First-quarter 2018 Results

Q1-18 results in line with MTP targets, good business momentum and excellent cost control

Crédit Agricole Group*

Stated net income Group share Q1: €1,429m  -10.7% Q1/Q1
Stated revenues Q1: €8,258m +0.1% Q1/Q1
Fully-loaded CET1 ratio 14.6% 510bp above the P2R¹

• Robust activity in numerous business lines
• Realisation of the Strategic Ambition 2020 plan: excellent cost control, acquisitions integrated earlier than initially scheduled, continued innovation and development
• Underlying NIGS²: €1,352m, -18.3% Q1/Q1, -10.1% at constant scope and exchange rates³
• Sharp rise in SRF: +29.5% Q1/Q1 to €359m, NIGS2 at constant scope and exchange rates³ excl. SRF: -4.2%
• Cost of credit risk down -12.0% Q1/Q1, 17bp⁴ compared with 26bp⁴ in Q1-17

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

Crédit Agricole S.A.

Stated net income Group share Q1: €856m  +1.2% Q1/Q1  
Stated revenues Q1: €4,909m +4.4% Q1/Q1
Fully-loaded CET1 ratio 11.4% (MTP target of 11%)

• Underlying NIGS²: €788m, -12.1% Q1/Q1, +4.6% at constant scope and exchange rates³, EPS²: €0.23
• Impact of strategic repositioning: sale of non-strategic entities (loss of contribution from BSF and Eurazeo of €143m in Q1-17), lower risk in CIB (-11% reduction in RWA Q1/Q1)
• Acquisitions: acceleration of synergies, timeline for cost savings on Pioneer revised (60% from 2018), three Italian banks almost at breakeven from Q1-18 (C/I ratio 95.5%)
• Sharp rise in SRF: +25.1% Q1/Q1 to €291m, NIGS² at constant scope and exchange rates³ excl. SRF: +8.7%
• Underlying revenues²: +2.5% Q1/Q1, -0.7% at constant scope and exchange rates³, more difficult environment on capital markets
• Excellent control of underlying costs²: +3.7% Q1/Q1, -0.7% at constant scope and exchange rates³, underlying² cost income ratio excluding SRF 63.3%, low despite the seasonal effect of IFRIC21 and continued investment in development
• IFRS9 impact: negative impact on fully-loaded CET1 ratio (-24bp), but increase in coverage ratio: to 73%
• Fully-loaded CET1 ratio 11.4%, still above the MTP target (11%)

Download the press release

Download the slides

¹ Pro forma P2R for 2019 as confirmed by the ECB in December 2017
² Throughout this press release, the term “underlying” refers to intermediary balances adjusted for specific items which are detailed from page 16 onwards
³ The scope effect is calculated by adjusting the net income Group share of the first quarter of 2017 by deleting the contributions of BSF (€68m for Crédit Agricole Group, €67m for Crédit Agricole SA) and Eurazeo (€77m) and adding that of Pioneer, after deduction of the amortisation of distribution contracts (€36m), and of the first quarter of 2018 by deleting the contribution of the three Italian banks (-€4m); the currency effect mainly reflects the US dollar's depreciation against the euro of -14% on average in Q1-18 in relation to Q1-17 and to a lesser extent the fall in the Egyptian and Ukrainian currencies.
⁴ Average over last four rolling quarters, annualised