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Results for the second quarter and first half of 2019
Q2-19: Business lines deliver increased revenues
Crédit Agricole S.A.
- Q2 stated net income1 €1,222m, -14.9% Q2/Q2 (H1: €1,985m, -13.4% H1/H1), down compared to Q2-18, marked by net reversals in cost of risk in CIB, and at the highest level since Crédit Agricole S.A.’s IPO.
- Good performance in the business lines, stable underlying net income1 of business lines H1/H1.
- Underlying EPS: Q2 €0.40, -14.1% Q2/Q2, H1 €0.63, -9.8% H1/H1; ROTE 11.0% H1 annualised
- Increased revenues in the business lines despite a challenging market environment
- Costs under control while financing development projects: underlying1 cost/income ratio excluding SRF at 58.6%, positive jaws effect for the business lines.
- Cost of risk still low: 25bp , one-off provisions in CIB.
- CET1 ratio up to 11.6% in Q2, making a first unwinding of the Switch possible in 2020.
- First achievements of the 2022 Medium-Term Plan: development of non-Group partnerships (Abanca, Banco BPM, FCA), acceleration in green finance, CAA becomes the #1 life insurer in France.
Crédit Agricole Group*
- Stated net income2 for Q2: €1,813m, -12.7% Q2/Q2 (H1: €3,163m, -9.8% H1/H1)
- Operating expenses excluding SRF4 under control over H1 (+1% H1/H1), SRF expenses up (+9.4% H1/H1)
- Cost of credit risk low at 19bp5, one-off provisions in CIB and in the Regional Banks
- Increase in Regional Bank underlying revenues of +2.8% H1/H1
* Crédit Agricole S.A. and Regionals Banks at 100%.
- In this press release, “underlying” refers to intermediary balances adjusted for the specific items described on p. 16 and onwards
- Net income Group share
- Underlying, excluding specific items. See p. 16 and onwards for more details on specific items and p. 26 for the ROTE calculation
- Contribution to the Single Resolution Fund (SRF)
- Average over last four rolling quarters, annualised
- According to the 9.5% SREP requirement (including countercyclical buffer)