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Results for the 1st quarter 2022 of Credit Agricole Group

06 May 2022

A good quarter with strong momentum in all the Group’s business lines. Regarding the Russia-Ukraine conflict, the Group chooses prudent provisioning even though the proven risks level remains low

The Group published its financial results for the first quarter of 2022 and reiterated its clear position on Ukraine and Russia. In Ukraine, employees and their families have received material and financial support, and essential services to customers continue to be provided. As for Russia, new financing to Russian businesses has ceased since the war began, as has all commercial activity in the country.

An increase in gross operating income

Underlying gross operating income (excl. SRF*) was up, for both the Crédit Agricole Group (+3.5% year on year) and Crédit Agricole S.A. (+4.9%). Underlying net income Group share stood at €1.5 billion for the Crédit Agricole Group, down -7.2% compared to the first quarter of 2021. Crédit Agricole S.A.’s underlying income was €756 million, down -18.9%. The decline in net income was due in particular to two economic factors: another significant increase in the SRF contribution and the choice of prudent provisioning on exposure to Russia and Ukraine.

Sustained commercial activity

The Crédit Agricole Group recorded a good first quarter with strong momentum in all business lines. In particular, it recorded 516,000 new customers in retail banking (320,000 in the Regional Banks), bringing the total number of new customers since the beginning of the Medium-Term Plan to almost 6 million.

A strong capital position

The Group's solvability is among the best-in-sector in Europe. It reaffirmed its commitment to pay out 50% of earnings and intention to pay an additional 20 cents for the 2019 dividend in 2023. More than 55% of dividends are paid to the Regional Banks and thus contribute to regional development.

The Group has once again proved the solidity and consistency of its model to adjust to crises and, on 22 June, will outline its medium and long-term ambitions in response to the challenges of societal transitions.

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*The Single Resolution Fund (SRU) is a reserves mechanism that pools contributions from the European banking sector. It is managed by the Single Resolution Board (SRB), a European authority created in 2015. Its goal is to enable the orderly resolution of defaults by banks within the European Banking union.

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