Montrouge, 8 November 2017 |
Results for the
third quarter and first nine months 2017
Q3 & 9M-17: excellent
performances
Credit Agricole Group* |
Stated net income Group
share
Q3: €1,907m
+36.8% Q3/Q3
9M: €5,614m
+35.1% 9M/9M |
Stated revenues
Q3: €7,885m
+11.1% Q3/Q3
9M: €24,062m
+6.8% 9M/9M |
Fully-loaded CET1 ratio
14.9%
540bp above the P2R[1] |
-
Continued organic growth in all
business lines
-
Major refocusing on core
businesses: disposal of BSF, consolidation of Pioneer,
announced acquisitions of three savings banks in Italy and of Banca
Leonardo
-
9M stated NIGS[2] already greater than FY-16 stated NIGS
-
Q3 underlying[3] NIGS: €1,759m, -4.5% Q3/Q3 (9M underlying3: €5,430m, +15.3% 9M/9M)
-
Cost of credit risk down to 18bp[4]
* Crédit Agricole S.A. and 100% of the
Regional Banks |
Crédit Agricole S.A. |
Stated net income Group
share
Q3: €1,066m
-42.8% Q3/Q3 (Q3-16 included the Eureka capital
gain, €1.27bn))
9M: €3,262m
+0.4% 9M/9M |
Stated revenues
Q3: €4,575m
+22.4% Q3/Q3
9M: €13,983m
+13.9% 9M/9M |
Fully-loaded CET1 ratio
12.0%
+30bp /30.06.17 pro forma
for Pioneer
(MTP target of 11%) |
-
9M-17 stated NIGS at same level as 9M-16 which included
Eureka gain for €1.27bn, improvement of business lines'
profitability
-
Q3 underlying3 NIGS: €966m, -5.2% Q3/Q3
(9M3: €3,048m, +36.6% 9M/9M), earnings per
share3: €0.31
-
Underlying3 revenues +3.5% Q3/Q3
(9M3: +7.9%), positive impact of Pioneer
consolidation partly offset by an adverse Q3-16 base for comparison
in capital markets
-
Underlying3 costs still well under control: +6.8% Q3/Q3 excl. SRF
and +2.0% on a constant scope[5], continued
investment in new activities, particularly in insurance
-
Positive impact of refocusing
operations: non-cash portion of NIGS[6] down from
32% in 2015 to 6% in 2018[7]
-
Cost of credit risk
31bp4 down -10bp
Q3/Q3, unallocated provision for legal risk of €75m
|
This press
release comments on the results of Crédit Agricole S.A.
and those of Crédit Agricole Group, which comprises the
Crédit Agricole S.A. entities and the
Crédit Agricole Regional Banks, which own 56.6% of
Crédit Agricole S.A. Please see p. 14 (Crédit Agricole S.A.)
and p. 15 (Crédit Agricole Group) of this press release for
details of specific items, which are restated in the various
indicators to calculate underlying results. A reconciliation
between the stated income statement and the underlying income
statement can be found on p. 19 onwards for Crédit Agricole Group and on p.
16 onwards for
Crédit Agricole S.A.
Crédit Agricole Group
For the first
nine months 2017, net income Group share for
Crédit Agricole Group amounted to
5.6 billion euros, an increase of +35.1% versus the first
nine months of 2016, which had been affected by significant
negative specific items. This stated net income for the
first nine months is already higher than the
full year 2016 stated net income. Adjusted for
specific items, underlying net income Group share was 5.4
billion euros, an increase of +15.3% versus the first
nine months of 2016. These results reflects strong
business momentum in the Group's various components - retail banks, specialised businesses and the
Large customers business line - coupled with
tight cost control enabling the Group to invest in new business
activities, and particularly in insurance. The underlying
cost/income ratio remained stable at 62.7%. These results include
the first-time contribution of Pioneer Investments in the
third quarter. During the third quarter, the Group
continued to refocus on its core businesses, reducing its holding
in Banque Saudi Fransi and signing an agreement to acquire three
Italian savings banks and a majority holding in Banca Leonardo. The
financial position remains very strong: at end-September, the
fully-loaded Common Equity Tier 1 ratio was 14.9%,
among the best in the sector and more than
5 percentage points above the regulatory minimum.
In line with the "Strategic
Ambition 2020" medium-term plan (MTP), the Group's stable,
diversified and profitable business model drives healthy organic
growth in all its business lines, largely through synergies between
the specialised business lines and the retail networks, and ensures
a high level of operating efficiency while generating capacity to
invest in business development.
The third quarter saw several
major achievements under the "Strategic Ambition 2020" plan:
-
First-time consolidation of Pioneer led to a
sharp increase in Amundi's contribution to the Group's results.
Amundi-Pioneer is now the ninth largest asset manager in the world
and the largest in Europe, with top ranking positions in France,
Italy, Austria and Germany;
-
Insourcing by Crédit Agricole Assurances of
new creditor insurance business for the Regional Banks began
in September and will be completed in April 2018; CNP will continue
to co-insure 50% of in-force business until extinction. The
Insurance business line also continued to roll out its group
insurance offering; the investments required for these new
activities weighed on the business line's expenses this
quarter;
-
Refocusing on core businesses continued, with
the disposal of 16.2% of the Group's 31.1% stake in Banque Saudi
Fransi (BSF) in Saudi Arabia and deconsolidation of the residual
14.9% interest, generating a capital gain of
117 million euros;
-
Cariparma signed an agreement with the fund
Atlante II and the Italian Interbank Deposit Protection Fund in
view of acquiring, for 130 million euros, 95% of three
Italian savings banks, Cassa di Risparmio (CR) di Cesena, CR Rimini
and CR San Miniato, which operate in regions bordering the Group's
core territories in Italy; this transaction will increase the
Group's distribution capacity in Italy by about 20% (430,000
customers, 220 branches); the transaction will be finalised after
the savings banks have been recapitalised by
470 million euros and have been cleaned of
3 billion euros of non-performing loans;
-
Lastly, on 31 October, Indosuez Wealth
Management signed an agreement to acquire 67.67% of Banca Leonardo;
this company provides wealth management services and has
5 billion euros in assets under management.
These two acquisitions, like
Pioneer before them, are fully in keeping with the MTP objectives
and will strengthen the Group's position in Italy, its second
domestic market, which contributed 147 million euros to
third-quarter net income Group share. They are subject to the
usual regulatory authorisations. Their closing is expected in the
fourth quarter 2017 (for the three savings banks) and in the first
half 2018 (for Banca Leonardo). These acquisitions will have an
impact of -12 basis points on
Crédit Agricole Group's CET1 ratio.
In the
third quarter 2017, Credit Agricole Group's
stated net income Group share
amounted to 1,907 million euros
versus 1,394 million euros in the
third quarter 2016.
Specific
items[8] this
quarter had a positive effect of +149 million euros on stated net income
Group share, including the partial disposal of BSF
(+117 million euros), and provisions for home purchase
savings plans (+78 million euros, including
+52 million euros for the Regional Banks). As a
reminder, in the third quarter 2016,
specific items had a negative impact of - 447 million euros, including the LCL
liability management operation (197 million euros) and
recurring volatile accounting items (including issuer spread for
-182 million euros, DVA - debt valuation
adjustment -, hedging of loan portfolios in the Large
customers division and home purchase savings provision).
Excluding these specific items,
underlying net income Group share was
1,759 million euros, a decrease of -4.5% compared with the same
quarter 2016.
Table 1.
Consolidated results of Crédit Agricole Group
in Q317 and Q316 |
|
€m |
Q3-17
stated |
Q3-16
stated |
Q3/Q3
stated |
Q3-17
underlying |
Q3-16
underlying |
Q3/Q3
underlying |
|
|
|
|
|
|
|
Revenues |
7,885 |
7,099 |
+11.1% |
7,807 |
7,777 |
+0.4% |
Operating expenses
excl. SRF |
(4,974) |
(4,710) |
+5.6% |
(4,947) |
(4,710) |
+5.0% |
SRF |
- |
- |
- |
- |
- |
- |
Gross operating income |
2,911 |
2,389 |
+21.9% |
2,860 |
3,067 |
(6.8%) |
Cost of credit
risk |
(317) |
(597) |
(46.8%) |
(317) |
(597) |
(46.8%) |
Cost of legal
risk |
(75) |
(50) |
+50.0% |
(75) |
(50) |
+50.0% |
Equity-accounted
entities |
240 |
138 |
+73.9% |
123 |
138 |
(10.8%) |
Net income on other
assets |
1 |
(47) |
ns |
6 |
(47) |
n.m. |
Change in value of
goodwill |
- |
- |
- |
- |
- |
- |
Income before tax |
2,760 |
1,833 |
+50.6% |
2,597 |
2,512 |
+3.4% |
Tax |
(743) |
(348) |
x 2.1 |
(719) |
(577) |
+24.5% |
Net income from
discontinued operations |
(2) |
(0) |
ns |
(2) |
(0) |
n.m |
Net income |
2,015 |
1,485 |
+35.7% |
1,876 |
1,934 |
(3.0%) |
Non
controlling interests |
(108) |
(91) |
+18.4% |
(117) |
(93) |
+25.7% |
Net income Group share |
1,907 |
1,394 |
+36.8% |
1,759 |
1,841 |
(4.5%) |
Cost income ratio excl. SRF (%) |
63.1% |
66.4% |
-3.3 pp |
63.4% |
60.6% |
+2.8 pp |
The decrease was primarily due to
an increase in the underlying effective tax rate to 29.1% versus
24.3% in the third quarter 2016, which had benefited from
a reduced rate of tax on various transactions.
Underlying
pre-tax income increased by +3.4% versus the
third quarter 2016, thanks to a sharp decrease in
loan loss provisions (-46.8%) in a climate of improving credit risk
in all business lines, with the Regional Banks and Large
customers business line even recording collective provision
reversals.
The decrease in cost of credit
risk more than offset a non-allocated 75 million euro
provision for legal risk (50 million euros in the
third quarter 2016) as well as the decrease in operating
income caused by an unfavourable base for comparison in terms of
revenues coupled with continued investment in business development
in line with the MTP in terms of operating costs.
Underlying
revenues were virtually stable, up +0.4%
year-on-year to 7,807 million euros, as the positive
impact of the Pioneer consolidation was largely offset by an
adverse base for comparison due to a particularly high contribution
from capital markets business in the third quarter 2016
stemming from increased market activity following the UK referendum
on the European Union.
