Credit Agricole Ukraine financial results for the third quarter and 9 months of 2024

Credit Agricole Ukraine continues showing stable financial result in line with previous expectations, securing UAH 5.1 billion of Net financial result for 9 months 2024.

Macroeconomic and Regulatory Landscape

In the course of the third quarter of 2024, the National Bank of Ukraine (NBU) maintained a stable key policy rate at 13%, after a series of rate cuts in the first and second quarter of 2024. Inflation rate in September 2024 reached 8.6% with a forecast of 9.7% by the end of the year.

The NBU also introduced new capital adequacy requirements starting from August 2024, incorporating a three-tier capital structure and minimum capital adequacy ratios: solvency ratio – 10%, Tier 1 ratio – 7.5%, CET1 ratio – 5.625%.

Despite the added regulatory demands, Credit Agricole maintains a robust capital position with CET1/Tier 1 ratios at 19.7% and a solvency ratio of 20.12% - well above regulatory minimums.

The bank’s liquidity position remains strong, with LCR at 614% and NSFR at 305%, both far exceeding the 100% regulatory requirements. These levels reflect a disciplined approach to asset and liability management, supporting the bank’s resilience under evolving market conditions.

Strategic directions

Credit Agricole’s loan portfolio continues to grow, particularly in agriculture and automotive sectors. In Q3, the bank issued 1,036 new car loans totaling UAH 1.1 billion, representing a 46% increase over the previous quarter. The bank confirmed its ISO 9001:2015 certification in car lending, with expanded climate responsibility requirements.

In the agricultural sector, Credit Agricole actively supports clients with financing tailored for renewable energy and eco-friendly technologies, working under IFI backed risks sharing programs, as well as under government program “Affordable Loans 5-7-9%”. As a part of partnership programs development, the bank signed an agreement with USAID to provide grants for financial leasing and support to small and medium-sized business in updating vehicles, equipment, end machinery, as well as making operations more eco-friendly.

The bank’s team also engaged with the IT sector, participating in the IT Arena in Lviv and hosting the IT Student Summit, drawing over 300 participants. The bank continues developing within "Code of Trust" positioning, specially tailored for the IT clients, both Individuals and Private entrepreneurs.

Social Responsibility and Recognition

Credit Agricole Ukraine continues engaging in social activities, focusing its efforts on supporting its customers, employees and society. The bank and the international Group donated UAH 150 million to various charitable projects, mainly for the purchase of medical equipment for hospitals. In October 2024, with the help of 4 Group’s entities the bank implemented the largest charitable project within We Care program! 45 million hryvnias for Kyiv Regional Perinatal Center. A new, modern, professionally equipped intensive care unit for supporting the premature babies has been opened.

Credit Agricole was recognized as the Best Premium Banking according to the Banker media. The editors honored the Sommelier premium package for being filled with useful services and the high quality of premium services.

Additionally, Credit Agricole Ukraine received the “Best Corporate Education Programs” award provided by “TOP-100. Ratings of the Largest” business magazine and Delo. Credit Agricole Bank has created and is successfully developing three corporate training programs “AgroSchool”, “Proximity University”, “Managerial School”, that promote professional competencies of employees as well as foster favourable environment for their professional growth.

Financial Performance

Credit Agricole Ukraine’s net banking income for the first nine months of 2024 reached UAH 7.1 billion, up 10% year-over-year, driven by robust net interest income and an expanding deposit base.

Operating expenses totaled UAH 1.9 billion, reflecting an 11% increase due to HR costs and continued investment in digital banking and IT infrastructure. The bank’s cost-to-income ratio was 27.1%, demonstrating the bank's operational efficiency.

Provisions decreased by UAH 1.6 billion, thanks to loan repayments and rating upshifts, mostly realized in 1Q 2024. Total provision coverage ratio for loans stands at 20% (89% on NPL), ensuring a solid buffer for risk management.

Net profit of Credit Agricole Ukraine for 9 months of 2024 reached UAH 5.1 billion.

Annex 1. Short financial results Sheet*
(UAH million)

Annex 2. Short Balance Sheet*
(UAH million)

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