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Crédit Agricole Group*
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Results
& financial solidity
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- Good level of activity in all components: networks, businesses and large customers
- 2016 NIGS: €5.4bn stated excluding goodwill impairment, €6.4bn underlying[1]
- Financial solidity at top level and further strengthened: fully-loaded CET1 ratio at 14.5%
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* Crédit Agricole S.A. and 100% of Regional Banks
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Crédit Agricole S.A.
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Activity
& revenues
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- Acceleration of growth: strong commercial momentum in all businesses and agreement signed in view of the acquisition of Pioneer Investments by Amundi
- Underlying revenues1: +10.9% Q4/Q4
- Strong increase in Asset gathering and Large customers business lines, first recurring effects of Eureka
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Results
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- Q4 NIGS stated excluding goodwill impairment : €782m; underlying1 €904m, +52.6% Q4/Q4;
2016 underlying1 €3,137m, +22.8% 2016/2015
- Strong increase in businesses’ underlying NIGS: +46.4% Q4/Q4, contribution of all businesses up
- Expenses well under control: improvement of -6.6 pts of underlying cost/income ratio1 Q4/Q4 to 65.4%
- Risk well managed in all businesses: cost of credit risk 41 bps
- Significant specific items in Q4: impairment of goodwill (-€491m), deferred tax revaluation (€161m) and issuer spread (+€103m before tax)
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Financial solidity
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- Financial strength confirmed at high level despite rise in interest rates: fully-loaded CET1 ratio 12.1%
- Reminder: target of 11% at end-2019, i.e. 250 bps above the distribution restriction threshold (8.50% at 1/1/19)[1]
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Dividend
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- Dividend of €0.60 in cash for the year 2016[2]; from 2017 onwards, pay-out ratio of 50% and intention to maintain the dividend versus 2016
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[1] Pro forma Pillar 2 requirement (P2R) as notified by the ECB
[2] To be proposed to the shareholders’ meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017
[1] Pro forma Pillar 2 requirement (P2R) as notified by the ECB
[2] To be proposed to the shareholders’ meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017
[1] See p. 26 (Crédit Agricole Group) and 26-27 (Crédit Agricole S.A.) of this press release for further details on specific items