Underlying
operating expenses increased by +5.0%
year-on-year in the third quarter 2017, driven by the
consolidation of Pioneer coupled with investment in MTP projects,
mainly in Insurance.
The underlying
cost/income ratio increased by +2.8 percentage points to
63.4%.
In the first
nine months 2017, underlying
net income Group share[9] increased by +15.3% year-on-year thanks to a strong
performance in the first half (underlying net income Group
share up +27% versus the first half of 2016) and the developments
described above. Underlying revenues were up +2.5%, underlying
operating expenses excluding SRF up +2.7% and cost of credit risk
down -40.0%, excluding the 115 million euros unallocated
legal provision charge recognised in the first and
third quarters of 2017 (40 million euros and
75 million euros respectively) versus
100 million euros in the second and
third quarters 2016 (50 million euros
each).
Table 2.
Consolidated results of Crédit Agricole Group
in 9M17 and 9M16 |
|
€m |
9M-17 stated |
9M-16
stated |
9M/9M
stated |
9M-17
underlying |
9M-16
underlying |
9M/9M
underlying |
|
|
|
|
|
|
|
Revenues |
24,062 |
22,524 |
+6.8% |
24,080 |
23,491 |
+2.5% |
Operating expenses
excl. SRF |
(15,167) |
(14,757) |
+2.8% |
(15,108) |
(14,716) |
+2.7% |
SRF |
(285) |
(282) |
+1.2% |
(285) |
(282) |
+1.2% |
Gross operating income |
8,610 |
7,485 |
+15.0% |
8,686 |
8,493 |
+2.3% |
Cost of credit
risk |
(1,113) |
(1,855) |
(40.0%) |
(1,113) |
(1,855) |
(40.0%) |
Cost of legal
risk |
(115) |
(100) |
+15.0% |
(115) |
(100) |
+15.0% |
Equity-accounted
entities |
683 |
388 |
+76.2% |
459 |
388 |
+18.4% |
Net income on other
assets |
(0) |
(19) |
(98.4%) |
5 |
(19) |
n.m. |
Change in value of
goodwill |
- |
- |
- |
- |
- |
- |
Income before tax |
8,065 |
5,899 |
+36.7% |
7,922 |
6,907 |
+14.7% |
Tax |
(2,185) |
(1,491) |
+46.6% |
(2,208) |
(1,939) |
+13.9% |
Net income from
discontinued operations |
43 |
11 |
n.m |
43 |
11 |
n.m |
Net income |
5,923 |
4,420 |
+34.0% |
5,757 |
4,980 |
+15.6% |
Non
controlling interests |
(310) |
(265) |
+16.7% |
(327) |
(269) |
+21.5% |
Net income Group share |
5,614 |
4,154 |
+35.1% |
5,430 |
4,710 |
+15.3% |
Cost income ratio excl. SRF (%) |
63.0% |
65.5% |
-2.5 pp |
62.7% |
62.6% |
+0.1 pp |
In the
third quarter 2017, the Regional Banks enjoyed sustained business
momentum. The loan book increased by +6.0% year-on-year at
end-September, including +8.0% for home loans (+0.7 of a
percentage point market gain over the year to end-June, latest
available data) and +8.2% for consumer finance (including +14.3%
for the loan book managed by CACF, which now represents 58% of
total consumer finance loans booked in the balance sheet of the
Regional Banks). Customer savings increased by +4.6%
year-on-year, driven by demand deposits (+17.3%). Life insurance
assets under management increased by only +1.5%, but the proportion
of unit-linked inflows rose by +7.4 percentage points
year-on-year to 24.4% in the third quarter 2017. Lastly,
the number of property and personal insurance contracts increased
by +6.0% compared to end-September 2016, of which +8.7% in
comprehensive household.
This commercial performance made a
significant contribution to growth in Credit Agricole S.A.'s
business lines, whose products are distributed by the
Regional Banks as the Group's leading distribution channel and
leading retail bank in France.
The Regional Banks'
contribution to Credit Agricole Group's underlying
net income Group share was 774 million euros, virtually unchanged either
year-on year (-0.4%) or quarter-on-quarter (-0.9%). As in the
second quarter, their contribution was supported by a sharp
decrease in cost of risk (-66.2% year-on-year in the
third quarter, while the second quarter 2017 recorded a
net reversal), offsetting the -9.2% decrease in gross operating
income caused by lower underlying revenues (-2.0%) coupled with
higher costs (+2.8%). Also, this quarter, the negative impact on
revenues of the operation to simplify the Group's structure
(Eureka) was much lower than in the first half (only one additional
month of interest expense on the loan funding the transaction,
which was implemented on 3 August 2016). The increase in operating
costs was due to IT investment - regulatory requirements and
digital transformation - and the branch refurbishment programme
scheduled in the MTP.
In the first
nine months, the Regional Banks contributed 2,310 million euros, a decrease of -3.3% due
mainly to the costs and loss of revenue related to the Eureka
operation, which did not impact results before their implementation
date on 3 August 2016.
The performance of the other
Credit Agricole Group business lines is described in detail in the
section of this press release on Credit Agricole S.A.
In the quarter,
Crédit Agricole Group's financial solidity remained
robust, with a fully-loaded CET1 ratio of
14.9%, down -0.1 percentage point relative to
end-June 2017 solely due to the consolidation of Pioneer as of
3 July (43 basis points). Excluding Pioneer,
therefore, the ratio improved by +0.3 percentage point.
It provides a substantial buffer (540 basis points) above
the distribution restriction trigger applicable to Credit Agricole
Group as of 1 January 2019, set at 9.5% by the ECB.
The TLAC ratio was 20.6% at 30
September 2017, excluding eligible senior preferred debt,
versus 20.8% at end-June 2017 and 20.3% at end-December 2016. This
level already respects the 2019 minimum requirement of 19.5%
without taking into account senior preferred debt, whereas the
regulatory calculation of this ratio allows for the inclusion of
eligible senior preferred debt (up to 2.5%). At end-October 2017,
the Group had issued 6.2 billion euros equivalent of
senior non-preferred debt since the beginning of the year.
The phased-in leverage ratio came
to 5.5%, a decrease of -30 basis points compared with
end-June 2017.
Credit Agricole Group's
liquidity position is robust. Its banking cash balance sheet, at
1,121 billion euros at 30 September 2017, showed a surplus of
stable funding sources over stable assets of 121
billion euros, up +4 billion euros compared with
end-June 2017 and +17 billion euros compared with
end-September 2016. The surplus exceeded the MTP target of over 100
billion euros. The surplus of stable funds finances the HQLA
securities portfolio generated by the LCR requirement for customer
and customer-related activities. Liquidity reserves, at market
value and after haircuts, amounted to 254 billion euros.
Short-term debt net of Central Bank deposits
(28 billion euros) was covered more than 4 times by
HQLA securities (119 billion euros).
Crédit Agricole Group
issuers raised 28.4 billion euros equivalent of medium-
and long-term debt in the first nine months 2017, 53% of
which was raised by Crédit Agricole S.A.
(15.2 billion euros equivalent), versus just over
33 billion euros for the whole of 2016. Besides, debt
securities amounting to 2.6 billion euros were also collected
by the Group's retail networks (Regional Banks, LCL and CA
Italia) during the first nine months 2017.
* *
*
Dominique Lefebvre, Chairman of
SAS Rue La Boétie and Chairman of Credit Agricole S.A.'s
Board of Directors, commented: "In the
third quarter, Crédit Agricole Group continued to
demonstrate its ability to maintain a high level of profitability
and strong business momentum while at the same time investing in
its future development, in line with the Strategic Ambition 2020
plan objectives".
Crédit Agricole S.A. Strong results in both Q3 and the
first nine months
-
Stated net income Group share for the first
nine months 2017 at the same level as 2016, even though the
previous year included the Eureka gain, underlying net income
Group share +37% 9M/9M
-
Q3 underlying net income Group share close
to one billion euros
-
Q3: Continued good business momentum: cross
selling and commercial initiatives
-
Continued cost control while maintaining
investment in future development
Continued refocusing: acquisitions in core businesses and asset
disposals
-
Partial disposal of the BSF
stake - 16.2% - for
€1.3bn
-
Completion of the acquisition of Pioneer Investments for €3.5bn, first-time contribution
to earnings
-
Acquisition of a 95% stake in three Italian banks for €130m and a 67.67% stake in
Banca Leonardo (expected to close in Q4 and in the first half 2018
respectively)
-
Positive impact of refocusing
operations: non-cash portion of NIGS[10] down from
32% in 2015 to 6% in 2018[11]
Further improvement in financial solidity
-
Fully-loaded CET1 ratio of 12.0%, up +30bp since
30 June 2017 pro forma for the acquisition of Pioneer Investments,
adjustment of the dividend provision to €0.52 over nine months
(+€0.18 in Q3)
-
Ratings: upgrade to
positive outlook by S&P, ratings[12] upgrade by
DBRS (long-term) and Scope Ratings (short-term)
Crédit Agricole S.A.'s
Board of Directors, chaired by Dominique Lefebvre, met on 7
November 2017 to examine the financial statements for the
third quarter and first nine months 2017.
In the
third quarter 2017, stated
net income Group share was 1,066 million euros versus
1,864 million euros in the third quarter 2016,
which included the gain on the operation to simplify the Group's
structure (Eureka) for 1,272 million euros. In the first
nine months of the year, stated net income Group share
was 3,262 million euros versus
3,249 million euros for the same period of 2016. The
Group's organic growth over the year and, to a much lesser extent,
the consolidation of Pioneer Investments, therefore compensated for
the Eureka gain.
Specific
items[13] in the
third quarter had an impact of
+100 million euros on net income Group share,
including the positive impact of the BSF partial
disposal[14]
(+114 million euros in contribution from equity-accounted
entities, excluding transaction costs). In the
third quarter 2016, specific items had an impact of
+845 million euros, mainly
comprising the Eureka gain.
Excluding these specific items,
underlying net income Group share for the
third quarter 2017 came to 966 million euros, a year-on-year decrease of -5.2%. The decrease stemmed mainly from the
return to a more normal effective tax rate, which rose from 16.6%
in the third quarter 2016 to 27.0% in the
third quarter 2017. The resulting increase in the tax
charge (+85.7% year-on-year) and the slight decrease in gross
operating income (2.0%) more than offset the decrease in credit
risk provisions (-41% year-on-year). It should be noted that the
Group decided to recognise a non-deductible provision to legal risk
unallocated to any specific file of 75 million euros
(50 million euros in the third quarter 2016)
and continued its development investment, recorded under operating
expenses, in line with the MTP.
