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Crédit Agricole Bank continues to demonstrate an excellent performance in 2018

03 August 2018

Crédit Agricole Bank to reinforce its equity by UAH 682 millions UAH through the increase of its reserves

Net financial result of Crédit Agricole Bank in the first half of 2018 reached UAH 789 million that is +UAH 219 million or +38% more than in the same period of 2017. Such result confirms the adequacy of the chosen business strategy and sustainability of its implementation.

"Crédit Agricole Bank maintains its positive trend of business development. We achieved an excellent financial performance during first half of the year despite adverse trends that are associated with the narrowing of market spreads, visible pressure on staff charges and at the same time higher depreciation charges that are linked with increased investments of the Bank in its key areas for further development. In the current year, the Bank continues to invest in its transformation, development of digital services and innovations. Even with increasing expenses Crédit Agricole Bank posted the highest half a year net result ever achieved", - Régis Lefèvre, Management Board Member, Financial Director of Crédit Agricole Bank commented.

Performing loan portfolio (net of provisions) showed a steady growth of +20% or +UAH 3.2 billion in comparison with the similar period of last year. At the same time, Crédit Agricole Bank significantly improved quality of the loan portfolio – loans provisions decreased by -35% or UAH 1.1 billion in comparison with the same period of last year. At the end of June 2018, NPL coverage ratio grew by +5% and reached the high level of 97.0% in comparison with the end of H1 2017.

Crédit Agricole Bank's deposits portfolio amounted to UAH 27 billion at the end of the first half 2018, having increased by +11%, or by UAH 2.7 billion in comparison with end of June 2017. The increase of deposits came from all business lines, but mainly from the foreign currency (FCY) Corporate portfolio. Customer deposits provide a comfortable level of liquidity to the bank, both in hryvnia and in foreign currency. Crédit Agricole Bank liquidity excess in FCY represents the equivalent of 75% of its customer deposits at the end of June 2018. Available liquidity buffer in hryvnia is placed in highly liquid instruments of the NBU and Ministry of Finance of Ukraine (CDs and T‑bills).

The Bank continues to demonstrate strong capital position with a capital adequacy ratio (N2) of 17.6% as of the end of June 2018 (regulatory minimal level is 10%). Such a level of profitability allows the bank both to distribute dividends to its shareholder and to reinforce its equity through the retained earnings. The Bank’s sole shareholder decided (Resolution from 7 June 2018) to leave in the Bank UAH 682 million out of a total 2017 net profit of UAH 1,110 million.

Crédit Agricole Bank plans to reinforce lending activity to its clients and consequently provide stronger support to the growth of Ukrainian economy that is confirmed by the recent decision of shareholder to maintain in Ukraine over 60% of CAU 2017 profit.

According to the results of the first half of year, net banking income amounted to UAH 1,596 million, which is +21% or UAH 281 million more than in the same period of last year. The Bank has demonstrated growth in all components of net banking income, which confirms the high efficiency of the bank’s business model and reflects the consistency in the Bank’s strategy implementation.

Operating expenses of the Bank increased by +23% or +UAH 120 million in comparison with the H1 2017. Staff charges increased by +26% following normalisation of the environment and delayed effects of the high inflation of the past years. At the same time, Crédit Agricole Bank invests in its development (network, digitalization, IT security and infrastructures), which resulted in increasing depreciation charges.

Cost of risk is positive in the first half of 2018. The cost of risk improved significantly in comparison with the similar period of last year (CoR UAH +3 million H1-18 vs UAH -100 million H1-17). Positive changes are due to active work on non-performing debts and prudent risk policy.

Cost to income ratio of Crédit Agricole Bank remains one of the lowest among Ukrainian universal banks, and did not deteriorate in a context of significant investments.

Net profit for the first half of 2018 was UAH 789 million, which is +38% or +UAH 219 million above the H1 2017 net profit.

Annex 1

Summary Income Statement

(UAH million)

Item

H1-17

H1-18

H1-18 vs H17

Net Banking Income

1 315

1 596

281

118

NII

888

1 065

177

20%

Commissions

324

368

44

14%

Other NBI

103

163

60

58%

Operating Expenses 

-524

-644

-120

23%

Staff charges

-302

-380

-79

26%

Other expenses

-222

-264

-41

19%

Gross Operating Income

791

952

161

20%

Cost of Risk

-100

3

104

-103%

Result before taxes

691

955

264

38%

Taxes

-120

-166

-46

38%

Net Result

571

789

219

38%

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

Annex 2 

Short Balance Sheet

(UAH million)

Item

Jun-17

Jun-18

Jun-18 vs Jun-17

Assets




Cash and cash equivalents

9 156

9 889

733

8%

Due from other banks and the NBU

2 604

1 806

-798

-31%

Securities and investments

872

916

44

5%

Gross Loans and advances to customers

18 870

20 953

2 084

11%

Corporate loans

16 306 

17 375 

1 069 

7%

Private individuals loans

2 563 

3 578 

1 014 

40%

Provisions

-3 050

-1 992

1 058

-35%

Loans net of provisions

15 820

18 961

3 141

20%

Other assets

628

762

133

21%

Total assets

29 080 

32 335 

3 254 

11%

Liabilities




Due to other banks

280

259

-21

-7%

Customer deposits

24 329

27 101

2 772

11%

    Corporate deposits 

18 295 

20 321 

2 027

11%

    Private individuals deposits

6 034 

6 779 

745

12%

Other liabilities

400

437

36 

9%

Subordinated debt

1 342

1 007

-335

-25%

Total liabilities

26 351 

28 803 

2 452 

9%

Equity

2 729

3 532

802

29%

Total equity and liabilities

29 080 

32 335 

3 254

11%

CAU’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: 

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!». 

Contacts:  

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

Phone: +38 044 581 07 45, e-mail: Viktoriia.Torianyk@credit-agricole.ua 

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