Financial results pf Credit Agricole Group for the third quarter and first nine months of 2022

Record high third-quarter revenues

Amid unique market conditions, Crédit Agricole S.A. third quarter revenues were high compared to an already very high Q3 2021 (+0.9% Q3/Q3, after +7.6% Q3 2021/Q3 2020).

The Group recorded 1.5 million new customers since the start of the year (+460,000 in Q3). Commercial momentum was strong, with an increase of +3% in loans in Regional Banks and at LCL (15.4% of which professional/corporate), +13.0% in consumer finance and leasing, and +6.7% in property and casualty insurance premium income compared to the third quarter of 2021.

Crédit Agricole S.A.’s profitability ranks among the best for European banks

Crédit Agricole S.A.’s underlying income, which remained stable over the nine months, was €3.9 billion, and up +20.6% compared to pre-crisis levels (9M/19).
The Group’s underlying income stood at €5.8 billion, in line with its targets.

In the third quarter, the published net income Group share¹ stood at €1.3 billion for Crédit Agricole S.A. and €2 billion for the Group.

With an underlying RoTE² of 12.5% over nine months, Crédit Agricole S.A.’s profitability is high and above the average of 10 major European banks.

A high level of operating efficiency

At 58.1%, Crédit Agricole S.A.’s cost/income ratio was still very strong and was below the target.

Crédit Agricole is one of the most robust banks in Europe, with a phased-in Common Equity Tier 1 (CET1) solvency ratio of 17.2% for the Group and 11.0% for Crédit Agricole S.A. as at 30 September 2022.

Achievements in line with medium-term ambitions

• implementation of the universal banking model: launch of exclusive partnership with Stellantis for long-term leasing in the first half of 2023;
• participation in the Europe consolidation project: creation of a European leader in Asset Servicing with CACEIS;
• continuing to fulfil the role of transition accelerator through firm support for renewable energy, the rollout of scaled concrete initiatives (J’écorénove, Livret Engagé Sociétaire, etc.) and easy access to decarbonised mobility (rural car sharing, lease purchase agreement from €100 per month etc.)

(1) Net income Group Share
(2) Return on Tangible Equity