Credit Agricole : Results for the fourth quarter and full year 2019
February 14, 2020 at 02:39 am
Share
Historic level for annual results
Underlying revenues Q4: €5,184m +7.7% Q4/Q4 2019: €20,339m +3.3% 2019/2018
Underlying net income Q4: €1,318m +23.5% Q4/Q4 2019: €4,582m +4.0% 2019/2018
Underlying ROTE 11.9% CET1 ratio 12.1% +0.4 pp Dec./Sept., well above the MTP target
Stated net income up sharply, in Q4: €1,661m (+64.9% Q4/Q4) and in 2019: €4,844m (+10.1% 2019/2018);
Favourable decision by the French Council of State on Emporiki (+€1,038m) and partial impairment of goodwill on LCL (-€611m) classified as specific items (for a total of +€343 m in net income Group share Q4-2019, compared to -€59m in Q4-2018);
Underlying income up in the quarter (+23.5% Q4/Q4) and the year (+4.0% 2019/2018), historic level in 2019;
High profitability: Underlying ROTE 2019: 11.9%;
Underlying EPS: Q4 2019: €0.42, +28.1% Q4/Q4, 2019: €1.39 +0.1% 2019/2018 (+2.9% excluding foreign exchange impact on the AT1 coupons in Q3 2019);
Dividend proposed at the General Meeting up +1.4% 2019/2018 at €0.70;
Positive contribution of all business lines to the annual growth in results; underlying revenues up (+7.7% Q4/Q4 and +3.3% 2019/2018), in a more positive market context in 2019. Return of the cost of credit risk to a normal level (32 basis points);
Significantly positive jaws (+5.5 pp Q4/Q4) and improvement in the underlying cost/income ratio excluding ratio SRF (from -3.4 pp to 62.6% in Q4 and from -1.1 pp to 61.0% in 2019);
CET1 ratio up by +0.4 pp in Q4 to 12.1%, enabling an initial 35% dismantling of the Switch mechanism in Q1-2020, which is anti-dilutive for Crédit Agricole S.A.; Decline in risk-weighted assets in the business lines in Q4-2019.
Stated net income Group share for Q4: €2,186m, +39.2% Q4/Q4 (2019: €7,198m, +5.2% 2019/2018);
Regional Banks: increase of the underlying net income Group share (+26.6% Q4/Q4, +8.1% 2019/2018), cost of risk at 10 bp;
First implementation of the Group project €9 billion in Group revenue synergies (+€0.3 billion), dynamic customer acquisition in France and Italy ( 1 800 000 individuals and entrepreneurs), international development of business lines (Amundi, CACF, CAA, CACEIS) through signing or strengthening of partnerships.
* Crédit Agricole S.A. and 100% of Regional Banks.
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Crédit Agricole SA published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 07:38:09 UTC
Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows:
- retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network);
- finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.;
- asset management, insurance and private banking (25.9%);
- specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France).
At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits.
NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).