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Crédit Agricole Group: results for the second quarter and first half of 2018

07 August 2018

Q2-18: highest net profit since IPO   

Crédit Agricole Group's second quarter net income was the highest quarterly level since IPO, surpassing the two billion mark, as it did in the second quarter of 2017, to reach €2,076 million. This can be attributed to strong business trends, driven by cross-sales and in particular excellent cost control. It reflects, in respect of underlying income, a positive two-point scissors effect excluding the contribution to the Single Resolution Fund (SRF) and an improvement of more than one point in the cost/income ratio excluding SRF. Most of the Group's business lines contributed to this improvement in operating efficiency, with the exception of retail banking, for which interest margins in France and Italy continued to come under pressure from low interest rates.

The Regional Banks nevertheless succeeded in slightly increasing their underlying revenues, while LCL generated underlying revenue growth of +2.1%. The Large customer Division saw a sharp increase in revenues over the quarter of +11%, excluding the forex effect, thanks to excellent business levels in the financing activities. The successful integration of recent acquisitions (Pioneer, the three Italian banks, acquisitions in wealth management) are again set to compensate for the still negative impact of disposals in 2017, notably BSF and Eurazéo.

The cost of risk seems to have increased in relation to a very low comparison base in the second quarter of 2017, during which the Regional Banks saw significant provision reversals. The high level of result this quarter is therefore fully attributed to the increase in revenues and the cost control. The fully-loaded Common Equity Tier 1 ratio at end-June 2018 increased by +20 basis points compared to the end of March at 14.8%, 530 basis points above the required regulatory level7.

In line with the "Strategic Ambition 2020" medium-term plan (MTP), the Group’s stable, diversified and profitable business model drove organic growth in all its business lines, largely through synergies between the specialized business lines and the retail networks and ensured a high level of operating efficiency while generating leeway to invest in development.

Crédit Agricole S.A. 

In the second quarter of 2018, stated net income Group share reached €1,436 million versus €1,350 million in the second quarter of 2017.  

Highest quarterly underlying net income since IPO

- underlying Group net income: Q2-18 €1,418m, +19.6% Q2/Q2, H1-18 €2,205m, +5.9% H1/H1, highest quarterly level since IPO and highest half-year level since the financial crisis;

- annualized underlying ROTE14 13.1%, annualised RONE of all business lines higher than the MTP targets except for Retail Banking (which represents only 17% of consolidated net income excluding Corporate Centre), RONE of the Large customers division 12,8%;

- positive contribution to growth by all CASA divisions and the Corporate Centre, with a particularly high level of profitability in CIB;

Very strong, good quality activity in all business lines

- acceleration of growth in loans to businesses for the Retail banks, good resilience of inflows in asset gathering despite a slowdown, several jumbo deals in Financing/Large customers;

- underlying revenues up +11.4% Q2/Q2, +7.1% at constant scope and exchange rates15, contribution by all divisions and Corporate Centre, sharp increase in Large customers (+11%);

Excellent cost control and further fall in the cost of risk

- underlying costs: +7.4%, +1.9% Q2/Q2 at constant scope and exchange rates 15 excluding SRF;

- positive scissors effect15 in all divisions, >5pp at consolidated level (+2.6pp H1/H115), improvement in C/I ratio15 of nearly 3pp Q2/Q2 (1.5pp H1/H115);

- further decrease in the cost of credit risk: -36.5% Q2/Q2; cost of risk relative to outstandings: 26bp.

Financial solidity confirmed this quarter

- fully-loaded CET1 ratio 11.4%, higher than the MTP target of 11%, stable in Q2, with high capital generation (+22bp) having financed growth in risk-weighted assets linked to activity.

About Credit Agricole: 

PJSC «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!». 


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

Phone: +38 044 581 07 45, e-mail:

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