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Crédit Agricole Bank generated 927 MUAH of Net Result in 2020

19 February 2021

Credit Agricole Bank reports a positive net result of 927 mUAH in 2020, thus confirming the soundness of its business model and strategy even in pandemic crisis scenario.

“2020 challenged the world with a health crisis which has inevitably impacted the economy and society worldwide. Crédit Agricole Bank adapted very quickly in order to continue providing support and security to customers in such a complicated time. Thus, Bank greatly enhanced digitalization and remote workingWe launched a new Mobile Application CA+, provided favorable conditions for our clients: restructuring and extension of loans, payment holidays, affordable lending for SME within the 5-7-9% Program, financial leasing, etc. Credit Agricole also confirmed its social responsibility commitment. We donated more than 11,2 mUAH for the purchase medical equipment to fight against COVID-19. We are proud that Credit Agricole Bank remained true to its key purpose “Working every day in the interests of our customers and society!”- Giorgio Sopranzi, Financial Director of Crédit Agricole Bank commented.

Within COVID-burdened circumstances, Credit Agricole Bank strongly supported the recovery of the Ukrainian economy: total loans portfolio (net of provisions) showed a steady growth of +20% or +4.6 bUAH compared to 2019. This confirmed that Crédit Agricole Bank continued to be a reliable international partner for its target segments of clients, Corporate and Private Individuals. In 2020 the Bank intensified client support, providing an opportunity for loan restructuring and payment holidays for borrowers affected by pandemic-related difficulties and launching relevant business products with particular attention to clients’ financial conditions. Credit Agricole among the leaders of the 5-7-9% Program.

Crédit Agricole Bank was ready to support the economy and society thanks to its solid capital and liquidity position. At the end of December 2020, the Capital adequacy ratio (N2) amounted to 18%, well above the regulatory minimal level (10%) and the Liquidity level (LCR) was at 218% vs 100% minimum, confirming its sound liquidity. The last one is based on a strong deposit base, which demonstrated a YoY increase by +48% to 42.8 bUAH on both corporate and PI development.

Despite the crisis and the structural drop in interest rates, which was pushed by key policy rate reduction from 13.5% to 6%, Crédit Agricole Bank recorded a Net Result of +927 mUAH in 2020. Compared to 2019, the result was certainly affected by the freeze of the economy (2 months of lockdown) and a very prudent risk approach, nevertheless, the Bank continued to be among TOP-10 banks by Net Result on the Ukrainian market.

Net banking Income is +3.4 bUAH, just -5% down on YoY basis despite the crisis.

  • Net interest income, notwithstanding the narrowing in margins, is slightly lower compared to 2019 by -2% and continues to account for the major share in NBI structure (70%).
  • Quarantine measures and business activity reduction affected Commission income (-11% on YoY basis). The main impact was observed in the Q2-20; nevertheless, in the second half of 2020 the Bank returned to a positive trend in terms of fees and commissions, also intensified by launching the New Mobile Application CA+.

Operating expenses of the Bank increased vs 2019 by +10% or +164 mUAH, intensified in 2020 by the significant growth of other expenses +81 mUAH or +12% (additional COVID-related expenses and investments in the scope of Medium-Term Plan 2019-2022, never stopped even during the crisis). In 2020, focus of operating expenses was shifted on supporting clients’ and employees’ needs and at the same time maintain the operational efficiency at the proper level. We are proud that our team despite all circumstances managed this challenging task, including such wins as:

  • enabled remote work of bank employees on a large scale, inter alia, through purchase of >700 laptops for employees (allowing more than 90% of head office employees to work from home during the crisis);
  • ensured 24/7 access to all applications and Bank assistance throughout lockdown driven by timely and sufficient IT and IT security approaches actualization;
  • provided a wide variety of medical protection in offices and branches for staff and customers (~15 mUAH);
  • launched the new Mobile App CA+ (which recently entered the Top 3 of mobile applications for clients).

Crédit Agricole Bank helped the Ukrainian society to fight against COVID-19. In 2020, the Bank, with the support of the “Your Support” charity foundation, implemented five waves of charity and allocated more than UAH 11.2 million for the purchase of medical equipment to hospitals all over Ukraine including purchase of lung ventilators and oxygen concentrators. Within the Corporate Social Responsibility program “We care!” 10 hospitals from 8 regions received help including Kyiv Municipal Hospital #17, Ternopil Communal Children’s Hospital, Kharkiv Regional Hospital of Children Infectious Diseases, Chernivtsi Regional Hospital. It is the largest charity initiative in the Bank's history.

As a result of all these costly steps taken, our clients did not experienced any restrictions or inconveniences, but on the contrary felt support and personal care from Crédit Agricole Bank.

Also in 2020, the Bank maintained a cautious managerial risk-approach, provisioning 498 mUAH as of Dec-20, mainly to cover potential future risks. Nevertheless, the NPL ratio remains one of the lowest among banks in Ukraine (2%) and the coverage ratio remains solid (76%).


Annex 1
Summary Income Statement
(UAH million)

Item201920202020
vs 2019
Net Banking Income

3558

3387

-171

-5%

NII

2421

2377

-44

-2%

Commissions

796

708

-88

-11%

Other NBI

340

302

-39

-11%

Operating Expenses 

-1607

-1770

-164

+10%

Staff charges

-956

-1039

-83

+9%

Other expenses

-650

-731

-81

+12%

Gross Operating Income

1951

1616

-335

-17%

Cost of Risk

163

-498

-662

n/s

Result before taxes

2114

1118

-996

-47%

Taxes

-384

-191

193

-50%

Net Result

1730

927

-803

-46%

 

Annex 2 
Short Balance Sheet
(UAH million)

ItemDec-19Dec-20Dec-20 vs
Dec-19
Assets




Cash and cash equivalents

6874

13097

6223

+91%

Due from other banks and the NBU

2485

4562

2077

+84%

Securities and investments

1458

3593

2135

+146%

Gross Loans and advances to customers

25048

29307

4259

+17%

Corporate loans

20156

24347

4191

+21%

Private individuals loans

4892

4960

68

+1%

Provisions

-1837

-1528

309

-17%

Loans net of provisions

23211

27779

4568

+20%

Other assets

1261

1329

68

+5%

Total assets

35289

50360

15071

+43%

Liabilities




Due to other banks

7

2

-5

-68%

Customer deposits

28813

42767

13954

+48%

Corporate deposits 

21541

32344

10803

+50%

Private individuals deposits

7272

10423

3151

+43%

Other liabilities

634

682

47

+7%

Subordinated debts

679

809

130

+19%

Total liabilities

30133

44259

14126

+47%

Equity

5156

6101

945

+18%

Total equity and liabilities

35289

50360

15071

+43%


 * 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.


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 bancassurance 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 280 000 active private and 17 000 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 public relations and internal communications at credit Agricole Bank 

Email: Viktoriia.TORIANYK@credit-agricole.ua

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