Credit Agricole Sa: résultats du premier trimestre 2020

Résultats du premier trimestre 2020 Montrouge, le 6 mai 2020

Le Crédit Agricole absorbe l'impact de Covid-19 et se mobilise pour l'économie

Groupe Crédit Agricole * Revenus ci-dessous1T1: 8 378 millions d'euros+ 0,7% T1 / T1 Résultat net sous-jacent part du Groupe1T1: 981 millions d'euros-31,6% T1 / T1 Ratio CET1 15,5%-0,4 ppp en mars / décembre + 6,6 ppp au-dessus du SREP2

  • Part de résultat net déclarée pour le premier trimestre: 908 M € (-32,8% Q1 / Q1); chiffre d'affaires publié 8366 millions d'euros (+ 2,1% T1 / T1)
  • Forte dynamique de tous les métiers au 1er trimestre, production touchée par la crise en mars: augmentation des performances (+ 7% de crédits aux particuliers en France et en Italie, + 2,1% de crédits à la consommation, + 2% d'assurance-vie, + 3,5% de gestion de patrimoine); les clients de détail bruts captent la France et l'Italie: 416000 clients depuis début 2020.
  • Augmentation du coût du risque (à 930 millions d'euros, x3,3 T1 / T1), principalement tirée (61% de la hausse) par des provisions sur prêts sains (398 millions d'euros au premier trimestre). Coût du risque annualisé sur sorties de 40 pb (x3,1 T1 / T1); Ratio NPL stable (2,4%), augmentation du taux de couverture (84,3%, + 1,7 point de pourcentage par rapport au 19 décembre). Réserves pour pertes sur créances: 19,5 milliards d'euros.
  • Très forte solvabilité (le tampon par rapport aux exigences du SREP est passé de 6,2pp à 6,6pp).
  • Mobilisation des forces structurelles du Groupe pour accompagner ses clients pendant la crise: tous les services pleinement opérationnels (9 agences sur 10 sont joignables), accélération des innovations technologiques (télégestion des sinistres), engagement social fort du Groupe (> 70 millions d'euros de dons via des fonds de solidarité).
  • Soutien volontaire à la stratégie des pouvoirs publics face à la crise: 3,6 milliards d'euros prêter le moratoire accordé aux entreprises e plus de 81000 demandes (13,5 milliards d'euros) en prêts garantis par l'État traités le 21/04; Programme d'aide de 10 milliards d'euros à CA Italia; Mécanisme d'accompagnement coopératif de 210 millions d'euros pour les assurés professionnels multirisques.
  • Banques régionales: résultat net sous-jacent1 selon les normes comptables françaises 583 millions d'euros (-22,3% T1 / T1), résultat net sous-jacent de 1 321 millions d'euros (-51,7% T1 / T1). Revenus solides des actifs sous-jacents. Augmentation du coût du risque (x5,5) liée à 68,5% de la provision pour prêts sains; le coût du risque sur une base annuelle est encore faible (23 pb).
  • * Crédit Agricole S.A. et 100% des banques régionales. Crédit Agricole S.A. Revenus ci-dessous1T1: 5 137 millions d'euros+ 4,8% T1 / T1

    GOI ci-dessous1Q1: 1 583 millions d'euros+ 7,9% T1 / T1 Résultat net sous-jacent part du Groupe1T1: 652 millions d'euros -18,1% T1 / T1 Ratio CET1 11,4%-0,7 point décembre / septembre, + 3,5 points au-dessus du SREP3

  • Résultat déclaré: 638 millions d'euros (-16,4% T1 / T1); chiffre d'affaires publié: 5200 millions d'euros (+ 7,1% T1 / T1), GOI déclaré: 1586 millions d'euros (+ 11,7% T1 / T1)
  • Hausse du GOI sous-jacent (+ 7,9% T1 / T1), grâce à la résilience du chiffre d'affaires (+ 4,8%), malgré la réduction de la juste valeur au compte de résultat en assurance, et à la maîtrise des charges hors IFRIC 21 (+ 2,5%);
  • Augmentation du coût du risque (à 621 millions d'euros, x2,8 T1 / T1), principalement tirée (56% de l'augmentation) par les provisions sur prêts sains (223 millions d'euros au premier trimestre). Coût du risque annualisé sur dépassement 61 pb (x2,6 T1 / T1); Ratio NPL stable (3,1%), augmentation du taux de couverture (72,4%, + 2,3 points de pourcentage par rapport au 19 décembre); réserves pour créances douteuses: 9,6 milliards d'euros.
  • Ratio CET1 en baisse (-0,7 point) à 11,4%, dont le déploiement de 35% du mécanisme Switch (-44pb), l'impact de l'affectation du dividende 2019 aux réserves suite à la recommandation de la BCE (+ 60pb) et l'impact des effets négatifs du marché des réserves OCI sur portefeuilles titres (-33 pb). Tampon aux exigences de Q1 à 3,5pp.
  • EPS ci-dessous: T1-2020 0,17 €, -25,0% T1 / T1.
  • Indicateurs de liquidité en hausse (338 milliards d'euros de réserves au 31/03/20, augmentation de 40 milliards d'euros par rapport au 31/12/20).
  • Ce communiqué de presse commente les résultats de Crédit Agricole SA et ceux du groupe Crédit Agricole, qui comprend les entités de Crédit Agricole SA et les Caisses régionales de Crédit Agricole qui détiennent 55,9% de Crédit Agricole SA. pour le détail des éléments spécifiques, qui sont retraités dans les différents indicateurs pour calculer le résultat sous-jacent. Un rapprochement entre le compte de résultat déclaré et le compte de résultat sous-jacent peut être trouvé à partir de la p.3 pour le groupe Crédit Agricole et de la p.7 pour Crédit Agricole S.A.

    Groupe Crédit Agricole

    Accompagner volontairement les pouvoirs publics, en cohérence avec notre Raison d'Etre, pour aider nos clients à sortir de la crise.

    Depuis le début de la crise sanitaire actuelle, la direction, les salariés, les représentants ont tout mis en œuvre pour assurer la disponibilité de tous les services bancaires et d'assurance. 88% des agences de la Caisse Régionale (93% pour les agences LCL) sont joignables. Le nombre d'utilisateurs mensuels uniques des applications du Groupe en France et en Italie atteint 7,7 millions, soit une augmentation de 20% par rapport au premier trimestre 2019. Le Crédit Agricole a accéléré le rythme de ses innovations technologiques en créant des solutions spécifiques pour gérer la crise (dont signature électronique du prêt garanti par l'Etat et gestion à distance des réclamations et dommages-intérêts). De plus, le travail à distance a été mis en œuvre à grande échelle (plus de 50 000 connexions en ligne simultanées) avec une sécurité maximale.

    Face à la crise, le Groupe a réitéré son engagement social, qui soutient sa raison d'être: "Travailler chaque jour dans l'intérêt de ses clients et de la société". Un soutien a été apporté aux professionnels de santé, aux populations vulnérables et à la recherche, par exemple par des dons de matériel médical. Les plateformes «Loop» et «J'aime mon territoire» ont été créées dans les banques régionales. Le 8 avril, le Groupe a mis en place un fonds de solidarité de – 20 millions d'euros pour les personnes âgées et les professionnels de santé. Dès le 23 mars, les compagnies d'assurance avaient versé 39,2 millions d'euros au fonds de solidarité mis en place par les autorités françaises pour venir en aide aux petites entreprises et aux indépendants des secteurs particulièrement touchés par la crise. Le 18 mars, le Crédit du Maroc a versé une contribution de – 8 millions d'euros au fonds national de solidarité, tandis que le 31 mars, le Crédit Agricole Italia a fait don de 2 millions d'euros à la Croix-Rouge italienne et aux hôpitaux italiens. Au total, plus de 70 millions d'euros ont été reversés via des fonds de solidarité.

    Pour accompagner ses clients dans un contexte de crise économique liée au COVID-19, le groupe Crédit Agricole s'est aligné sur la stratégie des pouvoirs publics en adoptant des mesures ciblées pour toutes les catégories de clients. Le 6 mars, le groupe Crédit Agricole a annoncé un moratoire de six mois sur le remboursement des prêts aux entreprises, aux PME et aux petites entreprises dont les activités auraient été influencées par COVID-19, pour résoudre leurs problèmes de trésorerie. Le 29 avril, 335 000 arriérés ont été accordés, pour un montant de 3,4 milliards d'euros de délais non déclarés, sans pénalités ni frais supplémentaires. Par ailleurs, pour la location de matériel, 50 000 échéances de prêts ont été reportées pour un total de 500 millions d'euros et 2 000 pour la location immobilière pour un total de 150 millions d'euros. En termes de coût du risque, l'introduction du moratoire n'implique pas automatiquement la requalification du débiteur. Cependant, il peut y avoir une qualification par défaut / tolérance ou une modification du compartiment d'origine, en fonction des règles du groupe. En outre, les délais non sollicités sont simplement avancés, de sorte que l'impact sur les RWA est insignifiant.

