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Fourth quarter and full year 2018 results of Credit Agricole Group

15 February 2019

Crédit Agricole Group 

Very good results, solid and balanced 

Credit Agricole Group’s stated net income for 2018 totalled 6.8 billion euros, up +4.7% compared to 2017. Adjusted for specific items, in particular the exceptional tax surcharge in France in 2017, stated net income was still 6.8 billion euros, down -3.8%. The excellent level of customer acquisition throughout the year, especially for Retail Banking in France and in Italy (1.8 million in new business relationships) and continued cross-selling efforts have offset the negative effects of prolonged low interest rates, weak economic growth in Europe and an unfavourable market environment in the fourth quarter, to deliver underlying revenue growth. Growth investments and especially the increase in the contribution to the Single Resolution Fund (SRF) and the cost of risk compared to a low comparison base in 2017 account for the slight decrease in pre-tax income and underlying net income (-3.8%). The Regional Banks confirm the stabilisation of their revenues but their net income suffered from the effects of the market environment on their portfolio revenue and a virtual tripling of their cost of risk compared to the write-backs of collective provisions in 2017. The same trends were seen throughout the quarter for the Group and Regional Banks, intensified by more difficult underlying revenue generation due to the market environment. Financial solidity further appreciated in the fourth quarter with an improvement in the fully-loaded CET1 ratio of +0.1 percentage point to 15.0%, 550 basis points above the regulator’s requirements 21.

In line with the "Strategic Ambition 2020" Medium-Term Plan (MTP), the Group’s stable, diversified and profitable business model drove organic growth in all its business lines, largely through synergies between the specialised business lines and the retail networks, and ensured a high level of operating efficiency while generating leeway to invest in development.

Please, find detailed financial results on the Group’s site.

Credit Agricole S.A. 

Excellent results reflecting strong growth in 2018 and in Q4

- MTP targets achieved a year ahead of schedule: Underlying 2018 NI of €4.4bn (+12.2% 2018/17), underlying ROTE7 of 12.7% (objectives: €4.2bn and >10%, respectively);

- Presentation of new 2022 Medium-Term Plan on 6 June 2019;

- Strong 2018/2017 growth: +12.2% (EPS +13.9%), with a positive contribution from all the divisions;

- Q4: Underlying net income of over €1bn (€1,067m, +21.6% Q4/Q4) despite an unfavourable environment for activities related to financial markets (Asset management, CIB/Capital Markets);

Confirmed cost control

- 2018/17: further improvement in operational efficiency: jaws effect >+1pp, further 0.7pp improvement in the underlying C/I ratio, excluding the SRF;

- Q4: tight control at +0.8% despite the scope effect of the three Italian banks, underlying C/I ratio 65.9%

Further improvement in credit quality

- Sharp decline in the cost of credit risk -23.4% 2018/17 and -26.6% Q4/Q4; cost of risk relative to outstandi ngs: 23bp (-6bp 2018/17), decrease in the NPL ratio (2.8%, -0.4pp Dec./Dec.), rise in the coverage ratio (74.3%, +7pp Dec./Dec.);

- Q4: non-specific provision for legal risk -€75m (Corporate Centre)

Financial solidity: CET1 ratio 11.5%, dividend of €0.69 per share paid in cash

- Fully-loaded CET1 ratio 11.5%, above the MTP target of 11%, stable in Q4;

- Capital generation through retained earnings: +14bp, but impact of the decline in OCI reserves: -13bp;

- Risk-weighted assets stable at end-September, offsetting regulatory effects.

In fourth quarter 2018, stated net income reached 1,008 million euros, up sharply (x2.6) compared to fourth quarter 2017 (387 million euros), which notably saw the effects of the Finance Act in France, namely a corporate tax surcharge (-256 million euros, net of the refund of the dividend tax) and a revaluation of deferred taxes to take account of the expected decrease in corporate income tax rate in France and in the United States (-128 million euros).

About Credit Agricole:  

JSC «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 ban 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. Credit Agricole Bank is a socially responsible bank that confirms its status by the large number of projects implemented under the corporate social responsibility program «We Care!». 


Viktoriia Torianyk, Head of PR and corporate communications Credit Agricole Bank.

Phone: +38 044 581 07 45, e-mail:

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