Results for the third quarter and the first nine months of 2019

Παρασκευή, 08 Νοεμβρίου 2019 13:10

Crédit Agricole S.A.

Underlying revenues^[1]

Q3: €5,073 m
+4.9% Q3/Q3
9M: €15,154 m
+1.8% 9M/9M

Underlying net income^[2]

Q3: €1,226 m
+8.2% Q3/Q3
9M: €3,264 m
-2.2% 9M/9M

CET1 ratio

11.7%
+0.1 pp Sept/June, well above the MTP target

- Stated result Q3: €1,199 m, +8.9% Q3/Q3 (9M: €3,183 m, -6.2% 9M/9M), up significantly Q3/Q3;
- Underlying income¹ increased (+8.2% Q3/Q3) as a result of buoyant commercial activity and improved operational efficiency;
- Underlying EPS: Q3 €0.34, -6.3% Q3/Q3, 9M €0.97 -8.6% 9M/9M; ROTE^[3] 11.3% annualised over 9M;
- Increase in underlying revenue (+4.9% Q3/Q3 and +1.8% 9M/9M), as a result of buoyant customers capture, savings, loan and equipment;
- Significantly positive jaws effect (+340 bp Q3/Q3) and improvement in the underlying cost/income ratio excluding SRF^[4] (by -2.0 pp to 59.6% in Q3 and -0.4 pp to 60.5% over 9M) despite development investments in the Asset Gathering business line;
- Cost of credit risk low: 29 basis points^[5], normalisation of the cost of risk in CIB, Q3/Q2 decrease for CACF and CA Italy;
- CET1 ratio up +0.1 pp in Q3 to 11.7%, thanks in particular to the stability of organic risk-weighted assets in the business lines;
- Upgrade by Moody’s of Casa’s LT credit rating to Aa3;
- Continuation of implementation of the 2022 Medium-Term Plan: growing digitalisation of customer relations, increase in customer satisfaction, customer capture buoyant in France and Italy (+210,000 individual customers); issue of a €1 bn Green bond.

Crédit Agricole Group*

Underlying revenues¹

Q3: €8,331 m
+2.9% Q3/Q3
9M: €25,188 m
+1.8% 9M/9M

Underlying net income²

Q3: €1,924 m
+6.0% Q3/Q3
9M: €5,205 m
-0.3% 9M/9M

CET1 ratio

15.5%
+0.1 pp Sept/June
+5.8 pp above SREP^[6]

- Stated net income² for Q3: €1,849 m, +4.5% Q3/Q3 (9M: €5,012 m, -5.0% 9M/9M);
- Operating expenses excl. SRF⁴ under control over 9M (+1.5% 9M/9M), cost/income ratio down (62.7%, -0.1 pp 9M/9M)
- Cost of credit risk low at 20 basis points⁵, one-off provisions in CIB;
- Increase in the Regional Banks’ underlying revenues over 9 months (+1.9%), cost of risk stable at 12 bp.

* Crédit Agricole S.A. and 100% of Regional Banks.

This press release comments on the results for Crédit Agricole S.A. and for Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 56.6% of Crédit Agricole S.A. Please see p.17 onwards of this press release for details of specific items, which are restated in the various indicators to calculate underlying results. A reconciliation between the stated income statement and the underlying income statement can be found from p.23 onwards for Crédit Agricole Group and from p.19 onwards for Crédit Agricole S.A.

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