    Le gouvernement français a également annoncé l'introduction le 25 mars prêts garantis par l'État (Prêts Garantis par l'Etat) pour répondre aux besoins de trésorerie des entreprises touchées par la crise du coronavirus. Pour les entreprises éligibles, le prêt est généralement limité à 25% du chiffre d'affaires de l'entreprise. Au 30 avril 2020, le Groupe a reçu un total de 126000 demandes pour un montant de 19,5 milliards d'euros (dont 88,5% des demandes concernent des professionnels / agriculteurs, 11,5% des entreprises).

    Le Groupe propose un accompagnement spécifique aux PME et petites entreprises, aux agriculteurs et aux petites entreprises. Le 22 avril, un dispositif d'accompagnement coopératif de 210 millions d'euros a été mis en place pour les assurés en assurance professionnelle multi-risques avec interruption d'activité. Le 21 avril, Crédit Agricole Italia a consacré 6 milliards d'euros au soutien des entreprises, dont 4 milliards d'euros de prêts (jusqu'à 25 000 euros) et 2 milliards d'euros d'instruments de liquidité. Pour les agriculteurs, le Groupe a mis en place le prêt sans commission à 0% garanti par l'Etat et accordé des congés de remboursement, même sans commissions.

    En outre, des mesures ont été introduites pour les clients individuels. En Italie, le moratoire a été accordé pour un montant de 4 milliards d'euros sur les prêts aux PME et aux particuliers pour une période de six mois renouvelable. CA Consumer Finance a également reporté les échéances des prêts au 31 mars pour un montant de 29 millions d'euros.

    L'activité commerciale du Groupe a été dynamique au 1er trimestre 2020. Les AuM de gestion d'actifs progressent (+ 3,5%), tout comme ceux d'assurance vie (+ 6,5 milliards d'euros, ou + 2%); Les entrées nettes de contrats en unités de compte augmentent également (+ 40% T1 / T1, + 69% T1 / T4); les crédits progressent de + 7% dans les réseaux de détail en France et en Italie (hors crédits garantis par l'Etat); et les positions de crédit à la consommation ont augmenté de 2,1%.

    L'acquisition de clients bruts a été forte, avec 416 000 nouveaux clients acquis depuis le début de l'année et une augmentation de 25 000 clients. Enfin, l'activité sur les marchés financiers a été dynamique pour répondre aux besoins des clients en termes de couverture et d'obligations. Le chiffre d'affaires du Groupe a cependant été influencé par COVID-19 en mars 2020. La production a diminué depuis le début du mois, principalement dans les crédits domestiques et les financements à la consommation, malgré la résilience de la marge nette d'intérêt. Les revenus de commissions liés à la volatilité des marchés ont augmenté, compensant la baisse des autres types de revenus de commissions (assurance et banque). Des dépréciations ont également été constatées (majoritairement réversibles), en raison de conditions de marché défavorables (baisse de la juste valeur via les profits et pertes en assurance et gestion d'actifs et dans le portefeuille d'investissements en gestion d'actifs et dans les banques régionales) .

    Résultats du groupe

    Au premier trimestre 2020, Du groupe Crédit Agricole il a déclaré Bénéfice net du groupe venir à 908 millions d'euros contre 1350 millions d'euros au premier trimestre 2019 articles spécifiques enregistré dans ce trimestre généré à impact net négatif de – 73 millions d'euros sur la part de résultat net du Groupe.

    Hors ces éléments spécifiques, le résultat net sous-jacent part du Groupe4 était 981 millions d'euros, en baisse de -31,6% par rapport au premier trimestre 2019. Cette baisse est principalement due aux effets de la crise du COVID-19.

    Groupe Crédit Agricole: résultats consolidés, T1-2020 et T1-2019

    En M € T1-20il a déclaré Articles spécifiques T1-20au dessous de Q1-19il a déclaré Articles spécifiques Q1-19au dessous de Q1 / Q1il a déclaré Q1 / Q1au dessous de revenus 8,366 (12) 8,378 8,196 (126) 8,323 + 2,1% + 0,7% Charges d'exploitation excl. FRF (5548) (70) (5478) (5277) – (5277) + 5,1% + 3,8% SRF (454) – (454) (422) – (422) + 7,7% + 7, 7% Résultat brut d'exploitation 2,363 (82) 2,445 2,497 (126) 2,623 (5.4%) (6.8%) Coût du risque (930) – (930) (281) – (281) x 3,3 x 3,3 Coût du risque juridique – – – – – – n.m. N.M. Entités évaluées en capitaux propres 91 – 91 95 – 95 (4,6%) (4,6%) Résultat net sur autres actifs 5 – 5 10 – 10 (49,4%) (49,4%) Variation de la valeur du # 39; bonne volonté – – – – – – ns N.M. Résultat avant les taxes 1,530 (82) 1,612 2,321 (126) 2,448 (34.1%) (34.2%) Impôts (481) 7 (487) (848) 41 (889) (43,3%) (45,2%) Résultat net des transactions non actualisées ou destinées à être cédées. (0) – (0) (0) – (0) x 102,2 x 102,2 Revenu net 1,048 (75) 1,124 1,473 (85) 1,558 (28.8%) (27.9%) Intérêts minoritaires (140) 2 (142) (123) – (123) + 14,2% + 15,8% Bénéfice net part du Groupe 908 (73) 981 1,350 (85) 1,435 (32.8%) (31.6%) Ratio coûts / revenus excl. SRF (%) 66.3% 65.4% 64.4% 63.4% +1.9 pages 2.0 pages Bénéfice net du Groupe Part excl. SRF 1,334 (73) 1,407 1,754 (85) 1,839 (23.9%) (23.5%)

    Au premier trimestre 2020, revenus sous-jacents a augmenté de + 0,7% au premier trimestre 2019 à 8 378 millions d'euros, et ils ont diminué -3,3% pour les métiers hors Corporate Center. La résilience du chiffre d'affaires dans ce contexte s'explique par une forte dynamique commerciale au cours du trimestre, avec une capture brute de 416 000 nouveaux clients et une augmentation de la base de 25 000 clients en 2020 dans la banque de détail en France et en Italie. La production de crédits est restée solide, avec une croissance de + 7% (hors crédits garantis par l'Etat) dans les mêmes réseaux (+ 7,1% pour les banques régionales). Dans la gestion d'actifs et d'assurance, les positions en hausse ont augmenté malgré les conditions de marché. L'activité commerciale a également été dynamique sur les marchés de capitaux afin de répondre aux besoins des clients en termes de couverture et d'émissions obligataires. Cependant, les revenus ont été affectés par la crise sanitaire du COVID-19 de mars. En raison de conditions de marché défavorables, des dépréciations ont été constatées, majoritairement réversibles: la baisse de la valorisation des actifs à la juste valeur par résultat en assurance et gestion d'actifs et l'impact sur les portefeuilles d'investissement dans la gestion d'actifs et dans la région Banques. La marge nette d'intérêt s'est révélée résistante malgré une baisse de la production fin mars, notamment pour le crédit immobilier et le crédit à la consommation. En ce qui concerne les commissions et les revenus de commissions, la situation est contrastée: les commissions et commissions liées à la volatilité des marchés augmentent (LCL + 6,3%, en particulier frais de transfert, banques régionales + 4,8% ), compensant la baisse des autres types de commissions (assurance et banque). En conséquence, les métiers des banques régionales et des entreprises ont davantage souffert, enregistrant respectivement une baisse de -7,3% / -255 millions d'euros et -8,7% / -127 millions d'euros. L'activité de services financiers spécialisés recule également de -5,0% / -34 millions d'euros. Les métiers en croissance sont la grande clientèle et les activités de banque de détail en France (hors banques régionales) avec des augmentations du chiffre d'affaires sous-jacent de respectivement + 8,8% / + 120 millions d'euros et +2,2 % / + 20 millions d'euros.

    Charges d'exploitation sous-jacentes ils étaient en hausse de + 3,8% par rapport au premier trimestre 2019, en ligne avec les investissements informatiques des Caisses régionales dans le cadre du Projet Groupe et du Plan à moyen terme et l'impact des impôts sur les métiers de Crédit Agricole SA, notamment collection d'activités et de services financiers spécialisés. Différents métiers ont montré des effets de mâchoire positifs, comme dans le cas notamment de LCL et Crédit Agricole Corporate and Investment Bank. le le ratio coûts / revenus sous-jacent hors SRF s'établit à 65,4%, en baisse de 2,2 points de pourcentage par rapport au premier trimestre 2019.

