Financial results of Credit Agricole Group for the fourth quarter and full year 2022

High 2022 results

Strong and solid results, in a context of shocks and adaptation. They reinforce the relevance of the global relationship banking model, serving the needs of all our customers. More than three-quarters of the results are retained to be reinvested in the economy.

A Q4 historic result and a sharp increase in income

Crédit Agricole S.A. published an excellent fourth-quarter result of €1.5 billion (+6.7% Q4/Q4). Thanks to all business lines, income rose (+4.4% Q4/Q4) versus an already record 2021 year.

In 2022, Crédit Agricole S.A. net income Group share* amounts to €5.5 billion, +1.3% versus a historic 2021 and a higher cost of risk.

The reported result of Crédit Agricole Group, meanwhile, is €8.1 billion, an increase of +13.1% over three years.

One of the most solid positions in Europe

A key indicator in the valuation of banks, the underlying RoTE** of 12.6% is very high in 2022 and more than 2.5 pp greater than the ten major European banks average.

At 58.2%, Crédit Agricole S.A.’s cost/income ratio is far below the ceiling set out in the MTP and more than 6 pp lower than the average of its European peers.

At 31 December 2022, Crédit Agricole Group is the most robust of European systemically important banks, with a phased-in Common Equity Tier 1 (CET1) solvency ratio of 17.6% and Crédit Agricole S.A.’s CET1 ratio, at 11.2%, is in line with the MTP target.

The dividend that will be submitted to the General Meeting on 17 May 2023 for the year 2022 will be €1.05 per share, including the remaining €0.20 related to the 2019 dividend.

A global relationship model ever more adapted to customer needs

The Group’s activity is steady this quarter in all business lines thanks to the global relationship banking model. Gross customer capture is strong in 2022 for the Group, which brought in 1.9 million new customers (+382,000 in Q4) in Retail banking in France, Italy and Poland. Activity is dynamic, with a +5.8% increase in loan production in the Regional Banks, at LCL and CA Italia (+0.4% in home and +15.6% in professionals/corporates) and a high equipment rate in non-life insurance (42.6% in the Regional Banks, 21.7% at LCL and 21.2% for CA Italia).

Continued strategic operations in 2022

The Group announced new strategic partnerships in 2022, including:

• The formation of a European leader in Automotive long-term leasing with CA Consumer Finance (exclusive partnership with Stellantis in H1 2023);
• The strengthening of its international leadership in asset servicing with CACEIS (RBC partnership);
• The development of non-life insurance in Italy with CA Assurances (Banco BPM partnership).
• The strengthening of our positions in car insurance with CA Assurances (Renault partnership).

Societal responsibility 100% integrated in the Group’s model

The year 2022 substantiated our model’s modernity with a fully integrated societal responsibility.

The Group is fully committed to all its customers, from the more modest to the wealthiest, and supports purchasing power: access offers and offers for young adults; limited rate increases; protection of the most vulnerable households.

It contributes to the development of all regions: 1st provider of financing to the French economy; 1st private investor in equities and quasi-equities of enterprises in France; housing; livret engagé sociétaire.

It supports all its customers in their energy transitions: public commitments to accelerate the arrival of renewable energy sources, while decarbonising the economy and equipping all of society; creation of two new business lines – Crédit Agricole Transitions et Energies, and Crédit Agricole Santé et Territoires.

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(*) Net income Group Share

(**) Return on Tangible Equity