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Financial results of Credit Agricole Bank in 2018

15 February 2019

Crédit Agricole Bank confirms and strengths the positive trend of previous years

Crédit Agricole Bank finished 2018 year with record level of the Net Result 1 463 mUAH due to strong commercial momentum and increasing contribution of all business lines into net banking income

"Financial result of Crédit Agricole Bank for the 2018 has reached UAH 1 463 million that is +UAH 353 million or +32% above than for the 2017. A few years in a row, Crédit Agricole Bank shows a strong development, which confirm the consistency of the chosen strategy. Good development dynamics of all business lines allows anticipating further growth of the bank. Crédit Agricole Bank will continue investing in the economy of Ukraine by attracting new clients from the Corporate, SME and Retail sectors", - Giorgio Sopranzi, Member of the Management Board, Financial Director of Credit Agricole Bank, commented. 

Performing loan portfolio (net of provisions) showed a steady growth of +12% or +UAH 2.3 billion in comparison with previous year. Quality of the loan portfolio is maintained on a high level, while loans provisions increased by 11% or UAH 0.2 billion in comparison 2017. Bank’s NPL ratio is one of the lowest among banks in Ukraine. At the end of December 2018, NPL coverage ratio grew by +1% and reached of 97.0% in comparison with the end of December 2017.

Crédit Agricole Bank's deposits portfolio amounted to UAH 27.1 billion at the end of December 2018, having increased by +4%, or by +UAH 1.0 billion in comparison with end of 2017. The increase of deposits is on all business lines, but mainly on Corporate side. Customer deposits provide a comfortable level of liquidity to the bank, both in hryvnia and in foreign currency. Crédit Agricole Bank liquidity excess in FCY represents the equivalent of 41% of its customer deposits at the end of 2018. Available liquidity buffer in hryvnia is placed in liquid instruments of the NBU and Ministry of Finance of Ukraine (CDs and T‑bills).

The bank continues to demonstrate strong capital position with a capital adequacy ratio (N2) of 19.4% as of the end of December 2018 (regulatory minimal level is 10%).

Bank is keeping to increasing trend of net banking income. For 2018 NBI amounted to UAH 3,426 million, which is +23% or +UAH 639 million more than in the 2017. The bank has demonstrated growth in all components of net banking income, which confirms efficiency of the bank’s business model and consistency of strategy implementation.

Operating expenses of the bank increased by +19% or +UAH 223 million in comparison with the 2017. Staff charges increased by +19% (pressure on labor market). Growth of other expenses by +UAH 94 million or +19% was mainly due to an increase in depreciation, reflecting the continuous investment of the bank in its infrastructure and in the transformation of processes towards digitalization.

Cost of risk improved in comparison with the 2017 (CoR UAH -269 million in 2018 vs UAH -275 million in 2017). Positive changes are due to active work on non-performing loans, prudent risk policy and efficient collection of debts.

Cost to income ratio of Crédit Agricole Bank remains one of the lowest among Ukrainian universal banks, and did not deteriorate in a context of pressure on general expenses and investments.


Annex 1

Summary Income Statement

(UAH million)

Item

2017

2018

2018 vs 2017

Net Banking Income

2 787

3 426

639

23%

NII

1 947

2 330

383

20%

Commissions

643

703

61

9%

Other NBI

197

393

196

99%

Operating Expenses 

-1 159

-1 382

-223

19%

Staff charges

-677

-806

-129

19%

Other expenses

-483

-577

-94

19%

Gross Operating Income

1 628

2 044

416

26%

Cost of Risk

-275

-269

6

-2%

Result before taxes

1 352

1 775

422

31%

Taxes

-243

-312

-69

28%

Net Result

1 110

1 463

353

32%


Credit Agricole Bank’s preliminary financial statements are subject to audit by external auditors and approval by its Supervisory Board. An Annual auditor's report will be also published on CAU’s website within regulatory required deadline. 


Annex 2 

Short Balance Sheet

(UAH million)

Item

Dec-2017

Dec-2018

Dec-2018 vs Dec-2017

Assets




Cash and cash equivalents

8 709

8 217

-491

-6%

Due from other banks and the NBU

1 109

1 091

-18

-2%

Securities and investments

1 065

1 000

-66

-6%

Gross Loans and advances to customers

21 440

23 953

2 513

12%

 Corporate loans

18 277

20 096

1 818

10%

Private individuals loans

3 162

3 857

695

22%

Provisions

-2 046

-2 266

-220

11%

Loans net of provisions

19 393

21 686

2 293

12%

Other assets

669

795

126

19%

Total assets

30 945

32 789

1 844

6%

Liabilities




Due to other banks

14

6

-8

-57%

Customer deposits

26 064

27 054

990

4%

 Corporate deposits 

19 310

20 107

796

4%

 Private individuals deposits

6 754

6 947

193

3%

Other liabilities

526

463

-63

-12%

Subordinated debts

1 077

1 065

-12

-1%

Total liabilities

27 681

28 587

906

3%

Equity

3 264

4 201

937

29%

Total equity and liabilities

30 945

32 789

1 844

6%


Credit Agricole Bank’s preliminary financial statements are subject to audit by external auditors and approval by its Supervisory Board. An Annual auditor's report will be also published on CAU’s website within regulatory required deadline. 

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!». 

Contacts:

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

Phone: +38 044 581 07 45, e-mail: Viktoriia.Torianyk@credit-agricole.ua 

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