    Au dessous de résultat brut d'exploitation il recule ainsi à 2445 millions d'euros par rapport au premier trimestre 2019 (-6,8%).

    le coût du risque de crédit a augmenté de manière significative (x3,3 par rapport au premier trimestre 2019) suite à la provision sur les prêts sains et performants liés au COVID-19 pour l'ensemble des métiers (pas de changement significatif du Bucket 3). Il s'établit à 930 millions d'euros à fin mars 2020, contre 281 millions d'euros à fin mars 2019. La qualité des activités reste élevée: le ratio NPL est stable à 2,4% à fin mars 2020, tandis que le ratio de couverture il s'établit à 84,3%, + 1,7 point de pourcentage sur le trimestre, pour des réserves pour pertes sur prêts de 19,5 milliards d'euros. À partir du premier trimestre 2020, le contexte et les incertitudes liés à la conjoncture économique mondiale ont été progressivement pris en compte et l'effet attendu des mesures publiques a été intégré pour prédire les risques futurs. Des niveaux d'offre ont été établis pour refléter la forte baisse environnementale (ajustements forfaitaires pour les portefeuilles de banque de détail et les portefeuilles d'entreprises et des ajouts spécifiques pour certains secteurs concernés: tourisme, automobile, aérospatiale, textile de détail, énergie, supply chain ). Cette augmentation des provisions pour prêts sains représente 61% de la hausse des coût du risque de performance5 au premier trimestre 2020. Il s'établit à 40 points de base sur une base annuelle, x3,1 par rapport au premier trimestre 2019 et presque x2 par rapport au trimestre précédent. Le coût du risque des buckets 1 et 2 s'établit à 398 millions d'euros, contre une inversion de 87 millions d'euros par rapport au trimestre précédent. Le coût du risque du Bucket 3 à 516 millions d'euros diminue légèrement par rapport au trimestre précédent (602 millions d'euros).

    Le résultat avant impôt s'établit à 1612 millions d'euros, avec une baisse annuelle de -34,2%.

    Le sous-jacent impôt diminué -45,2% pendant la période. Le taux d'imposition sous-jacent a baissé de -5,8 points de pourcentage à 32,1%, principalement en ligne avec la baisse du taux d'imposition en France depuis début 2020. En conséquence, le taux d'imposition ; le résultat net sous-jacent avant intérêts minoritaires a baissé de -27,9% et le résultat net sous-jacent de -31,6% par rapport au premier trimestre 2019.

    Articles spécifiques au cours de ce trimestre (- 73 millions d'euros d'impact sur la part de résultat net du groupe) intégraient des dons de solidarité liés à la crise du COVID-19 pour – 66 millions d'euros de frais de fonctionnement (-38 euros de contribution au fonds de solidarité du gouvernement Français pour Crédit Agricole Assurances, – 10 M € pour Crédit Agricole SA et – 10 M € pour les Caisses régionales pour contribuer au financement de la protection des personnes âgées, – 8 M € de contribution au fonds de solidarité au Maroc pour le Crédit du Maroc) . Cela a eu un impact de – 62 millions d'euros sur la part de résultat net du Groupe. A cela s'ajoutent les coûts d'intégration de Santander et Kas Bank supportés par CACEIS (-4 millions d'euros de charges d'exploitation / -2 millions d'euros de part de résultat net du Groupe et éléments récurrents de volatilité comptable avec un impact net négatif de -9 millions d'euros sur le résultat net part du Groupe, ou DVA (Ajustement de la valorisation de la dette, ou profits et pertes sur instruments financiers liés à l'évolution du spread de l'émetteur du Groupe), majoré de la part de l'ajustement de la valorisation du financement (FVA) liée à la variation du spread de l'émetteur, qui n'est pas couvert, pour un montant total de -14 millions d'euros, à la couverture du portefeuille de prêts Grande clientèle pour + 83 millions d'euros et à la variation de la provision pour les plans d'épargne pour l'achat de logements pour -79 millions d'euros Au premier trimestre 2019, les articles spécifiques avaient impact net négatif de -85 millions d'euros sur la part de résultat net du Groupe; ils ne comprennent que les éléments récurrents de volatilité comptable tels que l'ajustement de la valorisation de la dette (DVA, ou les profits et pertes sur instruments financiers relatifs aux variations de spread de l'émetteur du Groupe) égal à – 6 millions d'euros, la couverture du Grand portefeuille de crédits à la clientèle pour – 14 millions d'euros et la variation de la provision pour plans d'épargne pour l'achat de logements pour un montant de – 64 millions d'euros.

    Banques régionales

    le crise sanitaire actuelle elle a commencé à affecter l'activité commerciale des banques régionales en mars 2020 (en particulier, les crédits ont baissé de -12,5% et les nouvelles polices non-vie de -39,5%). Toutefois, la dynamique commerciale était généralement bonne tout au long du trimestre avec une augmentation de encours de prêts + 7,1% par rapport au premier trimestre 2019 (527,4 milliards d'euros). Cette augmentation était liée à la forte augmentation de prêts immobiliers (+ 7,8%, 323,5 milliards d'euros de crédits) e prêts aux entreprises (+ 11,9%, 86,6 milliards d'euros de disponibilité). De la crise du COVID-19, dépôts à vue ils ont fortement augmenté (+ 15,1% à 172,4 milliards d'euros), tandis que dépôts hors bilan ils diminuent de 1,7% à 260,1 milliards d'euros. Cette baisse est attribuable aux valeurs mobilières et aux valeurs mobilières dont les positions ont diminué respectivement de -10,3% et -9,8%. L'assurance vie AuM a également poursuivi sa croissance (+ 1,3%), en dépôts au bilan (+ 7,3%) à 470,4 milliards d'euros. Enfin, acquisition du client brut continue de croître (+296000 clients), tandis que clientèle augmenté en 2020 (+18 000 clients supplémentaires).

    Au premier trimestre 2020, le sous-jacent des banques régionales revenus il s'établit à 3235 millions d'euros, en baisse par rapport au premier trimestre 2019 (-7,3%). Cela est dû à une baisse revenus du portefeuille dans la période en raison des évaluations de fin de trimestre basées sur les normes internationales. L'impact est plus modéré sur les normes françaises. Au contraire, ci-dessous revenus de l'entreprise elles sont toujours fortes, avec une augmentation des commissions (+ 4,8%) et de la marge de courtage. Le sous-jacent coût du risque enregistre une augmentation (x5,5) liée à 68,5% de la prêts performants (+ 176 millions d'euros au premier trimestre 2014). Absolument, résultat net sous-jacent part du Groupe pour les banques régionales (321 millions d'euros), elles diminuent de 51,7%. Basé sur Normes françaises, résultat net sous-jacent part du Groupe égale à 583 millions d'euros (-22,3% par rapport au premier trimestre 2019).

    La performance des autres métiers du groupe Crédit Agricole est décrite en détail dans la partie de ce communiqué de presse sur Crédit Agricole S.A.

    Dominique Lefebvre, Président de la SAS Rue La Boétie et Président du Conseil d'Administration de Crédit Agricole SA, a commenté les résultats et activités du Groupe au premier trimestre 2020 comme suit: «Le Groupe est solide, capable de résister aux impacts de Covid-19 et se mobiliser, avec détermination, pour accompagner l'économie et ses clients. Depuis le début, nous avons proposé des solutions, en cohérence avec les mécanismes de soutien public auxquels nous participons pleinement, comme le moratoire sur la dette ou un mécanisme de soutien coopératif des assurés PME, qui nous permettront de créer un pont pour notre économie, d'un état d'avant-crise à un état d'après-crise. C'est l'expression de notre utilité. Nous en faisons l'expérience au quotidien, avec nos équipes et avec nos clients ».

    Crédit Agricole S.A.

