Results for the fourth quarter and full year 2020

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.