Credit Agricole Ukraine achieved in 2015 a Net Result of UAH 441 million, in increase by UAH 287 million as compared to 2014*

According to preliminary financial statements data elaborated in compliance with IFRS standards, Credit Agricole Ukraine (CAU) reached in 2015 a positive net profit of UAH 441 million, showing an increase by 186% as compared to 2014.

This result has been achieved on higher revenues. CAU’s Net banking Income (NBI) increased by 37% (or by UAH 745 million) in 2015 despite a difficult economic environment in Ukraine and the negative effects of the depreciation of the local currency.

These figures confirm the resilience of CAU business model and its ability to generate high positive net results in challenging economic conditions. The bank strengthened in 2015 its liquidity and capital positions.

Short overview of CAU’s Income Statement:

• Net interest income (NII) increased in 2015 by 48% or UAH 654 million on effective margin management
• Net commission income increased in 2015 by 35% or by UAH 134 million mainly on higher commissions on cash and settlement and currency market transactions
• Other NBI decreased by 17% due to the negative impact of UAH depreciation on the revaluation of provisions in foreign currency.
• Administrative expenses increased by 18% (or by UAH 132 million) as compared to 2014 mainly on higher staff charges (+19% or UAH 79 million). Despite the crisis, CAU continued to increase the salaries of its employees
• Cost of Risk increased in 2015 by 22% vs 2014 level, which allowed the bank to increase further its coverage ratio of non-performing credit exposure from 60% to 71%.

Other significant information on CAU’s financials:

• Cash and cash equivalents increased by UAH 3.4 billion (more than doubled as compared to 2014), which reflects a strengthening of CAU liquidity position
• Regulatory capital adequacy ratio (N2) as of the end of January 2016 reached 18.7%, far above the regulatory level of 10%. Credit Agricole Ukraine, unlike some other banks, didn’t require in 2015 any capital increase and does not presently foresee such a need.

Annex 1
Short statement of Profit or Loss (Income Statement) 
For the year ended 31 December 2015 (in UAH million)

*CAU’s preliminary financial statements are subject to audit by external auditors and approval by its Supervisory Board. An Annual auditor's report will also be published on the CAU’s website within regulatory required deadline.

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 470 000 private and 33 000 corporate customers, including representatives of small and medium business, large Ukrainian companies and international corporations.