    Hausse du GOI sous-jacent (+ 7,9%), baisse du résultat net sous-jacent (-18,1%)

  • Résultat déclaré: 638 millions d'euros (-16,4% T1 / T1); chiffre d'affaires publié: 5 200 millions d'euros (+ 7,1%); GOI déclarés: 1586 millions d'euros (+ 8,6%)
  • Hausse du GOI sous-jacent (+ 7,9% T1 / T1) attribuée à la résilience du chiffre d'affaires (+ 4,8%), malgré la baisse de la juste valeur dans le compte de résultat en assurance et dans la maîtrise des charges, hors IFRIC 21 (+ 2,5%); effet de mâchoire positif chez LCL (+ 3,6 points de pourcentage) et chez les grands clients (+ 1,9 point de pourcentage);
  • Baisse du résultat sous-jacent (-18,1%) en raison de l'augmentation du coût du risque de crédit (x2,8) et de l'impact des valorisations boursières au 31 mars.
  • Ventes fortes au premier trimestre dans tous les métiers, interrompues par la crise de mars

  • Augmentation trimestrielle / trimestrielle des AuM (+ 3,5%), de l'assurance vie (+ 2%), des prêts accordés à LCL (maisons + 8,5%, PME et TPE + 7,1%) et des prêts financiers à la consommation (+ 2,1%);
  • Augmentation des dépôts nets de contrats en unités de compte (+ 40% T1 / T1). Dynamique de croissance continue des biens, des accidents et de la protection individuelle;
  • Dynamique continue d'acquisition de clients (+86 000 clients entreprises et particuliers en 2020 chez LCL);
  • Une activité commerciale solide sur les marchés de capitaux et une gestion prudente des risques (VaR modérée à 11 millions d'euros).
  • Augmentation du coût du risque due aux provisions sur prêts sains

  • Secteur équilibré et exposition géographique (aucun secteur d'activité ne représente plus de 4% du total des expositions);
  • Ratio NPL stable (3,1%), des risques bien couverts (taux de couverture 72,5%); réserve pour pertes sur prêts de 9,6 milliards d'euros);
  • Conformément à la norme IFRS9, revue des provisions des tranches 1 et 2 afin de prendre en compte la baisse environnementale, ainsi que l'effet attendu des mesures publiques: augmentation du coût du risque (621 millions d'euros, x2,8 T1 / T1 ), principalement tirée (56%) par des provisions sur crédits sains (223 millions d'euros au premier trimestre)
  • Coût du risque / bénéfices 61 pb.
  • Très haut niveau de solvabilité, y compris le déroulement de 35% du switch

  • Ratio CET1 en baisse (-0,7 point) à 11,4%, dont le déploiement du mécanisme de garantie Switch 35% (-44 bps), l'impact de l'allocation du dividende 2019 en réserves suite à la recommandation de la BCE (+ 60 bps) et l'impact effets de marché négatifs sur les réserves OCI sur les portefeuilles titres (-33 pb). Le tampon pour les exigences de Q1 reste à 3,5pp.
  • Bénéfice sous-jacent par action: T1-2019 0,17 €, -25,0% T1 / T1;
  • RWA influencé par une activité commerciale solide et un accompagnement des clients touchés par la crise (+24 milliards d'euros, dont 11,9 milliards liés aux 35% du mécanisme Switch, + 5,5 milliards liés aux impacts réglementaires sur la titrisation et 11,2 milliards à la croissance du métier).
  • Augmentation des indicateurs de liquidité

  • 338 milliards d'euros de réserves au 31 mars, soit une augmentation de 40 milliards d'euros par rapport au 31 décembre 2019
  • Augmentation du LCR: 132,8% 6
  • 67% du programme de financement du marché MLT de 12 milliards d'euros a été achevé fin avril. Deux émissions de référence en avril (2 milliards d'euros senior garantis et 1,5 milliard d'euros senior non préférentiels).
  • Le Conseil d'administration de Crédit Agricole S.A., présidé par Dominique Lefebvre, s'est réuni le 5 mai 2020 pour examiner les comptes du premier trimestre 2020.

    Crédit Agricole S.A.: Résultats consolidés, T1-2020 et T1-2019

    En M € T1-20il a déclaré Articles spécifiques T1-20au dessous de Q1-19il a déclaré Articles spécifiques Q1-19au dessous de Q1 / Q1il a déclaré Q1 / Q1au dessous de revenus 5 200 63 5 137 4 855 (48) 4 903 + 7,1% + 4,8% Charges d'exploitation excl. FRU (3254) (60) (3194) (3104) – (3104) + 4,8% + 2,9% FRU (360) – (360) (332) – (332) + 8,6% + 8, 6% Résultat brut d'exploitation 1 586 3 1 583 1 419 (48) 1 467 + 11,7% + 7,9% Coût du risque (621) – (621) (225) – (225) x 2,8 x 2,8 Coût du risque juridique – – – – – – n.m. N.M. Entités évaluées en capitaux propres 90 – 90 85 – 85 + 5,8% + 5,8% Résultat net sur autres actifs 5 – 5 23 – 23 (77,4%) (77,4%) Variation de la valeur du ; goodwill – – – – – – ns N.M. Résultat avant les taxes 1 060 3 1 057 1 302 (48) 1 350 (18,6%) (21,7%) Impôts (261) (17) (243) (394) 14 (409) (33,9%) (40,4%) Résultat net des transactions non actualisées ou destinées à être cédées. (0) – (0) (0) – (0) n.m. N.M. Revenu net 799 (15) 813 908 (34) 941 (12,0%) (13,6%) Intérêts minoritaires (161) 1 (162) (145) 1 (146) + 10,9% + 10,9% Bénéfice net part du Groupe 638 (14) 652 763 (33) 796 (16,4%) (18,1%) Bénéfice par action (€) 0,17 (0,00) 0,17 00:22 (0,01) 00:23 (23,2%) (25,0%) Ratio coûts / revenus excl. SRF (%) 62,6% 62,2% 63,9% 63,3% -1,4 pp -1,1 pp Bénéfice net du Groupe Part excl. SRF 964 (14) 978 1 070 (33) 1 103 (9,9%) (11,4%)

    résultats

    Nel primo trimestre del 2020, Crédit Agricole S.A. ha dichiarato L'utile netto quota del Gruppo ammontava a € 638 milioni rispetto a 763 milioni di euro nel primo trimestre del 2019. Il articoli specifici registrato in questo trimestre generato a impatto netto negativo di – € 14 milioni sulla quota di utile netto del Gruppo.

    Escludendo questi elementi specifici, il utile netto sottostante quota di Gruppo7 era 652 milioni di euro, in calo del -18,1% rispetto al primo trimestre 2019. Questo calo è dovuto principalmente all'aumento del costo del rischio, correlato alla fornitura di crediti in bonis nel contesto della crisi.

    Articoli specifici in questo trimestre (- impatto di € 14 milioni sulla quota di utile netto del gruppo) ha compreso donazioni di solidarietà connesse alla crisi COVID-19 per – 56 milioni di euro di spese operative (- 38 milioni di euro hanno contribuito al fondo di solidarietà del governo francese per Crédit Agricole Assurances , – 10 milioni di euro hanno contribuito al finanziamento della protezione degli anziani per Crédit Agricole SA e – 8 milioni di euro hanno contribuito al fondo di solidarietà in Marocco per Crédit du Maroc). L'impatto sull'utile netto La quota del Gruppo è stata di – 52 milioni di euro (- 38 milioni di euro, – 10 milioni di euro e – 4 milioni di euro rispettivamente). A ciò si possono aggiungere i costi di integrazione di Santander e Kas Bank sostenuti da CACEIS (-4 milioni di euro di spese operative / -2 milioni di euro di quota di utile netto) e le voci ricorrenti di volatilità contabile con un impatto netto positivo di +40 milioni di euro su reddito netto Quota di gruppo, ovvero DVA (Aggiustamento della valutazione del debito, ovvero utili e perdite su strumenti finanziari relativi a variazioni dello spread dell'emittente del Gruppo), più la parte di Adeguamento della valutazione di finanziamento (FVA) associata alla variazione dello spread dell'emittente, che non è coperto, per un totale di – € 14 milioni, la copertura del portafoglio crediti Grandi clienti per + € 81 milioni e la variazione dell'accantonamento per piani di risparmio acquisto casa per – € 27 milioni. Nel primo trimestre del 2019, gli articoli specifici avevano a impatto netto negativo di – € 33 milioni sulla quota di utile netto del Gruppo; includevano solo le voci ricorrenti di volatilità contabile come la regolazione della valutazione del debito (DVA, vale a dire gli utili e le perdite su strumenti finanziari relativi a variazioni dello spread dell'emittente del Gruppo), pari a – € 6 milioni, la copertura del portafoglio crediti della Grande clientela per – € 14 milioni e la variazione dell'accantonamento per piani di risparmio per l'acquisto di abitazioni per un importo di – € 13 milioni.

