflects the improvement in the structure of Emporiki s deposits . Operational efficiency has improved, leading to a 1 . 7x increase in gross operating income between the second and third quarters of 2009 . Risks-related costs were reduced by 15 . 9% compared to the second quarter and sensitive loans outstanding declined for the second consecutive quarter . Emporiki s contribution to net income, Group share, including E485 million in goodwill impairment, was a loss of E843 million in the first 9 months of 2009 . In Italy, Cariparma FriulAdria showed resilience in a lacklustre Italian market . Business momentum was solid, with a 6 . 8% year-on-year increase in loans outstanding, compared with the Italian market average of less than 2% . On-balance sheet deposits registered a commensurate rise of 6 . 7% year-on-year . The Group s excellence was confirmed by two recently issued rankings . Banca Finanza ranked Cariparma FriulAdria No . 1 among the major Italian bank groups, on the basis of financial strength, profitability and productivity . Lombard magazine ranked it one of the only two "five-star" banking groups in Italy . Group results translate these relatively solid performances . Net banking income in the first 9 months of 2009 reflects Italian economic context, with a fall of 5 . 1% compared with the same period last year . Costs were down 1 . 9% over the same period . Risk-related costs increased to 78 basis points on Basel 1 risk-weighted assets in the first 9 months of 2009 . Cariparma FriulAdria s contribution to net income Group share was E157 million in the first 9 months of 2009 . Net income Group share for the Cariparma - FriulAdria group, including the contribution from CA Vita, amounted to E238 million over the same period . 3 . SPECIALISED FINANCIAL SERVICES
| (in millions of euros) | Q3-09 | Change Q3/Q3 | Change Q3/Q2 | 9M 2009 | Change |
| | | | | | 9M/9M |
| | | | | | |
| Net banking income | 948 | +28 . 5% | +4 . 9% | 2,704 | +22 . 5% |
| Operating expenses | (422) | +7 . 6% | +3 . 0% | (1,262) | +6 . 0% |
| Gross operating income | 526 | +52 . 3% | +6 . 4% | 1,442 | +41 . 9% |
| Risk-related costs | (318) | x1 . 7 | +2 . 2% | (894) | x2 . 0 |
| Operating income | 208 | +28 . 7% | +13 . 6% | 548 | (3 . 1%) |
| Equity affiliates | 1 | (31 . 8%) | (11 . 8%) | 5 | (25 . 8%) |
| Net income on other assets | 0 | nm | nm | 1 | nm |
| Pre-tax income | 209 | +32 . 1% | +13 . 3% | 554 | (2 . 5%) |
| Net income, Group share | 112 | +4 . 8% | +8 . 2% | 307 | (15 . 0%) |
Over the first 9 months of 2009, Specialised financial services maintained its contribution despite high risk-related costs . The business line registered significant changes year-on-year owing to the change in its scope, and primarily to the consolidation of Ducato in consumer credit in the first quarter of 2009 . Net banking income rose by 22 . 5%, while costs increased by 6 . 0%, resulting in a 41 . 9% advance in gross operating income . On a like-for-like basis, net banking income moved up 8 . 0% year-on-year in the first nine months, thanks to growth in outstandings and a fall in interest rates on refinancing . Operating expenses were down 3 . 3%, in line with the cost reduction plan . Gross operating income progressed by 21 . 2%, thereby confirming the business line s very good operating performance . The cost/income ratio was down to 48 . 9% at end-September 2009, down 5 . 0 percentage points on its year-ago level . Risk-related costs doubled year-on-year but the improvement in the economy during the third quarter, coupled with effective credit approval and collection measures, slowed the rise in these costs, which moved up 2 . 2% quarter-on-quarter in the third quarter (compared with a 2 . 2x increase year-on-year in the first half) . Consequently, the intermediation ratio fell by 1 percentage point compared to the second quarter, to 79 . 7% . In total, the business line reported net income Group share of E307 million for the first 9 months of 2009,down 15 . 0% year-on-year in the first 9 months but up 4 . 8% year-on-year in the third quarter . In Consumer finance, market share in production in France advanced by 0 . 9 percentage point year-on-year to 19 . 1%[3], thereby strengthening CACF s leadership positions . Loans outstanding remained on an uptrend both in France, owing to partnerships with the networks (up 5 . 1% year-on-year), and internationally, with a rise of 22 . 2% (4 . 1% on a like-for-like basis) due to the positive effect of the consolidation of Ducato . With 77% of outstandings concentrated in its two domestic markets - France and Italy - the breakdown of consumer finance outstandings by region is favourable in terms of risks . Gross operating income increased by 25 . 6%[4] year-on-year owing to a positive scissors effect . The risk-related cost remains among the lowest in the market at 224 basis points of Basel 1 risk-weighted assets on the first nine months of year 2009 . In Factoring and Lease finance, the Group maintained its leadership positions . In Factoring, net banking income of the first 9 months of 2009 was down 13 . 1%4 year-on-year, owing to a downturn in the French factoring market . Even so, Eurofactor outperformed the competition and retained its leading position . Factored receivables receded by 4 . 4% versus a 6 . 2%3 decline for the market . Costs were tightly controlled and contracted by 4 . 3%4 on their September 2008 level . Gross operating income was E50 million in the first 9 months of 2009, down 25 . 8% year-on-year . Risk-related costs remained low in the third quarter and operating income expanded by 24 . 4% quarter on quarter in the third quarter . In Lease finance, the Group consolidated its leadership positions in France with CA Leasing (year-on-year +6 . 3% for France s outstandings) . Outstandings increased by 16 . 9% year-on-year, driven primarily by international operations, with the consolidation of CALIT s loan book in the fourth quarter of 2008 . Year-on-year, gross operating income of the first 9 months of 2009 moved up 15 . 7%4 due to the fall in refinancing costs and to a smaller increase in costs . 4 . ASSET MANAGEMENT, INSURANCE AND PRIVATE BANKINGOver the first 9 months, Asset management, insurance and private banking business picked up strongly and the business line s results moved up sharply . Net new inflows were positive for all segments . Over the period, they amounted to E25 . 4 billion, lifting assets under management by 4 . 5% in the third quarter to E811 billion . This upturn in business generated robust growth in revenues in the third quarter and produced a positive scissors effect . As a result, gross operating income progressed by 31 . 3% year-on-year4 and by 12 . 2% quarter-on-quarter4 . During the third quarter, new stages in the process of growth by acquisition were completed: CACEIS results fully consolidated for the first time, and the ongoing merger of CAAM-SGAM . The entity s new name has been announced: "Amundi Asset Management" .
| (in millions of euros) | Q3-09 | Change Q3/Q3 | Change Q3/Q2 | 9M 2009 | Change |
| | | | | | 9M/9M |
| | | | | | |
| Net banking income | 1,212 | +32 . 7% | +
|