Results for the 3rd quarter and the first 9 months of 2021

 Crédit Agricole Q3-21 and 9M-21 RESULTS

  Record high 9-month-2021 results, continuing the trend.

Full unwinding of the switch

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Stated

Underlying

Stated

Underlying

9M net income

 €6,746m

+62.2% 9M/9M

€6,201m

+31.9% 9M/9M

€4,416m

+71.9% 9M/9M

€3,962m

+37.9% 9M/9M

Q3 net income

€2,222m

+25.7% Q3/Q3

€2,235m

+15.6% Q3/Q3

€1,402m

+43.5% Q3/Q3

€1,414m

+26.7% Q3/Q3

Revenues

€8,969m

+5.9% Q3/Q3

€8,972m

+6.1% Q3/Q3

€5,531m

+7.4% Q3/Q3

€5,535m

+7.6% Q3/Q3

Costs excl. SRF

-€5,452m

+7.0% Q3/Q3

-€5,438m

+6.8% Q3/Q3

-€3,259m

+9.0% Q3/Q3

-€3,245m

+8.6% Q3/Q3

GOI

€3,516m

+4.3% Q3/Q3

€3,535m

+5.0% Q3/Q3

€2,272m

+5.2% Q3/Q3

€2,290m

+6.2% Q3/Q3

Cost of risk

-€403m

-32.3% Q3/Q3

-€403m

-32.3% Q3/Q3

-€266m

-56.1% Q3/Q3

-€266m

-54.0% Q3/Q3

C/I ratio (excl. SRF)

60.8%

+0.6 pp Q3/Q3

60.6%

+0.4 pp Q3/Q3

58.9%

+0.9 pp Q3/Q3

58.6%

+0.5 pp Q3/Q3

CREDIT AGRICOLE S.A. RESULTS DRIVEN BY THE SURGE IN REVENUES   

Stated net income +43.5% Q3/Q3 to €1,402m; +71.9% 9M/9M to €4,416m

Underlying net income: +26.7% Q3/Q3 to €1,414m; +37.9% 9M/9M to €3,962m

Strong business momentum, 1,311,000 new customers over 9M-21 in Retail banking
Revenues +4.4% Q3/Q3, +7.3% 9M/9M excluding scope effect^[1], +9.1% Q3/Q3-2019

Expenses +3.8% Q3/Q3, +3.4% 9M/9M excluding scope effect¹, +7.3% Q3/Q3-2019

Gross operating income +5.3% Q3/Q3, +13.0% 9M/9M excl. scope effect¹, +11.9% Q3/Q3-19

Cost/income ratio 57.2% for 9M-21, MPT target reached

Cost of risk 24 bp (annualised quarter basis), coverage ratio up

PROFITABILITY AND FINANCIAL POSITION AMONG THE SECTOR’S BEST IN EUROPE

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Phased-in CET1

17.4%

+10 bp Sept/June

12.7%

+10 bp Sept/June

+8.5 pp above SREP requirements

+4.8 pp above SREP requirements

=> 9M-21 ROTE 13.1%^[2]

 

SHAREHOLDER FRIENDLY REMUNERATION, OVER TIME

21/09/21: completion of the first share buyback for €559m

05/10/21: launch of the second share buyback for €500m

16/11/21: full unwinding of the Switch (CET1 impact -60 bp,^[3] net income full-year impact €+104m)

=> The 50% cash dividend distribution policy target will have been respected over the span of the MTP

 

STRENGTH OF THE UNIVERSAL CUSTOMER-FOCUSED BANKING MODEL

Constantly renewed organic growth potential, enhanced by acquisitions and partnerships, and by the launch of new businesses

- Launch of CA Mobility, CA CF/CAL&F long-term vehicle leasing offering in France

- Acquisition of Olinn by CAL&F to extend the offering to business equipment management services
- Launch of a leasing business in Germany

Since 2019: acquisition of Credito Valtellinese, KAS Bank, GNB Seguros, Sabadell AM; creation of Amundi Technologies, and of the Amundi – Bank of China joint venture; partnership agreements signed with Banco Sabadell, Abanca; expansion of Azqore.

CLIMATE COMMITMENTS

Dominique Lefebvre,

Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“The Group, building upon its Raison d’être and its financial strength, wants to create the conditions for a new model of prosperity, that will result in progress for all. We will present our societal commitments for climate, for agriculture and the agri-food industry, and for social cohesion, on 1 December 2021.”

Philippe Brassac,

Chief Executive Officer of Crédit Agricole S.A.

“We are reporting excellent results, at all-time highs, in keeping with previous quarters. Business is strong, driven in particular by the effectiveness of public measures. The Group’s Universal Customer-focused Banking model allows for steady revenue growth and gives us one of the sector’s highest profitability rates in Europe.”