    I risultati delle linee di business sono stati influenzati, a marzo, dai primi impatti della crisi COVID-19 nel primo trimestre 2020. Utile netto sottostante Quota di gruppo delle linee di business8 è in calo del -23,1%. Questo forte calo è dovuto principalmente all'impatto sul costo del rischio dell'accantonamento su crediti in bonis in circolazione – in aumento in tutte le linee di business – legati alla crisi COVID-19. Nonostante un calo dell'utile netto Quota del Gruppo di -10,4% / -24 milioni di euro e -21,7% / -44 milioni di euro, le grandi linee di clientela e le attività bancarie al dettaglio hanno registrato incrementi del margine operativo lordo rispettivamente del + 11,7% e + 3,1% . Ciò è dovuto ai continui sforzi di efficienza operativa e operativa in entrambe le linee di business. Reddito netto La quota del gruppo per la linea di attività di raccolta di asset è scesa del -21,3% / – € 97 milioni, principalmente a causa dell'impatto di significativi effetti di mercato sull'assicurazione e sulla gestione patrimoniale alla fine del trimestre. L'utile netto La quota del gruppo per la linea di business dei servizi finanziari specializzati è scesa del -44,2% / -86 milioni di euro, essenzialmente a causa di un rallentamento dell'attività. Aggiungendo il miglioramento del contributo negativo di + € 106 milioni del centro Corporate, correlato all'effetto positivo di questo trimestre delle transazioni infragruppo in un contesto di mercato instabile, la quota del Gruppo di reddito netto sottostante è scesa del -18,1%.

    Nel primo trimestre del 2020, ricavi sottostanti pari a 5.137 milioni di euro (+ 4,8%). Le linee di business hanno registrato un limitato calo dei ricavi, -1% nel periodo, riflettendo il continuo slancio commerciale nel primo trimestre del 2020, interrotto a marzo dall'impatto della crisi COVID-19. I ricavi sono stati trainati dalla linea di business Grandi clienti (+ 8,6%) e Retail banking (+ 0,8%). Lo slancio commerciale nei mercati dei capitali è stato sostenuto per tutto il trimestre al fine di soddisfare le esigenze di copertura dei clienti in un contesto di elevata volatilità. Questo slancio ha compensato il rallentamento delle attività finanziarie. Nella manutenzione degli asset, vi è stato un impatto dagli effetti di portata delle recenti acquisizioni. I ricavi sostenuti nell'attività bancaria al dettaglio hanno rispecchiato la continua crescita dei prestiti e degli afflussi nel trimestre, nonché l'elevato livello delle commissioni e delle commissioni, in particolare sulle commissioni di transazione. La linea di business Asset raccolta ha registrato un calo dei ricavi del -10,1% nel periodo. Mentre l'attività è stata resistente nella gestione patrimoniale e i deflussi sono stati limitati, la linea di business è stata tuttavia fortemente influenzata dagli effetti negativi del mercato sui ricavi assicurativi (impatto ampiamente reversibile del valore equo a conto economico e riserve tecniche regolamentari). La linea di business dei servizi finanziari specializzati ha visto i suoi ricavi influenzati (-5%) dalla flessione degli affari per i prestiti rotativi nel settore del credito al consumo e del factoring.

    Spese operative sottostanti escluso SRF sono aumentati del + 2,9% nel periodo. Rideterminato per tutte le spese dell'IFRIC 21 nel periodo (ammontano a 535 milioni di euro nel trimestre rispetto a 489 milioni di euro nel primo trimestre 2019, vale a dire un aumento del + 9,4%, incluso + 8,6% per il solo SRF), l'aumento è stato limitato al + 2,5%. Both Retail banking and Large customers business lines posted positive jaws (respectively +0.1 percentage point, of which +3.6 percentage points for Retail banking in France and +0.1 percentage point for Italy, and +1.9 percentage points). Retail banking posted a decrease in expenses of -0.7% (-1.4% in France and -1.9% in Italy), which led to an increase in the cost/income ratio of 1.0 percentage point to 64.6% (2.4 for France taking it to 65.8% and 0.1 for Italy taking it to 62.7%). The Large customers business line posted an increase in the cost/income ratio of 0.6 percentage points, including 1.0 for Corporate and Investment banking. The increase in expenses in Asset servicing was primarily due to scope effects related to the latest acquisitions. The Asset gathering business line recorded controlled expenses that were up +1.9%, explained by CA Assurances taxes (+18.4%); excluding this effect, operating charges are down for asset management and stable in insurance. The Specialised financial services business line posted a moderate increase in expenses (+2.9%) primarily related to a consumer finance tax effect. Overall, the underlying cost/income ratio excluding SRF stood at 62.2% for first quarter 2020, an improvement of 1.1 percentage points over the period.

    Underlying gross operating income was therefore up +7.9% from first quarter 2019 (+11.7% for Large customers, +3.0% for Retail banking, -14.1% for Specialised financial services and -23.4% for Asset gathering).

    The cost of risk was up sharply (x2.8/-€396 million to -€621 million, versus -€225 million in first quarter 2019), largely due to outstanding performing loan provisioning related to the COVID-19 crisis in all business lines (no significant change in Bucket 3).

    The analysis of the cost of credit risk attests to the asset quality (NPL ratio stable at 3.1%) and good risk coverage (coverage ratio at 72.4%, up +2.7 points of percentage compared to December 2019, for a level of loan loss reserves of €9.6 billion). Starting in the first quarter of 2020, the context and uncertainties related to the global economic conditions were gradually taken into account and the expected effect of public measures were incorporated to anticipate future risks. Provisioning levels were been established to reflect the sharp decline in the environment (flat rate adjustments for the retail banking portfolios and for corporates portfolios and specific additions for some targeted sectors: tourism, automotive, aerospace, retail textile, energy, supply chain). This increase in provisioning explains 56% of the increase in the cost of risk, which was multiplied by 2.8 since first quarter 2019. Cost on risk on outstandings9 in the first quarter of 2020 stood at 61 basis points annualised, x2.6 versus first quarter 2019 and almost x2 versus the previous quarter. The -€621 million charge for the quarter consisted of cost of risk of Buckets 1 and 2 at -€223 million (versus +€184 million of reversal in the previous quarter) and of cost of risk of Bucket 3 at -€382 million, sharply down compared to previous quarter (-€531 million). The four business lines that contributed the most to the cost of risk show similar variations. LCL’s cost of risk stood at -€101 million (x2.3 compared to first quarter 2019, when it was at a very low level), with its cost of risk relative to outstandings9 increasing to 31 basis points annualised (versus 20 basis points in the previous quarter and 15 basis points in first quarter 2019); CA Italia showed an increase of +23.5%, with its cost of risk relative to outstandings9 increasing to 74 basis points annualised (versus 56 points in fourth quarter 2019 and 61 basis points first quarter 2019); and Crédit Agricole Consumer Finance posted a +70.3% increase in its cost of risk to -€164 million compared to the first quarter of 2019, with a cost of risk relative to outstandings9 increasing to 180 basis points annualised (versus 129 basis points in fourth quarter 2019 and 111 basis points in first quarter 2019). Lastly, in financing activities, the cost of risk for the quarter stood at -€103 million, versus a reversal of +€6 million in first quarter 2019. The cost of risk relative to outstandings9 for financing activities therefore increased to 51 basis points annualised (versus 22 basis points in fourth quarter 2019 and -2 basis points in first quarter 2019).

    The contribution of equity-accounted entities was up +5.8% to €90 million, reflecting, in particular, the solid performance of the Asian Joint Ventures in asset management for the quarter and the upturn in activity in China in terms of consumer finance in March.

    Underlying income10 before tax, discontinued operations and non-controlling interests thus decreased by -21.7% to €1,057 million. le underlying effective tax rate stood at 25.2%, down -7.1 percentage points compared to first quarter 2019, while the underlying tax charge fell -40.1% to -€243 million. The 2020 first quarter tax rate is notably impacted by the decrease of the tax rate in France since January 1st 2020 (32.02% instead of 34.43%) and by the favourable effect of international subsidiaries which have a lower tax rate than in France. le underlying net income before non-controlling interests was therefore down -13.6%.

    Net income attributable to non-controlling interests increased (+10.9%) to €162 million, primarily due to the appearance of non-controlling interests in favour of Santander in asset servicing.

    Underlying net income Group share was down -18.1% from first quarter 2019 to €652 million.

    Activity

    Business remained buoyant throughout the quarter, thanks to the positive performance of outstandings and production at the start of the year, to sustained customer capture and to strong commercial activity in capital markets. Activity nevertheless slowed down considerably in March due to the economic impact of COVID-19. Production fell, particularly for home loans and consumer finance. Fees and commissions income related to market volatility increased, offsetting the decline in other types of fees and commissions (insurance and banking).

