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  • 2019/05/15
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First quarter results 2019

Good performance in all business divisions

Crédit Agricole S.A.

  • Underlying net income: €796m, +1.0% Q1/Q1, +8.2% for the business divisions (excl. Corporate centre-CC)
  • Stated net income: €763m, -10.9% Q1/Q1, stated revenues: €4,855m, -1.1% Q1/Q1
  • Underlying EPS: €0.23 (-0.9% Q1/Q1),
  • Underlying revenues: +0.1% Q1/Q1 and +1.0% for the business lines: sustained level of CIB activities (+3.3%) and Retail banking in France (+1.3%)
  • Confirmed control of underlying costs: stable excluding the SRF, demonstrating the good operating efficiency of the businesses; stable underlying cost/income ratio (63.3%), excluding the SRF but including the negative impact of other IFRIC21 charges affecting only Q1
  • Sharp increase in the SRF: +13.9% Q1/Q1 to €332m, underlying net income excl. SRF: +3.5% Q1/Q1
  • Marked decrease in the cost of risk: -28.4% Q1/Q1, still low: 21bp in Q1-19, -7bp Q1/Q1
  • CET1 ratio: 11.5%, still above the target of 11%

Crédit Agricole Group*

  • Stated net income: €1,350m, -5.5% Q1/Q1, stated revenues: €8,196m, -0.7% Q1/Q1
  • Underlying net income: €1,435m, +6.1% Q1/Q1, +9.9% for the business lines (excl. CC)
  • Tight control of underlying costs excl. SRF: -1.1% Q1/Q1, positive jaws effect of 2 pts
  • Increase in the SRF: +17.4% Q1/Q1 to €422m, underlying net income excl. SRF: +8.1% Q1/Q1
  • Regional Banks (IFRS): higher underlying1 revenues driven by the strength of fees and the positive revaluation of the securities portfolio, stable underlying costs excl. SRF and a sharp drop in the cost of risk

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

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