10-11-2021

financial results

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

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

Full unwinding of the switch.

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

CRÉDIT AGRICOLE GROUP

 

CRÉDIT AGRICOLE S.A.

  • Commitment of all of the Group's business lines to the Net Zero initiatives (Net Zero Banking Alliance, Net Zero Asset Owners’ Alliance)

 

  • No. 1 provider of renewable energy financing in France

 

  • No. 1 responsible investor in Europe

 

CACIB: +60% exposure to non-carbon energy by 2025


Amundi: +€20bn of investments in funds with a positive impact target by 2025


CAA: X2 investments in renewable energy installations by 2025

CACIB: -20% oil production financing by 2025

 

 

 

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.”

 

 

Footnotes

 

  1. For the calculation on a like for like basis, excluded entities for 2021 : Creval, CA Serbia, JV Amundi Bank of China, Fund Channel, Anatec, Sabadell, CACF NL, So You, Kas Bank ; excluded entities for 2020 : CA serbia, Via Vita, IWM Miami and Brazil, CACF NL ; excluded entities for 2019 : CA serbia, CA Romania, Via Vita, IWM Miami and Brazil, CACF NL
  2. Underlying ROTE calculated on the basis of annualised underlying net income Group share and annualised IFRIC costs
  3. Estimated based on CET1 level and risk weighted assets at end September 2021; the impact will be recognised in Q4-21
Adoption of Wiztopic’s Blockchain Certification Platform
In order to safeguard its communication, Crédit Agricole certifies its contents with Wiztrust since February 20, 2020. You can check the authenticity of our information on the website www.wiztrust.com.

Our press contact