14-02-2019

Results for the fourth quarter and full year 2018

Press releases

Crédit Agricole S.A.

Financial Results

Fourth quarter and full year 2018 results

Very good results, solid and balanced

Results for the fourth quarter and full year 2018

Download the PDF

Crédit Agricole S.A.

Stated net income¹

Q4: €1,008m
x2.6 Q4/Q4
2018: €4,400m
+20.6% 2018/2017

Stated net revenues

Q4: €4,853m
+4.3% Q4/Q4
2018: €19,736m
+5.9% 2018/2017

Fully-loaded CET1 ratio

11.5%
stable in Q4, well above
the MTP target (11%)

Less favourable environment in Q4, primarily for activities related to financial markets
High underlying net income² with further strong growth: Q4 €1,067m, +21.6% Q4/Q4; 2018: €4,405m, +12.2% 2018/2017
2018 ROTE² 12.7%; earnings per share²: Q4 €0.33, +24.2% Q4/Q4; 2018 €1.39, +13.8% 2018/2017;
Dividend proposed at the Shareholders’ Meeting increased by +9.5% 2018/2017 to €0.69
High level of activity and income for all the Group's business divisions in 2018, despite the unfavourable market impact in Q4 on asset management and market activities
Good cost control: positive jaws effect2 excluding SRF³ > 1pp 2018/2017, in most business lines;
C/I ratio² improved by 0.7pp 2018/2017 to 62.1%
Cost of credit risk still very low and declining: 23bp⁴ (-6bp Q4/Q4); provision for non-specific legal risk of €75m in Q4
2019 MTP5 objectives already reached for NI, ROTE and CET1; new 2022 MTP to be presented on 6 June 2019

Crédit Agricole Group*

Stated net income¹

Q4: €1,571m
+70.3% Q4/Q4
2018: €6,844m
+4.7% 2018/2017

Stated net revenues

Q4: €8,110m
+0.8% Q4/Q4
2018: €32,839m
+2.3% 2018/2017

Fully-loaded CET1 ratio

15.0%
up 10bp in Q4
550bp above the P2R⁶

Sharp increase in stated net income linked to a favourable base effect, in particular the tax surcharge in Q4-17
2018 underlying² net income¹: €6,849m, -3.8% 2018/2017 after a sharp increase in the SRF³, a negative scope effect and a slight increase in the cost of risk ; Q4 : €1,626m, -3.9% Q4/Q4
Cost of risk still at a very low level, at 18 bp⁴
Regional Banks (IFRS): negative impact of portfolio valuations in Q4 and a sharp rise in the cost of risk due to collective provision write-backs in 2017, but increase in business revenues and stabilisation of interest revenues

* Crédit Agricole S.A. and Regional banks at 100%

Net income Group share
Underlying, excluding specific items. see p. 16 and following pages for more details on specific items and p. 26 for the ROTE calculation
Contribution to the Single Resolution Fund (SRF)
Average over last four rolling quarters, annualised
Medium Term Plan; the MTP 2020 was published in March 2016 and set financial targets until 2019.
According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffers)

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.