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MOUNTAIN VIEW, CA--(Marketwired - May 15, 2017) - SENS Research Foundation (SRF) has launched a new research program focused on somatic gene therapy in collaboration with the Buck Institute for Research on Aging. Brian Kennedy, PhD, a leading expert on the biology of aging, will be running the project in his lab at the Buck. Many potential treatments of age-related diseases require the addition of new genes to the genome of cells in the body, a technology known as somatic gene therapy. The technology has been hampered, up until now, by the inability to control where the gene is inserted. That lack of control resulted in a significant risk of insertion in a location that encourages the cell to become malignant. SRF has devised a new method for inserting genes into a pre-defined location. In this program, this will be done as a two-step process, in which first CRISPR is used to create a "landing pad" for the gene, and then the gene is inserted using an enzyme that only recognizes the landing pad. SRF has created "maximally modifiable mice" that already have the landing pad, and this project will evaluate how well the insertion step works in different tissues. "Somatic gene therapy has been a goal of medicine for decades. Being able to add new healthy genes will enable us to address treatments of such age-related diseases as atherosclerosis and macular degeneration. Our collaboration with SRF will substantially move us toward finding effective treatments to genetically based age-related diseases," said Dr. Kennedy. "Partnering with Brian Kennedy and the Buck enables SRF to continue towards our goal of achieving human clinical trials on rejuvenation biotechnologies in the next five years. Brian's leadership in moving this technology into mammals is a huge step forward," said Dr. Aubrey de Grey, CSO, SENS Research Foundation. This research has been made possible through the generous support of the Forever Healthy Foundation and its founder Michael Greve, as well as the support of our other donors. The Forever Healthy Foundation is a private nonprofit initiative whose mission is to enable people to vastly extend their healthy lifespans and be part of the first generation to cure aging. In order to accelerate the development of therapies to bring aging under full medical control, the Forever Healthy Foundation directly supports cutting-edge research aimed at the molecular and cellular repair of damage caused by the aging process. About SENS Research Foundation (SRF) SENS Research Foundation is a 501(c)(3) nonprofit that works to research, develop, and promote comprehensive regenerative medicine solutions for the diseases of aging. SRF is focused on a damage repair paradigm for treating the diseases of aging, which it advances through scientific research, advocacy, and education. SENS Research Foundation supports research projects at universities and institutes around the world with the goal of curing such age-related diseases as macular degeneration, heart disease, cancer, and Alzheimer's disease. Educating the public and training researchers to support a growing regenerative medicine field are also major endeavors of the organization that are being accomplished though advocacy campaigns and educational programs. For more information, visit www.sens.org. About Buck Institute for Research on Aging Buck Institute is the U.S.'s first independent research organization devoted to Geroscience -- focused on the connection between normal aging and chronic disease. Based in Novato, California, the Buck is dedicated to extending "healthspan," the healthy years of human life, and does so by utilizing a unique interdisciplinary approach involving laboratories studying the mechanisms of aging and others focused on specific diseases. Buck scientists strive to discover new ways of detecting, preventing and treating age-related diseases such as Alzheimer's and Parkinson's, cancer, cardiovascular disease, macular degeneration, osteoporosis, diabetes and stroke. In their collaborative research, they are supported by the most recent developments in genomics, proteomics, bioinformatics and stem cell technologies. For more information: www.thebuck.org.


News Article | May 19, 2017
Site: www.prweb.com

In a U.S. House subcommittee hearing today, the American Water Works Association (AWWA) testified that updates to the Safe Drinking Water Act (SDWA) are overdue and necessary to assist communities with water infrastructure and compliance challenges. Speaking before the U.S. House Subcommittee on the Environment during Infrastructure Week, Water Utility Council Chair Kurt Vause presented AWWA’s suggestions related to funding, utility management and regulatory compliance. “An updating of the 1996 Amendments to the SDWA is overdue,” said Vause, special projects director at Anchorage Water & Wastewater Utility in Anchorage, Alaska. “Our 2012 report, ‘Buried No Longer: Confronting America’s Water Infrastructure Challenge’ pointed out that this nation must spend $1 trillion on drinking water infrastructure in the next 25 years to maintain our current levels of service.” Vause, speaking on behalf of AWWA’s 50,000 members, spoke on the need to improve the Drinking Water State Revolving Fund (SRF) to make it easier to use to help finance projects of consolidation for efficiency of operations and regulatory compliance. He also encouraged improved tracking of SRF capitalization grants to help that program become more efficient and flexibility in repayment of SRF loans to assist particularly distressed communities. “To some communities, the terms of repayment will necessarily lead to a limited use of SRF financing of critical infrastructure needs,” Vause said. Vause also encouraged Congress to provide fully authorized appropriations of $45 million for the Water Infrastructure Finance and Innovation Act (WIFIA) in FY2018. WIFIA is a promising new tool in repairing and replacing the nation’s aging water and wastewater infrastructure. WIFIA lowers the cost of large water infrastructure projects by providing low-interest, long-term federal loans to communities. Congress has already appropriated $30 million total for the program but, as Vause noted, “A fully authorized FY2018 WIFIA would support nearly $3 billion in needed infrastructure investment.” Vause spoke with committee members at length about how asset management can serve utilities and their customers to improve performance and the use of finite resources. To help states and communities manage regulatory obligations under all environmental statutes, Vause encouraged Congress to bring the drinking water sector into an integrated planning process, as is being discussed for the wastewater sector. “AWWA recommends Congress include drinking water requirements contained with the 1996 amendments of SDWA in any integrated planning framework to give communities across the country the flexibility to more effectively meet their regulatory obligations, while also better protecting public health,” Vause said. Former AWWA President John Donahue also testified before the U.S. House Subcommittee on the Environment in March to encourage Congress to support water infrastructure investment. Established in 1881, the American Water Works Association is the largest nonprofit, scientific and educational association dedicated to managing and treating water, the world’s most important resource. With approximately 50,000 members, AWWA provides solutions to improve public health, protect the environment, strengthen the economy and enhance our quality of life.


News Article | May 1, 2017
Site: www.prnewswire.com

The Fund is a non-diversified, closed-end management investment company with an investment objective of seeking a high total return with an emphasis on current income.  The Fund seeks to provide shareholders with a tax-efficient vehicle to invest in a portfolio of public and private securities of energy companies involved in exploring, developing, producing, transporting, gathering and processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined products or coal.  The Fund will invest no more than 25% of its total assets in securities of energy master limited partnerships ("MLPs") that qualify as publicly traded partnerships under the Internal Revenue Code.  The Fund is traded on the New York Stock Exchange under the symbol "SRF." The Fund is managed by Cushing® Asset Management, LP ("Cushing"). No assurance can be given that the Fund's investment objective will be achieved. Cushing, a subsidiary of Swank Capital, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.  As of March 31, 2017, Cushing had approximately $4.0 billion of assets under management in closed-end funds, mutual funds, privately offered funds and separately managed accounts. This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Funds and Cushing believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Funds and Cushing do not assume a duty to update this forward-looking statement. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cushing-energy-income-fund-announces-monthly-distribution-300448299.html


MALVERN, Pa., April 26, 2017 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE:VSH) today introduced a new AEC-Q200 qualified inductor that is the industry’s first to offer a continuous current rating of 125 A. For automotive and industrial applications, the Vishay Dale IHXL-2000VZ-5A features a 190 A saturation current for 20 % inductance reduction and continuous high temperature operation to +155 °C. Mounting options for the device include through-hole, solder, welded, or bolt-on. The device released today is optimized for electric vehicles (EV), hybrid electric vehicles (HEV), solar, and wind power applications. With dimensions of 50.8 mm by 50.8 mm by 21.5 mm, the IHXL-2000VZ-5A’s 2000 case size is the largest available for a composite inductor. The inductor features an effective filtering frequency range up to SRF (13.1 MHz for 2.2 µH), very low DCR down to 0.21 mΩ typical, and nominal inductance of 2.2 µH, with additional inductance values to be offered in the future. The IHXL-2000VZ-5A handles high transient current spikes without hard saturation. Packaged in a 100 % lead (Pb)-free shielded, composite construction that reduces buzz noise to ultra low levels, the inductor is specified for an operating temperature range of -55 °C to +155 °C, with high resistance to thermal shock, moisture, and mechanical shock. The device is RoHS-compliant, halogen-free, and Vishay Green. Samples and production quantities of the IHXL-2000VZ-5A are available now, with lead times of 12 to 14 weeks for large orders. Vishay Intertechnology, Inc., a Fortune 1000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay’s product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at www.vishay.com. Share it on Twitter: http://twitter.com/intent/tweet?text=.@vishayindust AEC-Q200 inductor is industry’s first with 125 A continuous current rating - https://goo.gl/UdkCqC


MALVERN, Pa., April 26, 2017 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE:VSH) today introduced a new AEC-Q200 qualified inductor that is the industry’s first to offer a continuous current rating of 125 A. For automotive and industrial applications, the Vishay Dale IHXL-2000VZ-5A features a 190 A saturation current for 20 % inductance reduction and continuous high temperature operation to +155 °C. Mounting options for the device include through-hole, solder, welded, or bolt-on. The device released today is optimized for electric vehicles (EV), hybrid electric vehicles (HEV), solar, and wind power applications. With dimensions of 50.8 mm by 50.8 mm by 21.5 mm, the IHXL-2000VZ-5A’s 2000 case size is the largest available for a composite inductor. The inductor features an effective filtering frequency range up to SRF (13.1 MHz for 2.2 µH), very low DCR down to 0.21 mΩ typical, and nominal inductance of 2.2 µH, with additional inductance values to be offered in the future. The IHXL-2000VZ-5A handles high transient current spikes without hard saturation. Packaged in a 100 % lead (Pb)-free shielded, composite construction that reduces buzz noise to ultra low levels, the inductor is specified for an operating temperature range of -55 °C to +155 °C, with high resistance to thermal shock, moisture, and mechanical shock. The device is RoHS-compliant, halogen-free, and Vishay Green. Samples and production quantities of the IHXL-2000VZ-5A are available now, with lead times of 12 to 14 weeks for large orders. Vishay Intertechnology, Inc., a Fortune 1000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay’s product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at www.vishay.com. Share it on Twitter: http://twitter.com/intent/tweet?text=.@vishayindust AEC-Q200 inductor is industry’s first with 125 A continuous current rating - https://goo.gl/UdkCqC


