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In 2017, Crédit Agricole Group’s net income Group share was 6.5 billion euros, up +35.5% on 2016. 2017 performance was penalised in the fourth quarter by a tax surcharge (net impact of -671 million euros, recorded as a specific item).
Adjusting for this expense and for other specific items in 2017, underlying net income Group share amounted to 7.1 billion euros, an increase of +8.9% from 2016. This includes six months of Pioneer, but also the consolidation losses on Eurazeo and BSF following their disposal (partial in the case of BSF) and deconsolidation. Excluding these scope effects, these results reflect strong business momentum in the Group’s various components – retail banks, specialised businesses and the Large customers business line – coupled with tight cost control enabling the Group to invest in new business activities. The underlying cost/income ratio stood at 63.4%.
2017 marks an important step toward achieving the objectives of the Strategic Ambition 2020 medium-term plan (MTP): revenue synergies reached 8.2 billion euros (increase of +5%) and the Group launched and implemented innovations to improve its customers’ digital experience as well as its range of products and services.
In addition to the scope changes already mentioned, the fourth quarter also saw the finalisation of external growth operations aimed at strengthening the business lines in a profitable way: the three Italian banks, Natixis’ 15% residual stake in CACEIS and the private banking business of CM-CIC in Asia; the acquisition of Banca Leonardo is expected to be finalised in the first half of 2018. These acquisitions were self-financed, and the financial position remains very strong: at end-December, the fully-loaded Common Equity Tier 1 ratio was 14.9%, among the best in the sector and more than 5 percentage points above the regulatory minimum.
In line with the "Strategic Ambition 2020" medium-term plan (MTP), the Group’s stable, diversified and profitable business model drives healthy organic growth in all its business lines, largely through synergies between the specialised business lines and the retail networks, and ensures a high level of operating efficiency while generating capacity to invest in business development.
About Credit Agricole:
PJSC «CREDIT AGRICOLE BANK» is a modern universal bank owned by the leading financial group in Europe – Credit Agricole Group (France). The Group is a major partner of the French economy and one of the largest banking groups in Europe. It is a leading retail bank in Europe, having the largest portfolio of assets under management, being first in the field of bank insurance and third - in project financing in Europe. Credit Agricole has been operating in the financial market of Ukraine since 1993 and renders the entire range of banking services to private individuals, including premium-clients, and business. The Bank pays special attention to cooperation with agricultural enterprises. Reliability and business reputation of CREDIT AGRICOLE in Ukraine is confirmed by the highest possible FITCH ratings, leading positions in bank sustainability, bank deposit reliability and bank profitability rankings, as well as by 300 000 active private and 18 000 corporate customers, including international corporations, large Ukrainian companies and representatives of small and medium business.
Viktoriia Torianyk, Head of PR and corporate communications Credit Agricole Bank.
Phone: +38 044 581 07 45, e-mail: Viktoriia.Torianyk@credit-agricole.ua