Underlying
earnings per share amounted to 0.31 euros, down -6.4% year-on-year, in line with the decrease in
attributable net income Group share (after
deduction of AT1 coupons, that are directly charged to the net
equity Group share, but are deducted for the calculation of the
earnings per share, see p. 22)
Table 3.
Consolidated results of
Crédit Agricole S.A. in Q317 and Q316 |
|
€m |
Q3-17
stated |
Q3-16
stated |
Q3/Q3
stated |
Q3-17
underlying |
Q3-16
underlying |
Q3/Q3
underlying |
|
|
|
|
|
|
|
Revenues |
4,575 |
3,739 |
+22.4% |
4,564 |
4,412 |
+3.5% |
Operating expenses
excl. SRF |
(2,902) |
(2,693) |
+7.8% |
(2,875) |
(2,693) |
+6.8% |
SRF |
- |
5 |
(100.0%) |
- |
5 |
(100.0%) |
Gross operating income |
1,672 |
1,051 |
+59.2% |
1,689 |
1,724 |
(2.0%) |
Cost of credit
risk |
(262) |
(443) |
(41.0%) |
(262) |
(443) |
(41.0%) |
Cost of legal
risk |
(75) |
(50) |
+50.0% |
(75) |
(50) |
+50.0% |
Equity-accounted
entities |
239 |
149 |
+60.0% |
122 |
149 |
(18.3%) |
Net income on other
assets |
(7) |
(50) |
(85.3%) |
(2) |
(50) |
(95.4%) |
Change in value of
goodwill |
- |
- |
n.m. |
- |
- |
n.m. |
Income before tax |
1,567 |
657 |
x 2.4 |
1,472 |
1,330 |
+10.7% |
Tax |
(367) |
33 |
n.m. |
(364) |
(196) |
+85.7% |
Net income from
discontinued operations |
(2) |
1,272 |
n.m. |
(2) |
(0) |
n.m. |
Net income |
1,198 |
1,962 |
(38.9%) |
1,105 |
1,134 |
(2.5%) |
Non controlling
interests |
(132) |
(98) |
+35.0% |
(139) |
(115) |
+21.3% |
Net income Group share |
1,066 |
1,864 |
(42.8%) |
966 |
1,019 |
(5.2%) |
Earnings per share (€) |
0.34 |
0.63 |
(46.0%) |
0.31 |
0.33 |
(6.4%) |
Cost income ratio excl. SRF (%) |
63.4% |
72.0% |
-8.6 pp |
63.0% |
61.0% |
+2.0 pp |
Despite a slight increase,
underlying net earnings remained high at close to one
billion euros, which is the second best third-quarter
performance since 2006, beaten only by the
third quarter 2016, with which it is directly compared in
this press release.
This performance was, like
previous quarters, driven by strong business
momentum in all Crédit Agricole S.A.'s business lines and
distribution networks, as well as the Regional Banks which
distribute the products of its specialised business lines. The
macro-economic environment continued to improve in the Group's core
European markets and the impacts of this improvement are amplified
by cross selling driven by the Customer-focused universal banking
model central to the "Strategic Ambition 2020" plan.
Business
momentum therefore remained strong in all business lines during
the third quarter:
-
In Insurance, 158,000 new
property & casualty contracts, net of
terminations, were written during the quarter (+700,000 or +5.8% in
force over one year). Now the fourth largest insurer in
comprehensive household insurance,
Crédit Agricole Assurances has moved up one place in the
2017 rankings. As a result, premium income in property &
casualty increased by +7.1% year-on-year in the third quarter.
Life insurance net inflows totalled
+1.0 billion euros in the third quarter with a
slight decrease in euro business inflows
(-0.1 billion euros) but a further acceleration in
unit-linked inflows (+1.1 billion euros, up +1.9 point):
unit-linked accounts represented 30.1% of gross inflows (an
increase of +8.1 percentage points year-on-year) and 21%
of savings and retirement outstandings;
-
In Asset management
(Amundi), assets under management stood at
1,400 billion euros driven by a scope effect following
the consolidation of Pioneer Investments
(+243 billion euros of assets under management at
3 July 2017) coupled with a positive market effect and,
most importantly, strong net inflows of
+31.2 billion euros over the quarter
(+60.0 billion euros over nine months, including
only one quarter's contribution from Pioneer Investments), driven
by the Retail segment (+13.1 billion euros in the
third quarter) and medium/long-term assets
(+14.7 billion euros);
-
The Retail banks,
especially in France and Italy, delivered further strong growth in
loans and customer assets compared with previous quarters.
At LCL, home loans grew by +9.6% over one
year, business loans by +11.3%, demand deposits by +16.0% and the
number of property & casualty insurance contracts increased by
a net 16,000 (stock up +7.4% over one year). Retail banking in Italy continued to outperform the
local market in home loans (+9.9%), while off-balance sheet
customer assets grew by +9.4% over one year;
-
Specialised financial
services accelerated their development, with +7.1% growth in
the managed loan book in consumer finance compared to
end-September 2016 (+9.4 billion euros of new
managed business), +3.6% of new leasing business, particularly
abroad (+13.4%) and +7.4% growth in factored receivables compared
to the third quarter 2016;
-
Large customers continued
to gain market share in capital markets activities, particularly in
credit. CACIB's Capital markets business
ranked No.4 worldwide[15] on bonds
issued by financial institutions in euros in the
nine first months 2017;it was world leader in green
financing (green bonds) all currencies combined[16]. In
Investment banking, advisory business
performed well, confirming its fourth place in M&A advisory in
France[17] with 30
deals. Financing activities ranked world No.4
in syndicated loans in the Europe, Middle East and Africa (EMEA)
region[18] Lastly,
illustrating its Distribute to Originate risk distribution policy,
CACIB's average primary syndication rate in the twelve months to
September 2017 was 38%, +5 percentage points more than in
the twelve months to end-September 2016 and +11
percentage points more than in 2013, when the policy was first
introduced. In Asset servicing (CACEIS),
assets under custody increased by +7.3% and assets under
administration by +12.3% compared with end-September
2016.
This excellent business momentum
was not reflected in the +3.5% year-on-year
growth in underlying revenues (-0.8% on a constant
scope[19]) due to an adverse base for comparison, as the capital
markets business had made a particularly high contribution in the
third quarter 2016, mainly as a result of strong market
activity following the UK's referendum on the European Union.
Consequently, in 2016, the seasonal profile in the capital markets
was the reverse of a typical year, with its contribution to
revenues increasing gradually from the first to the
third quarter 2016, whilst the opposite is more usual.
The usual seasonal profile was restored in 2017 with revenues
lower in the third quarter than the second and lower in the
second quarter than the first. Consequently, capital markets
revenues were down -28.3% year-on-year in the third quarter.
However, capital markets revenues for the first nine months,
which eliminates the differences in the quarterly profile between
the two years, was up +3.8%, signalling a continued positive
underlying trend in this business.
Consequently, Large customers
suffered a -14.7% decrease in underlying revenue in the
third quarter but an increase of +3.5% over nine months.
Retail banking also saw a decrease in underlying revenues, at LCL
(-3.4%) because of the fall in renegotiation fees and the impact of
previous renegotiations on interest margin, and at International
retail banking excluding Italy (-9.0%) because of Egypt's
devaluation in November 2016 (rise of +28% excluding the forex
effect). The Insurance business recorded good investment income,
and decided to apply a modest recognition of investment margin in
life insurance, allowing a further strengthening of reserves.
Insurance revenues were therefore down by -4.8%, even though
business volumes increased. The other business lines delivered good
revenue growth in line with business volumes, in particular Asset
management (+4.6% on a constant scope19),
Specialised financial services (+2.8%) and, within the Large
customers division, Asset servicing (+8.0%). Corporate centre's
underlying revenue also improved by +197 million euros
thanks to the decrease in funding costs and the full impact of the
Eureka operation on the quarter (versus only two months of
investment of the cash generated by the operation in the
third quarter 2016, excluding the unwinding of
Switch 1 which had already been effective over the entire
quarter).
Underlying
operating expenses increased by +6.8%
year-on-year in the third quarter and by +2.0% on a constant scope19. The increase stems mainly from Insurance (+4.6%),
International Retail Banking Italy (+4.7%) and, to a lesser extent,
Specialised financial services (+2.3%) and Asset servicing (+3.4%),
although these two latter businesses showed positive jaw effects.
The growth in operating expenses reflects the scale-up of new
activities, such as the insourcing of creditor insurance and the
development of group insurance in the insurance business, as well
as development projects. Lastly, it should be noted that Wealth
management recognised a reversal of pension provisions in the
third quarter 2016 following a law in Switzerland
reducing the conversion rate and, therefore, the employer's
obligation (+26 million euros,
+21 million euros on
net income Group share). This reversal is not
recurring in nature and accounts for almost one
percentage point of the +2.0% growth in underlying operating
expenses for Crédit Agricole S.A. on a constant
scope19.
The cost/income
ratio excluding SRF stood at 63.0%.
The cost of
credit risk fell to 262 million euros from
443 million euros in the third quarter 2016
(-41.0% or +181 million euros year-on-year) and
351 million euros in the second quarter 2017 (-25.4%
or +89 million euros). All businesses contributed to the
decrease, except for Retail banking in Italy (+13.1% or
9 million euros compared to the
third quarter 2016), which sold a portfolio of
non-performing loans held by Calit, its leasing subsidiary,
resulting in a loss of -18 million euros. The main
contributors to the decrease were Large customers (from a cost of
credit risk of -116 million euros in the
third quarter 2016 to a net reversal of
+21 million euros, an improvement of
+137 million euros) due to reversals of collective
provisions considered to be surplus to requirements, Specialised
financial services (-18.4% or +29 million euros) in line
with trends in previous quarters, and LCL (-18.4% or
+10 million euros), despite a collective impairment
charge of 25 million euros to cover potential defaults
after Hurricane Irma in the Caribbean.
Cost of credit
risk represented 31 basis points
of outstandings,[20] a decrease
of -4 basis points quarter-on-quarter and -10 basis points year-on-year, and still
below the Medium-term plan assumption of 50 basis points.