  • In Savings/Retirement, outstandings (savings, retirement and death & disability) were up +2.2% compared to March 2019 at €298.6 billion, including €63.9 billion in unit-linked contracts, up 0.3% year-on-year. Unit-linked contracts accounted for 21.4% of outstandings, down -1.4 percentage point compared to fourth quarter 2019. Premium income reached €5.9 billion for first quarter 2020 (down -25.0% compared to first quarter 2019), and the total net inflows is down by €2.0 billion compared to first quarter 2019. The quarter was characterised by outflows in euros (-€1 billion) and high net inflows in unit-linked contracts (+1.7 billion). UL contracts accounted for 41.3% of gross inflows in the quarter, up +16.3 percentage points compared to first quarter 2019 and +7.9 percentage points compared to the previous quarter. The solvency of Crédit Agricole Assurances is at a comfortable level, exceeding 234%, well above the upper limit of our control range 160%-200%.
  • In Property and Casualty insurance, Crédit Agricole Assurances continued its growth momentum, with premium growth of +7.0% in the first quarter of 2020, driven by continued strong growth in France (+7.2%). Pacifica recorded a net increase of +120,000 contracts over the quarter, reaching nearly 14.2 million contracts at end-March 2020. The equipment rate for individual customers11 increased in the LCL networks (25.2% at end-March 2020, i.e. a +0.8 percentage point increase since March 2019) and the Regional Banks network (41.0% at end-March 2020, i.e. a +1.4 percentage point increase since March 2019), as well as in CA Italia (15.7% at end-March 2020, i.e. a +1.6 percentage point increase since March 2019). The combined ratio continued to be well managed at 95.0%, a slight increase of +0.4 percentage points year-on-year. Nel Death & disability/Creditor/Group, revenues reached nearly €1,089 million in the quarter, up +7.8% compared to the same period in 2019, driven by growth in all three business segments.
  • Asset management (Amundi) recorded limited net outflows during the quarter (-€3.2 billion) at a time of unprecedented crisis, while inflows amounted to +€2.4 billion for MLT Retail (excluding JV) and +€9.7 billion from joint ventures. Outflows for institutional customers stood at -€15.3 billion in connection with treasury products and derisking. Assets under management remained at a high level at €1,527 billion at end-March 2020, up +3.5% compared to end-March 2019, despite continuing uncertainty in the global environment.
  • Retail banking showed good resilience in terms of commercial activity. Despite a drop in loan production for LCL (-5.8% as compared to the first quarter 2019) and steady production for CA Italia (-0.8% on home loans), retail banking continued to turn in satisfactory growth rates for loans outstanding. In France, the increase for LCL was +7.8% compared to end-March 2019, driven primarily by home loans (+8.5%) and the SME and small businesses and corporates markets (+7.1%), while in Italy, the increase for CA Italia was +4.0%, driven by loans to individuals (+4.9%) and to corporates and SMEs (+4.3%), for International Retail Banking excluding Italy, the increase was +3.9%, notably driven by Egypt (+10%12), Ukraine (+4%12), Morocco (+4%12), and Poland (+3%12). In France, renegotiations on LCL housing loans reached a high level (€0.9 billion in outstanding in the first quarter of 2020, versus €1.0 billion in the fourth quarter of 2019), but was still well below the high point of the fourth quarter of 2016 (€5.2 billion). Off-balance sheet deposits were impacted by negative market effects, particularly for LCL, which suffered a drop in its off-balance sheet savings (-3.1%), especially on securities and UCITS (-13.9%), and, to a lesser extent, for CA Italia (+1.2%). On-balance sheet deposits, on the other hand, saw growth in all markets and were up +8.3% compared to March 2019 for LCL in France as a result of the increase in personal savings driven by demand deposits (+15.1%) and passbooks (+4.4%). For CA Italia, on-balance sheet deposits were up +5.2%, driven mostly by corporate deposits, while for all International Retail banking excluding Italy they were up +5.7%, driven by Poland (+5.2%12), Morocco (+4.6%12) and Ukraine (+24.6%12). Gross customer capture continued to trend upwards at LCL with +86 000 customers since the beginning of 2020, and a net increase in its customer base of +12 000 new customers. The equipment rate for property and casualty insurance for LCL rose by 0.8 percentage point year-on-year standing at 25.2%. Lastly, CA Italia recorded the first covered bond issue of the year in the Italian market in 2020 in the amount of €1.25 billion.
  • In the Specialised financial services business line, Crédit Agricole Consumer Finance production amounted to €9.6 billion, a -13% decline since the first quarter of 2019, due to the health crisis which began to impact commercial activity in March. Nel France est Italie, production was down -10% and -12% respectively, while the contribution of the Regional Banks and LCL showed some resilience (-4.4% and +0.8% respectively). By contrast, business in China took off again in March (with 16,800 new contracts at GAC Sofinco versus 3,200 in February). Assets under management est consolidated outstandings increased year-on-year by +2.1% and +3.3% respectively, to stand at €91.4 billion est €34.8 billion respectively. Meanwhile, CAL&F turned in a strong performance in the first quarter of 2020, despite the impacts of the health crisis, which became apparent in March. Commercial factoring production was up sharply from the first quarter of 2019 (+56.2% to €2.5 billion), both in France (+42.8% to €1.7 billion) and abroad (+92.6% to €0.8 billion). Against this backdrop, factored revenues increased over the period (+1.7% to €19.2 billion). Commercial leasing production reached €1.3 billion (up +9.2% since the first quarter of 2019) while leasing outstandings came in at €15.1 billion, up +2.6% year-on-year.
  • Activity in the Large customers business line was good overall, with revenues up in first quarter 2020 to €1,484 million (+8.6% from first quarter 2019). Underlying revenues for corporate and investment banking amounted to €1,202 million, an increase of +4.8%. Revenues for capital markets and investment banking rose to €603 million (+13.7% from first quarter 2019), due to strong commercial activity under highly volatile market conditions. To support customers, at end-March corporate and investment banking allowed the drawing down of credit lines at a rate of 32% (versus 18% at end-February), making new bond issues possible from mid-March. At 23 April, total amount withdraw from existing credit lines was €10.6 billion of which more 70% was converted into deposits. Within the capital markets and investment banking, Fixed Income Credit and Change (FICC) business line achived a very stong performance (low volatile daily results, strong commercial momentum) which shows the prudent risk management and the quality of the customer franchise. The regulatory VaR – average 60 days – is in moderate increase at €11.4 million in average in first quarter 2020, compare to €9.8 million in fourth quarter 2019, but remains at a low level. After a less buoyant start to the year and despite good activity at the end of the quarter, revenues from financing activities decreased slightly (-2.9% from first quarter 2019) to €600 million and this, in the absence of major deals. Structured financing recorded a drop in activity (-5.7%) due as much to a slowdown in the economy as to the still-limited impacts of the crisis. Meanwhile, revenues in commercial banking held steady (-0.7%), despite a tailing off in the syndicated loan market in the EMEA region. The bank nevertheless maintained its fifth-place ranking in the EMEA syndicated loans market. Lastly, Asset servicing (CACEIS) posted good levels of assets under custody (€3,667 billion at end-March 2020, up +32.1% year-on-year) and assets under administration (€1,833 billion, up +3.1% year-on-year) in this quarter. These increases reflect on the one hand the consolidation of the assets of Kas Bank and Santander Securities Services (“S3”) (+ € 845 billion in AuC and + € 124 billion in AuA) and on the other hand a significant increase the volume effect on the assets held thanks to the acquisition of new large customers, which offset an unfavorable market effect (-6% on AuC and -4% on AuA versus March 2019).
  • Analysis of the results of Crédit Agricole S.A.’s divisions and business lines

    Asset gathering

    The Asset gathering (AG) division posted underlying Net income Group share of €356 million, down -21.3% from first quarter 2019. The division contributed 47% of underlying Net income Group share of the Crédit Agricole S.A. business divisions (excluding the Corporate Centre division) in first quarter 2020 and 26% of underlying revenues also excluding the Corporate Centre.

    Insurance

    Underlying revenues were down -18.7%, notably experiencing unfavourable market effects, related to fair value impacts in results for €246m and to regulatory technical reserves in unit linked contracts for €60m, partially offset by the increase in the recognition level of the investment margin. Underlying charges increased by +6.5%, mainly due to tax effects (+18.5%). Excluding that effect, underlying charges remained unchanged. Note that for this quarter there was a €38 million contribution to Fédération Française de l’Assurance (classified in specific items) for the self-employed and VSBs particularly affected by the crisis. Thus, the underlying cost/income ratio excluding SRF was 48.8% (+11.5 percentage points compared to first quarter 2019) and the underlying gross operating income decreased by -33.5% from first quarter 2019. The tax charge for first quarter 2020 decreased by -53.4% to €52 million, due to a lower gross operating income and a lower French tax rate. Finally, the contribution of the Insurance business line to underlying Net income Group share was down -28.4% from first quarter 2020.