News Article | April 25, 2017
Site: marketersmedia.com

In this report, the global R134A Refrigerant market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of R134A Refrigerant in these regions, from 2012 to 2022 (forecast), covering North America Europe China Japan Southeast Asia India For more information or any query mail at sales@wiseguyreports.com Global R134A Refrigerant market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including DuPont Honeywell Mexichem Fluor Linde Gas Johnsen Chemours Actrol Arkema Yong Hua refrigerant co.ltd SRF Sinochem Qingdao Liangyou Environmental Protection Chemicals Ficox Chemical Shanghai KuAo Refrigeration Equipment Shanghai Aohong Chemical INEOS Fluor ZHEJIANG V&T GROUP LIMITED On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into Natural Refrigerant Synthetic Refrigerant On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of R134A Refrigerant for each application, including Automotive Air-Conditioning Household & Commercial Refrigeration Inhalers Others If you have any special requirements, please let us know and we will offer you the report as you want. Global R134A Refrigerant Market Research Report 2017 1 R134A Refrigerant Market Overview 1.1 Product Overview and Scope of R134A Refrigerant 1.2 R134A Refrigerant Segment by Type (Product Category) 1.2.1 Global R134A Refrigerant Production and CAGR (%) Comparison by Type (Product Category) (2012-2022) 1.2.2 Global R134A Refrigerant Production Market Share by Type (Product Category) in 2016 1.2.3 Natural Refrigerant 1.2.4 Synthetic Refrigerant 1.3 Global R134A Refrigerant Segment by Application 1.3.1 R134A Refrigerant Consumption (Sales) Comparison by Application (2012-2022) 1.3.2 Automotive Air-Conditioning 1.3.3 Household & Commercial Refrigeration 1.3.4 Inhalers 1.3.5 Others 1.4 Global R134A Refrigerant Market by Region (2012-2022) 1.4.1 Global R134A Refrigerant Market Size (Value) and CAGR (%) Comparison by Region (2012-2022) 1.4.2 North America Status and Prospect (2012-2022) 1.4.3 Europe Status and Prospect (2012-2022) 1.4.4 China Status and Prospect (2012-2022) 1.4.5 Japan Status and Prospect (2012-2022) 1.4.6 Southeast Asia Status and Prospect (2012-2022) 1.4.7 India Status and Prospect (2012-2022) 1.5 Global Market Size (Value) of R134A Refrigerant (2012-2022) 1.5.1 Global R134A Refrigerant Revenue Status and Outlook (2012-2022) 1.5.2 Global R134A Refrigerant Capacity, Production Status and Outlook (2012-2022) 2 Global R134A Refrigerant Market Competition by Manufacturers 2.1 Global R134A Refrigerant Capacity, Production and Share by Manufacturers (2012-2017) 2.1.1 Global R134A Refrigerant Capacity and Share by Manufacturers (2012-2017) 2.1.2 Global R134A Refrigerant Production and Share by Manufacturers (2012-2017) 2.2 Global R134A Refrigerant Revenue and Share by Manufacturers (2012-2017) 2.3 Global R134A Refrigerant Average Price by Manufacturers (2012-2017) 2.4 Manufacturers R134A Refrigerant Manufacturing Base Distribution, Sales Area and Product Type 2.5 R134A Refrigerant Market Competitive Situation and Trends 2.5.1 R134A Refrigerant Market Concentration Rate 2.5.2 R134A Refrigerant Market Share of Top 3 and Top 5 Manufacturers 2.5.3 Mergers & Acquisitions, Expansion 7 Global R134A Refrigerant Manufacturers Profiles/Analysis 7.1 DuPont 7.1.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.1.2 R134A Refrigerant Product Category, Application and Specification 7.1.2.1 Product A 7.1.2.2 Product B 7.1.3 DuPont R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.1.4 Main Business/Business Overview 7.2 Honeywell 7.2.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.2.2 R134A Refrigerant Product Category, Application and Specification 7.2.2.1 Product A 7.2.2.2 Product B 7.2.3 Honeywell R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.2.4 Main Business/Business Overview 7.3 Mexichem Fluor 7.3.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.3.2 R134A Refrigerant Product Category, Application and Specification 7.3.2.1 Product A 7.3.2.2 Product B 7.3.3 Mexichem Fluor R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.3.4 Main Business/Business Overview 7.4 Linde Gas 7.4.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.4.2 R134A Refrigerant Product Category, Application and Specification 7.4.2.1 Product A 7.4.2.2 Product B 7.4.3 Linde Gas R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.4.4 Main Business/Business Overview 7.5 Johnsen 7.5.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.5.2 R134A Refrigerant Product Category, Application and Specification 7.5.2.1 Product A 7.5.2.2 Product B 7.5.3 Johnsen R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.5.4 Main Business/Business Overview 7.6 Chemours 7.6.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.6.2 R134A Refrigerant Product Category, Application and Specification 7.6.2.1 Product A 7.6.2.2 Product B 7.6.3 Chemours R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.6.4 Main Business/Business Overview 7.7 Actrol 7.7.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.7.2 R134A Refrigerant Product Category, Application and Specification 7.7.2.1 Product A 7.7.2.2 Product B 7.7.3 Actrol R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.7.4 Main Business/Business Overview 7.8 Arkema 7.8.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.8.2 R134A Refrigerant Product Category, Application and Specification 7.8.2.1 Product A 7.8.2.2 Product B 7.8.3 Arkema R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.8.4 Main Business/Business Overview 7.9 Yong Hua refrigerant co.ltd 7.9.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.9.2 R134A Refrigerant Product Category, Application and Specification 7.9.2.1 Product A 7.9.2.2 Product B 7.9.3 Yong Hua refrigerant co.ltd R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.9.4 Main Business/Business Overview 7.10 SRF 7.10.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.10.2 R134A Refrigerant Product Category, Application and Specification 7.10.2.1 Product A 7.10.2.2 Product B 7.10.3 SRF R134A Refrigerant Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.10.4 Main Business/Business Overview 7.11 Sinochem Qingdao 7.12 Liangyou Environmental Protection Chemicals 7.13 Ficox Chemical 7.14 Shanghai KuAo Refrigeration Equipment 7.15 Shanghai Aohong Chemical 7.16 INEOS Fluor 7.17 ZHEJIANG V&T GROUP LIMITED For more information or any query mail at sales@wiseguyreports.com ABOUT US: Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports features an exhaustive list of market research reports from hundreds of publishers worldwide. We boast a database spanning virtually every market category and an even more comprehensive collection of rmaket research reports under these categories and sub-categories. For more information, please visit https://www.wiseguyreports.com


