08.11.2016

Third quarter and first nine months 2016 results

Strong growth of net profit and strengthened financial solidity

Contribution to growth from all business lines

 

Crédit Agricole Group*

Results
& financial solidity

  • Good commercial momentum throughout the Group: branch networks, business lines, large customers
  • Q3 net income Group share: €1.4bn stated, €1.8bn underlying[1], +4% Q3/Q3; 9M underlying1 €4.7bn
  • Regional Banks: high net income Group share at €0.78bn in Q3; 9M: €2.4bn
  • Financial solidity further strengthened to record level: fully-loaded CET1 ratio[2] 14.4%

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

 

Crédit Agricole S.A.

Activity
& revenues

  • Good commercial momentum in all business lines
  • Underlying revenues1:+12% Q3/Q3
  • Strong growth in Large Customers (revenues +38% Q3/Q3) and initial recurring benefits of Eureka

Results

  • Group simplification (Eureka) completed: €1.25bn positive impact on net income Group share
  • Q3 net income Group share stated: €1.86bn; underlying1 €1.02bn, +27% Q3/Q3
  • Tight cost control: down -2% Q3/Q3
  • Firm grip on risk in all business lines: cost of credit risk 41bp

Financial solidity

  • Financial solidity confirmed and further strengthened: fully-loaded CET1 ratio2 of 12.0%
  • Buffer of 475bp above the distribution restriction trigger applicable as of 1/1/2017[3]

Dividend

  • Attractive dividend policy, based on strong capital base and good visibility of future earnings capacity
  • Intention to recommend a dividend of  €0.60[4] based on FY-2016 net income;
    from 2017 onwards, 50% payout rate and intention not to lower dividend relative to 2016
 

[1] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015.

[2] Including unaudited Q3-16 net income.

[3] 465bp using the phased-in CET1 ratio, subject to confirmation by the ECB of the pre-notification of SREP requirements for 2017

[4] Dividend of 0.60€ per share entirely deducted from the CET1 capital as of 30/09/2016.