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08-11-2017

Results for the third quarter and first nine months 2017 : Q3 & 9M-17: excellent performances

Crédit Agricole S.A.
Financial Results

Q3 & 9M-17: excellent performances

Results for the third quarter and first nine months 2017 : Q3 & 9M-17: excellent performances

  

Credit Agricole Group*

Stated net income Group share

Q3: €1,907m
+36.8% Q3/Q3
 9M: €5,614m
+35.1% 9M/9M

Stated revenues

Q3: €7,885m
+11.1% Q3/Q3
9M: €24,062m
+6.8% 9M/9M

Fully-loaded CET1 ratio

14.9%
540bp above the P2R[1]
  • Continued organic growth in all business lines
  • Major refocusing on core businesses: disposal of BSF, consolidation of Pioneer, announced acquisitions of three savings banks in Italy and of Banca Leonardo
  • 9M stated NIGS[2] already greater than FY-16 stated NIGS
  • Q3 underlying[3] NIGS: €1,759m, -4.5% Q3/Q3 (9M underlying3: €5,430m, +15.3% 9M/9M)
  • Cost of credit risk down to 18bp[4]

* Crédit Agricole S.A. and 100% of the Regional Banks

Crédit Agricole S.A.

Stated net income Group share

Q3: €1,066m
-42.8% Q3/Q3 (Q3-16 included the Eureka capital gain, €1.27bn))
 9M: €3,262m
+0.4% 9M/9M

Stated revenues

Q3: €4,575m
+22.4% Q3/Q3
9M: €13,983m
+13.9% 9M/9M

Fully-loaded CET1 ratio

12.0%
+30bp /30.06.17 pro forma
for Pioneer
(MTP target of 11%)
  • 9M-17 stated NIGS at same level as 9M-16 which included Eureka gain for €1.27bn, improvement of business lines’ profitability
  • Q3 underlying3 NIGS: €966m, -5.2% Q3/Q3 (9M3: €3,048m, +36.6% 9M/9M), earnings per share3: €0.31
  • Underlying3 revenues +3.5% Q3/Q3 (9M3: +7.9%), positive impact of Pioneer consolidation partly offset by an adverse Q3-16 base for comparison in capital markets
  • Underlying3 costs still well under control: +6.8% Q3/Q3 excl. SRF and +2.0% on a constant scope[5], continued investment in new activities, particularly in insurance
  • Positive impact of refocusing operations: non-cash portion of NIGS[6] down from 32% in 2015 to 6% in 2018[7]
  • Cost of credit risk 31bp4 down -10bp Q3/Q3, unallocated provision for legal risk of €75m

 

[1] Pro forma P2R for 2019 as notified by the ECB in 2016

[2] NIGS: net income Group share

[3] In this press release, “underlying” refers to figures adjusted for the specific items described on p. 16 onwards

[4] Average over last four rolling quarters, annualised

[5] Aggregating contributions of Amundi and Pioneer Investments to underlying income and taking into account the amortisation of distribution contracts in 2016 and 2017

[6] Portion of underlying NIGS due to contribution from equity-accounted companies, net of dividends received from them

[7] Based on the consensus (compiled by the Group prior to publication of Q3-17 results), restated for the contribution of BSF

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 56.6% of Crédit Agricole S.A. Please see p. 14 (Crédit Agricole S.A.) and p. 15 (Crédit Agricole Group) of this press release for details of specific items, which are restated in the various indicators to calculate underlying results. A reconciliation between the stated income statement and the underlying income statement can be found on p. 19 onwards for Crédit Agricole Group and on p. 16 onwards for Crédit Agricole S.A. 

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