News Article | May 4, 2017
Site: globenewswire.com

Q1 17: GOOD COMMERCIAL AND FINANCIAL PERFORMANCE FROM CORE BUSINESSES Operating expenses reflecting the growth of the businesses and investments in the transformation of French Retail Banking, +2.6%(1) vs. Q1 16 (+1.4%*(1)). The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, IFRIC 21 adjustment, (commercial) cost of risk in basis points, ROE, RONE, net assets, tangible net assets, EPS excluding non-economic items, and the amounts serving as a basis for the different restatements carried out (particularly non-economic items) are presented in the methodology notes, section 10 of this press release, as are the principles for the presentation of prudential ratios. The footnotes * and ** in this document are specified below: *           When adjusted for changes in Group structure and at constant exchange rates. (1)     Adjusted for the impact of IFRIC 21, and the partial refund of the Euribor fine in Q1 16. (2)     Excluding disputes, in basis points for assets at the beginning of the period, including operating leases. Annualised  calculation. (3)     Excluding non-economic items, impact of IFRIC 21, additional allocation to provision for disputes in Q1 17 and partial refund of the Euribor fine in Q1 16 (see methodology notes). Societe Generale's Board of Directors, which met on May 3rd, 2017 under the chairmanship of Lorenzo Bini Smaghi, examined the results for Q1 2017. The Societe Generale Group's businesses turned in a good commercial and financial performance in Q1 2017. Group net income was EUR 747 million (EUR 924 million in Q1 2016). This result includes an additional allocation to provision for disputes of EUR -350 million and, as for each first quarter, the effect of the implementation of the IFRIC 21 accounting standard. When corrected for these factors and non-economic items, Group net income totalled EUR 1,392 million, up +50.0% vs. Q1 2016 (excluding partial refund of the Euribor fine amounting to EUR 218 million) and the corresponding underlying ROE stood at 10.5% in Q1 2017 (vs. 7.1% in Q1 16). The businesses' contribution to Group net income was up +31.4% in Q1 2017 excluding the Euribor refund in 2016, driven by the strong growth in International Retail Banking & Financial Services and Global Banking & Investor Solutions, whereas French Retail Banking's earnings were slightly lower against a backdrop of low interest rates and increased investments in the transformation of its business model. Net banking income, excluding non-economic items, totalled EUR 6,452 million in Q1 2017, up +7.0% vs. Q1 2016, testifying to the businesses' good commercial performance. French Retail Banking's net banking income was slightly lower in an environment of still low interest rates (-1.3%), whereas the revenues of International Retail Banking & Financial Services and Global Banking & Investor Solutions were significantly higher (+8.4% and +5.4% respectively). Book net banking income totalled EUR 6,474 million in Q1 2017 (+4.8% vs. Q1 2016). There was a controlled increase in operating expenses([1]) of +2.6% (+1.4%*) in Q1 2017 vs. Q1 2016, reflecting the acceleration of investments in French Retail Banking, the increased activity in International Retail Banking & Financial Services, and the effects of Global Banking & Investor Solutions' cost savings plans. The net cost of risk (excluding the above-mentioned additional allocation to provision for disputes) was at the low level of EUR -277 million in Q1 2017, a substantial decline vs. Q1 2016 (EUR -524 million). The commercial cost of risk stood at the very low level of 24 basis points in Q1 2017 (46 basis points in Q1 2016). After the Q1 Board review of the accounts, Societe Generale has today announced that it has reached a settlement with the Libyan Investment Authority regarding the civil dispute opposing them and relating to transactions dating back to 2007 amounting to EUR -963 million. The parties will notify the UK court of the settlement this morning to enable the court to put an end to the proceedings. Given notably the additional provision for disputes booked in Q1 17 for EUR 350 million, the impact of this settlement in full-year Group net income is fully covered as from Q1 2017. The detailed accounting will be recorded in Q2 with notably an impact in the Corporate Centre's net banking income corresponding to the amount of the settlement. The Common Equity Tier 1 (fully-loaded CET1) ratio was up +10 basis points vs. December 31st, 2016, at 11.6%. Earnings Per Share, excluding non-economic items, amounts to EUR 0.76 at end-March 2017, vs. EUR 0.90 at end-March 2016. Commenting on the Group's results for Q1 2017, Frédéric Oudéa - Chief Executive Officer - stated: "Once again, Societe Generale has demonstrated the quality of its diversified and integrated banking model, with a good performance in all its businesses. Group net income testifies to the substantial increase in the contribution of its businesses, underpinned by its revenue growth and its cost and risk control. The Group is also continuing with its transformation. It has initiated a process to simplify its organisational set-up which will enable it to even better serve its customers, increase its agility and innovative capacity, and continue to exploit synergies between its businesses. Finally, over the next few quarters, the Group will continue actively working to bring an end to past disputes and complete the Culture and Conduct projects in order to further enhance the quality of its services and the control of its risks." The Group's net banking income, excluding non-economic items, was EUR 6,452 million in Q1 17, up +7.0% vs. Q1 16, reflecting the good performance of the Group's businesses. The businesses' net banking income was up +4.0% in Q1 17 vs. Q1 16. The accounting impact of the revaluation of the Group's own financial liabilities was EUR +25 million in Q1 17 (EUR +145 million in Q1 16). The DVA impact was EUR -3 million in Q1 17 (0 in Q1 16). These two factors constitute the restated non-economic items in the analyses of the Group's results. The Group's operating expenses amounted to EUR -4,644 million in Q1 17. They were 2.6% (1.4%*) higher than in Q1 16, adjusted for IFRIC 21 and the partial refund of the Euribor fine in Q1 16([2]). The increase reflects the acceleration of investments in the transformation of French Retail Banking and efforts to support the growth of International Retail Banking & Financial Services, and testifies to the containment of operating expenses in Global Banking & Investor Solutions, due to the cost savings plans initiated in order to offset the rise in regulatory costs. The Group's book gross operating income totalled EUR 1,830 million in Q1 2017 vs. EUR 1,891 million in Q1 2016. Excluding non-economic items, gross operating income amounted to EUR 1,808 million in Q1 17, substantially higher than in Q1 16 (EUR 1,528 million, corrected for the partial refund of the Euribor fine, +18.3%). The Group's net cost of risk in Q1 17 includes an additional allocation to provision for disputes of    EUR -350 million. Excluding this item, the net cost of risk was EUR -277 million in Q1 17, down -47.1% vs. Q1 16, confirming the structural reduction of the risk profile in the three business divisions. The commercial cost of risk (expressed as a fraction of outstanding loans) continued to decline, to a very low level of 24 basis points in Q1 2017 (vs. 46 basis points in Q1 16). It was lower in all the businesses: The gross doubtful outstandings ratio declined to 4.8% at end-March 2017 (vs. 5.3% at end-March 2016). The Group's gross coverage ratio for doubtful outstandings stood at 65%, improving one point vs. end-March 2016. Overall, the Group's commercial cost of risk is expected to be between 30 basis points and 35 basis points for 2017. The Group's book operating income totalled EUR 1,203 million in Q1 17 vs. EUR 1,367 million in Q1 16. Excluding non-economic items and the additional allocation to provision for disputes, operating income amounted to EUR 1,531 million, vs. EUR 1,004 million in Q1 16 (excluding Euribor refund), up +52.5%. Book Group net income totalled EUR 747 million in Q1 2017, vs. EUR 924 million for the same period in 2016. When corrected for non-economic items and the additional allocation to provision for disputes, Group net income amounted to EUR 1,083 million in Q1 17 (vs. EUR 829 million in Q1 16, or EUR 611 million excluding the Euribor refund). After correction for the effects of the implementation of the IFRIC 21 standard and adjustment for the partial refund of the Euribor fine in 2016, underlying Group net income was up +50.0% at EUR 1,392 million. As a result of this good performance, the corresponding ROE was 10.5% in Q1 2017 (5.2% in absolute terms) vs. 7.1% in Q1 16 (excluding non-economic items, Euribor refund and adjusted for IFRIC 21, identical level in absolute terms). Earnings per share amounts to EUR 0.77 in Q1 2017 (vs. EUR 1.02 in Q1 2016), or EUR 0.76 excluding non-economic items in Q1 2017 (EUR 0.90 in Q1 16). Group shareholders' equity totalled EUR 62.2 billion at March 31st, 2017 (EUR 62.0 billion at December 31st, 2016). Net asset value per share was EUR 63.96, including EUR 1.39 of unrealised capital gains. Tangible net asset value per share was EUR 58.08. The consolidated balance sheet totalled EUR 1,401 billion at March 31st, 2017 (EUR 1,382 billion at December 31st, 2016). The net amount of customer loan outstandings, including lease financing, was EUR 402 billion at March 31st, 2017 (EUR 403 billion at December 31st, 2016) - excluding assets and securities sold under repurchase agreements. At the same time, customer deposits amounted to EUR 391 billion, vs. EUR 397 billion at December 31st, 2016 (excluding assets and securities sold under repurchase agreements). At March 31st, 2017, the Group had issued EUR 11 billion of medium/long-term debt with EUR 10 billion at parent company level (representing the achievement of 40% of the 2017 financing programme of EUR 25 billion), having an average maturity of 5.0 years and an average spread of 32 basis points (vs. the 6-month mid-swap, excluding subordinated debt). The subsidiaries had issued EUR 1 billion. The LCR (Liquidity Coverage Ratio) was well above regulatory requirements at 129% at end-March 2017 vs. 142% at end-December 2016. The Group's risk-weighted assets (RWA) amounted to EUR 353.8 billion at March 31st, 2017 (vs. EUR 355.5 billion at end-December 2016) according to CRR/CRD4 rules. Risk-weighted assets in respect of credit risk represent 82% of the total, or EUR 291.6 billion, down -0.9% vs. December 31st, 2016. At March 31st, 2017, the Group's Common Equity Tier 1 ratio stood at 11.6%([3]) (11.1% at end-March 2016 and 11.5% at end-December 2016), up 10 basis points in Q1 2017 vs. end-2016. The Tier 1 ratio stood at 14.4% (13.7% at end-March 2016 and 14.5% at end-December 2016) and the total capital ratio amounted to 17.8%, a decline of -11 basis points vs. end-December 2016 (17.9%) prior to the maturity of an additional Tier 1 capital issue. With an estimate of 21.5% of RWA and 6.1% of leveraged exposure at end-March 2017, the Group's TLAC ratio is already above the FSB's requirements for 2019. The leverage ratio stood at 4.1% at March 31st, 2017 (4.2% at end-December 2016 and 4.0% at end-March 2016), a decline of 15 basis points in Q1 17 vs. end-2016. The Group is rated by the rating agencies DBRS (long-term rating: "A (high)" with a stable outlook; short-term rating: "R-1 (middle)"), FitchRatings (long-term rating: "A" with a stable outlook; short-term rating: "F1"), Moody's (deposit and senior unsecured long-term ratings: "A2" with a stable outlook; short-term rating: "P-1" and long-term Counterparty Risk Assessment of "A1" and short-term Counterparty Risk Assessment of "P-1"), Standard & Poor's (long-term rating: "A" with a stable outlook; short-term rating: "A-1") and R&I (long-term rating: "A" with a stable outlook). French Retail Banking has delivered a good commercial performance since the beginning of the year and generated resilient earnings in Q1 2017 in a low interest rate environment. Activity and net banking income French Retail Banking's three brands (Societe Generale, Credit du Nord and Boursorama) continued with their commercial expansion. The traditional banking networks saw a 2% rise in new individual customers and Boursorama set a new acquisition record with 80,500 new customers in Q1 17 (+32%), thereby strengthening its position as the leading online bank in France, with more than one million customers at end-March 2017. In the business segment, the Societe Generale and Credit du Nord networks also experienced an increase, with nearly 1,300 new relationships in Q1 17 (+7.7% vs. Q1 16). French Retail Banking's loan production was very dynamic in Q1 17 and reflects the assistance provided to businesses and individuals for the financing of their projects. At EUR 5.9 billion in Q1 17, housing loan production climbed +63% vs. Q1 16, which is only partially reflected in the growth in home loan outstandings (+1.8% in Q1 17) due primarily to the pace of prepayments in a low interest rate environment. Corporate investment loan production was also buoyant: it grew +28% vs. Q1 16 to EUR 2.8 billion, leading to a 1.2% rise in average outstandings. Overall, average outstanding loans rose +1% vs. Q1 16 to EUR 184.2 billion. Average outstanding balance sheet deposits came to EUR 191.8 billion at end-March 2017. They were up +8.8%, underpinned by the growth of sight deposits (+17.0%). The average loan/deposit ratio therefore amounted to 96% at end-March 2017 (vs. 100% on average in 2016). French Retail Banking's growth drivers are very healthy with, notably, high net inflow for Private Banking in France of EUR +0.8 billion in Q1 17 and gross life insurance inflow of EUR 2.4 billion marked by a strong attraction for unit-linked contracts (30% of inflow in Q1 17 vs. 18% in Q1 16). This good commercial momentum helped partially offset the negative effects of the low interest rate environment and mortgage renegotiations. After neutralising the impact of PEL/CEL provisions, net banking income came to EUR 2,058 million in Q1 17, down -2.3% vs. Q1 16. The interest margin contracted (-7.2% vs. Q1 16) due to mortgage renegotiations and prepayments despite the production of higher margin loans and robust deposit inflow for French Retail Banking. Commissions rose +4.8% in Q1 17, confirming the recovery under way since Q4 16. There was a strong increase in financial commissions, up +10% vs. Q1 16, due to the good level of brokerage commissions and the healthy momentum of life insurance, particularly for unit-linked contracts. Service commissions were up +3.4% vs. Q1 16, as a result of the gradual increase in the number of products subscribed by new customers and the commercial efforts aimed at professional and corporate customers. The erosion of net banking income is expected to be between -3% and -3.5% in 2017 (excluding the impact of PEL/CEL provisions). Operating expenses French Retail Banking's operating expenses came to EUR 1,461 million, up +2.5% vs. Q1 16 (and +1.7% restated for the increase in the SRF). This increase reflects the Group's ongoing investment in the digital transformation process and fast-growing activities. Operating expenses are expected to rise between +3% and +3.5% in 2017. As part of its transformation plan, the Group has notably closed 21 branches in France since the beginning of the year. Operating income Operating income totalled EUR 450 million in Q1 17 (EUR 479 million in Q1 16), underpinned by the sharp decline in the net cost of risk (-19%) which reflects the quality of French Retail Banking's portfolio. Contribution to Group net income French Retail Banking's contribution to Group net income amounted to EUR 319 million in Q1 17, down -2.7% vs. Q1 16, testifying to the division's resilient profitability in a low interest rate environment. RONE adjusted for the IFRIC 21 charge stood at 13.5% (vs. 14.8% in Q1 16). The division's net banking income totalled EUR 1,978 million in Q1 17, up +8.4% vs. Q1 16, driven by the good commercial momentum in all regions and businesses. Operating expenses remained under control and amounted to EUR 1,205 million over the same period, leading to a one point improvement in the cost to income ratio. As a result, gross operating income totalled EUR 773 million in Q1 17 (+11.7% vs. Q1 16). The net cost of risk improved significantly, amounting to EUR 111 million (-47.6% vs. Q1 16) due to good risk management and the receipt of an insurance indemnity in Romania. The division's contribution to Group net income totalled EUR 433 million in Q1 17, substantially higher than in Q1 16 (+44.3%). This includes a number of non-recurring items, whose total contribution was EUR 49 million. Excluding these non-recurring items, the contribution to Group net income was up EUR 84 million, representing an increase of +28% vs. Q1 16. At end-March 2017, International Retail Banking's outstanding loans totalled EUR 85.5 billion. This represented an increase of +9.7% (+7.9%*) vs. Q1 16, confirming the dynamic activity in Europe, particularly in the individual customer segment, as well as the buoyant activity in numerous African operations. Deposit inflow was also robust: outstanding deposits rose +9.6% (+8.3%*) vs. Q1 16, to EUR 77.9 billion. International Retail Banking's financial performance continued to improve. Revenues were up +4.8% (+2.4%*) vs. Q1 16 at EUR 1,277 million, underpinned by volume growth, while the increase in operating expenses of +2.2%* when adjusted for changes in Group structure and at constant exchange rates vs. Q1 16 (+6.0% in absolute terms) reflects investments in fast-growing activities. Gross operating income came to EUR 425 million, up +2.7% vs. Q1 16. International Retail Banking's contribution to Group net income amounted to EUR 194 million in Q1 17 (+59.0% vs. Q1 16), due primarily to the sharp decline in the net cost of risk (-47.3% vs. Q1 16). In Western Europe, outstanding loans were up +12.7% vs. Q1 16 at EUR 16.5 billion. Car financing remained particularly dynamic in the region. Revenues totalled EUR 181 million and gross operating income EUR 85 million in Q1 17. The contribution to Group net income came to EUR 43 million, up +38.7% vs. Q1 16. In the Czech Republic, the Group delivered a solid commercial performance in Q1 17. Outstanding loans rose +9.4% (+9.3%*) vs. Q1 16 to EUR 21.9 billion, driven by dynamic housing loan and consumer loan production. Outstanding deposits climbed +10.6% (+10.5%*) year-on-year to EUR 28.2 billion. Despite this positive volume effect, revenues were stable (-0.8%, -0.9%*) in Q1 17 at EUR 255 million, given the persistent low interest rate environment. Over the same period, operating expenses remained under control at EUR 163 million, with the increase of +6.5% attributable primarily to a non-recurring impairment. The contribution to Group net income, which amounted to EUR 64 million (+60.0% vs. Q1 16), benefited from provision write-backs as well as a capital gain on a property disposal, following the sale of the historical headquarters in Q1 17. The contribution to Group net income of non-recurring items was EUR 14 million in Q1 17. In Romania, the economic environment remains favourable. In Q1 17, outstanding loans rose +3.6% (+5.4%*) year-on-year to EUR 6.3 billion, primarily due to growth in the individual customer and large corporate segments. Outstanding deposits were 5.4% (7.3%*) higher year-on-year, at EUR 9.1 billion. In this context, net banking income was stable (-0.8%, -0.2%*) at EUR 127 million in Q1 17, with the 6.5%* increase in net interest income vs. Q1 16 offsetting the decline in commissions resulting from the regulatory capping of certain banking fees since June 30th, 2016. Rigorous cost control resulted in operating expenses declining -4.1% (-3.5%*) to EUR 94 million. Concerning the net cost of risk, Q1 17 was marked by provision write-backs, due primarily to insurance indemnities received over the period, whose contribution to Group net income was EUR 12 million. As a result, the BRD group's contribution