- 3 min
Crédit Agricole S.A. 2008 Annual Results
Crédit Agricole S.A.'s board of directors, chaired by René Carron, met on 3 March 2009 to review results and approve the accounts for the year ended 31 December 2008.
Crédit Agricole S.A.'s net income - Group share was €1,024 million in 2008, compared with €4,044 million in 2007. Crédit Agricole S.A. proved to be responsive and resilient in the midst of a major financial crisis that brutally and profoundly spread to the global economy in the second half of the year.[...]
At the Annual General Meeting on 19 May 2009, the Board of Directors will recommend that the shareholders approve a dividend of €0.45 per share. Two options for dividend payment will be offered:
- full payment in cash;
- or full payment in shares.[...]
After the Board meeting, René Carron, Chairman of Crédit Agricole S.A.'s Board of Directors, noted: "Despite a financial crisis of unprecedented magnitude in 2008, the Crédit Agricole Group confirmed its position as a leading European bank, with net income of €2.5 billion and a Tier 1 ratio of 9.4%. This performance is linked to a combination of factors: our shareholders' equity of €64 billion, the loyalty of our 58 million customers and the dedication of our 164,000 employees. It also demonstrates the confidence of our shareholders, particularly our majority shareholder. The Crédit Agricole Group is the French economy's leading financial partner, with some €425 billion in aggregate loans outstanding. We are, more than ever, committed to serving our customers, both retail and commercial, in the local markets in which we operate."
Georges Pauget, Chief Executive Officer of Crédit Agricole S.A., commented: "Crédit Agricole has proven its ability to assess and react quickly to the crisis by adapting its business model accordingly. During the first half of 2008, when market conditions were still relatively favourable, we launched a rights issue of unprecedented size (€5.8 billion), which owed much of its success to the support of the Regional Banks. Throughout the year, we adjusted our model by taking an even more industrialised approach to our business lines and through an in-depth reorganisation of our Corporate and investment bank. With net income of €1 billion, which covers a 67% increase in risk-related costs, Crédit Agricole S.A. finds itself today in good working order. We are fully prepared to play our part during the difficult times that lie ahead, while actively laying the groundwork for the post-crisis period."