Credit Agricole : Third quarter and first nine months 2016 results
December 07, 2016 at 09:41 am
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Paris, 08 november 2016
Strong growth of net profit and strengthened financial solidity
Contribution to growth from all business lines
Crédit Agricole Group*
Good commercial momentum throughout the Group: branch networks, business lines, large customers
Q3 net income Group share: €1.4bn stated, €1.8bn underlying1, +4% Q3/Q3; 9M underlying1 €4.7bn
Regional Banks: high net income Group share at €0.78bn in Q3; 9M: €2.4bn
Financial solidity further strengthened to record level: fully-loaded CET1 ratio2 14.4%
* Crédit Agricole S.A. and 100% of Regional Banks
Crédit Agricole S.A.
Good commercial momentum in all business lines
Underlying revenues1:+12% Q3/Q3
Strong growth in Large Customers (revenues +38% Q3/Q3) and initial recurring benefits of Eureka Results
Group simplification (Eureka) completed: €1.25bn positive impact on net income Group share
Q3 net income Group share stated: €1.86bn; underlying (1) €1.02bn, +27% Q3/Q3
Tight cost control: down -2% Q3/Q3
Firm grip on risk in all business lines: cost of credit risk 41bp Financial solidity
Financial solidity confirmed and further strengthened: fully-loaded CET1 ratio (2) of 12.0%
Buffer of 475bp above the distribution restriction trigger applicable as of 1/1/2017 (3)
Attractive dividend policy, based on strong capital base and good visibility of future earnings capacity
Intention to recommend a dividend of €0.604 based on FY-2016 net income; from 2017 onwards, 50% payout rate and intention not to lower dividend relative to 2016
(1) See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015.
(2) Including unaudited Q3-16 net income.
(3) 465bp using the phased-in CET1 ratio, subject to confirmation by the ECB of the pre-notification of SREP requirements for 2017
(4) Dividend of 0.60€ per share entirely deducted from the CET1 capital as of 30/09/2016.
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Crédit Agricole SA published this content on 08 November 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 December 2016 14:41:14 UTC.
Original documenthttp://www.credit-agricole.com/en/Investor-and-shareholder/Press-Releases/Third-quarter-and-first-nine-months-2016-results
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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%).