11.02.2021

Results for the fourth quarter and full year 2020

A solid Group, determined to support the economy as a whole

FIND ATTACHED THE FULL PRESS RELEASE

 

 

A solid Group, determined to support the economy as a whole

CAGCA and Crédit Agricole S.A. STATED AND UNDERLYING DATA 2020
Very strong results; prudent provisioning of performing loans; high capital level

 

 

 

 

 

 

 

CRÉDIT AGRICOLE GROUP

 

CRÉDIT AGRICOLE S.A.

 

 

Stated

 

Underlying

 

 

Stated

 

Underlying

Revenues

 

33,596 m€

+0.9% 12M/12M

 

34,035 m€

+0.7% 12M/12M

 

 

20,500 m€

+1.7% 12M/12M

 

20,764 m€

+2.1% 12M/12M

Expenses

 

21,266 m€

-0.6% 12M/12M

 

21,169 m€

-0.9% 12M/12M

 

 

12,452 m€

+0.3% 12M/12M

 

12,366 m€

-0.3% 12M/12M

Gross operating income

 

11,768 m€

+2.5% 12M/12M

 

12,304 m€

+2.6% 12M/12M

 

 

7,609 m€

+2.9% 12M/12M

 

7,959 m€

+4.8% 12M/12M

Cost of risk

 

3,651 m€

x2.1 12M/12M

 

3,651 m€

x2.1 12M/12M[1]

 

 

2,606 m€

X2.1 12M/12M

 

2,606 m€

X2.1 12M/12M [2]

Net income Group share

 

4,689 m€

-34.9% 12M/12M

 

6,129 m€

-14.8% 12M/12M

 

 

2,692 m€

-44.4% 12M/12M

 

3,849 m€

-16.0% 12M/12M

Cost/income ratio (excl.SRF)

 

63.3%

-0.9 pp 12M/12M

 

62.2%

-1.0 pp 12M/12M

 

 

60.7%

-0.9 pp 12M/12M

 

59.6%

-1.4 pp 12M/12M

UNDERLYING DATA Crédit Agricole S.A. 2020
Gross operating income: +7.8% Q4/Q4 to €2,090m; cost of risk : x1.5 Q4/Q4 to -€500m  

Net income Group share: -26.0% Q4/Q4 to €975m

Cost/ income ratio (excl. SRF) : 60.5% (-2.0 pp Q4/Q4)

Dividend policy adjusted for the current exceptional circumstances

 

 

 

 

 

 

 

 

 

CRÉDIT AGRICOLE GROUP

 

CRÉDIT AGRICOLE S.A.

 

Phased-in CET1

 

17.2%

 

+0.2 pp Q4/Q3

 

 

13.1%

 

+0.5 pp Q4/Q3

 

 

 

+8.3 pp above SREP requirements

 

 

+5.2 pp above SREP requirements

 

 

 

€438 bn in liquidity at end Dec. 2020

 

 

Dividend of €0.80/share with a scrip dividend option

Unwinding of 100% of Switch by 2022

Underlying ROTE : 9.3%

 

Post-lockdown rebound in activities; overall strong momentum over the full year, reflecting the strength of the global relationship model

 

 

 

 

 

 

 

 

 

CRÉDIT AGRICOLE GROUP

 

CRÉDIT AGRICOLE S.A.

 

 

 

French retail banking: loans outstanding: +5.0% excl. SGL

+1,500,000 new retail banking customers in 2020

 

 

Asset gathering: strong net inflows

CIB: strengthened leading positions

 

 

HIGHLIGHTS

 

 

  • The Group is fully committed to supporting its customers through the crisis: €31.5 bn in SGLs in France, €2.4 bn in Italy; 552,000 moratoria in 2020 in France. Beginning of normalization (98% of expired payment holidays have resumed payments in the Regional Banks), but the Group continues to support its customers in difficulty

 

  • The crisis confirms the relevance of the Group project and the differentiating nature of the global relationship model.
    • Digitisation: app utilisation rate up (+3.3 pp to 68.2% for Regional banks and +7.1pp to 53.4% for LCL, year-on-year)
    • Customer satisfaction: NPS +7 points in Retail banking in France, Top 25 of brands having proven their utility during the lockdown
    • Empowered local teams for customers: 80% ERI participation rate, managerial and organisational transformation
    • Innovative solution ranges (Youzful, Blank, Up2Pay)

 

  • The Group supports societal transitions and is committed to regions and to climate
    • Amundi: €22 bn in green and social loans in 2020
    • CACIB: €11 bn green loans outstanding and #2 worldwide in green, social and sustainability bonds ($28 bn arranged) in 2020
    • LCL: an LCL impacts climat green investment range, CAA contrat solidaire
    • PRI: A+ for Amundi; CDP: A- for the Crédit Agricole Group

 

  • Continued development initiatives in Europe and Asia, through business line partnerships (Asset management, Insurance, Consumer finance) and in Retail banking in Italy.

 

 

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

“Facing Covid-19, Crédit Agricole demonstrates the strength of its model and the relevance of its action.”

Philippe Brassac,Chief Executive Officer of Crédit Agricole S.A.

"Thanks to our solid results, we are committed to support the economy as a whole over the long term.”

 

Footnotes

 

  1. ^ [1] 93% of the increase in Crédit Agricole Group cost of risk related to the provisioning of performing loans.
  2. ^ [2] 77% of the increase in Crédit Agricole S.A. cost of risk related to the provisioning of performing loans.
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