Please enter Your name!
This morning, Crédit Agricole Group published underlying net income (excluding specific items) of €981M for the first quarter of 2020, down 31.6% compared to the first quarter of 2019. Crédit Agricole S.A.’s first-quarter underlying net income was €652M, down 18.1%. Crédit Agricole Group’s and Crédit Agricole S.A.’s stated net income came out to €908M and €638M, respectively.
A solid Group
Robust first-quarter activity across all business lines was interrupted in mid-March by the Covid -19 crisis, but the impact on our Q1 financial statements remains limited. Crédit Agricole S.A.’s Gross operating income increased 7.9% this quarter, thanks to robust revenues and expenses that remained under control. However, the cost of risk increased in all business lines due to provisioning of performing loans. Market valuations at 31 March dragged down our solvency ratios. Our solvency remains solid, with a Common Equity Tier 1 ratio of 15.5% for the Group and 11.4% for Crédit Agricole S.A., including the impact of the partial dismantling of the Switch mechanism. Finally, our liquidity position is particularly robust, with €338bn in reserves as of 31 March 2020, an increase of €40bn compared to 31 December 2019.
Crédit Agricole is once again demonstrating the strength of its resilient and diversified universal banking model, with revenues balanced between business lines and diversified across regions, and excellent operational efficiency. Crédit Agricole’s conservative risk management combined with the Group’s structural advantages mean that it can fully support its customers.
Committed to supporting the economy
The Group is solid and capable of handling the impacts of Covid-19. The Group is resolutely determined to help its customers and is committed to making its drive to support the economy a success, a task that we believe is very much achievable. Since the outset, the Group has been providing solutions consistent with the support measures implemented by the public authorities, such as moratoriums on repayments and mutual support for professional insurance customers, to allow them to bridge the pre-crisis to post-crisis economic gap. In this way, Crédit Agricole is demonstrating the value that it embodies every day with its teams and customers.
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!”.
Viktoriia Torianyk, Head of PR and internal communications division of Credit Agricole Bank.