Credit Agricole : Results for the second quarter and first half of 2018
August 03, 2018 at 01:11 am
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Crédit Agricole S.A.
Stated net income Group share Q2: €1,436m +6.4% Q2/Q2 H1: €2,292m +4.4% H1/H1
Stated revenues Q2: €5,171m +9.8% Q2/Q2 H1: €10,081m +7.1% H1/H1
Fully-loaded CET1 ratio 11.4% stable in Q2, well above the MTP target
Underlying1 net income2 Q2 €1,418m, +19.6% Q2/Q2 (H1: €2,205m, +5.9% H1/H1), the highest level since IPO
At constant scope and exchange rates3: increase of +23.8% Q2/Q2 and +16.1% H1/H1
Earnings per share1: Q2 €0.46, +21.3% Q2/Q2, H1 0.70€, +7.2% H1/H1; ROTE1 13.1% on annualised H1
Contribution to growth by all CASA divisions and the Corporate Centre, with a particularly high level of profitability in CIB
Excellent control of underlying costs excluding SRF4: scissors effect of 4pp Q2/Q2, 5pp at constant scope and exchange rates, improvement in C/I ratio1 of >2pp Q2/Q2 and nearly 3pp at constant scope and exchange rates
Still a very low cost of credit risk, with further decline: 26bp5 (-9bp Q2/Q2)
Fully-loaded CET1 ratio stable in Q2 despite the increase in RWA linked to the activity and several jumbo deals in CIB; Reminder: target CET1 of 11% in the medium-term plan
Crédit Agricole Group*
Stated net income Group share Q2: €2,076m -1.4% Q2/Q2 H1: €3,505m -5.4% H1/H1
Stated revenues Q2: €8,428m +6.3% Q2/Q2 H1: €16,686m +3.1% H1/H1
Fully-loaded CET1 ratio 14.8% +20 pb in Q2 +530bp above the P2R6
Very strong, good quality activity in all business lines: Retail banking, specialised businesses and the Large customers division
Underlying1 net income2 Q2: €2,056m, +2.0% Q2/Q2 (H1: €3,408m, -7.2% H1/H1 but +3.0% like-for-like3 and excl. SRF)
Acquisitions and partnerships: good progress made in integration, new operations with the acquisition of Banca Leonardo and announced partnerships in consumer finance with Bankia and bancassurance with Creval
Decrease in cost of credit risk to 18bp5 (Regional Banks: -€176m in Q2-18, vs. net reversals in Q2-17)
* Crédit Agricole S.A. and Regional Banks at 100%.
1 Underlying, excluding specific items. see p. 15 and following pages for more details on specific items and p. 27 for the ROTE calculation
2 Underlying net income Group share
3 Constant scope and exchange rates: combining the contributions to underlying income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q2-17 and H1-17, excluding the contributions of the three Italian banks in Q2-18 and H1-18 and those of BSF and Eurazeo in Q2-17 and H1-17 and excluding forex effect
4 Contribution to the Single Resolution Fund (SRF)
5 Average over last four rolling quarters, annualised
6 According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffer)
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Crédit Agricole SA published this content on 03 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 August 2018 05:10:02 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%).