Financial Results of Credit Agricole Ukraine for 2024

In 2024, Credit Agricole Ukraine demonstrated stable financial performance, securing a net profit of UAH 4.1 billion for 2024. The bank’s financial results highlight sustainable performance, disciplined risk management and customer trust.

Macroeconomic and Regulatory Landscape

In December 2024, the National Bank of Ukraine (NBU) raised the key interest rate to 13.5%, the second consecutive upward revision due to higher-than-expected inflation. Year-on-year inflation reached 12.0%, exceeding the initial forecast of 9.7%.

Despite the increased regulatory requirements introduced in August 2024, the bank maintains a strong capital position, with a CET1/Tier 1 ratio of 19.8% and a solvency ratio of 20.1%, well above the regulatory minimums. Liquidity remains robust, with LCR at 502% and NSFR at 309%, reinforcing the bank’s ability to support clients.

In July 2024, Supervisory Board of the bank approved to retain the full 2023 result in Tier 1 Capital of UAH 2.8 billion, making the implementation of new capital buffers more comfortable and improving the basis for the bank's development and participation in the country's recovery. Credit Agricole’s designation as a systemically important bank reaffirms its role in ensuring the financial stability of Ukraine’s banking system.

Steady Business Performance

The bank continues to be a reliable partner for its clients, as evidenced by the 11% increase in customer deposits to UAH 100.1 billion. Corporate deposits grew by 9%, while deposits from private individuals grew by 17%, underscoring customers trust in Credit Agricole as a safe and stable financial institution.

Credit Agricole strengthened its leading position in the car loan market, with a market share of 28% in Ukraine. In 2024, the bank issued UAH 3.3 billion in new car loans, 50% more compared to the previous year, outpacing the 40% market growth rate.

The bank continued to expand its corporate loan portfolio, focusing on supporting key industries, including agriculture, manufacturing, and energy efficiency projects. Strategic cooperation with international financial institutions (IFIs) remains a priority to provide financing solutions for business customers.

As part of its commitment to customer proximity, Credit Agricole Ukraine opened a new branch in a new format.

Credit Agricole actively supports businesses and individuals through various financing programs:

Strengthening its engagement in Ukraine’s energy sector reconstruction, as demonstrated by the signing of a Memorandum of cooperation for energy reconstruction, supporting initiatives to restore and modernize critical energy infrastructure;

Financing renewable energy and eco-friendly technologies through IFI-backed risk-sharing programs and the state program “Affordable Loans at 5-7-9%”;

Continuing to develop cooperation with IT clients, providing a holistic “Code of Trust” solution

People and Corporate Culture Development

The Bank continues to strengthen its leadership capabilities by ensuring the next editions of the core development programs “Managerial School”, “Proximity University”, “Agro School”. As confirmation of the right path, Credit Agricole was awarded  at the HR PRO AWARDS for its Career Vector Learning and Growth projects.

The bank’s Diversity month conducted in November 2024 reinforced inclusivity through awareness campaigns and online events across the Credit Agricole Group.

Contributing to the development of the IT community, Credit Agricole Ukraine held a series of meetings with founders and owners of the largest Ukrainian companies (“CEO talks”), in partnership with Diia.City.Union.

Innovation in AI and Banking Technology

The bank organized its first Artificial Intelligence Hackathon, where 50 employees worked together to create AI-driven banking solutions, showcasing Credit Agricole’s commitment to innovation.

Credit Agricole continues to invest in Digital services for customers (CA+, CA+ Pro, CORPEX, CORPEX mobile), process automation and the strengthening of the bank’s IT backbone (Cloud).

Corporate Social Responsibility

In 2024, bank together with the Credit Agricole Group and other regional banks, donated significant budgets for several noticeable charity projects. The biggest and most life-saving project was the creation of a new intensive care unit for newborns at the Kyiv Regional Perinatal Center worth of UAH 45 million. In addition,  Credit Agricole began cooperation with the SuperHumans Center, made donations to support hospitals with medical equipment, donated to the reconstruction of the “Okhmatdyt” hospital, and invested in several social education projects.

Since the full-scale invasion, Credit Agricole Group and Ukrainian bank have allocated UAH 150 million to charitable projects.

Recognition and Achievements

Best Premium Banking by Banker.ua, highlighting the Sommelier Package and Premium banking services.

Leader in Cash Management in Ukraine (2024), awarded by Euromoney for the second year in a row.

Based on the results in 2024, Credit Agricole Bank was named the best bank in automotive lending, according to the annual FinClub rating.

Financial Performance

Credit Agricole Ukraine’s net banking income for 2024 reached UAH 9.2 billion, up 5% year-over-year, driven by robust net interest income and a growing deposit base.

Operating expenses totaled UAH 2.7 billion, up 12% increase due to staff costs and continued investment in digital banking and IT infrastructure. The cost-to-income ratio was 29%, demonstrating the bank's operational efficiency.

Cost of risk shows a net reversal of provisions by UAH 1.6 billion due to loan repayments and rating upgrades. Total loan provision coverage stands at 18.2% (NPL coverage of 88%), ensuring a solid buffer for risk management.

Credit Agricole Ukraine’s full-year net profit reached UAH 4.1 billion, after application of 50% income tax. For the period from 2022 to 2024 the amount of taxes and fees is more than UAH 8 billion.

Annex 1.Summary Income Statement*
(UAH million)

Annex 2. Short Balance Sheet*
(UAH million)

* Credit Agricole Bank’s Interim Financial Statements are elaborated according to IFRS. Additionally, the detailed quarterly financial statements will be published on the bank's website.