to Group net income was EUR 28 million; it was EUR 2 million in Q1 16. In other European countries, outstanding loans were up +4.3% (+8.3%*) vs. Q1 16, at EUR 11.9 billion, principally in the individual customer segment, and with a healthy level of growth in virtually all the operations. Deposit inflow was buoyant, with outstandings up +8.5% (+10.8%*) year-on-year at EUR 11.8 billion, also driven by the individual customer segment. In Q1 17, revenues rose +4.2%*, when adjusted for changes in Group structure and at constant exchange rates, to EUR 175 million      (-2.2% in absolute terms), in conjunction with the growth in volumes, while operating expenses were down -6.7% (-3.1%*) at EUR 125 million. The contribution to Group net income came to EUR 2 million, after EUR 24 million in  Q1 16, due to a net cost of risk of EUR 44 million (vs. EUR 12 million in Q1 16), related to the provisioning of a commitment. These results include the contribution of the Croatian subsidiary, Splitska Banka, whose disposal was concluded on May 2nd, 2017, with a positive effect on the Group's Common Equity Tier 1 ratio of more than 8 basis points expected in Q2 17. In Russia, the economic environment continues to stabilise, reflected in the appreciation of the rouble (RUB/EUR at 60.3 at end-March 2017 vs. 76.3 at end-March 2016) and the decline in inflation (+4.3% in March 2017). Corporate activity continued to hold up well, while the recovery in loan production for individual customers accelerated, with car loan activity particularly buoyant. When adjusted for changes in Group structure and at constant exchange rates, outstanding loans were up +0.7%* vs. Q1 16 at EUR 9.7 billion (+23.2% in absolute terms, given the rouble's appreciation against the euro over the period). Outstanding deposits were stable* (+18.0% in absolute terms) vs. Q1 16, at EUR 7.8 billion. Net banking income for SG Russia([4]) totalled EUR 195 million in Q1 17, up +23.4% (-6.2%* when adjusted for changes in Group structure and at constant exchange rates) in conjunction with the rouble's sharp appreciation against the euro. Operating expenses remained under control at EUR 162 million, +0.8%* vs. Q1 16, when adjusted for changes in Group structure and at constant exchange rates, (+32.9% vs. Q1 16 in absolute terms). Overall, SG Russia made a positive contribution to Group net income of EUR 9 million in Q1 17. SG Russia made a loss of EUR -18 million in Q1 16. In Africa and other regions where the Group operates, outstanding loans rose +7.4% (+6.8%* vs. Q1 16) to EUR 19.1 billion, with a healthy commercial momentum in numerous African operations (outstanding loans in Africa up +8.4% or +7.6%* when adjusted for changes in Group structure and at constant exchange rates), in conjunction with the dynamic economic growth in the region. Outstanding deposits were up +8.2% (+7.7%*). Net banking income came to EUR 366 million in Q1 17, an increase vs. Q1 16 (+4.9%, +5.9%*). Over the same period, operating expenses rose +5.2% (+6.2%*) in parallel with the Group's commercial development. The contribution to Group net income came to EUR 57 million in Q1 17, up +9.6% vs. Q1 16. The life insurance savings business saw a +4% increase in outstandings in Q1 17 vs. Q1 16 as well as a stronger trend towards unit-linked products, with the share of unit-linked products in outstandings up +3 points vs. Q1 16. There was further growth in Personal Protection insurance (premiums up +8% vs. Q1 16). Likewise, Property/Casualty insurance continued to grow (premiums up +8% vs. Q1 16), with substantial growth internationally and higher premiums in the car and home insurance segments. The Insurance business turned in a good financial performance in Q1 2017, with net banking income up +6.8% vs. Q1 16 at EUR 235 million (+6.3%*), and a still low cost to income ratio (46.8% in Q1 17). The business' contribution to Group net income increased +5.1% vs. Q1 16 to EUR 82 million. As from Q2 2017, the Group's Insurance business will be strengthened by the finalisation of the acquisition of Aviva France's 50% stake in Antarius, an insurance company dedicated to the Credit du Nord networks, which occurred on April 1st, 2017. Financial Services to Corporates maintained its commercial dynamism in Q1 2017. Operational Vehicle Leasing and Fleet Management experienced a substantial increase in its vehicle fleet (+14.3% vs. the end of Q1 16). The increase can be attributed on the one hand to the integration of the Parcours Group, and on the other to the fleet's high organic growth, driven by Western Europe and SME customers. Societe Generale confirms the good progress in the preparation of the stock market flotation of its ALD subsidiary, scheduled for 2017, subject to market conditions, through the disposal of a 20% to 25% stake. This strategic operation will enable ALD to accelerate its growth and become a leader in the mobility sector. Equipment Finance's outstanding loans were up +6.7% (+5.9%*) vs. Q1 16, at EUR 16.5 billion (excluding factoring), driven by several major transactions in the technology sector. New business margins held up well despite an intense competitive environment. Financial Services to Corporates' net banking income rose +20.5% in Q1 17 to EUR 464 million (+13.0%* when adjusted for changes in Group structure and at constant exchange rates, excluding notably the acquisition of the Parcours Group, vs. Q1 16). Operating expenses were higher over the period at EUR 226 million (+11.9% vs. Q1 16), in conjunction with the business' strong growth and the integration of Parcours (+1.5%*). Operating income came to EUR 225 million, up +30.1% vs. Q1 16 (+26.3%*) and the contribution to Group net income was EUR 172 million, up +34.4% vs. Q1 16. Global Banking & Investor Solutions enjoyed a good start to the year, with revenues of EUR 2,484 million in Q1 17, up +5.4% vs. Q1 16 (EUR 2,357 million). This result reflects primarily the good quarter in Global Markets but also the good performance of Asset and Wealth Management, offsetting a slight decline in Financing & Advisory. Global Markets & Investor Services' net banking income totalled EUR 1,678 million in Q1 17, up +8.3% vs. Q1 16. Following on from Q4 16, investors were active at the beginning of the quarter, in conjunction notably with the rise in interest rates and the improvement in the global economic outlook. After this more buoyant period of activity, the resurgence of political uncertainty around the elections in Europe and the direction of US policy led to a certain "wait-and-see" attitude in the markets. Financing and Advisory posted revenues of EUR 557 million, down -2.6% vs. the high level in Q1 16. Weaker asset financing activity in a highly competitive market was partially offset by the good performance of natural resources financing. The capital raising activity maintained the healthy momentum of previous quarters, bolstered in particular by the good performance of the securitisation, acquisition and leveraged finance businesses. The revenues of the Asset and Wealth Management business line totalled EUR 249 million in Q1 17, up +5.5% vs. Q1 16, including a structure effect related to the integration of Kleinwort Benson. Private Banking's assets under management amounted to EUR 119 billion at end-March 2017. Thanks to a healthy net inflow and positive market effects, assets under management rose +2.8% vs. end-2016. Net banking income was up +1.0% vs. Q1 16, at EUR 198 million, reflecting the transformation under way in our geographical franchises, despite a pre-election "wait-and-see" attitude in France. The erosion of the margin in Q1 (which nevertheless remained at a satisfactory level of 101 basis points vs. 106 basis points in Q1 16) was related to the" wait-and-see" attitude, partially offset by a rebound in the brokerage business. Lyxor's assets under management came to EUR 107 billion (+0.9% vs. Q4 16) thanks to a record EUR 7 billion inflow. In the ETF segment, Lyxor moved up one place in the rankings to No. 2 in Europe with a market share of 10.2% (source ETFGI). Lyxor's revenues amounted to EUR 46 million in Q1 17 (EUR 32 million in Q1 16), due primarily to an increase in commissions received. Global Banking & Investor Solutions' operating expenses were up +13.6% in Q1 17 vs. Q1 16, which included the partial refund of the Euribor fine([5]). When restated for this effect and the increase in the contribution to the European Single Resolution Fund([6]), operating expenses were down -2% vs. Q1 16, due to the effect of the transformation plans implemented in 2015 and 2016. Gross operating income came to EUR 534 million, down -16.6% vs. Q1 16, primarily due to the effect of the partial refund of the Euribor fine(1) recorded in Q1 16. The net cost of risk was substantially lower, in conjunction with the improved environment in the oil sector, at EUR 21 million in Q1 17 vs. EUR 140 million in Q1 16, reflecting the division's good risk management. Global Banking & Investor Solutions' operating income totalled EUR 513 million in Q1 17, up +2.6% vs. Q1 16. When restated for the partial refund of the Euribor fine(1) in Q1 16, operating income was up 81.9% between Q1 16 and Q1 17. The division's contribution to Group net income came to EUR 383 million in Q1 17 (-15.6% and +62.3% excluding the effect of the Euribor fine refund in Q1 2016). When restated for the effect of the IFRIC 21 standard, the division's ROE amounted to 15.3% (10.4% in absolute terms). The Corporate Centre's net banking income totalled EUR -44 million in Q1 17 (EUR -91 million in Q1 16), and EUR -69 million excluding the revaluation of the Group's own financial liabilities (EUR -236 million in Q1 16). The Corporate Centre's gross operating income was EUR -72 million in Q1 17 vs. EUR -100 million in Q1 16. When restated for the revaluation of own financial liabilities, gross operating income came to EUR -97 million in Q1 17 (vs. EUR -245 million in Q1 16). For full-year 2017, the Corporate Centre's gross operating income, excluding non-economic and non-recurring items, is expected to be around EUR -500 million. The net cost of risk includes a EUR 350 million charge corresponding to an additional allocation to provision for disputes in Q1 17. A settlement has been reached, after the Board review of the Q1 17 results, with the Libyan Investment Authority (LIA) to put a final end to the dispute opposing Societe Generale and LIA before the UK civil courts. Given the additional provision for disputes recorded in Q1 17 for EUR 350 million, the impact of this settlement on the Group net income for the full year is fully covered as from Q1 17. The Corporate Centre's contribution to Group net income was EUR -388 million in Q1 17, vs.                  EUR -158 million in Q1 16. When restated for the impact of the revaluation of own financial liabilities (EUR +17 million in Q1 17 and EUR +95 million in Q1 16), and the additional allocation to provision for disputes (EUR 350 million in Q1 17), the Corporate Centre's contribution to Group net income was   EUR -55 million in Q1 17 vs. EUR -158 million in Q1 16. Societe Generale's results for Q1 2017 include non-economic items and an allocation to provision for disputes. When book income is adjusted for these factors, underlying Group net income amounted to more than EUR 1 billion, substantially higher in Q1 2017 compared to Q1 2016. Societe Generale has once again demonstrated the quality of its diversified and integrated banking model, based on the excellence of its relationship model, its cost and risk control, and the commitment of its employees. The Group is continuing with the investments in its transformation and the rollout of its Culture and Conduct programme. To this end, the Bank has initiated a process to simplify its organisational set-up which will enable it to even better serve its customers, increase its agility and continue to exploit synergies between its businesses based on the quality of its risk control. The Group will present its strategic plan on 28th November 2017. 2017-2018 financial communication calendar              May 23rd, 2017               General Meeting of Shareholders May 31st, 2017               Detachment of the dividend June 2nd, 2017               Payment of the dividend August 2nd, 2017            Second quarter and first half 2017 results November 3rd, 2017        Third quarter and nine months 2017 results November 28th, 2017       Presentation of the strategic plan - Investor Day February 8th, 2018           Fourth quarter and FY 2017 results *   When adjusted for changes in Group structure and at constant exchanges rates 1 - The Group's consolidated results as at March 31st, 2017 were examined by the Board of Directors on May 3rd, 2017. The financial information presented in respect of the first quarter ending March 31st, 2017 has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and has not been audited. The pillars' net banking income is defined on page 44 of Societe Generale's 2017 Registration Document. The terms "Revenues" or "Net Banking Income" are used interchangeably. They provide a normalised measure of each pillar's net banking income taking into account the normative capital mobilised for its activity. Operating expenses correspond to the "Operating Expenses" as presented in notes 5 and 8.2 to the Group's consolidated financial statements as at December 31st, 2016 (pages 381 et seq. and page 401 of Societe Generale's 2017 Registration Document). The term "costs" is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 44 of Societe Generale's 2017 Registration Document. The IFRIC 21 adjustment corrects the result of the charges recognised in the accounts in their entirety when they are due (generating event) so as to recognise only the portion relating to the current quarter, i.e. a quarter of the total. It consists in smoothing the charge recognised accordingly over the financial year in order to provide a more economic idea of the costs actually attributable to the activity over the period analysed. The corrections made in this respect to operating expenses for the different business divisions and the Group for Q1 17 are reiterated below: 5 - Restatements and other significant items for the period Non-economic items correspond to the revaluation of the Group's own financial liabilities and the debt value adjustment on derivative instruments (DVA). These two factors constitute the restated non-economic items in the analyses of the Group's results. They lead to the recognition of self-generated earnings reflecting the market's evaluation of the counterparty risk related to the Group. They are also restated in respect of the Group's earnings for prudential ratio calculations. Moreover, the Group restates the revenues and earnings of the French Retail Banking pillar for PEL/CEL provision allocations or write-backs. This adjustment makes it easier to identify the revenues and earnings relating to the pillar's activity, by excluding the volatile component related to commitments specific to regulated savings. Details of these items, as well as the other items that are the subject of a one-off or recurring restatement, are provided below, given that, in the tables below, the items marked with one asterisk (*) are the non-economic items and the items marked with two asterisks (**) are given for information only. *              Non-economic items **     For information purposes. This data is not included in adjustments taken into account at Group level, notably to calculate underlying ROE 6 - Cost of risk in basis points, coverage ratio for doubtful outstandings The cost of risk or commercial cost of risk is defined on pages 46 and 528 of Societe Generale's 2017 Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases. The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default ("doubtful"). The notion of ROE, as well as the methodology for calculating it, are specified on page 47 of Societe Generale's 2017 Registration Document. This measure makes it possible to assess Societe Generale's return on equity. RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group's businesses, according to the principles presented on page 47 of Societe Generale's Registration Document. Data relating to the 2015 financial year have been adjusted to take account of the allocation principle in force since January 1st, 2016, based on 11% of the businesses' risk-weighted assets. Calculation of the Group's ROE (Return on Equity) Details of the corrections made to book equity in order to calculate ROE for the period are given in the table below: Symmetrically, Group net income used for the ratio numerator is book Group net income adjusted for "interest, net of tax payable to holders of deeply subordinated notes and undated subordinated notes, interest paid to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisations" and "unrealised gains/losses booked under shareholders' equity, excluding conversion reserves" (see methodology note No. 9). 8 - Net assets and tangible net assets are defined in the methodology, page 49 of the Group's 2017 Registration Document ("Net Assets"). The items used to calculate them are presented below. ** The number of shares considered is the number of ordinary shares outstanding at the end of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group. In accordance with IAS 33, historical data per share prior to the date of detachment of a preferential subscription right are restated by the adjustment coefficient for the transaction. The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 48 of Societe Generale's 2017 Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE. As specified on page 48 of Societe Generale's 2017 Registration Document, the Group also publishes EPS adjusted for the impact of non-economic items presented in methodology note No. 5. The number of shares used for the calculation is as follows: * Adjusted for revaluation of own financial liabilities and DVA 10 - The Societe Generale Group's Common Equity Tier 1 capital is calculated in accordance with applicable CRR/CRD4 rules. The fully-loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is calculated according to applicable CRR/CRD4 rules including the provisions of the delegated act of October 2014. 11 - The summary of adjustments making it possible to reconcile published results with underlying data is set out below. The following table represents the effect of the adjustment for 75% of the IFRIC 21 charge on the different lines concerned of the income statement for the business divisions and the Group. NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules. (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale's website www.societegenerale.com in the "Investor" section. Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams. Societe Generale has been playing a vital role in the economy for 150 years. With more than 145,000 employees, based in 66 countries, we serve on a daily basis 31 million clients throughout the world. Societe Generale's teams offer advice and services to individual, corporate and institutional customers in three core businesses: Societe Generale is currently included in the main sustainability indices: DJSI (World and Europe), FSTE4Good (World and Europe), Euronext Vigeo (World, Europe and Eurozone), Ethibel Sustainability Index (ESI) Excellence Europe, 4 of the STOXX ESG Leaders Indices, MSCI Low Carbon Leaders Index. For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com ([1]) Excluding partial refund of the Euribor fine in Q1 2016, adjusted for the impact of IFRIC 21 ([3])    The phased-in ratio, including the earnings of the current financial year, stood at 11.7% at-end March 2017, vs. 11.5% at end-March 2016 and 11.8% at end-December 2016. The phased-in ratio, excluding the earnings of the current financial year, stood at 11.6% at end-March 2017 vs. 11.4% at end-March 2016. (1) SG Russia encompasses the entities Rosbank, Delta Credit Bank, Rusfinance Bank, Societe Generale Insurance, ALD Automotive and their consolidated subsidiaries. ([5]) Partial refund of the Euribor fine of EUR 218m in Q1 16 ([6]) Contribution to the SRF of EUR 197 million in Q1 17 vs. EUR 252 million in Q1 16