Thanks to the reversals in the third quarter, Financing
activities in the Large customers division delivered a cost of
credit risk of 19 basis points over four rolling quarters,
down -13 basis points year-on-year and -11 basis points
quarter-on-quarter. The two main contributors to credit risk
provisions - Consumer finance and Retail banking in Italy - which
accounted for 74% of consolidated credit risk in the
third quarter, recorded improvements of respectively -
18 basis points to 116 and - 12 basis points to
89. In Retail banking in Italy, new defaults were down
-47%[21]
year-on-year in the third quarter and the impaired loans ratio
fell decreased by 1 percentage point to 12.4%21 (versus
13.4% at end-September 2016 and 12.5% at end-June 2017),
while the coverage ratio improved to 48%21 (versus 45.6% at
end-September 2016 and 48.2% at end-June 2017). The three
Italian banks to be consolidated within the next few months, after
the disposal of 3 billion euros of non-performing loans,
will have even better ratios than those of International Retail
Banking Italy at present.
In this improving credit risk
environment, the Group decided to add 75 million euros to provisions for legal risk
unallocated to any specific file, recognised in the Large customers
business line. A similar provision of
50 million euros was recognised in the
third quarter 2016, also in Large customers.
The underlying contribution from
equity-accounted entities was down -18.3% to
122 million euros excluding the capital gain on BSF,
mainly due to loss of the Eurazeo contribution following its
disposal in the second quarter 2017, and the deconsolidation
as of 20 September 2017 of the Group's interest in BSF following
the partial disposal (decrease from 31.1% to 14.9%).
Underlying
income before tax, discontinued operations and
non-controlling interests increased by +10.7% to
1,472 million euros. The underlying effective tax rate
was 27.0% versus 16.6% in the third quarter 2016, which
had benefited from a reduced rate of tax on several transactions
during the quarter. This rate is significantly lower than the
standard corporate income tax rate in France due to the generation
of earnings in countries with a lower tax rate and to the tax
credit available on Additional Tier 1 debt instruments (interest
payments are deducted directly from equity, for
-92 million euros in the third quarter),
representing an impact of more than two percentage points on
the underlying effective tax rate. The underlying
tax charge was therefore up +85.7%
year-on-year in the third quarter, to
364 million euros.
Net income attributable to
non-controlling interests was up
significantly, by +21.3% to 139 million euros, due to the
decrease in the Group's interest in Amundi to 68.5% as of the
second quarter 2017 versus 74.1% in the same period of 2016
and up to and including the first quarter 2017, but also this
quarter due to the consolidation of Pioneer Investments, which
contributed to the growth of almost 50% of Amundi's net income
(at 100%). Excluding Amundi, non-controlling interests would have
been down slightly.
Consequently, underlying net income Group share came to
966 million euros, a decrease of
-5.2% compared with the
third quarter 2016.
For the first
nine months 2017, stated
net income Group share was 3,262 million euros versus
3,249 million euros in the same period of 2016, virtually
unchanged even though 2016 had benefited from the
1,272 million euro Eureka gain. Strong organic growth
delivered by the businesses, and, to a lesser extent, the
integration of Pioneer Investments, therefore offset the
non-recurrence of this gain, with limited support from specific
items,[22] which had
an impact of +214 million euros on net income Group
share in the first nine months 2017. Additionally to the specific
items of the third quarter mentioned above, the most significant
specific item compared with the third quarter 2016 was
the gain on disposal of the Group's interest in Eurazeo
(+107 million euros) in the second quarter. In the first
nine months of 2016, specific items had an impact of
+1,018 million euros on net income Group share,
including the Eureka gain referred to above.
Excluding these specific items,
underlying net income Group share came to
3,048 million euros, an increase of
+36.6% compared with the first nine months of 2016.
Underlying
earnings per share came to 0.96 euro, an increase of +36.9% compared with the first nine months of
2016.
Table 4.
Consolidated results of
Crédit Agricole S.A. in 9M 2017 and 9M 2016 |
|
€m |
9M-17
stated |
9M-16
stated |
9M/9M
stated |
9M-17
underlying |
9M-16
underlying |
9M/9M
underlying |
|
|
|
|
|
|
|
Revenues |
13,983 |
12,275 |
+13.9% |
13,962 |
12,943 |
+7.9% |
Operating expenses
excl. SRF |
(8,693) |
(8,474) |
+2.6% |
(8,635) |
(8,433) |
+2.4% |
SRF |
(242) |
(240) |
+1.1% |
(242) |
(240) |
+1.1% |
Gross operating income |
5,047 |
3,562 |
+41.7% |
5,086 |
4,270 |
+19.1% |
Cost of credit
risk |
(972) |
(1,292) |
(24.8%) |
(972) |
(1,292) |
(24.8%) |
Cost of legal
risk |
(115) |
(100) |
+15.0% |
(115) |
(100) |
+15.0% |
Equity-accounted
entities |
678 |
393 |
+72.4% |
454 |
393 |
+15.4% |
Net income on other
assets |
(8) |
(46) |
(83.4%) |
(3) |
(46) |
(94.1%) |
Change in
value of goodwill |
- |
- |
n.m. |
- |
- |
n.m. |
Income before tax |
4,630 |
2,516 |
+84.0% |
4,449 |
3,225 |
+38.0% |
Tax |
(1,030) |
(234) |
x
4.4 |
(1,046) |
(678) |
+54.2% |
Net income from
discontinued operations |
43 |
1,283 |
n.m. |
43 |
11 |
n.m. |
Net income |
3,643 |
3,566 |
+2.2% |
3,447 |
2,558 |
+34.7% |
Non controlling
interests |
(381) |
(316) |
+20.6% |
(399) |
(326) |
+22.2% |
Net income Group share |
3,262 |
3,249 |
+0.4% |
3,048 |
2,232 |
+36.6% |
Earnings per share (€) |
1.03 |
1.07 |
(3.7%) |
0.96 |
0.70 |
+36.9% |
Cost income ratio excl. SRF (%) |
62.2% |
69.0% |
-6.9 pp |
61.8% |
65.2% |
-3.3 pp |
The nine-month period cancels out
2016's atypical seasonal profile and the adverse base for
comparison in the third quarter. The key income indicators
have therefore returned to their underlying trend: strong growth in
revenues, good control over operating expenses and decrease of the
cost of credit risk, mitigated by a higher level of legal
provisions (115 million euros versus 100
million euros in the first nine months of 2016) and an
increase in the effective tax rate from 23.9% in the first nine
months 2016 to 26.2% in the first nine months 2017. As in the third
quarter, the tax credit on Additional Tier 1 coupons decreased the
effective tax rate by more than 2 points.
Underlying
revenues were 13,962 million euros, a year-on-year
increase of +7.9% or +6.2% on a constant scope. All divisions
contributed to the growth and in particular Asset gathering,
following the consolidation of Pioneer Investments and organic
growth in asset and wealth management, and the Corporate centre,
thanks to the Eureka impact and a decrease in funding costs. In the
first nine months of the year, Large customers delivered +3.5%
year-on-year growth in underlying revenues.
Underlying
operating expenses were up slightly to
8,635 million euros, an increase of +2.4% excluding the
SRF contribution, which itself was up by +1.1%
(242 million euros versus 244 million euros in
the first nine months of 2016). On a constant scope, operating
expenses excluding SRF increased by only +0.8%, reflecting
excellent cost control. All business contributed to this cost
control. The most substantial jaws effect[23] came from
LCL (+5.2 percentage points excluding SRF), Specialised
financial services (+2.9 percentage points excluding
SRF), and Large customers (+2.1 percentage points
excluding SRF), particularly Asset financing
(+5.0 percentage points excluding SRF). The underlying cost/income ratio excluding SRF improved by
3.3 percentage points to 61.8% compared with the first
nine months of 2016.
Lastly, cost of
credit risk excluding unallocated legal provisions fell by
-24.8% to 972 million euros versus
1,292 million euros in the first nine months of 2016
(or +320 million euros). As in the third quarter, the
main contributors to the improvement were Large customers (-53.0%
or +188 million euros) and Specialised financial services
(-22.1% or +96 million euros). At LCL, cost of credit
risk increased by +14.4% (-19 million euros), mainly due
to non-recurring reversals in the first quarter 2016
which lowered the base for comparison, and the provisions in the
third quarter 2017 related to Hurricane Irma, but the
cost of risk nonetheless remains very low in this business
line.
At end-September 2017,
Crédit Agricole S.A.'s capital ratios improved yet
further, with a fully-loaded CET1 ratio of
12.0%, down -40 basis points versus June 30 2017 but
up +30 basis points since
30 June 2017 pro forma for the acquisition of Pioneer
Investments. This pro forma increase was due to the partial
disposal of the interest in BSF and deconsolidation of the
remaining stake (+17 basis points), net income allocated
to retained earnings net of the dividend provision and Additional
Tier 1 interest payments (+11 basis points), quasi-stability
of AFS unrealised gains (+1 basis point), and finally the neutral
effect of risk-weighted assets and other various items.
Risk-weighted assets totalled 293 billion euros at
end-September 2017 versus 301 billion euros at
end-December 2016, a decrease of -2.7% partially due to the
forex effect. The acquisitions announced but not yet finalised
(three Italian savings banks and Banca Leonardo) will have an
impact of approximately -15 basis points.
It should be noted that at
end-September 2017, capital ratios including the fully-loaded
CET1 were calculated based on a dividend
assumption of 50% of stated net earnings per share, i.e.
0.52 euro per share,
which corresponds to 0.18 euro for the
third quarter 2017 (0.15 euro assumed for the
calculation at end-March and 0.34 euro at end-June).
The phased-in leverage ratio was 4.4% at
end-September 2017 as defined in the Delegated Act adopted by the
European Commission.
Crédit Agricole S.A.'s
average LCR ratio over twelve months stood at
137% at end-June 2017, above the Medium-Term
Plan target of over 110%.
At end-October
2017, Credit Agricole S.A. had completed 104%
of its medium- to long-term market funding programme of 16
billion euros for the year: 16.6 billion
euros equivalent were raised on the markets, of which
10.4 billion euros equivalent of senior preferred debt
(unsecured) and secured senior debt and 6.2 billion euros
equivalent of senior non-preferred debt.
* *
*
Philippe Brassac, Chief Executive
Officer, commented: "In the first nine months
of the year, Crédit Agricole S.A. has succeeded in
equalling last year's performance in terms of
stated net income, despite the Eureka gain of more than
one billion euros recognised in the
first nine months of 2016. This result alone,
which was achieved despite continued investment in development
under the MTP, confirms the Group's profitability and its ability
to deliver growth in all its business lines."
