Results for the 4th quarter and full year 2020 of Credit Agricole Group

Facing Covid-19, Crédit Agricole demonstrates the strength of its model and the relevance of its action. Crédit Agricole Group published an underlying net income Group share of €1.43 bn for the fourth quarter of 2020 and €6.13 bn for the full year 2020 – down -14.8% compared to 2019. For Crédit Agricole S.A., underlying net income Group share reached €975 m for the fourth quarter of 2020 and €3.85 bn for the full year – down -16.0% compared to 2019. This decline is mainly due to an increase in provisioning for performing loans, with gross operating income up +4.8% over the same period.

The strength of a universal and open model

In 2020, activity was globally dynamic in all business lines, with rebounds after each lockdown. It is at a very good level in the fourth quarter, despite a new lockdown, the impact of which is more limited than the first. Over the year, production in the Group’s business lines showed resilience. Retail Banking loans (excluding state-guaranteed loans) increased by +4.9% and the Group’s expansion surged with 1,500,000 new retail banking customers in France and Italy (including +1,082,000 for the Regional Banks).

The Group is solid, with quality assets: loan loss reserves reached €19.6 bn at 31 December and the coverage ratio was 20 pp higher than the European average (according to the latest EBA survey from 30 June 2020). Solvency ratios are well above regulatory requirements, with a phased-in Common Equity Tier 1 ratio at 31 December of 17.2% for the Group and 13.1% for Crédit Agricole S.A.

In this uncertain climate, the Group has above all demonstrated the robustness of its model, which is both universal and open, combining organic growth, cooperations across business lines, and dynamic partnerships in Europe and Asia.

A solid Group, determined to support the economy as a whole

The Group has been at the forefront of supporting all its customers since the start of this unprecedented global crisis, which has allowed it to test the relevance of its raison d’être and demonstrate its appropriateness. Customers recognize this and their satisfaction has risen sharply (second banking group in terms of NPS).

In 2020, Crédit Agricole fully played its role as a customer-focused universal bank at the service of all its customers, with: €31.5 bn in state-guaranteed loans (27% of state-guaranteed loans applied for in France); €100 m stake in the fund dedicated to the aviation industry; 552,000 payment holidays in 2020 in France (€4.2 bn in extended maturities); €239 m in extra-contractual mutualist contribution for small business policyholders.

Read more about Group financial results via link https://www.credit-agricole.com/en/finance/finance/financial-results

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