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Credit Agricole Ukraine achieved in Q1 2016 a Net Result of UAH 124 million, in increase by UAH 51 million as compared to Q4 2015*

29 April 2016

According to interim financial statements data, Credit Agricole Ukraine (CAU) reached in Q1 2016 a positive net profit of UAH 124 million, showing an increase by UAH 51 million as compared to Q4 2015. In final audited 2015 financial statements the Bank posted a total net profit of UAH 441 million.

This result has been achieved on higher revenues. CAU’s Net banking Income (NBI) has increased by 11% (or by UAH 75 million) in Q1 2016 compared to Q1 2015. Limited growth of expenses allowed the Bank to increase its Gross Operating Income by UAH 64 million compared to Q1 2015 and improve its Cost Income Ratio from 35% in Q4 2015 to 30% in Q1 2016. CAU managed to generate high net profit despite additional Cost of Risk.

Short overview of CAU’s Income Statement:

  • Net interest income (NII) for the three months of 2016 reached UAH 512 million, on high interest rates margins.
  • Net commission income decreased by UAH 8 million in Q1 2016 vs Q1 2015 to UAH 128 million on lower FX commission linked to specific features of Q1 2015 Fx market.
  • Other NBI increased by UAH 94 million in Q1 2016 compared to Q1 2015 mainly due to the positive impact of the revaluation of provisions in foreign currency and the absence of significant negative effect of OCP revaluation.
  • Administrative expenses increased by UAH 11 million as compared to Q1 2015. CAU limited the increase of its expenses despite UAH depreciation and high inflation.
  • Higher Gross Operating Income (+UAH 64 million vs Q1 2015) allowed the Bank to improve its Cost Income Ratio (from 35% in Q4 2015 to 30% in Q1 2016) and to carry out its cautious provisioning policy.
  • Increase of Cost of Risk (+UAH 103 million vs Q1 2015) reflects the cautious provisioning policy of the bank. Since the beginning of 2016, the coverage ratio of non-performing credit exposure went up from 71% to 77%.

Other significant information on CAU’s financials:

  • Cash and cash equivalents increased by UAH 3.1 billion to UAH 9.6 billion, which reflects a strengthening of CAU liquidity position.
  • Regulatory capital adequacy ratio (N2) as of the end of March 2016 reached 17%, far above the regulatory level of 10%. As it was communicated by NBU officials in the press, CAU belongs to 4 banks out of TOP-20 that do not require additional capital increase based on stress-test diagnostic results performed in 2015.

Annex 1

Quarterly Income Statement

(in UAH million)

Item

 Q1 2015

Q4 2015

Q1 2016

Q1 2016 to Q4 2015

Q1 2016 to Q1 2015

Net Banking Income

655

727

730

3

75

     NII

522

551

512

-39

-10

     Commissions

136

141

128

-14

-8

     Other NBI

-3

35

91

56

94

Operating Expenses

-210

-255

-221

34

-11

Staff charges

-134

-149

-125

24

8

Other expenses

-76

-106

-96

10

-19

Gross Operating Income

445

472

509

37

64

Cost of Risk

-240

-369

-343

26

-103

Result before taxes

205

103

166

63

-39

Taxes

-41

-30

-42

-12

-1

Net Result

164

73

124

51

-40

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

About the Bank:

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 442 000 private and 35 000 corporate customers, including representatives of small and medium business, large Ukrainian companies and international corporations.

Contacts:

Viktoriia Torianyk, Head of PR and corporate communications Credit Agricole Bank
Phone: +38 044 581 07 45, email: Viktoriia.Torianyk@credit-agricole.ua

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