Corporate social responsibility
This quarter,
Crédit Agricole S.A. achieved some excellent
extra-financial ratings:
-
Crédit Agricole S.A. is now among the
top European banks in the MSCI[24] worldwide
index. ESG Ratings after its rating was raised from BBB to A. This
upward notch was achieved due to progress made in data security and
protection, and more particularly the publication of a Personal
Data Charter and a Group Ethics Charter, the creation of a Group
Security Committee and implementation of a programme to strengthen
security, and efforts to embed environmental risk in the credit
analysis process.
-
The Anglo-Dutch extra-financial rating agency
Sustainalytics raised Crédit Agricole S.A.'s rating from
76 to 80, making it the best-rated bank. The upgrade was due to
progress in the range of products to promote the energy transition
(energy saving loans, green bonds, low carbon funds, etc.).
In addition, Crédit Agricole
is the first bank to obtain ISO 37001 certification for its
anti-bribery and corruption system. Delivered by Euro
Compliance[25], this ISO
37001 certification is recognition of the Group's determination and
the quality of its anti-corruption and bribery programme. It
confirms that corruption and bribery risks are properly identified
and analysed and that the programme applied by Crédit Agricole
is designed to mitigate these various risks by drawing on best
international practices. It covers all
Crédit Agricole Group's business lines and is in addition
to the BS 10500 certification delivered by SGS in July 2016.
The Group reported on progress at
end-June 2017 in the strong commitments made at the time of the COP
21:
-
49 billion euros in arrangements supporting
the energy transition out of the 60 billion euros announced
over three years (2016-2018);
-
more than 1.7 billion euros of cash
invested in green bonds out of the 2 billion euros planned by
Credit Agricole S.A. and Credit Agricole CIB by end-2017;
-
21% increase in renewable energy financing in
France in 2016 (514 million euros versus
425 million euros in 2015), compared with a commitment of
a 100% increase by 2018;
-
150 million euros of financing made
available by Amundi through its joint venture with EDF, Amundi
Transition Energétique (ATE), out of the 5 billion euros
planned by 2020 through ATE and another specialist fund management
company, a joint venture between Amundi and Agricultural Bank of
China.
Appendix 1 - Specific items, Crédit Agricole S.A. and
Crédit Agricole Group
Table 5.
Crédit Agricole S.A. - Specific items,
Q3-17 and Q3-16, and 9M-17 and 9M-16 |
|
|
|
Q3-17 |
Q3-16 |
|
9M-17 |
9M-16 |
€m |
|
Gross impact |
Impact NIGS |
Gross impact |
Impact NIGS |
|
Gross impact |
Impact NIGS |
Gross impact |
Impact NIGS |
|
|
|
|
|
|
|
|
|
|
|
Issuer
spreads (CC) |
|
(16) |
(14) |
(281) |
(178) |
|
(121) |
(69) |
(243) |
(151) |
DVA
(LC) |
|
(0) |
(0) |
(44) |
(28) |
|
(61) |
(39) |
(35) |
(22) |
Loan
portfolio hedges (LC) |
|
(13) |
(9) |
(25) |
(16) |
|
(53) |
(34) |
(24) |
(15) |
Home
Purchase Savings Plans (FRB) |
|
8 |
5 |
- |
- |
|
63 |
39 |
- |
- |
Home
Purchase Savings Plans (CC) |
|
32 |
21 |
- |
- |
|
154 |
101 |
- |
- |
Eureka
transaction (CC) |
|
- |
- |
(23) |
(18) |
|
- |
- |
(23) |
(18) |
Liability
Management (FRB) |
|
- |
- |
(300) |
(187) |
|
- |
- |
(300) |
(187) |
Liability
management upfront payments (CC) |
|
- |
- |
- |
- |
|
39 |
26 |
(683) |
(448) |
Capital
gain on VISA EUROPE (CC) |
|
- |
- |
- |
- |
|
- |
- |
355 |
327 |
Regional Banks'
dividends (CC) |
|
- |
- |
- |
- |
|
- |
- |
286 |
285 |
Total impact on revenues |
|
10 |
3 |
(673) |
(427) |
|
20 |
23 |
(667) |
(229) |
|
|
|
|
|
|
|
|
|
|
|
LCL
network optimisation cost (FRB) |
|
- |
- |
- |
- |
|
- |
- |
(41) |
(26) |
Pioneer integration
costs (AG) |
|
(27) |
(14) |
- |
- |
|
(59) |
(28) |
- |
- |
Total impact on operating expenses |
|
(27) |
(14) |
- |
- |
|
(59) |
(28) |
(41) |
(26) |
|
|
|
|
|
|
|
|
|
|
|
Eurazeo
sale (CC) |
|
- |
- |
- |
- |
|
107 |
107 |
- |
- |
Disposal of
BSF (LC) |
|
117 |
114 |
- |
- |
|
117 |
114 |
- |
- |
Total impact on equity affiliates |
|
117 |
114 |
- |
- |
|
224 |
221 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
CA Italy acquisition
costs (IRB) |
|
(5) |
(3) |
- |
- |
|
(5) |
(3) |
- |
- |
Total impact on Net income on other assets |
|
(5) |
(3) |
- |
- |
|
(5) |
(3) |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Eureka
transaction (CC) |
|
- |
- |
- |
1,272 |
|
- |
- |
- |
1,272 |
Total impact on Net income from discounted or held-for-sale
operations |
|
- |
- |
- |
1,272 |
|
- |
- |
- |
1,272 |
|
|
|
|
|
|
|
|
|
|
|
Total impact of specific items |
|
95 |
100 |
(673) |
845 |
|
181 |
214 |
(708) |
1,018 |
Asset
gathering |
|
(27) |
(14) |
- |
- |
|
(59) |
(28) |
- |
- |
Retail
banking |
|
3 |
2 |
(300) |
(187) |
|
58 |
36 |
(341) |
(213) |
Specialised
financial services |
|
- |
- |
- |
- |
|
- |
- |
- |
- |
Large
customers |
|
103 |
106 |
(69) |
(44) |
|
3 |
41 |
(59) |
(37) |
Corporate
centre |
|
16 |
6 |
(304) |
1,077 |
|
179 |
165 |
(308) |
1,267 |
* Impact before
tax (except for the line "impact on tax") and before
non-controlling interests
Table 6. Crédit Agricole Group - Specific items, Q3-17 and
Q3-16, and 9M-17 and 9M-16
|
|
Q3-17 |
Q3-16 |
|
9M-17 |
9M-16 |
€m |
|
Gross impact |
Impact on NIGS |
Gross impact |
Impact on NIGS |
|
Gross impact |
Impact on NIGS |
Gross impact |
Impact on NIGS |
|
|
|
|
|
|
|
|
|
|
|
Issuer
spreads (Corporate centre) |
|
(28) |
(23) |
(281) |
(182) |
|
(145) |
(91) |
(243) |
(154) |
DVA
(LC) |
|
(0) |
(0) |
(44) |
(29) |
|
(61) |
(40) |
(35) |
(23) |
Loan
portfolio hedges (LC) |
|
(13) |
(9) |
(25) |
(16) |
|
(53) |
(35) |
(24) |
(16) |
HPSP
provisions (FRB/LCL) |
|
8 |
5 |
- |
- |
|
63 |
41 |
- |
- |
HPSP
provisions (FRB/RBs) |
|
80 |
52 |
(1) |
(0) |
|
205 |
134 |
(9) |
(6) |
HPSP
provisions (Corporate centre) |
|
32 |
21 |
- |
- |
|
154 |
101 |
- |
- |
VISA EUROPE
capital gain |
|
- |
- |
- |
- |
|
- |
- |
355 |
337 |
Adjustment
of liability costs (FRB/RBs) |
|
- |
- |
- |
- |
|
(218) |
(148) |
- |
- |
Liability
Management (CC) |
|
- |
- |
- |
- |
|
39 |
26 |
(683) |
(448) |
Eureka
transaction (Corporate centre) |
|
- |
- |
(28) |
(23) |
|
- |
- |
(28) |
(23) |
Liability
Management (LCL) |
|
- |
- |
(300) |
(197) |
|
- |
- |
(300) |
(197) |
Total impact on revenues |
|
78 |
46 |
(679) |
(447) |
|
(17) |
(11) |
(967) |
(529) |
|
|
|
|
|
|
|
|
|
|
|
LCL
network optimisation cost (FRB/LCL) |
|
- |
- |
- |
- |
|
- |
- |
(41) |
(27) |
Pioneer
integration costs (AG) |
|
(27) |
(11) |
- |
- |
|
(59) |
(26) |
- |
- |
Total impact on expenses |
|
(27) |
(11) |
- |
- |
|
(59) |
(26) |
(41) |
(27) |
|
|
|
|
|
|
|
|
|
|
|
Disposal
of Eurazeo (Corporate centre) |
|
- |
- |
- |
- |
|
107 |
107 |
- |
- |
Disposal of BSF
(LC) |
|
117 |
117 |
- |
- |
|
117 |
117 |
|
|
Total impact on equity affiliates |
|
117 |
117 |
- |
- |
|
224 |
224 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
CA Italy acquisition
costs (IRB) |
|
(5) |
(3) |
- |
- |
|
(5) |
(3) |
|
|
Total impact on Net income on other assets |
|
(5) |
(3) |
- |
- |
|
(5) |
(3) |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Total impact of specific items |
|
163 |
149 |
(679) |
(447) |
|
143 |
184 |
(1,008) |
(556) |
Asset
gathering |
|
(27) |
(11) |
- |
- |
|
(59) |
(26) |
- |
- |
Retail
banking |
|
82 |
55 |
(301) |
(197) |
|
44 |
24 |
(350) |
(230) |
Specialised
financial services |
|
- |
- |
- |
- |
|
- |
- |
- |
- |
Large
customers |
|
103 |
108 |
(69) |
(45) |
|
3 |
42 |
(59) |
(38) |
Corporate
centre |
|
4 |
(3) |
(309) |
(205) |
|
155 |
143 |
(599) |
(288) |
* Impact before tax (except for
the line "impact on tax") and before non-controlling
interests
Appendix 2 - Crédit Agricole S.A.: Stated and underlying
income statement
Table 7.