News Article | February 15, 2017
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Results for the fourth quarter and full year 2016 2016: a year of construction, acceleration of growth and good financial performance in all business lines The Group's fourth quarter results reflect strong business momentum in Retail banking's branch networks, the specialised subsidiaries and the Large customers business line. Profitability remained high thanks to tight cost control and a firm grip on the cost of risk, which remains at a low level. Net income Group share for 2016 was 4,825 million euros stated and 6,353 million euros underlying[4], including 1,648 million euros in the fourth quarter. This result made a significant contribution to strengthening the fully-loaded Common Equity Tier 1 ratio by +0.8 point in 2016 to 14.5%, among the best in the sector and well above the regulatory requirements. 2016 was the first year of the new "Strategic Ambition 2020" medium-term strategic plan. The plan, which was unveiled in March 2016, is built on four priorities: The Group has already made tangible progress in achieving those objectives: Organic growth was also boosted significantly in the fourth quarter by Amundi's agreement to acquire Pioneer Investments for 3.5 billion euros. This transaction is fully in line with the Group's strategy set out in the Medium Term Plan whereby organic growth of the asset management business may be accelerated by value-creating acquisitions that meet Amundi's financial criteria (10% return on investment in three years). As part of the rights issue made by Amundi to finance the acquisition, Crédit Agricole Group has decided to reduce its holding in Amundi to 70% (versus 75.7% currently) by selling its subscription rights in order to improve Amundi's free float and share price. On that basis, the impact of the acquisition on Crédit Agricole Group's fully-loaded CET1 ratio would be -37 basis points. In full year 2016, Crédit Agricole Group's stated net income Group share was 4,825 million euros versus 6,043 million euros in 2015. Excluding specific items[5] of -1,527 million euros in 2016 versus only -121 million euros in 2015, underlying net income Group share came to 6,353 million euros a year-on-year increase of +3.1% compared with 6,164 million euros in 2015. In the fourth quarter of 2016, Crédit Agricole Group's stated net income Group share came to 671 million euros versus 1,564 million euros in the fourth quarter of 2015. Excluding specific items1 of -977 million euros this quarter versus +59 million euros in the fourth quarter of 2015, underlying net income Group share came to 1,648 million euros, an increase of +9.5% compared with the same quarter of last year. Despite the increase in eurozone long rates in the second half of the quarter, interest rates nonetheless remain very low and even negative at the short end of the curve, which continued to put pressure on the interest margin in intermediation activities, particularly in Retail banking in France and Italy. The continued fall in interest rates at the beginning of the fourth quarter, which lasted until the Presidential elections in the United States, triggered a new wave of loan renegotiations, especially in France in the LCL network. However, this pressure on interest margins continued to be offset by good business momentum in all the Group's business lines and networks, which led to a slight year-on-year increase of +0.7% in underlying1 revenues in the fourth quarter. The -34% decrease in cost of credit risk to 457 million euros coupled with a massive +88.3% increase in the contribution from equity-accounted entities to 111 million euros more than offset the +3.3% year-on-year increase in operating expenses in the fourth quarter. As in previous quarters, cost of risk relative to outstandings[6] remained low at 28 basis points. Underlying pre-tax income increased by +8% year-on-year in the fourth quarter, excluding specific items1 for both comparative periods, and in particular the LCL goodwill impairment charge of -540 million euros in the fourth quarter of 2016 and the provision for legal risk of -150 million euros in the fourth quarter of 2015. The Regional Banks continued to enjoy buoyant business momentum both in lending (up +4.4% in 2016) and customer assets (up +4.0%). Home loans and consumer loans (up +6.5% and +9.3% respectively) grew faster in the twelve months to end-December 2016 than in the twelve months to end-September 2016, as did demand deposits (up +15.8%). The strong momentum in personal and property insurance continued. This commercial performance of the Regional Banks made a significant contribution to growth in Crédit Agricole S.A.'s business lines, many of whose products they distribute as the Group's leading distribution channel. As in the previous quarter, revenues of the Regional Banks were affected in the fourth quarter by the impacts of the operation to simplify the Group's structure. Excluding both those impacts (-174 million euros) and home purchase savings provisions (-194 million euros), revenues rose by +3.1% compared with the fourth quarter of 2015, with interest income stable and fee and commission income up +6.2% on the same basis. In all, the Regional Banks' contribution to Crédit Agricole Group's underlying net income Group share was 707 million euros in the fourth quarter and 3,090 million euros for full year 2016. It should be noted that a tax charge of -301 million euros was recognised in the fourth quarter of 2016, corresponding to the Regional Banks' share of the revaluation of deferred taxes maturing in or after 2020 at the standard corporate income tax rate of 28.9% that will apply as of that date (versus 34.4% currently) in accordance with the 2017 Finance law. This charge affects stated net income but is restated as a specific item and therefore does not affect underlying1 net income. The performance of the other Crédit Agricole Group business lines is described in the section of the press release on Crédit Agricole S.A. During the quarter, Crédit Agricole Group further improved its financial solidity, with a fully-loaded Common Equity Tier 1 ratio, of 14.5% at end-December 2016, an increase of +80 basis points compared with end-December 2015 and +10 basis points compared with end-September 2016. This ratio provides a substantial buffer above the distribution restriction trigger applicable as of 1 January 2019, set at 9.5% by the ECB. The estimated TLAC ratio was 20.3% at 31 December 2016, excluding eligible senior preferred debt.  The minimum 2019 requirement of 19.5% is thus already respected, even as the regulatory calculation of this ratio allows for the inclusion of eligible senior preferred debt (up to 2.5%). This ratio includes the issue, in December 2016, of a new category of debt, senior non-preferred debt, in the amount of 1.5 billion euros and with a maturity of 10 years, which can absorb losses prior to the senior debt hitherto issued by the Group; the latter debt will continue to be issued under the name of "senior preferred debt". This inaugural issue in December, in euros, was followed in early January 2017 by two US dollar denominated issues: a double-tranche 5 year/fixed and floating rate issue (for 1.3 billion US dollars in total) and a 10 year fixed rate issue (1 billion US dollars), also constituting the first issues of this new category of debt in US dollars.  These issues were rated Baa2 (Moody's) / BBB+ (S&P) / A (Fitch Ratings). They all met great success, with extensive order books. The phased-in leverage ratio was 5.7%[7] up +20 basis points compared with end-September 2016. The liquidity position of Crédit Agricole Group is solid. The banking cash balance sheet of the Group, amounting to 1,085 billion euros at 31 December 2016, showed a surplus of stable resources over applications of funds of 111 billion euros, up +3 billion euros compared with end-December 2015 and +7 billion euros compared with end­September 2016. It exceeded the Medium Term Plan target of over 100 billion euros. Liquidity reserves, including valuation gains and haircuts related to the securities portfolio, amounted to 247 billion euros, covering more than three times over gross short term debt. The issuers of Crédit Agricole Group issued on the market the equivalent of 33.1 billion euros of debt in 2016. In addition, Crédit Agricole Group placed bond issues amounting to 7.4 billion euros in its retail networks (Regional Banks, LCL, Cariparma) in 2016. Commenting on these results and the Group's business trends in 2016, Dominique Lefebvre, Chairman of Crédit Agricole S.A.'s Board of Directors and Chairman of SAS Rue La Boétie, said: "2016 was a key year in Crédit Agricole Group's transformation. The successful drive to simplify the Group's structure and the promising start made by our new Strategic Ambition 2020 plan provide a firm platform supporting Crédit Agricole's future development". Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 14 February 2017 to examine the financial statements for the fourth quarter and full year 2016. In the fourth quarter of 2016, stated net income Group share came to 291 million euros. Specific items1 reduced net income Group share by -612 million euros this quarter. Apart from the issuer spread (+66 million euros impact on net income Group share) and a restructuring charge related to the Cariparma Group's adjustment plan to adjust its branch network in Italy (­-25 million euros in net income Group share), there were two significant items in the fourth quarter: These charges have no impact on capital ratios (negligible for the deferred tax revaluation) liquidity, or on the dividend. Excluding these specific items, underlying net income Group share came to +904 million euros, an increase of +52.6% compared with the fourth quarter of 2015. These excellent underlying results were driven by strong commercial momentum in all Crédit Agricole S.A.'s business lines and distribution networks, as well as the Regional Banks which distribute their products. Underlying revenues were up +10.9% year-on-year in the fourth quarter of 2016. This very good performance was boosted by excellent control over costs, up by only +0.8% compared with the fourth quarter of 2015, coupled with a -15.0% decrease in cost of credit risk to a very low level of 41 basis points of outstandings[10]. This level has been stable over the last three quarters and compared with the fourth quarter of 2015, and remains below the Medium Term Plan assumption of 50 basis points. Activity was buoyant in all business lines: Underlying revenues, excluding specific items[12], increased by +10.9% or +441 million euros year-on-year in the fourth quarter to 4,480 million euros. Only Retail banking (with a very moderate decrease of -48 million euros) did not contribute to revenue growth due to the low interest rate environment. The other business lines all delivered significant growth in underlying revenues3, particularly Asset gathering (up +12.9% or +148 million euros compared with the fourth quarter of 2015) and Large customers (up +12.2% or +137 million euros), while the Corporate Centre benefited from the positive recurring effects of the plan to simplify the Group's structure (revenues up +227 million euros compared with the fourth quarter of 2015). It should be noted that despite pressure on intermediation margins due to the low interest rate environment in the eurozone, Retail banking in France (LCL) and Italy showed good resilience. LCL even delivered a slight year-on-year increase of +0.4% in fourth-quarter underlying3 revenues excluding home purchase savings provisions. This was more than offset by the decrease in Italy, which was nonetheless contained to -1.7%, and a decrease in International retail banking excluding Italy due to the currency effect. Underlying3 operating expenses remained under control in all business lines, with a very limited year-on-year increase of +0.8% or +24 million euros in the fourth quarter, mainly due to investments in Asset gathering and Specialised financial services, coupled with a low base for comparison in the fourth quarter of 2015 for the Corporate Centre. The decrease in Retail banking operating expenses (down -4.7% or -51 million euros) offset the decrease in underlying revenues in this business line (down -48 million euros). Cost of credit risk remained well controlled at a low level, amounting to 395 million euros, down -15.0% compared with the fourth quarter of 2015. This corresponds to 41 basis points of consolidated outstandings[13], stable compared with the fourth quarter of 2015 and the third quarter of 2016. It has fallen for eight consecutive quarters in Retail banking in Italy (93 basis points), has increased very slightly in consumer finance (140 basis points) due to tighter provisioning rules introduced following the recovery in activity, and remains low for LCL (17 basis points) and the Large customer business line's Financing activities (27 basis points), although in both cases it is up slightly compared with a very low base for comparison in the fourth quarter of 2015. Thanks to these positive trends, underlying[14] pre-tax income rose by +72.3% to 1,275 million euros. The underlying2 tax charge, excluding the deferred tax effect, increased by +283 million euros in the fourth quarter of 2016 compared with a particularly low charge of 46 million euros in the fourth quarter of 2015. The increase in underlying2 net income Group share, at +52.6%, was therefore slightly lower than the increase in pre-tax income. In full year 2016, stated net income Group share was 3,541 million euros. Other than the fourth-quarter specific items1 referred to above, this figure includes the gain recognised relative to the transaction to simplify the Group's structure for 1,254 million euros, net of transaction-related costs and tax, and the refunding cost adjustment at LCL for -187 million euros after tax; these two items were recognised in the third quarter. It also includes the +327 million euros gain on the disposal of Visa shares recognised in the second quarter of 2016, the cost of the liability management transactions in the first quarter for -683 million euros, and other more minor specific items. Excluding all specific items in 2016, underlying net income Group share amounted to 3,137 million euros, a year-on-year increase of +22.8%. At end-December 2016, Crédit Agricole S.A.'s capital ratios were further strengthened. The fully-loaded Common Equity Tier 1 stood at 12.1%, an increase of +140 basis points compared with end-December 2015 and +10 basis points compared with end-September 2016. The improvement was due to the quarter's distributable net income (+24 basis points) and the capital increase reserved for employees in December 2015 (+8 basis points), offset by a fall in unrealised gains on available-for-sale securities (-16 basis points). Risk-weighted assets remained stable over the quarter at 301 billion euros. The phased-in leverage ratio stood at 5.0%[15] at end-December 2016 as defined in the Delegated Act adopted by the European Commission, representing an improvement of +30 basis points compared with end-September 2016. The LCR ratio of Crédit Agricole S.A. and of the Group remained in excess of 110% at end-2016. At 31 December 2016, Crédit Agricole S.A. had completed 108% of its medium-to long-term market funding programme (senior and subordinated debt) of 14 billion euros. It had raised the equivalent of €12.2 billion euros of senior preferred debt and 2.9 billion euros equivalent of subordinated and senior non-preferred debt. *              * * Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A., commented: "Crédit Agricole S.A. performed well in 2016 as a result of further strong top-line momentum across all its business lines, plus a tight grip on its costs and its risk. These encouraging results have laid the groundwork for the introduction of a normalised dividend policy and reinforced our confidence in our ability to achieve the targets of the Strategic Ambition 2020 plan for the benefit of our customers." At the COP21 in Paris in December 2015, the Group reaffirmed its position as leader in financing the energy transition (renewables, energy efficiency and green transport) and its commitment to the fight against climate change through new quantified objectives. At end-December 2016, the Group was well on the way to achieving those objectives: In addition, for the fifth consecutive year, Crédit Agricole S.A. has published the results of its "FReD index", which measures progress made by the Group during the year in more than 150 sustainability actions. The 2016 index is 2.2 as audited by PricewaterhouseCoopers, compared with an initial target of 2. Thirteen entities[16] have committed to the FReD approach and three International retail banking subsidiaries[17] are currently testing it. Crédit Agricole S.A. ranks 17th in the Global 100, which comprises the 100 most sustainable companies in the world, identified by Canadian magazine Corporate Knights. Global 100 was created in 2005 and is published each year at the World Economic Forum in Davos. Some 4,000 companies are analysed on the basis of about fifteen performance measures (energy efficiency, resource use, innovation, taxes paid, employee turnover, management gender balance, executive compensation, etc.). Crédit Agricole S.A. is the second highest ranked French company in the 2017 Global 100 behind Dassault Systèmes, which ranks 11th. It is also the fifth highest ranked bank in the world (behind a Norwegian, Danish, Dutch and Australian bank) and top ranking French bank. Crédit Agricole S.A. is a member of the main international sustainability indices. It has been a member of the FTSE4Good Global 100 and Europe 50 since 2004, and of the NYSE Euronext Vigeo Eiris Eurozone 120 and Vigeo Eiris Europe 120 since 2013. It became a member of the STOXX Global ESG Leaders in 2014 and of Oekom Prime in 2015. In 2016, Crédit Agricole S.A. was among the top rated banks by the Carbon Disclosure Project (CDP) for its climate change policy. 