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Credit Agricole Ukraine achieved a record net profit of UAH 808 million in 2016, an increase by UAH +366 million or +83% as compared to 2015*

23 February 2017

Credit Agricole Ukraine (CAU) reached in 2016 its record net profit of UAH 808 million, showing an increase by UAH +366 million or +83% as compared to 2015.

This result was achieved thanks to higher revenues and declining risk charges. CAU’s Net banking Income (NBI) increased by UAH +91 million in 2016 as compared to 2015 (+3%) despite decrease of interest rates and FX spreads. The cost of risk decreased – from their high levels in 2015 – by -34% or by UAH 457 million, which reflects the improvement of the economic situation in Ukraine as well as CAU risk monitoring policy.

CAU, by means of attracting new customers in corporate and private sector, keeps diversifying its loan book and contributing to the Ukrainian economy. Its loan portfolio increased by +14% or UAH +2.4 billion (growth of +12% for Corporate loans and +35% for Private individuals vs +3.7% and -6.4% respectively for the market according to preliminary NBU data). As a result, Total assets rose by +29% and amounted to UAH 29.9 billion.

Customer deposits also increased by +34% or UAH 6.4 billion. Corporate deposits grew by +43%, deposits from Private individuals by +13%.

The Bank continues to demonstrate strong capital position with a capital adequacy ratio (N2) of 18.65% as of the end of January 2017 after having the payment of dividends related to 2015 financial year. CAU belongs to the few banks able to pay dividends to its shareholders and plans to distribute in 2017.

«2016 confirmed the ability of Credit Agricole Ukraine to generate high profits relying on its own strengths. Such good results are paving the way for a further growth of the activity of Credit Agricole Ukraine for the benefit of its customers, the Ukrainian economy and its shareholders», - commented Régis Lefèvre, member of the Management Board, Chief Financial Officer of Credit Agricole Bank.

Short overview of CAU’s Income Statement:

  • Net banking Income (NBI) reached in 2016 UAH 2.85 billion (+3%). Good commissions and other revenues offset the decrease of net interest income, showing the continuing ability of the bank to diversify its sources of revenues.
  • Net interest income (NII) decreased in 2016 by -8% or by UAH 167 million due to lower interest rates (credits and NBU CDs), reflecting the  decrease of NBU key policy rate (-8% since the beginning of the year) and over-liquidity in the banking system.
  • Net commission income increased by UAH +97 million or by +19% in 2016 vs 2015 on higher commissions on cash and settlement, currency market transactions and insurance services. Share of commissions in NBI has increased by 280 basis points in 2016 from 18.6% to 21.4%.
  • Other NBI increased by UAH +161 million or by +74% in 2016 compared to 2015 mainly due to and absence in 2016 of the significant negative effect of OCP revaluation which took place in 2015 and good trading results.
  • Operating expenses increased by +14% (or by UAH 120 million) in 2016 as compared to 2015 on higher staff charges (+12% or UAH 59 million) and Other expenses (+17% or UAH 61 million). CAU has invested a lot in new projects, out of which digitalization and transformation ones.
  • Decreased in cost of risk (UAH -457 million or -34% in 2016 vs 2015) reflects the improvement of the environment. CAU maintained however its conservative provisioning policy, reflected by the increase YTD of the coverage ratio of non-performing credit exposure by 10 points during 2016, from 71% to 81%.

Other significant information on CAU’s financials:

  • Total assets increased by UAH +6.7 billion YTD to UAH 29.9 billion, which reflects the continuous increase of CAU business volumes and further improvement and strengthening of the liquidity position.
  • Cash and cash equivalents grew by UAH +4.1 billion to UAH 10.5 billion. CAU is continuing to strengthen its liquidity position.
  • Gross Loans and advances to customers increased by +14%. Gross Loans to corporate customers increased by +12% during 2016 while loans to Private individuals increased by +35%, far above market trends. Customer deposits increased by +34% mainly due to growth of Corporate deposits (by +43%).
  • Regulatory capital adequacy ratio (N2) as of the end of January 2017 reached 18.65% (vs the regulatory level of 10%). The implementation of new NBU 351 provisioning rules resulted in a small decrease of solvency ratio to 18.44%.

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

Annex 1

Short Income Statement
  (in UAH million)

201520162016 vs 2015
Net Banking Income
Other NBI
Operating Expenses
Stuff charges
Other expenses**   -358-419-6117%
Gross Operating Income
Cost of Risk**   -1,326-869457-34%
Result before taxes
Net result

** For correctness of comparison Expenses arising from the initial recognition of financial assets with interest rate higher or lower than the market one (discount) ( -25 million in 2016 )  are  included in  Cost of Risk as they were in 2015 (-143 million) 


Annex 2

Summary Balance Sheet
  (in UAH million)

Item31 December 201531 December 2016∆ за 2016в %
Cash and cash equivalents6,47010,5384,06763%
Due from other banks and the NBU2,4382,6041667%
Gross Loans and advances to customers16,65219,042,38914%
Corporate loans15,03316,8511,81812%
Private individuals loans
Other assets5061,249742147%
Total assets
Due to other banks855392-463-54%
Customer deposits18,81425,2106,39734%
Corporate deposits 13,33819,0455,70743%
Private individuals deposits5,4766,16668913%
Other liabilities28044816860%
Subordinated debt1,2071.37016213%
Total liabilities
Total equity and liabilities

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

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 bank 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 VIP 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 460 000 private and 26 000 corporate customers, including representatives of small and medium business, large Ukrainian companies and international corporations


Viktoriia Torianyk, Head of PR and corporate communications Credit Agricole Bank.
 Phone: +38 044 581 07 45, e-mail:



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