Crédit Agricole S.A. - Reconciliation between stated and underlying results, Q317
and Q316 |
|
€m |
Q3-17
stated |
Specific
items |
Q3-17
underlying |
Q3-16
stated |
Specific
items |
Q3-16
underlying |
Q3/Q3
underlying |
|
|
|
|
|
|
|
|
Revenues |
4,575 |
10 |
4,564 |
3,739 |
(673) |
4,412 |
+3.5% |
Operating expenses
excl. SRF |
(2,902) |
(27) |
(2,875) |
(2,693) |
- |
(2,693) |
+6.8% |
SRF |
- |
- |
- |
5 |
- |
5 |
(100.0%) |
Gross operating income |
1,672 |
(17) |
1,689 |
1,051 |
(673) |
1,724 |
(2.0%) |
Cost of credit
risk |
(262) |
- |
(262) |
(443) |
- |
(443) |
(41.0%) |
Cost of legal
risk |
(75) |
- |
(75) |
(50) |
- |
(50) |
+50.0% |
Equity-accounted
entities |
239 |
117 |
122 |
149 |
- |
149 |
(18.3%) |
Net income on other
assets |
(7) |
(5) |
(2) |
(50) |
- |
(50) |
(95.4%) |
Income before tax |
1,567 |
95 |
1,472 |
657 |
(673) |
1,330 |
+10.7% |
Tax |
(367) |
(2) |
(364) |
33 |
229 |
(196) |
+85.7% |
Net income from
discontinued or held-for-sale operations |
(2) |
- |
(2) |
1,272 |
1,272 |
(0) |
n.m |
Net income |
1,198 |
93 |
1,105 |
1,962 |
828 |
1,134 |
(2.5%) |
Non
controlling interests |
(132) |
7 |
(139) |
(98) |
17 |
(115) |
+21.3% |
Net income Group share |
1,066 |
100 |
966 |
1,864 |
845 |
1,019 |
(5.2%) |
Earnings per share (€) |
0.34 |
0.03 |
0.31 |
0.63 |
0.30 |
0.33 |
(6.4%) |
Cost income ratio excl. SRF (%) |
63.4% |
|
63.0% |
72.0% |
|
61.0% |
+2.0 pp |
Table 8. Crédit Agricole S.A.
- Reconciliation between stated and underlying results, 9M17 and
9M16 |
|
€m |
9M-17
stated |
Specific
items |
9M-17
underlying |
9M-16
stated |
Specific
items |
9M-16
underlying |
9M/9M
underlying |
|
|
|
|
|
|
|
|
Revenues |
13,983 |
20 |
13,962 |
12,275 |
(667) |
12,943 |
+7.9% |
Operating expenses
excl. SRF |
(8,693) |
(59) |
(8,635) |
(8,474) |
(41) |
(8,433) |
+2.4% |
SRF |
(242) |
- |
(242) |
(240) |
- |
(240) |
+1.1% |
Gross operating income |
5,047 |
(38) |
5,086 |
3,562 |
(708) |
4,270 |
+19.1% |
Cost of credit
risk |
(972) |
- |
(972) |
(1,292) |
- |
(1,292) |
(24.8%) |
Cost of legal
risk |
(115) |
- |
(115) |
(100) |
- |
(100) |
+15.0% |
Equity-accounted
entities |
678 |
224 |
454 |
393 |
- |
393 |
+15.4% |
Net income on other
assets |
(8) |
(5) |
(3) |
(46) |
- |
(46) |
(94.1%) |
Income before tax |
4,630 |
181 |
4,449 |
2,516 |
(708) |
3,225 |
+38.0% |
Tax |
(1,030) |
16 |
(1,046) |
(234) |
444 |
(678) |
+54.2% |
Net income from
discontinued or held-for-sale operations |
43 |
- |
43 |
1,283 |
1,272 |
11 |
n.m |
Net income |
3,643 |
196 |
3,447 |
3,566 |
1,007 |
2,558 |
+34.7% |
Non
controlling interests |
(381) |
18 |
(399) |
(316) |
10 |
(326) |
+22.2% |
Net income Group share |
3,262 |
214 |
3,048 |
3,249 |
1,018 |
2,232 |
+36.6% |
Earnings per share (€) |
1.03 |
0.07 |
0.96 |
1.07 |
0.37 |
0.70 |
+36.9% |
Cost income ratio excl. SRF (%) |
62.2% |
|
61.8% |
69.0% |
|
65.2% |
-3.3 pp |
Appendix 3 - Crédit Agricole S.A.: Income statement by
business line
Table 9.
Crédit Agricole S.A. - Income statement
by business line, Q317 and Q316 |
|
Q3-17 |
€m |
AG |
FRB (LCL) |
IRB |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
Revenues |
1,302 |
848 |
619 |
675 |
1,236 |
(106) |
4,575 |
Operating expenses
excl. SRF |
(680) |
(595) |
(364) |
(337) |
(741) |
(184) |
(2,902) |
SRF |
- |
- |
- |
- |
- |
- |
- |
Gross operating income |
622 |
253 |
255 |
338 |
495 |
(291) |
1,672 |
Cost of credit
risk |
0 |
(45) |
(113) |
(128) |
21 |
3 |
(262) |
Cost of legal
risk |
- |
- |
- |
- |
(75) |
- |
(75) |
Equity-accounted
entities |
9 |
- |
- |
68 |
163 |
(1) |
239 |
Net income on other
assets |
(0) |
(0) |
(8) |
(1) |
2 |
(1) |
(7) |
Income before tax |
631 |
208 |
134 |
277 |
607 |
(289) |
1,567 |
Tax |
(113) |
(59) |
(42) |
(60) |
(197) |
103 |
(367) |
Net income from
discontinued or held-for-sale operations |
(1) |
- |
0 |
(2) |
- |
- |
(2) |
Net income |
518 |
149 |
92 |
215 |
410 |
(186) |
1,198 |
Non controlling
interests |
(63) |
(7) |
(28) |
(24) |
(13) |
3 |
(132) |
Net income Group share |
455 |
142 |
64 |
191 |
397 |
(183) |
1,066 |
Q3-16 |
€m |
AG |
FRB (LCL) |
IRB |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
Revenues |
1,107 |
570 |
631 |
658 |
1,396 |
(624) |
3,738 |
Operating expenses
excl. SRF |
(477) |
(600) |
(361) |
(330) |
(738) |
(187) |
(2,693) |
SRF |
- |
- |
- |
- |
- |
5 |
5 |
Gross operating income |
630 |
(30) |
270 |
328 |
658 |
(806) |
1,050 |
Cost of credit
risk |
(2) |
(55) |
(108) |
(157) |
(116) |
(6) |
(444) |
Cost of legal
risk |
- |
- |
- |
- |
(50) |
- |
(50) |
Equity-accounted
entities |
8 |
- |
- |
55 |
59 |
27 |
149 |
Net income on other
assets |
- |
- |
1 |
- |
- |
(50) |
(49) |
Income before tax |
636 |
(85) |
163 |
226 |
551 |
(835) |
656 |
Tax |
(149) |
53 |
(52) |
(48) |
(74) |
303 |
33 |
Net income from
discontinued or held-for-sale operations |
- |
- |
- |
- |
- |
1,272 |
1,272 |
Net income |
487 |
(32) |
111 |
178 |
477 |
740 |
1,961 |
Non controlling
interests |
(40) |
2 |
(32) |
(21) |
(19) |
13 |
(97) |
Net income Group share |
447 |
(30) |
79 |
157 |
458 |
753 |
1,864 |
AG: Asset gathering and
Insurance; RB: Retail banking (FRB French retail banking, IRB
International retail banking); SFS: Specialised financial services;
LC: Large customers; CC: Corporate centre
Table 10.
Crédit Agricole S.A. - Income statement
by business line, 9M17 and 9M16 |
|
9M-17 |
€m |
AG |
FRB (LCL) |
IRB |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
Revenues |
3,703 |
2,664 |
1,864 |
2,050 |
4,027 |
(326) |
13,983 |
Operating expenses
excl. SRF |
(1,876) |
(1,814) |
(1,098) |
(1,021) |
(2,283) |
(601) |
(8,693) |
SRF |
(2) |
(15) |
(10) |
(14) |
(139) |
(61) |
(242) |
Gross operating income |
1,825 |
835 |
756 |
1,015 |
1,605 |
(988) |
5,047 |
Cost of credit
risk |
(1) |
(149) |
(325) |
(338) |
(241) |
7 |
(1,047) |
Cost of legal
risk |
- |
- |
- |
- |
(40) |
- |
(40) |
Equity-accounted
entities |
24 |
- |
- |
183 |
292 |
178 |
678 |
Net income on other
assets |
(0) |
0 |
(7) |
(1) |
2 |
(1) |
(8) |
Income before tax |
1,848 |
686 |
424 |
859 |
1,618 |
(805) |
4,630 |
Tax |
(405) |
(194) |
(133) |
(205) |
(447) |
353 |
(1,030) |
Net income from
discontinued or held-for-sale operations |
30 |
- |
0 |
13 |
- |
- |
43 |
Net income |
1,473 |
492 |
291 |
667 |
1,171 |
(452) |
3,643 |
Non controlling
interests |
(155) |
(24) |
(85) |
(88) |
(39) |
9 |
(381) |
Net income Group share |
1,318 |
468 |
206 |
580 |
1,132 |
(443) |
3,262 |
9M-16 |
€m |
AG |
FRB (LCL) |
IRB |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
Revenues |
3,450 |
2,254 |
1,893 |
1,964 |
3,942 |
(1,228) |
12,275 |
Operating expenses
excl. SRF |
(1,599) |
(1,917) |
(1,095) |
(1,006) |
(2,253) |
(604) |
(8,473) |
SRF |
(2) |
(19) |
(10) |
(13) |
(149) |
(47) |
(240) |
Gross operating income |
1,849 |
318 |
788 |
945 |
1,541 |
(1,879) |
3,562 |
Cost of credit
risk |
(9) |
(130) |
(348) |
(434) |
(354) |
(18) |
(1,293) |
Cost of legal
risk |
- |
- |
- |
- |
(100) |
- |
(100) |
Equity-accounted
entities |
21 |
- |
- |
152 |
182 |
38 |
393 |
Net income on other
assets |
1 |
- |
1 |
(2) |
1 |
(47) |
(46) |
Income before tax |
1,862 |
188 |
441 |
661 |
1,270 |
(1,906) |
2,516 |
Tax |
(500) |
(44) |
(143) |
(153) |
(261) |
867 |
(234) |
Net income from
discontinued or held-for-sale operations |
- |
- |
- |
- |
11 |
1,272 |
1,283 |
Net income |
1,362 |
144 |
298 |
508 |
1,020 |
233 |
3,565 |
Non controlling
interests |
(121) |
(7) |
(89) |
(68) |
(36) |
5 |
(316) |
Net income Group share |
1,241 |
137 |
209 |
440 |
984 |
238 |
3,249 |
AG: Asset gathering and
Insurance; RB: Retail banking (FRB French retail banking, IRB
International retail banking); SFS: Specialised financial services;
LC: Large customers; CC: Corporate centre
Appendix 4 - Crédit Agricole Group: Stated and underlying
income statement
Table 11.