    Asset management

    Underlying revenues were down -7.0% to €594 million in first quarter 2020. Net management revenues were up (+5.1%), despite a difficult market environment, driven by higher management fee and commission income (+1.7%) and a doubling of performance fee and commission income. Financial revenues were affected by the market downturn in March (mark-to-market valuation of the investment portfolio) and were -€61 million in first quarter 2020. Underlying expenses decreased by -1.9% to €334 million, notably thanks to the latest synergies related to the integration of Pioneer and to the adjustment of variable compensation. Underlying gross operating income decreased by -13.5% and the underlying cost/income ratio excluding SRF was 56.3%, down 2.9 percentage points. The contribution of equity-accounted entities, comprising in particular income from Amundi’s joint ventures in Asia, was up by +9.1%. Corporate income tax was down -20.4% to €69 million this quarter. In conclusion, the business line contribution to underlying net income Group share was down by -17.6% to €127 million.

    Wealth management

    Underlying revenues were up by +6.4% to €215 million in first quarter 2020, driven by transaction revenues, due to the effect of high market volatility. Underlying expenses remained under control (+3.2%) and reached €185 million in first quarter 2020, as a result improving the underlying cost/income ratio excluding SRF by 2.6 percentage points to 86.3%. Underlying gross operating income increased by +34.4% (€26 million). Corporate income tax remained low at €1.4 million, notably related to the improved Swiss rate. Lastly, the business line contribution to underlying Net income Group share was up by +81.9% to €25 million in first quarter 2020.

    Retail banking

    French retail banking

    Underlying revenues were up by +2.2% to €889 million in first quarter 2020. They were driven by the increase in fees and commissions income (+6.3%) due to the increased activity in securities transactions; conversely net interest margin was down by -1.3%. In relation to an LCL operational efficiency policy, expenses were down by  -1.4% to €585 million in first quarter 2020, which led to an improved underlying cost/income ratio excluding SRF by 2.4 percentage points to 65.8%. Underlying gross operating income was up by +9.4% to €269 million, but was offset by a strong increase in the cost of risk, by -€101 million in first quarter 2020. The increase includes €40 million in bucket 1 and 2 additions to provisions notably in relation to the consequences of COVID-19. Lastly, the underlying net income Group share was down by -16.8% to €103 million in first quarter 2020.

    International retail banking

    Underlying revenues of International retail banking are stable (-0.9%) standing at 670 million euros in the first quarter of 2020. Expenses excluding SRF are stable as well (+0.3%), but SRF do increase by +4.6%. Hence, the underlying gross operating income decreases by -3.4%. In relation with the Covid-19 provisioning policy, the cost of risk increases by +30.3% as compared to first quarter 2019, now standing at -115 million euros. Lastly, the underlying net income Group share of International retail banking stands at 56 million euros, i.e. a drop by -29,6% as compared to the first quarter of 2019.

    Italie

    Underlying revenues were down by -1.8% to €444 million in first quarter 2020. Net interest margin was down by -4% due to the effect of the renegotiations and the decline of rates, affecting both the outstanding with floating-rate loans and the new loan production. Fees and commissions income remained unchanged this quarter, with fees and commissions on assets under management (life insurance and securities management) up by +10%, offsetting the banking fees and commissions that practically stopped in March 2020. Expenses were down by -1.9% bringing the underlying cost/income ratio excluding SRF to 62.7%. Thus, underlying gross operating income held up well this quarter, down only -2.2%. The cost of risk increased by +23.5% to -€82 million, including -€24 million recorded in buckets 1 and 2 primarily as provisions for COVID-19. The cost of credit risk on outstandings annualised stands thus at 74 basis points. The quality of CA Italia’s assets remained good, with an NPL ratio of 7.6%, down by -70bp year-on-year, and coverage ratio stable at 60.1%. Lastly, underlying net income Group share for IRB – Italy was down -19.4% in first quarter 2020 to €34 million.

    Crédit Agricole Group in Italy

    The Group’s results in Italy were €109 million in first quarter 2020, i.e. a -35% decrease from first quarter 2019 due to the increase in the cost of risk.

    IRB – excluding Italy

    Underlying revenues were unchanged (+0.7%) with net interest margin slightly up (+1%) and unchanged fee and commission income. Expenses rose further, by +6.1%, notably in Poland, which led to a 2.5 point decline in underlying cost/income ratio excluding SRF for IRB excluding Italy, standing at 63.3% in first quarter 2020. Underlying gross operating income thus decreased by -6.1% and, in relation to the COVID-19 provisioning policy, the cost of risk increased by 51% to -€33 million in first quarter 2020. Lastly, underlying net income Group share was €21 million, i.e. a decrease of -42.3%.

    By country:

  • CA Egypt(13): underlying gross operating income was down by -19% Q1/Q1 with underlying revenues hit by the drop in rates and trade finance revenues. The risk profile remained unchanged with a low NPL ratio of 2.7% and a high coverage ratio of 154%.
  • CA Poland(13) : underlying revenues were slightly down (-1%) despite the increase in fees and commissions revenues. Underlying gross operating income (-14%) was, however, hit by the increase in expenses (regulatory tax, IT and fixed asset impairment)
  • CA Ukraine(13): underlying revenues were unchanged, cost of risk was nil, and the NPL ratio improved (3.8%, -290bp as compared to the first quarter 2020)
  • Crédit du Maroc(13): revenues were up by +4%, the coverage ratio was high at 93%.
  • Specialised financial services

    In first quarter 2020, the underlying net income Group share of the Specialised financial services division was €109 million, down -44% from first quarter 2019, notably due to a substantial increase in the cost of risk related to provisioning notably in response to the COVID-19 crisis.

    Consumer finance

    In first quarter 2020, les underlying revenues of CA Consumer Finance were €518 million, down -4.2%, as was underlying gross operating income (-12.5%), amid a slowdown of revolving loan activity and an increase in the acquisition costs in relation to the development of partnerships. The underlying cost of risk recorded an increase of 70.3% related to an increase in buckets 1 & 2 provisions (+€37 million). Lastly, the underlying net income Group share of CA Consumer Finance was €97 million (-40.2% from first quarter 2019).

    Leasing & Factoring

    In first quarter 2020, les underlying revenues of CAL&F were €129 million, down -8%, as was underlying gross operating income (-21.3%), the COVID-19 crisis having started to affect CAL&F’s activity since March. The underlying cost of risk recorded an increase (x2.3) related to the prudent measures in place. Lastly, CAL&F’s underlying net income Group share was €12 million, down by 62.6% from first quarter 2019.

    Large customers

    In first quarter 2020, the underlying net income Group share of the Large customers division was €208 million, down -10.4% from first quarter 2019, notably due to a substantial increase in the cost of risk with a provision of -€160 million in the first quarter 2020 vs a net reversal of €10 million in the first quarter 2019 related to provisioning notably in response to the COVID-19 crisis.

    Corporate and investment banking

    In first quarter 2020, underlying revenues increased by +4.8% to €1,202 million, thanks to the good performance of capital markets and investment banking in a highly volatile financial market environment. Underlying revenues of capital markets and investment banking were up +13.7% to €603 million, while those of financing activities were slightly down (-2.9%) to €600 million. Expenses excluding SRF remained under control and rose by €19 million to €668 million, i.e. +2.9%. SRF increased by 5.3% to €178 million. le underlying cost/income ratio excluding SRF improved by 1 point due to this positive jaws effect to 55.6%. Underlying gross operating income increased by +8.1% to €355 million reflecting a good operational efficiency. le cost of risk rose sharply this quarter due to the provisioning of performing loans, to €157 million, while it had posted a reversal of €15 million for the same period in 2019. Finally, tax was sharply down this quarter and partially offset the increase in the cost of risk. Lastly, the business line contribution to underlying net income Group share was down by -13.5% to €185 million.

    Asset servicing

    In first quarter 2020, underlying revenues rose by +28.9% to €281 million due to the effect of the integration of the fee and commission income of Kas Bank and S3, the increase in the volume of transactions and flow activities due to high volatility, and good treasury results. Expenses excluding SRF rose to €212 million, i.e. +24.9%, in relation to the commercial development. SRF increased by 32% to €21 million. le underlying cost/income ratio excluding SRF improved by 2.4 points due to this positive jaws effect to 75.4%. Underlying gross operating income was sharply up, (by almost +49% to €48 million) while the tax was up. In all, the contribution of the asset servicing business line to underlying net income Group share was up +27% to €23 million, despite the creation of non-controlling interests this quarter for the benefit of Santander for €11 million.

