“Despite the turbulent context of the war in Ukraine, inflation, supply difficulties and the attrition rate, 2022 was historicis satisfied Claude Valade, chairman of the management board of the Caisse d’Epargne Côte d’Azur (Cecaz). We have continued to do our job, that is to say, to finance the regional economy which is showing resilience and to reinvest the savings entrusted to us to support the investments of our 675,000 customers, including more than 13,000 new ones.”
The regional cooperative bank has financed 30,000 life projects, including 7,500 real estate projects. It granted some €3.8 billion in loans to individuals and economic players with a 6.8% increase in loans for businesses; 3.3% of those to real estate professionals and 8.6% to professionals.
“Our net banking income, – NBI, the equivalent of turnover – amounted to €363.5 million, up 1.8% in an adverse environment marked by the sudden rise in interest rates”explains Jean-Yves Morin, member of the Executive Board in charge of the Finances & Expertise division.
Other reasons for satisfaction, “The historic net income of €92m, driven by good cost control at €215m and profitability at 59.1%, which puts Cecaz on the podium of the Caisses d’Épargne in France. Our cost of risk has fallen to 28, €3 million and we have consolidated our equity which, at €1.852 billion, is up 2.4%.Finally, a quarter of the PGE subscribed has been repaid early and for the rest, the default rate is around 3%. .”
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In this record year, the regional bank played its local and useful role to the full with the renovation of two branches in Aups and Carros, the opening of a new branch in Saint-Martin-du-Var and the deployment of e-agencies: a Local Economy dedicated to local associations and municipalities with less than 7,500 inhabitants and a Pro Pilot for professionals. “Customers choose the channel of their choice”emphasizes Claude Valade.
Promising sectors
Faithful to its affinity logic launched a few years ago, Cecaz has continued to support the promising sectors of the territory. “Four out of ten wineries and estates are Vitibanque customers and €400 million in loans have been distributed in six years, says the chairman of the board. Nautibanque financed 60 boat files for a total of €20 million. We have also rolled out Territoire Tourisme, a business center in Nice and Toulon dedicated to the regional tourism ecosystem with seven employees. »
To which was added a management of BtoB and BtoC real estate professionals. “Because we are a historical real estate partner and we intend to remain so. We have the liquidity to continue to support professionals in the sector in a year that promises to be complicated with the shortage of offers, the crushing of margins linked to the increase in raw materials…”insists Claude Valade.
We will continue to brace ourselves
on the financing of the regional economy.
This new department will bring together the expertise of Cecaz and will be present in all value chains, from promotion to social housing, including property dealers and luxury real estate. The sector represents 11% of the territory’s GDP and Cecaz, which granted €768 million in credits in 2022, intends to support the challenges of the sector, particularly in the energy transition, whether it is RE2020 standards, the objective of Zero Artificialisation Net (ZAN) or rehabilitation of thermal sieves.
Cecaz has also devoted nearly €1 million to CSR, supporting 211 Créasol microcredit projects for an amount of €1.55 billion. And continues its sports and cultural sponsorship. Owner of a cello since 2018, the bank “lent it to a student at the Toulon Conservatory who can thus improve”explains Françoise Lemalle, president of the supervisory board and of Cecaz.
Perspectives 2023
So everything is for the best? If 2022 was a historic year, “2023 promises to be more complicated and the market will be volatile”, anticipates Jean-Yves Morin. The distribution of credit will be slowed down by the constraints of the usury rate and regulated rates.
However, Claude Valade remains serene: “With €1.852 billion in equity, we are financially solid and the regional economy remains dynamic despite sectoral differences.”
And he promises: “We will continue to rely on the financing of the economy with local agencies for individuals while strengthening our expertise and our usefulness to ensure that the overall economy of the Côte d’Azur passes 2023 without a hitch.”