Results for the fourth quarter and full year 2019

Historic level for annual results


Crédit Agricole S.A.

Strong increase in underlying quarterly net income Group share

  • Sharp increase in reported results: Q4-2019: €1,661m, +64.9% Q4/Q4; 2019: €4,844 m, +10.1% 2019/2018. Favourable decision by the French Conseil d’Etat on Emporiki (+€1,038m) and partial impairment of goodwill on LCL (-€611m) classified as specific items (for a total of +€343m in net income Group share Q4-2019, compared to -€59m in Q4-2018);
  • Underlying net income1 up in the quarter (1 318 m€, +23.5% Q4/Q4) and over the year (4 582 m€, +4.0% 2019/2018), an historic level for underlying net income Group share in 2019 (€4,582m).

Profitability at a high level: Underlying ROTE at 11.9%

Dividend up +1.4% 2019/2018, to €0.70

  • Underlying EPS: Q4-2019: €0.42, +28.1% Q4/Q4; 2019: €1.39, +0.1% 2019/2018 (+2.9% excluding foreign exchange impact on AT1 coupons in Q3-2019);
  • Performance and regularity of the dividend: dividend proposed at the General Meeting up +1.4% 2019/2018 to €0.70 (distribution policy confirmed).

Strong commercial activity in all business lines

  • Record net inflows in Asset management, positive market effect; premium income up +7.7% in property and casualty and +8.7% in personal protection in 2019;
  • Strong customer acquisition in Retail banking in France and Italy (1 800 000 individuals and entrepreneurs in 2019), dynamic growth in savings and loans (+6.7% Dec./Dec. in France and Italy in the retail networks);
  • High business production in consumer finance (+4.0% of outstandings under management Dec./Dec.), leasing production at its highest level since 2014;
  • Dynamic commercial activity in capital markets, in a market environment that became more favourable in 2019; high level of activity in structured finance; increase in assets under custody and administration in asset servicing.

Positive contribution of the business lines to income growth in 2019

  • Underlying revenues up (+7.7% Q4/Q4 and +3.3% 2019/2018);
  • Significantly positive jaws (+5.5 pp Q4/Q4), improvement in the underlying cost/income ratio excluding SRF[7] (by -3.4 pp to 62.6% in Q4 and -1.1 pp to 61.0% in 2019) despite development investments in the Asset gathering business line;
  • Decline in risk-weighted assets in business lines Q4-2019 (-2.0% Dec./Sept.), thanks to securitisation transactions in corporate and investment banking, without calling into question the level of activity; 
  • Return of the cost of credit risk to a normal level (32 basis points).

Financial strength: CET1 ratio at 12.1% (+0.4 pp Dec/Sept), allowing for a partial dismantling of 35% of the Switch mechanism in Q1-2020, accretive for CAsa

Group project and MTP 2022

Implementation of the Group project and MTP initiated, strengthening of business line partnerships

  • Group revenue synergies at €9 billion, up €0.3 billion, mainly driven by insurance;
  • Customer project: growth of the net promoter score of Regional Banks and LCL, launch of innovative offerings, intensification of digital customer relations, 500,000 customers met as part of the Trajectoires Patrimoine initiative;
  • Human-centric project: Crédit Agricole Group is ranked first in financial services in France for diversity by the Financial Times;
  • Societal project: Crédit Agricole S.A. issued a €1 billion Green bond, and Crédit Agricole Home Loan SFH issued a €1.25 billion Green covered bond;
  • International development of business lines via partnerships (CACEIS Santander, CACEIS KAS Bank, CAA Abanca, CACF BBPM, CACF Bank, CAC FCA Bank, Amundi Sabadell, Amundi Bank of China)


[1] In this press release, the term “underlying” refers to intermediary balances adjusted for the specific items described on p.30 onwards 

[2] Net income Group share

[3] Underlying, excluding specific items, see p. 20 onwards for more details on specific items and p. 30 for the calculation of the ROTE

[4] Average over last four rolling quarters, annualised

[5] Contribution to Single Resolution Funds (SRF) 

[6] Based on the 9.7% SREP requirement (including countercyclical buffer)

[7] Contribution to Single Resolution Funds (SRF)