Results for the 3 quarter and 9 months of 2020 of Credit Agricole Group

Backed by strong figures, the Group is more committed than ever to providing concrete support to its customers and the economy as a whole. Crédit Agricole Group published an underlying net income Group share of €1.9 bn for the third quarter of 2020, up +0.5% compared to the third quarter of 2019, and €4.7 bn for the first nine months of 2020. For Crédit Agricole S.A., underlying net income Group share reached €1.1 bn for the third quarter of 2020, down -9.1% compared to the corresponding period in 2019, and €2.9 bn for the first nine months of the year.

A performance which underlines the strength of the “global banking relationship” model

Crédit Agricole is delivering very strong results. Public initiatives and our universal banking model enabled a quick recovery in Q3. Business activity has returned to pre-crisis levels: 1,113,000 new retail banking customers in France and Italy (including +790,000 Regional Bank customers) and strong home loan production at the Regional Banks (+11% vs Sept. 2019) in the first nine months of 2020. Moreover, our 24 strategic partnerships, which were expanded this quarter, allow us to reach more than 800 million customers in Europe and Asia. The quality of our assets is excellent and both our doubtful loan levels and our coverage ratios are among the best in Europe. Crédit Agricole’s solvency has been further bolstered, with a phased-in Common Equity Tier 1 ratio at 30 September of 17.0% for the Group and 12.6% for Crédit Agricole S.A. -levels well above regulatory requirements and our 2022 MTP target.

The Group has been the leading player in backing the French economy since the onset of the crisis

The Group accounts for almost €30 bn of state-guaranteed loans, which represents 27% of state-guaranteed loan requests in France (+5.1% vs end-June 2020). At end-September, the 550,000 moratoria granted for €4.2 bn had decreased by around two-thirds. Moreover, normal payments had been resumed for 97% of expired payment holidays. Our customers recognise this commitment: we are seen as the number one bank by the French people and ranked in the Top 25 brands that have proven their worth during lockdow ¹.

If the public health crisis had ended during the summer, we would doubtless have concluded that the “lockdown support” mechanism had been successful overall. But the health crisis is in no way over, and for the moment there is no light at the end of the tunnel. The economic situation has therefore become a cause for concern. As well as the general measures in place, we now need tailor-made solutions for everyone, to provide support for at least the next six to eight months, rather than for just a few weeks.

Our results are very strong. They give us the means to act decisively to help the greatest number possible through this crisis.

Our commitments: acting to help those customers hit hardest by the crisis, supporting business continuity for all and stepping up the digitalisation of SMEs. The Group is committed to helping those customers hit hardest by this crisis. Its priority is to take the lead, contacting all local retailers affected by the government-imposed closures and looking at tailor-made solutions (state-guaranteed loans, mass approval of moratoria, forbearance towards everyone in view of the situation, etc.).

The Group is committed to supporting business continuity for all, by providing digital visibility, helping retailers set up online stores to offer Click & Collect services, and equipping 100% of small business customers with remote payment solutions during lockdown if they want this.

It is committed to stepping up the digitalisation of SMEs by giving them access to a €100 million fund set up as part of the stimulus package, to finance their digital transition (up to €50 thousand per company). To learn more information, click here.

¹ Based on Brand Asset Valuator study, across all sectors

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 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 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 PR and internal communications division of Credit Agricole Bank.

E-mail: Viktoriia.TORIANYK@credit-agricole.ua