11 May 2017                       Publication of 2017 first quarter results 3 August 2017                     Publication of second quarter and first half 2017 results Disclaimer This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10). This information was compiled from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly for the calculation of market values and asset impairments. Readers must take all of these risk factors and uncertainties into consideration before making their own judgement. The figures presented for the twelve-month period ended 31 December 2016 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. The Statutory Auditors' audit work on the financial consolidated statements is underway. Throughout the document, data on 2015 results is presented pro forma: transfer of CACEIS from Asset Gathering to Large Customers, transfer of Insurance Switch from the Corporate Centre to Insurance and reclassification of the contribution of the Regional Banks under IFRS5. Within Crédit Agricole S.A., "Retail banking" now covers only LCL and International retail banking. In the fourth quarter of 2016, revenues amounted to 4,580 million euros, including the usual accounting restatements (mainly revaluation of debt for the quarter, DVA running and loan hedges) totalling +99 million euros. Excluding these specific items[18], underlying revenues amounted to 4,480 million euros, an increase of +10.9% or 441 million euros compared with the fourth quarter of 2015. Operating expenses rose by just +0.8% to 2,930 million euros year-on-year in the fourth quarter, excluding specific items, i.e. a 51 million euros charge relating to the Cariparma Group's adjustment plan recognised by Retail banking in Italy. Thanks to these highly contrasting and favourable trends in underlying revenues and operating expenses1, the cost/income ratio improved by 6.5 percentage points compared with the fourth quarter of 2015, to 65.4%. Cost of credit risk (i.e. excluding the 150 million euros legal provision recognised in the fourth quarter of 2015) was 395 million euros, down -15.0% year-on-year. Cost of risk relative to outstandings was 41 basis points[19], stable year-on-year and quarter-on-quarter. This is lower than the Medium-Term Plan assumption of 50 basis points in 2019. Impaired loans[20] amounted to 15.6 billion euros and represented 3.5% of gross outstanding customer and interbank loans, down by -0.3 billion euros or 0.1 of a percentage point compared with end-September 2016. The ratio of impaired loans covered by specific reserves was 52.1% versus 51.9% at end-September 2016. Including collective reserves, the impaired loan coverage ratio was 67.7%, stable compared end-September 2016. Share of net income from equity-accounted entities grew more than threefold (3.4x), mainly due to strong growth in car partnerships in consumer finance and a very low base for comparison in the fourth quarter of 2015 resulting from the 76 million euros write-down by Crédit Agricole CIB (Large customers) of its interest in UBAF. Thanks to these positive trends, underlying pre-tax income rose by +72.3% to 1,275 million euros. The underlying tax charge, excluding the deferred tax effect1, increased by 283 million euros in the fourth quarter of 2016 compared with a particularly low charge of 46 million euros in the fourth quarter of 2015. Crédit Agricole S.A.'s underlying net income Group share was 904 million euros, a year-on-year increase of +52.6%. Stated net income Group share was 291 million euros in the fourth quarter after taking account of specific items[21], in particular the LCL goodwill impairment charge and the deferred tax revaluation. In full year 2016, stated net income Group share was 3,541 million euros. It includes the gain on Visa Europe shares sold in the second quarter (+327 million euros), the non-recurring impacts of the operation to simplify the Group's structure (+1,254 million euros) and LCL's funding cost adjustment (-187 million euros), as well as the non-deductible goodwill impairment (-491 million) and deferred tax revaluation impact (-160 million Group share) recognised in the fourth quarter. After adjustment for all the specific items listed in the appendix, underlying net income Group share increased by +22.8% to 3,137 million euros. The specific P&L items taken into account to reconcile stated and underlying amounts and changes for the fourth quarter and full year, as well as comparable data for 2015, are detailed in the appendix to this press release, on page 29 and 30. At end-December, Crédit Agricole S.A.'s solvency was further strengthened. The fully-loaded Common Equity Tier 1 ratio stood at 12.1%, an improvement of +140 basis points compared with end-December 2015 and +10 basis points compared with end-September 2016. The fourth quarter improvement stemmed mainly from the impact of retained earnings after prudential adjustments (+24 basis points) and the capital increase reserved for employees (+8 basis points), offset by the change in unrealised gains reserve (-16 basis points). Risk-weighted assets remained stable over the quarter at 301 billion euros. The phased-in total capital ratio stood at 20.1% at 31 December 2016, up +10 basis points compared with end-September 2016. Crédit Agricole S.A.'s phased-in leverage ratio under the Delegated Act adopted by the European Commission was 5.0%[22] at end-December 2016. Crédit Agricole Group's banking cash balance sheet totalled 1,085 billion euros at end-December 2016, compared with 1,072 billion euros at end-September 2016 and 1,058 billion euros at end-December 2015. The surplus of long term funding sources over long-term applications of funds was 111 billion euros at 31 December 2016. It exceeded the Medium Term Plan target of over 100 billion euros.  At 30 September 2016, it stood at 104 billion euros and 108 billion euros at 31 December 2015. At 31 December 2016, liquidity reserves including valuation gains and haircuts related to the securities portfolio amounted to 247 billion euros, representing 305% of gross short-term debt, versus 304% at 30 September 2016 and 257% at 31 December 2015. The LCR ratio of Crédit Agricole Group and of Crédit Agricole S.A. continued to exceed 110% at end-December 2016. In 2016, Crédit Agricole Group issuers raised 33.1 billion euros of senior and subordinated debt in the market. Moreover, 7.4 billion euros were placed by the Group in its retail networks.  Crédit Agricole S.A. itself raised the equivalent of 12.2 billion euros of senior preferred debt and 2.9 billion euros of subordinated and senior non-preferred debt, of which a US dollar denominated Additional Tier 1 issue of 1.15 billion euros equivalent, completed at the beginning of 2016, and a 1.5 billion euro issue of senior non-preferred debt, completed in December 2016.  At 31 December 2016, Crédit Agricole S.A. had completed 108% of its medium-to long term market funding programme (senior and subordinated debt) of 14 billion euros. At 31 December 2016, assets under management increased by +7.6% or 107 billion euros year-on-year. Net inflows totalled +71 billion euros, including +62 billion euros for Amundi, +8 billion euros for life insurance and +1 billion euros for wealth management, i.e. 5% of opening assets under management, confirming the business line's strong momentum. Apart from this solid commercial performance, the business line also recorded a positive market and currency effect of +22 billion euros and a positive scope effect of +14 billion euros (Amundi's acquisition of KBI GI for 9 billion euros and Crédit Agricole Immobilier Investors for 5 billion euros). Assets under management thus totalled 1,503 billion euros at 31 December 2016. Fourth quarter net income Group share for the Asset gathering business includes a charge of 80 million euros corresponding to the impact of the change of tax rate on deferred tax assets and liabilities (DTA/DTL) as of 2020, recognised in the Insurance business. Excluding this specific item[23], underlying net income Group share came to 528 million euros for the quarter, a year-on-year increase of 33.1%. See table in appendix for reconciliation of stated and underlying results. In full year 2016, the business line's underlying net income Group share increased by 18.3% year-on-year to 1,770 million euros, after restatement for the revaluation of deferred taxes in the fourth quarter of 2016, the impacts of the Switch guarantee trigger in the second quarter of 2015 and the Switch clawback in the third quarter of 2015. All of these specific items relate to the Insurance business. In the fourth quarter of 2016, Crédit Agricole Assurances' result includes a specific tax charge for -80 million euros relative to the revaluation of deferred tax assets and liabilities due to the change in the applicable tax rate from 2020 onwards. In the fourth quarter of 2016, the Insurance business delivered premium income of 7.0 billion euros compared with 7.3 billion euros in the fourth quarter of 2015[24]. Fourth quarter premium income for the Savings/retirement segment amounted to 5.5 billion euros, down -6.5% compared with the fourth quarter of 2015. This trend reflects Crédit Agricole Assurances' policy of shifting its product mix towards unit-linked (UL) business, as illustrated by the growth in UL contracts' share of gross inflows in the fourth quarter of 2016 (27.1%, an increase of +7.8 points over the year), which offset the decline in euro business inflows. Premium income remained stable year-on-year (down -0.3%) and was up slightly quarter-on-quarter. Assets under management continued to grow, reaching 269 billion euros at end-December 2016, a year-on-year increase of +3.5% driven mainly by +6.7% growth in UL assets. At end-December 2016, UL contracts represented 19.5% of total assets under management (up +0.5 point versus end-December 2015). Net inflows in Savings/retirement were +5.8 billion euros in 2016, including +3.1 billion euros in France. In the Death & disability/Health/Creditor segment, premium income rose by +11.5% year-on-year in the fourth quarter of 2016, to 846 million euros. Over the full year 2016, premium income increased by +8.5%, driven by sustained growth in all three business segments, and more particularly this quarter by a strong performance in creditor insurance for home loans (up +21.5% year-on-year in the fourth quarter) and in death & disability (up +9.4%). As in previous quarters, premium income from Property & casualty insurance continued to enjoy above-market growth in France, supported by good momentum in the retail market and the farming and small business segment. Premium income thus rose by +6.0%[25] year-on-year in the fourth quarter to 703 million euros. The combined ratio[26] remained well controlled at 95.9%. Thanks to this good commercial momentum, the Insurance business delivered a strong increase of its contribution to Crédit Agricole S.A.'s results. Its underlying net income Group share came to 391 million euros, an increase of +42.3% compared with the fourth quarter of 2015. For the full year 2016, underlying net income Group share was 1,257 million euros, up +26.0% compared with 2015 due to an exceptionally high level of financial income from the investment portfolio. Crédit Agricole Assurances' return on normalised equity (RoNE) was 18.8% for the year 2016. Crédit Agricole Assurances' solvency remains solid, with a regulatory ratio of 161% at 31 December 2016. Moreover, Crédit Agricole Assurances continues to strengthen its reserves: the policyholder participation reserve[27] now amounts to 7.0 billion euros, representing 3.5% of outstanding savings in euro contracts at end 2016. In Asset management, Amundi's[28] assets under management have reached 1,083 billion euros, an increase of +9.9% over one year, thanks to a strong level of inflows, positive market effects (+21.8 billion euros in 2016) and positive scope effects (+13.6 billion euros of additional assets under management through the acquisition of KBI Global Investors finalised on 29 August and the integration of Crédit Agricole Immobilier Investors). Over the full year, net inflows were +62.2 billion euros, driven by sustained business momentum in medium/long-term assets[29], which attracted net inflows of +45.5 billion euros across all the segment's asset classes. The Institutional segment contributed +27.5 billion euros, including +9.4 billion euros in medium and long-term assets, supported by substantial inflows in treasury products. The Retail segment contributed +34.7 billion euros, including +34.2 billion in medium and long-term assets, mainly through the joint ventures in Asia (+24.8 billion euros). The French networks made a slightly positive contribution, with net inflows of +2.0 billion euros in medium and long-term assets. In the fourth quarter, net inflows totalled +23.1 billion euros. Net inflows in medium and long-term assets remained high at +19.7 billion euros, representing 85% of the total. In the fourth quarter of 2016, Amundi's net income at 100% (including minorities) increased by +16.2% year-on-year to 150 million euros. In an environment of strong volatility, these excellent results were driven by resilient revenues (up +2.7%) thanks to strong management and performance fees, coupled with good control over costs (up +4.7%), which were nonetheless affected by the cost of preparing the Pioneer Investments acquisition. Net income Group share increased by +14.8% to 110 million euros.  In full year 2016, net income at 100% increased by +7.5% to 558 million euros. Revenues were up +1.2% in line with growth in operating expenses. The cost/income ratio remained stable compared with 2015 at 53.3%, reflecting an excellent level of operating efficiency. Net income Group share increased by only +2.1% to 411 million euros, due to the decrease in Crédit Agricole S.A.'s holding in Amundi from 78.6% in 2015 to 74.2% at end-2016. The Wealth management business maintained its assets under management in the third quarter, despite challenging market conditions. Assets under management were 152.4 billion euros at end-December 2016, an increase of +0.9% over one year. Net income Group share for the fourth quarter of 2016 was boosted by a rebound in activity, particularly in the United States, and by the initial effects of refocusing the business on countries that have signed the Automatic Exchange of Information (AEol) agreement. It amounted to 27 million euros, up +3.1% compared with the fourth quarter of 2015. In full year 2016, Wealth management's contribution to net income Group share increased by +6.8% to 103 million euros. The only specific item for the fourth quarter, restated in underlying results, was a charge of -25 million euros corresponding to the impact of the change of tax rate on deferred tax assets and liabilities (DTA/DTL) as of 2020. See table in appendix for reconciliation of stated and underlying results. In the fourth quarter of 2016, LCL's underlying net income Group share amounted to 160 million euros, a year-on-year increase of +35.3%. In line with the first nine months of the year, business momentum remained strong in the fourth quarter. The loan book was up sharply by +5.6% over the year to 102.7 billion euros at end-December 2016. Home loans grew by +4.8% over the year, consumer loans by +3.0% and business loans by +8.1%. Total customer assets grew by +2.3% to 179.1 billion euros over the year. On-balance sheet deposits rose by +5.3% to 99.8 billion euros at end-December 2016, driven by a 15.3% increase in demand deposits. LCL continued to deliver an excellent performance in insurance products over the year as a whole. New property & casualty insurance business increased by +13% over the year, while the number of contracts grew by +8%. In line with third-quarter trends, the sharp fall in interest rates after the Brexit vote led to a specific wave of renegotiations in the fourth quarter of 2016 (5.2 billion euros of renegotiated loans and 1.5 billion euros of early repayments). Revenues in the fourth quarter of 2016 proved resilient in the low interest rate environment, contracting by -1.1% year-on-year to 863 million euros. Restated for home purchase savings plans (charge of -17 million euros in the fourth quarter of 2016 versus -3 million euros in the fourth quarter of 2015), revenues increased by +0.4%. Compared with the third quarter of 2016, revenues, excluding home purchase savings plans, increased by +1.1%. Revenues, this quarter, include non-recurring fees of 14 million euros on early repayments and 25 million euros on renegotiations (versus 20 million euros and 8 million euros respectively in the fourth quarter of 2015). Operating expenses for the fourth quarter of 2016 amounted to 604 million euros, a significant year-on-year decrease of -3.5%. Cost of risk was 52 million euros in the fourth quarter and remains well contained (17 basis points of outstandings[30]). In full year 2016, LCL's underlying net income Group share was 509 million, down -9.9% compared with 2015. It has been restated for two specific items other than the deferred tax charge in the fourth quarter: a 41 million euros provision for branch network restructuring recognised in operating expenses in the second quarter of 2016 and a funding cost adjustment of -300 million euros recognised in revenues in the third quarter of 2016. See table in appendix for reconciliation of stated and underlying results. Underlying revenues for the full year amounted to 3,418 million euros, down -5.9% compared with 2015 due to the impacts of the low interest rate environment, which continued throughout the second half of 2016 post Brexit and led to a new wave of renegotiations and early repayments. Across 2016 as a whole, therefore, renegotiated loans totaled 11.9 billion euros (versus 14.2 billion euros in 2015) and early repayments 4.8 billion euros (versus 6.1 billion euros in 2015). Underlying operating expenses were well controlled and amounted 2,498 million euros in 2016, a decrease of -2.5% compared with 2015. Cost of risk remained low at 182 million euros for the year (versus 134 million euros for 2015), representing 17 basis points of outstandings1 (over four rolling quarters). This reflects a continued low level of risk in line with the past few quarters (as a reminder, the first half of 2015 included a recovery against a loan in litigation). Underlying net income Group share for the business line was 49 million euros in the fourth quarter compared with 37 million euros in the fourth quarter of 2015, a year-on-year increase of +32.3%[31]. In full year 2016, it came to 258 million euros versus 220 million euros in 2015, an increase of +17.3%1. In Italy, business momentum remained strong in the fourth quarter. Customer assets stood at 99.4 billion euros[32] at end-2016, a sharp year-on-year increase of +4.3%. Growth in off-balance sheet assets was particularly strong at +7.8% over the year to 64.9 billion euros. On-balance sheet deposits were down slightly by -1.6%, amounting to 34.5 billion euros2 at end-2016. Loans outstanding were up +2.9% at end-December 2016 to 34.7 billion euros, while the Italian market as a whole declined. Loans outstanding increased by +6.4% over the year and continued to be driven by home loans. In addition, loans to large corporates increased by +3.7% year-on-year while loans to SMEs and small businesses declined by -0.4% over the same period. In the fourth quarter, IRB Italy's revenues were down -1.7% to 409 million euros. Despite a +12% increase in fee and commission income (193 million euros in the fourth quarter of 2016 versus 173 million euros in the fourth quarter of 2015), driven by loan fees and commissions on customer assets, the low interest environment had a sharp adverse impact on revenues. Recurring operating expenses[33] remained well under control at 237 million euros (-3.3% year-on-year in the fourth quarter) despite investments made in line with the MTP. Including the cost of the Cariparma Group's adjustment plan recognised in the fourth quarter (-51 million euros), the contribution to the Italian rescue plan (-24 million euros) and the contribution to the deposit guarantee fund (-11 million euros), stated operating expenses amounted to 323 million euros. Cost of risk continued to fall significantly, amounting to -65 million euros in the fourth quarter of 2016, down almost -32.7% quarter-over-quarter. This progress was due to an improvement in the quality of IRB Italy's portfolio, with a further ­-37% decrease in new defaults in 2016 compared to 2015. IRB Italy's underlying net income Group share therefore came to 37 million euros in the fourth quarter of 2016, a year-on-year increase of +68.8%. The contribution to underlying net income Group share of all Crédit Agricole S.A.'s business lines in Italy[34] totalled 120 million euros in the fourth quarter, a year-on-year increase of +21%. In full year 2016, IRB Italy's revenues were 1,626 million euros, down -3.7% compared with 2015. The interest margin was down in an environment of low interest rates, but was partially offset by strong lending volumes. Stated operating expenses were 1,026 million euros and were affected in 2016 by the cost of the Single Resolution Fund (SRF) (-10 million euros), the contribution to the deposit guarantee fund (-11 million euros), the Italian rescue plan (-24 million euros) and the cost of the Cariparma Group's adjustment plan (-51 million euros) recognised in the fourth quarter of 2016. Restated for these items, recurring operating expenses amounted to 940 million euros (including SRF), stable compared with fourth quarter of 2015 (-0.1%). The cost/income ratio[35] therefore stood at 57.8% for 2016 as a whole. Cost of risk totalled -303 million euros in 2016, down -22.2% on 2015, thus falling to 93 basis points of outstandings[36] at end-December 2016 from 117 basis points in 2015. After the disposal of a 10 million euro sofferenze portfolio in the fourth quarter of 2016 (152 million euros of disposals in 2016 as a whole), the impaired loans ratio was 13.1% at end-2016 (versus 13.8% at end-2015) and the coverage ratio 46.5% including collective reserves, versus 45.5% in 2015. In full year 2016, IRB Italy's underlying net income Group share was 166 million[37], up +8.5% compared with 2015. The Return on net equity stand at 11,7% for 2016. The contribution to underlying net income Group share of all Crédit Agricole S.A.'s business lines in Italy1 totalled 482 million euros in 2016, a year-on-year increase of +6%. International retail banking excluding Italy (Other IRB) also delivered strong business momentum and a sustained financial performance this year. When expressed in euros, though, the business line's performance was affected by negative currency effects, mainly due to a -47% and -8% depreciation respectively of the Egyptian and Ukrainian currencies year-on-year in the fourth quarter. On-balance sheet deposits increased by +9.6%[38] over one year to 10.8 billion euros at end-December 2016, driven mainly by strong growth in Egypt (up +47%)5, Ukraine (up +37%)5 and, to a lesser extent, Poland (up +7%)5, while Morocco remained stable. Total customer assets increased by +11.5%5 over one year. Loans outstanding stood at 9.9 billion euros at end-December 2016, a year-on-year increase of +7.7%5. The surplus of deposits over loans was 1.6 billion euros at end-December 2016. In the fourth quarter of 2016, revenues increased by +2.2%5 year-on-year to 203 million euros, while operating expenses