Crédit Agricole Group - Reconciliation
between stated and underlying results, Q317
and Q316 |
|
€m |
Q3-17
stated |
Specific
items |
Q3-17
underlying |
Q3-16
stated |
Specific
items |
Q3-16
underlying |
|
|
|
|
|
|
|
Revenues |
7,885 |
78 |
7,807 |
7,099 |
(679) |
7,777 |
Operating expenses
excl. SRF |
(4,974) |
(27) |
(4,947) |
(4,710) |
- |
(4,710) |
SRF |
- |
- |
- |
- |
- |
- |
Gross operating income |
2,911 |
51 |
2,860 |
2,389 |
(679) |
3,067 |
Cost of credit
risk |
(317) |
- |
(317) |
(597) |
- |
(597) |
Cost of legal
risk |
(75) |
- |
(75) |
(50) |
- |
(50) |
Equity-accounted
entities |
240 |
117 |
123 |
138 |
- |
138 |
Net income on other
assets |
1 |
(5) |
6 |
(47) |
- |
(47) |
Income before tax |
2,760 |
163 |
2,597 |
1,833 |
(679) |
2,512 |
Tax |
(743) |
(24) |
(719) |
(348) |
229 |
(577) |
Net income from
discontinued operations |
(2) |
- |
(2) |
(0) |
- |
(0) |
Net income |
2,015 |
139 |
1,876 |
1,485 |
(450) |
1,934 |
Non
controlling interests |
(108) |
10 |
(117) |
(91) |
2 |
(93) |
Net income Group share |
1,907 |
149 |
1,759 |
1,394 |
(447) |
1,841 |
Cost income ratio excl. SRF (%) |
63.1% |
|
63.4% |
66.4% |
|
60.6% |
Table 12.
Crédit Agricole Group- Reconciliation
between stated and underlying results, 9M17 and 9M16 |
|
€m |
9M-17
stated |
Specific
items |
9M-17
underlying |
9M-16
stated |
Specific
items |
9M-16
underlying |
|
|
|
|
|
|
|
Revenues |
24,062 |
(17) |
24,080 |
22,524 |
(967) |
23,491 |
Operating expenses
excl. SRF |
(15,167) |
(59) |
(15,108) |
(14,757) |
(41) |
(14,716) |
SRF |
(285) |
- |
(285) |
(282) |
- |
(282) |
Gross operating income |
8,610 |
(76) |
8,686 |
7,485 |
(1,008) |
8,493 |
Cost of credit
risk |
(1,113) |
- |
(1,113) |
(1,855) |
- |
(1,855) |
Cost of legal
risk |
(115) |
- |
(115) |
(100) |
- |
(100) |
Equity-accounted
entities |
683 |
224 |
459 |
388 |
- |
388 |
Net income on other
assets |
(0) |
(5) |
5 |
(19) |
- |
(19) |
Income before tax |
8,065 |
143 |
7,922 |
5,899 |
(1,008) |
6,907 |
Tax |
(2,185) |
23 |
(2,208) |
(1,491) |
448 |
(1,939) |
Net income from
discontinued operations |
43 |
- |
43 |
11 |
- |
11 |
Net income |
5,923 |
166 |
5,757 |
4,420 |
(560) |
4,980 |
Non
controlling interests |
(310) |
18 |
(327) |
(265) |
4 |
(269) |
Net income Group share |
5,614 |
184 |
5,430 |
4,154 |
(556) |
4,710 |
Cost income ratio excl. SRF (%) |
63.0% |
|
62.7% |
65.5% |
|
62.6% |
Appendix 5 - Crédit Agricole Group: Income statement by
business line
Table 13.
Crédit Agricole Group - Income statement
by business line, Q317 and Q316 |
|
Q3-17 |
€m |
RBs |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
Revenues |
3,289 |
848 |
645 |
1,302 |
675 |
1,235 |
(109) |
7,885 |
Operating expenses excl. SRF |
(2,035) |
(595) |
(386) |
(680) |
(337) |
(741) |
(199) |
(4,974) |
SRF |
- |
- |
- |
- |
- |
- |
- |
- |
Gross operating income |
1,254 |
253 |
258 |
622 |
338 |
494 |
(308) |
2,911 |
Cost
of credit risk |
(51) |
(45) |
(113) |
0 |
(128) |
21 |
(2) |
(317) |
Cost
of legal risk |
- |
- |
- |
- |
- |
(75) |
- |
(75) |
Equity-accounted entities |
(0) |
- |
- |
9 |
68 |
163 |
(0) |
240 |
Net
income on other assets |
4 |
(0) |
(3) |
(0) |
(1) |
2 |
(1) |
1 |
Change in value of goodwill |
- |
- |
- |
- |
- |
- |
- |
- |
Income before tax |
1,207 |
208 |
142 |
631 |
277 |
605 |
(311) |
2,760 |
Tax |
(381) |
(59) |
(43) |
(113) |
(60) |
(196) |
108 |
(743) |
Net
income from discontinued operations |
- |
- |
0 |
(1) |
(2) |
- |
- |
(2) |
Net income |
826 |
149 |
100 |
518 |
215 |
409 |
(202) |
2,015 |
Non
controlling interests |
(0) |
(0) |
(22) |
(60) |
(24) |
(5) |
3 |
(108) |
Net income Group share |
826 |
149 |
78 |
458 |
191 |
405 |
(199) |
1,907 |
Q3-16 |
€m |
RBs |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
Revenues |
3,273 |
570 |
659 |
1,108 |
658 |
1,396 |
(565) |
7,099 |
Operating expenses excl. SRF |
(1,980) |
(600) |
(377) |
(477) |
(330) |
(738) |
(208) |
(4,710) |
SRF |
- |
- |
- |
- |
- |
- |
- |
- |
Gross operating income |
1,293 |
(30) |
282 |
631 |
328 |
658 |
(773) |
2,389 |
Cost
of credit risk |
(152) |
(55) |
(110) |
(2) |
(157) |
(116) |
(5) |
(597) |
Cost
of legal risk |
- |
- |
- |
- |
- |
(50) |
- |
(50) |
Equity-accounted entities |
- |
- |
- |
8 |
55 |
59 |
16 |
138 |
Net
income on other assets |
2 |
- |
1 |
- |
- |
- |
(50) |
(47) |
Change in value of goodwill |
- |
- |
- |
- |
- |
- |
- |
- |
Income before tax |
1,143 |
(85) |
173 |
637 |
226 |
551 |
(812) |
1,833 |
Tax |
(367) |
53 |
(54) |
(149) |
(48) |
(74) |
291 |
(348) |
Net
income from discontinued operations |
- |
- |
- |
- |
- |
- |
- |
(0) |
Net income |
776 |
(32) |
119 |
488 |
178 |
477 |
(521) |
1,485 |
Non
controlling interests |
1 |
- |
(27) |
(37) |
(21) |
(9) |
2 |
(91) |
Net income Group share |
777 |
(32) |
92 |
451 |
157 |
468 |
(519) |
1,394 |
AG: Asset gathering and
Insurance; RB: Retail banking (FRB French retail banking, IRB
International retail banking); SFS: Specialised financial services;
LC: Large customers; CC: Corporate centre
Table 14.
Crédit Agricole Group - Income statement
by business line, 9M17 and 9M16 |
|
9M-17 |
€m |
RBs |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
Revenues |
9,936 |
2,664 |
1,947 |
3,695 |
2,050 |
4,026 |
(255) |
24,062 |
Operating expenses excl. SRF |
(6,334) |
(1,814) |
(1,154) |
(1,876) |
(1,021) |
(2,283) |
(684) |
(15,167) |
SRF |
(43) |
(15) |
(10) |
(2) |
(14) |
(140) |
(61) |
(285) |
Gross operating income |
3,558 |
835 |
782 |
1,816 |
1,015 |
1,603 |
(1,000) |
8,610 |
Cost
of credit risk |
(132) |
(149) |
(328) |
(1) |
(338) |
(166) |
2 |
(1,113) |
Cost
of legal risk |
- |
- |
- |
- |
- |
(115) |
- |
(115) |
Equity-accounted entities |
4 |
- |
- |
24 |
183 |
292 |
179 |
683 |
Net
income on other assets |
4 |
0 |
(3) |
(0) |
(1) |
2 |
(2) |
(0) |
Income before tax |
3,434 |
686 |
451 |
1,840 |
859 |
1,617 |
(820) |
8,065 |
Tax |
(1,137) |
(193) |
(139) |
(405) |
(205) |
(446) |
339 |
(2,185) |
Net
income from discontinued operations |
- |
- |
0 |
30 |
13 |
- |
- |
43 |
Net income |
2,297 |
493 |
312 |
1,465 |
667 |
1,170 |
(481) |
5,923 |
Non
controlling interests |
(1) |
(0) |
(68) |
(146) |
(88) |
(15) |
7 |
(310) |
Net income Group share |
2,297 |
492 |
245 |
1,319 |
580 |
1,155 |
(474) |
5,614 |
9M-16 |
€m |
RBs |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
Revenues |
10,356 |
2,254 |
1,971 |
3,447 |
1,964 |
3,946 |
(1,413) |
22,524 |
Operating expenses excl. SRF |
(6,177) |
(1,917) |
(1,143) |
(1,600) |
(1,006) |
(2,253) |
(662) |
(14,757) |
SRF |
(38) |
(19) |
(10) |
(2) |
(13) |
(149) |
(52) |
(282) |
Gross operating income |
4,141 |
319 |
817 |
1,846 |
945 |
1,545 |
(2,127) |
7,485 |
Cost
of credit risk |
(559) |
(130) |
(351) |
(9) |
(434) |
(354) |
(18) |
(1,855) |
Cost
of legal risk |
- |
- |
- |
- |
- |
(100) |
- |
(100) |
Equity-accounted entities |
5 |
- |
- |
21 |
152 |
182 |
28 |
388 |
Net
income on other assets |
28 |
0 |
1 |
1 |
(2) |
1 |
(47) |
(19) |
Income before tax |
3,614 |
188 |
467 |
1,859 |
661 |
1,274 |
(2,164) |
5,899 |
Tax |
(1,231) |
(44) |
(149) |
(500) |
(153) |
(262) |
848 |
(1,491) |
Net
income from discontinued operations |
- |
- |
- |
0 |
- |
11 |
- |
11 |
Net income |
2,384 |
144 |
317 |
1,359 |
508 |
1,022 |
(1,316) |
4,420 |
Non
controlling interests |
(0) |
(0) |
(72) |
(113) |
(68) |
(15) |
4 |
(265) |
Net income Group share |
2,383 |
144 |
245 |
1,246 |
440 |
1,007 |
(1,312) |
4,154 |
AG: Asset gathering and
Insurance; RB: Retail banking (FRB French retail banking, IRB
International retail banking); SFS: Specialised financial services;
LC: Large customers; CC: Corporate centre
Appendix 6 - Calculation methods of data per share
Table 15.
