Results of Credit Agricole Group for the second quarter and first half of 2020

Crédit Agricole Group published an underlying net income Group share of €1.8 bn for the second quarter of 2020, down -3.3% compared to the second quarter of 2019, and €2.8 bn for the first half of the year. For Crédit Agricole S.A., the underlying net income Group share reached €1.1 bn for the second quarter of 2020, down -10.9% compared to 2019, and €1.8 bn for the first half of the year.

Crédit Agricole: One of Europe’s strongest banks

The very strong results published by Crédit Agricole are thanks to its universal banking model. The Group’s commercial activity for this quarter was good, with V-shaped recovery and very dynamic activity at the end of the period. Gross new customer acquisition was very high (+685,000 customers in 2020: 630,000 in France and 55,000 in Italy) and accelerated sharply in June. The doubtful loans ratio and the coverage ratio are amongst the strongest in Europe. Provisioning increased over this quarter, but this increase was mostly related to the increase in provisioning for performing loans, rising by 50% for Crédit Agricole S.A. and 70% for the Group. Europe’s No. 2 bank in terms of Tier 1 capital ^[1], the solvency of Crédit Agricole improved again, with a phased-in Common Equity Tier 1 ratio at 30 June of 16.1% for the Group and 12.0% for Crédit Agricole S.A., which are both well above SREP requirements and already meet the targets set in the 2022 MTP.

Huge commitment to supporting the economy

The crisis has improved the Group’s relationships with its customers. Huge support efforts have been made to help customers during the crisis. Nine out of ten branches and advisers were accessible during lockdown, in person or remotely. Significant effort was also made to support the customers worst affected by the crisis, especially professionals and corporates, including by offering six-month repayment holidays, State-Guaranteed Loans (23.7% of which were granted in France), as well as mutual support for customers insured against operating losses.

Project 2022: More relevant than ever

The crisis has once again highlighted that the Group’s strategic Project 2022 is entirely fit for purpose. With regard to the Customer Project, customer satisfaction is increasing sharply and digitalization has continually expand. The Human-centric Project has been strengthened, with all employees committing to supporting clients. Reinforced by customers’ appetite for ESG products ^[2] during the crisis, the Group’s commitment to society through the Societal Project is intensifying.

Crédit Agricole’s robust performance once again highlights the power of universality, with all divisions working, as locally as possible and serving as many customers as possible. To learn more information, click here.

[1] As ranked by The Banker magazine, July 2020, based on 2019 data.
[2] Products that incorporate environmental, social and governance criteria.

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