were down -5.1%5. Thanks to this highly positive jaws effect, gross operating income in the fourth quarter increased by +15.8%5 year-on-year to 74 million euros. Cost of risk decreased by -6.6%5 year-on-year in the fourth quarter to -41 million euros. Other IRB's net income Group share therefore came to 12 million euros in the fourth quarter of 2016 versus 15 million in the fourth quarter of 2015[39], a year-on-year increase of +37.5%[40]. More particularly: In full year 2016, revenues were 879 million euros, up +4.2%2 compared with 2015, driven mainly by Egypt (up +26%) and Ukraine (up +3.8%). Operating expenses were 530 million euros in 2016 versus 557 million euros in 2015, an increase of +2%2 due mainly to an increase in costs in Egypt (up +13%)2  and Ukraine (up +17%)2. Cost of risk was down sharply in 2016 to 151 million euros, a year-on-year decrease of -17%2, mainly due to Morocco (down -33%)2 and Ukraine (down -39%)2. Other IRB's net income Group share was 92 million euros in 2016, up sharply by 66%2 compared with 2015. The cost/income ratio is stable for year 2016 at 60.3% and a return on normalised equity (RoNE) at 14.1%. Specialised financial services business line includes consumer credit (CA Consumer Finance - CACF) and leasing and factoring (CA Leasing & Factoring - CAL&F). In the fourth quarter of 2016, the business line's net income Group share included the impact of deferred taxes revaluation for -3 million euros. Excluding this specific item, underlying net income Group share came to 174 million euros for the quarter. See table in appendix for reconciliation of stated and underlying results. Consumer finance (CACF) business was strong in the fourth quarter of 2016 in all partner networks. New lending was up +9.4% year-on-year to 9.9 billion euros, driven mainly by the car finance partnerships (up +9.8%) and the Group's retail banks (up 12.8%). The managed loan book increased by 8.4% year-on-year at end-December 2016, despite the disposal by Agos of a 380 million euros doubtful loans portfolio in the fourth quarter. It therefore stood at 77.2 billion euros at end-December 2016 compared with 71.2 billion euros at end-December 2015. The geographical breakdown was 38% in France, 31% in Italy and 31% in other countries. The consolidated loan book increased to 32.4 billion euros at 31 December 2016. In Leasing & Factoring (CAL&F), the leasing book grew by +3.7% year-on-year to 15.5 billion euros at end-December 2016. Factored receivables were stable compared with the fourth quarter of 2015, at 18 billion euros. In the fourth quarter of 2016, Specialised financial services revenues amounted to 683 million euros, up +4.0% year-on-year. CACF and CAL&F delivered revenue of 541 million euros and 142 million euros respectively, representing a year-on-year increase of +5.1% for CACF and +0.1% for CAL&F. Restated for the scope effect (deconsolidation of Credium and Credicom, which contributed 18 million euros of revenue in the fourth quarter of 2015), revenues for Specialised financial services increased by +1.3% year-on-year. Operating expenses were up +10.1% over one year to 365 million euros, reflecting implementation of the investment programme scheduled in the medium-term plan announced in March 2016. Cost of risk was up +9.4% year-on-year in the fourth quarter of 2016, partly due to an exceptionally low base for comparison in the fourth quarter of 2015 and partly to tighter provisioning rules introduced following the recovery in activity. Lastly, the joint-ventures delivered strong growth of +76.5% in their fourth-quarter equity-accounted contribution, driven mainly by FCA Bank. Restated for the Forso goodwill impairment in the fourth quarter of 2015 (-9 million euros), year-on-year growth was +37.3%. Underlying[41] net income Group share increased by +17.2% year-on-year in the fourth quarter to 174 million euros. CACF contributed 136 million euros (up +26.3% year-on-year) and CAL&F 38 million euros (down -7.2%). In full year 2016, Specialised financial services delivered revenues of 2,646 million euros, representing slight growth of +0.7% compared with 2015. Restated for the scope effect in the fourth quarter of 2015 (deconsolidation of Credium and Credicom), revenues were stable compared with 2015. Operating expenses were up +3.6% compared with 2015, to 1,384 million euros. The increase was due to implementation of the investment programme scheduled in the medium-term plan announced in March 2016. Cost of risk was down due to an improvement in quality of the customer portfolio. It amounted to 558 million euros for the year, a decrease of -15.2% compared with 2015. Cost of risk relative to outstandings stood at 140 basis points[42] in 2016, versus 162 basis points in 2015. Partnerships contributed to CACF's profitability, with a +26.8% increase in their equity-accounted contribution, mainly due to the car finance partnerships. Underlying net income Group share increased by +26.6% to 613 million euros versus 484 million euros in 2015. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarter and full year 2016 and comparable data for 2015 are detailed in the appendix. In the fourth quarter of 2016, net income Group share for the Large customers business line includes the impact of loans hedges (-1 million euros), DVA running (-2 million euros) and the revaluation of deferred taxes (­1 million euros). Restated for these specific items, underlying net income Group share came to 274 million euros for the quarter compared with stated net income Group share of 271 million euros. See table in appendix for reconciliation of stated and underlying results. In the fourth quarter of 2016, underlying net income Group share for the Large customers business line amounted to 274 million euros, 2.4 times higher than the fourth quarter of 2015. Underlying net income Group share for the business line comprised a contribution of 182 million euros from Financing activities (up +39.5% year-on-year), 68 million euros from Capital markets and investment banking (versus a loss of 41 million euros in the fourth quarter of 2015) and 24 million euros from Asset servicing (down -6.9% year-on-year). Despite the year-end seasonal effect, commercial activity was satisfactory in all Corporate and investment banking activities. In the fourth quarter of 2016, revenues were 1,252 million euros, a year-on-year increase of +12.2% and +2.7% excluding xVA, thanks to strong commercial momentum in most business lines. Revenues from Capital markets amounted to 458 million euros in the fourth quarter, down -5.1% excluding xVA compared with the fourth quarter of 2015. Fixed-income, forex and credit business remained buoyant, with strong client activity. VaR remained contained at 13 million euros on average over the quarter. Crédit Agricole Corporate & Investment Bank (CACIB) moved up to world No. 1 in agency bond issues in euros[43], maintained its European No. 1 position in ABCP securitisation[44] and is world No. 2 in green bond issues[45]. Investment banking, which ranks French No. 2 in equity issues4 and No. 4 in M&A advisory4 (French clients), delivered strong revenue growth driven by excellent momentum in M&A business this quarter. Its revenues for the quarter were 72 million euros, a year-on-year increase of +33.3%. Structured finance revenues fell slightly, with a good performance in the air and rail transport and infrastructure segments, while some activities were affected by an unfavourable environment in the shipping and oil & gas sectors. Revenues were 292 million euros in the fourth quarter of 2016, a year-on-year decrease of -4.8%. CACIB remains world No. 1 in aircraft financing[46]. Commercial banking revenues for the fourth quarter were up year-on-year to 249 million euros, as the fourth quarter of 2016 had been affected by an impairment loss against a portfolio of real estate loans. All business activities proved resilient in an environment of low interest rates and slowdown in world trade. CACIB ranks second in syndicated loans in France1. Asset servicing revenues were down slightly at 181 million euros in the fourth quarter of 2016. Operating expenses for the Large Customers business line totalled 786 million euros in the fourth quarter of 2016 versus 829 million euros in the same period of 2015, reflecting excellent control over costs given the investment required to develop the various business activities and the cost related to regulatory projects. Cost of risk was also stable compared with the first three quarters of 2016 (excluding the 50 million euros legal risk provision taken in both the second and third quarters of 2016). Cost of risk relative to outstandings for Financing activities remained low at 27 basis points in the fourth quarter of 2016[47]. Share of income from equity-accounted entities amounted to 29 million euros, a decrease compared with the fourth quarter of 2015, reflecting a decline in performance by Banque Saudi Fransi. In full year 2016, net income Group share for the business line was 1,295 million euros, up +15.2% compared with 2015. It included a contribution to the Single Resolution Fund (SRF) of 149 million euros and a legal risk provision of 100 million euros. The cost/income ratio stood at 60.7%[48] and the RoNE at 9.7% in line with the medium term plan target. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarter and full year 2016 and comparable data for 2015 are detailed in the appendix. In the fourth quarter of 2016, Corporate Centre results include a gain of +103 million euros relating to the change in issuer spreads, a goodwill impairment charge of -491 million euros relating to LCL and a tax charge of -52 million euros relating to the change of tax rate for deferred tax assets and liabilities (DTA/DTL) as of 2020. (1) cost of capital, interest rates management, liquidity and debt as Central body and treasurer (2) excluding specific items detailed pages 29 and 30 of this document The fourth quarter of 2016 was the first quarter of the year not affected by the non-recurring impacts of the operation to simplify the Group's structure (Eureka). However, this quarter's revenues benefit from the recurring impacts of the Eureka operation, i.e. interest income of +59 million euros on the loan granted to the Regional Banks, elimination of the cost of Switch 1 for +115 million euros and the impact of the balance sheet optimisation operation for +53 million euros. Underlying revenues thus amounted to -223 million euros in the fourth quarter of 2016, a year-on-year improvement of +44.5%. The cost of carrying the Group's equity investments and net costs of subordination was namely down sharply, by -66.7%. Underlying net income Group share was down -29.4% year-on-year in the fourth quarter of 2016, to -281 million euros. In full year 2016, underlying net income Group share was -1,310 million euros, quasi stable compared with 2015. The specific adjustments made to reconcile stated and underlying amounts and changes for the fourth quarter and full year 2016 and comparable data for 2015 are detailed in the appendix on pages 29 and 30. Crédit Agricole Group's total customer loans amounted almost to 774 billion euros at end-December 2016. Customer accounts on the balance sheet were more than 693 billion euros. In the fourth quarter of 2016, the Group's net income Group share came to 671 million euros versus 1,564 million euros in the fourth quarter of 2015. Excluding specific items[49] totalling -977 million euros this quarter (mainly LCL goodwill impairment for -540 million and revaluation of deferred taxes for -453 million euros) versus +59 million euros in the fourth quarter of 2015, underlying net income Group share came to 1,648 million euros, an increase of +9.5% compared with the same quarter of last year. Underlying revenues were up slightly, as were operating expenses, mainly due to the investments scheduled in the MTP. Cost of credit risk decreased to -457 million euros, representing 28 basis points[50] in the fourth quarter of 2016 (versus 30 basis points in the same period of the previous year). In full year 2016, underlying revenues were 31,314 million euros, stable compared with 2015. Underlying operating expenses were up slightly by +1.5% compared with 2015, while underlying cost of credit risk was down -8.6% to 2,312 million euros. As a reminder, additional legal risk provisions of -500 million euros were recognised in 2015 and this item has been restated in underlying cost of risk, the amount of -€100m of legal risk provisions registered in 2016 has not been restated. In full year 2016, the Group's underlying net income Group share1 was 6,353 million euros, up +3.1% compared with 2015. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarter and full year 2016 and comparable data for 2015 are detailed in the appendix. Continued brisk business during the quarter supported growth in Crédit Agricole S.A.'s business lines. Customer assets rose by +4.0% year-on-year to 646.6 billion euros. Growth was driven by on-balance sheet deposits (up +6.1% over one year to more than 391 billion euros at end-December 2016), while off-balance sheet customer assets rose by +0.9% to more than 255 billion euros. On-balance sheet deposits continued to be driven by demand deposits (up +15.8% year-on-year) and home purchase savings plans (up +7.0%). The Regional Banks also achieved strong momentum in personal and property insurance. Loans outstanding rose by +4.4% year-on-year, to 429.5 billion euros at end-December 2016. Growth in the loan book continued to be driven by home loans and consumer finance (up +6.5% and +9.3% respectively, year-on-year). Loans to SMEs/small businesses and farmers both increased by +2.8% and +1.6% respectively.  The fourth quarter of 2016 was affected by the revaluation of deferred taxes for -301 million euros. Restated for this item, the Regional Banks' net income Group share amounts to 707 million euros in the fourth quarter of 2016, representing a year-on-year decrease of 25.1%. Revenues were down -11.6%. It should be noted that since the previous quarter, they include the initial effects of the operation to simplify the Group's structure (Eureka), with a net impact of -174 million euros in the fourth quarter of 2016: (i) elimination of Switch 1 income following its unwinding on 1 July 2016, (ii) cost of the 11 billion euros loan granted by Crédit Agricole S.A. on 3 August 2016. Excluding these impacts and excluding provisions for home purchase savings plans, the Regional Banks' revenues amounted to 3,639 million euros in the fourth quarter of 2016, up +3.1% compared with the fourth quarter of 2015. The interest margin was stable compared with the fourth quarter of 2015, excluding the impacts of home purchase savings provisions and the Eureka operation (-97 million euros in the fourth quarter of 2016). Expenses are up +6.6% reflecting mainly IT investments in line with the MTP. In full year 2016, the Regional Banks' underlying net income Group share amounted to 3,090 million euros, down -13.9% over the year. The only specific item for the year was the revaluation of deferred taxes for -301 million euros recognised in the fourth quarter. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarter and full year 2016 and comparable data for 2015 are detailed in the appendix. ***** Crédit Agricole S.A.'s financial information for the fourth quarter and twelve months of 2016 consists of this press release and the attached presentation. All regulated information, including the registration document, is available on the website www.credit-agricole.com/en/finance/finance/financial-publications and is published by Crédit Agricole S.A. pursuant to the provisions of article L. 451-1-2 of the Code Monétaire et Financier and articles 222-1 et seq. of the AMF General Regulation. Reconciliation between the stated and the underlying results of Asset gathering Reconciliation between the stated and the underlying results of LCL * Network optimisation costs in Q2-16, adjustment of funding costs in revenues in Q3-16 and impact of the change of tax rate on deferred tax assets and liabilities (DTA/DTL) in Q4-16. Reconciliation between the stated and the underlying results of International retail banking * Adjustment for the Cariparma Group's adjustment plan Q4-16 for €-51m and for the adjustment of the contribution of international subsidiaries of regional banks reclassified in IFRS 5 for €+2m in Q4-15 and €+6m in 2015 Reconciliation between the stated and the underlying results of Specialised financial services Reconciliation between the stated and the underlying results of Large Customers Reconciliation between the stated and the underlying results of Regional Banks [1] See p. 28 (Crédit Agricole Group) and 29-30 (Crédit Agricole S.A.) of this press release for further details on specific items [2] Pro forma Pillar 2 requirement (P2R) as notified by the ECB [3] To be proposed to the shareholders' meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017 [4] See appendix on pages 27 and 28 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [5] For detail of specific items of the fourth quarter and full year 2016, and comparable periods of 2015, see pages 27 and 28 of this press release [6] On consolidated outstandings, calculated on an average annualised basis over four rolling quarters [7] As defined in the Delegated Act. Assumption of non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained from the ECB. [8] See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [9] To be proposed to the shareholders' meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017 [10] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [11]  Bookrunner for bond issues in € - global (Source Thomson Financial at 31/12/16). [12]  See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [13]  Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [14]  See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [15]  As defined in the Delegated Act. Subject to ECB authorisation, assumption of exemption of intragroup transactions for Crédit Agricole S.A. (with an impact of +110 basis points) and non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained from the ECB. [16]  Crédit Agricole S.A., Amundi, CACEIS, Crédit Agricole Assurances, Crédit Agricole Corporate and Investment Bank, Crédit Agricole Consumer Finance, Crédit Agricole Immobilier, Crédit Agricole Leasing & Factoring, Crédit Agricole Private Banking (with Crédit Agricole Indosuez Private Banking, Crédit Agricole Luxembourg, Crédit Agricole Suisse and CFM Monaco), Cariparma, LCL, the Group's Payments Division and Uni-Éditions. [18] See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [21] See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [22]   As defined in the Delegated Act. Subject to ECB authorisation, assumption of exemption of intragroup transactions for Crédit Agricole S.A. (with an impact of +130 basis points) and non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained from the ECB. [23]  See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. 1 2015 pro forma: split of IFRS premium income by new business line following transfer of individual health and personal accident from "Death & disability/Health/Creditor" to "Property & Casualty insurance". [26] Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance. Pacifica scope. [28] Amundi is a listed company and published its detailed results for the fourth quarter and year 2016 on 10 February 2017 last. [30] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [31]  Restated for Cariparma Group's adjustment plan (-25 million euros) in 2016 and contribution of Regional Bank's international subsidiaries (+6 million euros) in 2015 [32]  Pro forma for reclassification in Q3-16 of financial clients deposits from on-balance sheet deposits to market funding. [33]  Operating expenses excluding Cariparma Group's adjustment plan, contributions to the deposit guarantee fund and Italian rescue plan [34]  Aggregation of contributions from Crédit Agricole S.A.'s entities in Italy, mainly Cariparma Group, CACIB, CA Vita, Amundi, Agos, FCA Bank (assuming that only half of FCA Bank's contribution comes from Italy) [36]  Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [39] Restated for the contribution of Regional Bank's international subsidiaries (+2 million euros in Q4-15 and +6 million euros in 2015) [41] See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [42] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [47] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [48] Calculated on the basis of underlying revenues and operating expenses. [49] See appendix on pages 27 and 28 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015. [50] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters


News Article | February 23, 2017
Site: www.businesswire.com

Eutelsat Communications (Paris:ETL) (NYSE Euronext Paris: ETL) today announced that SRG SSR, Switzerland’s public TV and radio broadcaster, has confirmed its long-term commitment to the HOT BIRD neighbourhood with the multi-year renewal of one transponder that complements a second transponder already booked on a long-term basis. SRG SSR occupies the two HOTBIRD transponders to broadcast seven channels (RTS Un, RTS Deux, SRF 1, SRF zwei, SRF info, RSI LA 1, RSI LA 2) exclusively in HD quality to Swiss homes beyond range of quality terrestrial reception and for Swiss citizens living abroad. The capacity is also used for Hbb TV services and 26 public service radio stations. The upgrade to an all-HD satellite offer at the HOTBIRD neighbourhood was completed in February 2016 with a focus on delivering high signal quality. Eutelsat’s cluster of three high-power HOTBIRD satellites at 13° East deliver an unrivalled line-up of over 1,000 channels. The trend towards HD is accelerating, with a 25% increase in channels over the last 12 months, taking the total to over 250 and transforming HOTBIRD into a hub of exclusive pay-TV and free-to-air HD content. Over 135 million homes in Europe, the Middle East and North Africa watch channels broadcast by the HOTBIRD constellation through Direct-to-Home reception, cable, IP and DTT networks. About Eutelsat Communications Established in 1977, Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is one of the world's leading and most experienced operators of communications satellites. The company provides capacity on 39 satellites to clients that include broadcasters and broadcasting associations, pay-TV operators, video, data and Internet service providers, enterprises and government agencies. Eutelsat’s satellites provide ubiquitous coverage of Europe, the Middle East, Africa, Asia-Pacific and the Americas, enabling video, data, broadband and government communications to be established irrespective of a user’s location. Headquartered in Paris, with offices and teleports around the globe, Eutelsat represents a workforce of 1,000 men and women from 37 countries who are experts in their fields and work with clients to deliver the highest quality of service. For more about Eutelsat please visit www.eutelsat.com www.eutelsat.com – Follow us on Twitter @Eutelsat_SA and Facebook Eutelsat.SA


News Article | March 1, 2017
Site: www.prnewswire.com

DALLAS, March 1, 2017 /PRNewswire/ -- The Cushing® Energy Income Fund (formerly known as the Cushing® Royalty & Income Fund) (NYSE: SRF) declared a distribution for March 2017 of $0.04 per common share. The Fund's distribution will be payable on March 31, 2017 to shareholders of...

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