Crédit Agricole S.A. - Calculation of earnings per
share, net asset value and tangible net asset value per
share |
|
(€m) |
|
Q3-17 |
Q3-16 |
9M-17 |
9M-16 |
Net income
Group share |
|
1,066 |
1,864 |
3,262 |
3,249 |
-
Interests on AT1, before tax, including issuance costs |
|
(92) |
(97) |
(329) |
(338) |
Net income
Group share attributable to ordinary shares |
[A] |
974 |
1,767 |
2,933 |
2,911 |
Average
number shares in issue, excluding treasury shares (in
millions) |
[B] |
2,844.0 |
2,803.7 |
2,843.4 |
2,709.4 |
Net earnings per share |
[A]/[B] |
€0.34 |
€0.63 |
€1.03 |
€1.07 |
Underlying net income Group share |
|
966 |
1,019 |
3,048 |
2,232 |
Underlying net income Group share attributable to ordinary
shares |
[C] |
874 |
922 |
2,719 |
1,894 |
Underlying net earnings per share |
[C]/[B] |
€0.31 |
€0.33 |
€0.96 |
€0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
(€m) |
|
30/09/2017 |
31/12/2016 |
|
|
Shareholder's equity Group share |
|
57,974 |
58,277 |
|
|
- AT1
issuances |
|
(5,011) |
(5,011) |
|
|
-
Unrealised gains and losses on AFS - Group share |
|
(3,385) |
(3,779) |
|
|
- Payout
assumption on annual resuts* |
|
|
(1,716) |
|
|
Net not revaluated asset attributable to ordinary
shares |
[D] |
49,578 |
47,771 |
|
|
- Goodwill
& intangibles** - Group share |
|
(17,872) |
(15,479) |
|
|
Net tangible not revaluated asset attributable to ordinary
shares |
[E] |
31,706 |
32,292 |
|
|
Total
shares in issue, excluding treasury shares (period end) |
[F] |
2,844.3 |
2,843.3 |
|
|
Net asset value per share, after deduction of dividend to
pay (€) |
[D]/[F] |
€17.4 |
€16.8 |
|
|
+ Dividend to pay for the year (€) |
[H] |
|
€0.60 |
|
|
Net asset value per share, dividend to pay included
(€) |
|
€17.4 |
€17.4 |
|
|
Net tangible asset value per share, after deduction of
dividend to pay (€) |
[G] = [E]/[F] |
€11.1 |
€11.4 |
|
|
Net tangible asset value per share, dividend to pay
included (€) |
[G]+[H] |
€11.1 |
€12.0 |
|
|
* dividend proposed to the Board meeting to be
paid |
|
|
|
|
|
** including goodwill in the equity-accounted
entities |
|
|
|
|
|
NB: Increase in goodwill related
to the integration of Pioneer investments (goodwill from Pioneer:
€2,522m)
Disclaimer
The financial
information for the third quarter and first nine months 2017 for
Crédit Agricole S.A. and the Crédit Agricole Group comprises this
press release and the attached quarterly financial report and
presentation, available at
https://www.credit-agricole.com/en/finance/finance/financial-publications.
This press
release may include prospective information on the Group, supplied
as information on trends. This data does not represent forecasts
within the meaning of European Regulation 809/2004 of 29 April 2004
(chapter 1, article 2, §10).
This information
was compiled from scenarios based on a number of economic
assumptions for a given competitive and regulatory environment.
Therefore, these assumptions are by nature subject to random
factors that could cause actual results to differ from
projections.
Likewise, the
financial statements are based on estimates, particularly for the
calculation of market values and asset impairments.
Readers must take
all of these risk factors and uncertainties into consideration
before making their own judgement.
The figures
presented for the nine-month period ended 30 September have been
prepared in accordance with IFRS as adopted in the European Union
and applicable at that date, and with prudential regulations
currently in force. This financial information does not constitute
a set of financial statements for an interim period as defined by
IAS 34 "Interim Financial Reporting" and has not been
audited.
N.B. The scope of
consolidation of Crédit Agricole S.A. group and Crédit Agricole
Group has not changed materially since the filing with the AMF of
Crédit Agricole S.A.'s 2016 Registration Document on 21 March 2017
under number D.17-0197 and update A.01 of the 2016 Registration
Document containing the regulated information for Crédit Agricole
Group.
The sum of the
values contained in the tables and analyses may differ slightly
from the totals due to rounding effects.
Unlike
publications for previous quarters, the income statements contained
in this press release show non-controlling interests with a minus
sign such that the line item "net income Group share" is the
mathematical addition of the line item "net income" and the line
item "non-controlling interests".
On 1 January
2017, Calit was transferred from
Specialised financial services (Crédit Agricole Leasing
& Factoring) to Retail banking in Italy. Historical data have
not been restated on a pro forma basis.
Since July 1.
2017, Pioneer Investments is included in the scope of consolidation
of Crédit Agricole Group as a subsidiary of Amundi.
Historical data have not been restated on a
proforma basis.
The Pioneer
Investments integration costs in the first and second quarters of
2017 have been reclassified in specific items, unlike the treatment
initially adopted for those quarters. Underlying net income
Group share for those two quarters has been adjusted
accordingly.
Financial calendar
-
14 February 2018 Publication of
fourth quarter and full-year 2017 results
-
15 May
2018 Publication of
2018 first quarter results
-
16 May
2018 Annual
Shareholders' Meeting in Paris
-
3 August
2018 Publication of second
quarter and first half 2018 results
-
7 November 2018 Publication of 2018
third quarter results
Contacts
Crédit Agricole press contacts
Charlotte
de Chavagnac |
+ 33 1 57
72 11 17 |
charlotte.dechavagnac@credit-agricole-sa.fr |
Alexandre
Barat |
+ 33 1 43
23 07 31 |
alexandre.barat@credit-agricole-sa.fr |
Caroline
de Cassagne |
+ 33 1 49
53 39 72 |
Caroline.decassagne@ca-fnca.fr |
Crédit Agricole S.A. investor relations
contacts
Institutional investors |
+ 33 1 43
23 04 31 |
investor.relations@credit-agricole-sa.fr |
Individual shareholders |
+ 33 800
000 777 (toll-free number France only) |
credit-agricole-sa@relations-actionnaires.com |
Cyril
Meilland, CFA |
+ 33 1 43
23 53 82 |
cyril.meilland@credit-agricole-sa.fr |
Céline de
Beaumont |
+ 33 1 57
72 41 87 |
celine.debeaumont@credit-agricole-sa.fr |
Letteria
Barbaro-Bour |
+ 33 1 43
23 48 33 |
letteria.barbaro-bour@credit-agricole-sa.fr |
Oriane
Cante |
+ 33 1 43
23 03 07 |
oriane.cante@credit-agricole-sa.fr |
Emilie
Gasnier |
+ 33 1 43
23 15 67 |
emilie.gasnier@credit-agricole-sa.fr |
Fabienne
Heureux |
+ 33 1 43
23 06 38 |
fabienne.heureux@credit-agricole-sa.fr |
Vincent
Liscia |
+ 33 1 57
72 38 48 |
vincent.liscia@credit-agricole-sa.fr |
All our press releases are available at:
www.credit-agricole.com - www.creditagricole.info
|
Crédit_Agricole |
|
Groupe
Crédit Agricole |
|
créditagricole_sa |
[1] Pro forma P2R for 2019 as notified by the ECB in
2016
[2] NIGS: net income Group share
[3] In this press release, "underlying" refers to figures
adjusted for the specific items described on p. 16 onwards
[4] Average over last four rolling quarters, annualised
[5] Aggregating contributions of Amundi and Pioneer Investments
to underlying income and taking into account the amortisation of
distribution contracts in 2016 and 2017
[6] Portion of underlying NIGS due to contribution from
equity-accounted companies, net of dividends received from
them
[7] Based on the consensus (compiled by the Group prior to
publication of Q3-17 results), restated for the contribution of
BSF
[8] See p. 15 for
details of specific items for Crédit Agricole Group and
p. 21 for a reconciliation of stated and underlying
results.
[9] See p. 15 for
details of specific items for Crédit Agricole Group and
p. 19 for a
reconciliation of stated and underlying results.
[10] Portion of underlying NIGS coming from contribution from
equity-accounted companies and net of dividends received from
them
[11] Based on the consensus (compiled by the Group prior to Q3
2017 results), restated for the contribution of BSF, excluding
contribution from the three Italian banks and Banca
Leonardo
[13] See p. 14 for
details of specific items for Crédit Agricole S.A. and
p. 16 for a
reconciliation of stated and underlying results.
[14] Sale of a 16.2% stake for
1.3 billion euros
[15] Bookrunner (source: Thomson Financial at 30/09/17)
[16] Bookrunner all currencies combined (source: Thomson
Financial at 30/09/17)
[17] Market share (source: Thomson Financial at
30/09/17)
[18] Mandated Bookrunner (source: Thomson
Financial at 30/09/17)
[19] Aggregate of the contributions to underlying
net income of Amundi and Pioneer Investments and taking into
account the amortisation of distribution contracts in 2017 and
2016
[20]Average loan loss reserves over last four rolling quarters,
annualised
[21]Excluding Calit, the leasing subsidiary which was part of
Specialised financial services until end-2016
[22] See p. 14 for
details of specific items for Crédit Agricole S.A. and
p. 16 for a
reconciliation of stated and underlying results.
[23]Difference between growth in revenues and growth in
operating expenses
[24] Morgan Stanley Capital International
[25] Euro compliance is a certification and training
organisation specialising in anti-bribery and corruption
CASA Q3 results PR 071117
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CREDIT AGRICOLE SA via Globenewswire
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