    Corporate Centre

    An analysis of the negative contribution of the Corporate Centre looks at both the “structural” contribution and other items. The “structural” contribution includes three types of activities:

  • the activities and the role of the corporate centre of Crédit Agricole S.A. holding. This negative contribution reached -€293 million in first quarter 2020, slightly down (-€5 million) compared to the first quarter 2019 due to the effect of a measured increase in operating expenses and an increase in the cost of risk, despite improved revenues linked to the continuous decrease in the cost of debt;
  • the business lines that are not part of business lines, such as CACIF (private equity) and CA Immobilier: their contribution was down -€13 million in first quarter 2020 compared to the first quarter 2019, in relation to a negative impact in revenues of the market valuations of securities in the private equity entities and a negative impact in cost of risk in the Foncaris entity;
  • the Group’s support functions: first quarter 2020 recorded a positive impact of +€4 million, a slight improvement compared to the first quarter 2019 (+€5 million). Their contribution, however, remains essentially nil over a rolling 12-month period, as their services are reinvoiced to the other Group business lines.
  • The significant improvement in this division is mainly attributed this quarter to the “other elements” which recorded an improvement of +€126 million compared to the first quarter 2019, related to the positive effect this quarter of intragroup eliminations in a volatile market context.

    Philippe Brassac, Chief Executive Officer, commented on the first quarter 2020 results and activity of Crédit Agricole S.A. as follows: “Our results are good, and allowed us, this quarter, to absorb a multiplication of cost of risk by three. We are solid, we are prudent in our assumptions, and we are very committed vis-à-vis the economy to successfully deliver with success a scenario that we believe to be quite manageable”.

    Financial solidity

    Crédit Agricole Group

    Over the quarter, the Crédit Agricole Group maintained a high level of financial strength, with a Common Equity Tier 1 (CET1) ratio of 15.5%, down -0.4 percentage points from end-December 2019. This decline can be attributed mainly to the increase in risk-weighted assets, the effect of market valuations on unrealised gains and/or losses on securities portfolios (-18 basis points) but also the modest level of retained earnings (+11 basis points), the changes in negative fair value generating unrealised capital losses in the results of Crédit Agricole Assurances and the Regional Banks. The ratio also recorded the impact of a new regulatory methodology on securitisations (-15 basis points) over the quarter. In addition, the increase in risk-weighted assets over the period generated an unfavourable effect on the CET1 ratio of ‑34 basis points. In fact, the risk-weighted assets of the business lines increased by +€12.5 billion, this increase being specifically attributable to the Large customers division (+€7.5 billion, including respectively +€6.5 billion for CACIB and +€1.0 billion for CACEIS) and the Retail banking division (+€2.0 billion, including +€1.2 billion in the Regional Banks).

    At the same time, the measures put in place by regulators to deal with the COVID-19 crisis have led to a decrease in regulatory requirements, thanks on the one hand to the immediate application of Article 104a which implies a decrease in P2R CET1 requirements by -0.66 percentage point and, on the other hand, a relaxation of several counter-cyclical buffers, which as at 2 April 202014 represented a -0.18 percentage point decrease in the CET1 requirement. Combined, these two effects generated an overall drop of -0.8 percentage points in CET1 SREP requirements for first quarter 2020, a more significant drop than that of the CET1 ratio of the Crédit Agricole Group.

    In the end, these Crédit Agricole Group posts a substantial buffer of 6,6 percentage points between the level of its CET1 ratio and the 8.9% SREP requirement for Crédit Agricole Group (at 2 April 202014), compared with 6,2 percentage points at 31 December 2019.

    le phased-in leverage ratio came to 5.3% at end-March 2020.

    TLAC

    The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group.

    The elements that could absorb losses consist of equity, subordinated notes and debts to which the Resolution Authority can apply the bail-in.

    The TLAC ratio requirement has been transposed into European Union law via CRR2 and has been applicable since 27 June 2019. As from that date, Crédit Agricole Group must comply with the following requirements at all times:

  • a TLAC ratio above 16% of risk-weighted assets (RWA), plus – in accordance with CRD5 – a combined capital buffer requirement (including, for the Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer and the counter-cyclical buffer). Considering the combined capital buffer requirement, Crédit Agricole Group will have to adhere to a TLAC ratio of above 19.5% (plus the counter-cyclical buffer)
  • a TLAC ratio of above 6% of the Leverage Ratio Exposure (LRE).
  • As from 1 January 2022, the minimum TLAC ratio requirements will increase to 18% of risk-weighted assets – plus the combined buffer requirement at that date – and 6.75% of the leverage ratio exposure.

    At 31 March 2020, the Crédit Agricole Group’s TLAC ratio stood at 22.6% of RWAs and 7.3% of leverage ratio exposure, excluding eligible senior preferred debt. The TLAC ratio is stable compared to 31 December 2019, despite the increase in risk-weighted assets over the quarter. It exceeded the required 19.5% of RWAs (according to CRR2/CRD5, plus, at 2 April 2020, the counter-cyclical buffer of 0.02%) and 6% of the leverage ratio exposure, respectively, despite the fact that it was possible at that date to include up to 2.5% of RWAs in eligible senior preferred debt.

    Achievement of the TLAC ratio is supported by an annual TLAC debt issuance programme of around €5 to €6 billion in the wholesale market. At 31 March 2020, €2.5 billion equivalent had been issued in the market; the amount of the Crédit Agricole Group senior non-preferred debt taken into account in the computation of the TLAC ratio was €19.6 billion. Note that mid-April 2020, Crédit Agricole S.A. issued €1.5 billion TLAC debt in senior non-preferred debt.

    MREL

    The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim of providing the resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayer exposure to losses.

    The ACPR, the national resolution authority, considers the “single point of entry” (SPE) resolution strategy as the most appropriate for the French banking system. Accordingly, Crédit Agricole S.A., as the central body of Crédit Agricole Group, would be this single point of entry in the event of a resolution of the Crédit Agricole Group.

    The MREL ratio corresponds to the minimum requirement of own funds and eligible liabilities that must be available in order to absorb losses in the event of resolution. It is calculated as the amount of own funds and eligible liabilities expressed as a percentage of the institution’s total liabilities and own funds, after certain prudential adjustments (TLOF), or expressed as risk-weighted assets (RWA). Regulatory capital, as well as subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year are eligible for the numerator of the MREL ratio.

    In 2018, Crédit Agricole Group was notified of its first consolidated MREL requirement, which was already applicable at the time and has been met by the Group since then. This requirement could potentially change when the ratio for the year is set by the SRB and in connection with the changes in the European regulatory framework. The MREL Policy, published by the SRB in January 2019, describes the general framework of the requirements that will be set by the SRB and that will apply in 2020 after notice, including a subordinated MREL requirement (from which senior debt will generally be excluded in line with the TLAC standards).

    Crédit Agricole Group’s target is to reach a subordinated MREL ratio (excluding eligible senior preferred debt) of 24-25% of the RWA by the end of 2022 and to maintain the subordinated MREL ratio above 8% of TLOF. This level would enable recourse to the Single Resolution Fund (subject to the decision of the resolution authority) before applying the bail-in to senior preferred debt, creating an additional layer of protection for investors in senior preferred debt.

    At 31 March 2020, the Crédit Agricole Group posted an estimated MREL ratio of 12% of TLOF (total liabilities and own funds, equivalent to the prudential balance sheet after netting of derivatives) and 8.1% excluding eligible senior preferred debt. Expressed as a percentage of risk-weighted assets, the Crédit Agricole Group’s estimated MREL ratio was approximately 32% at end-March 2020. It was 22.6% excluding eligible senior preferred debt.

    Maximum Distributable Amount (MDA) trigger

    The transposition of Basel regulations into European law (CRD4) has established a restriction mechanism of the distributions applicable to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.

    The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1 capital, Tier 1 capital and total capital. As from 12 March 2020 and considering the impact of the COVID-19 crisis, the European Central Bank brought forward the effective date of application of Article 104a of CRD5 and allowed institutions under its supervision to use Tier 1 and Tier 2 capital to meet the additional Pillar 2 requirement (P2R). Overall, the P2R can now be met with 75% Tier 1 capital including as a minimum 75% CET1 capital. The CET1 requirement of Crédit Agricole SA and Crédit Agricole Group has thus decreased by 66 basis points over Q1  2020.

    At 2 April 2020, Crédit Agricole Group posted a buffer of 579 basis points above the MDA trigger, i.e. €33 billion in CET1 capital.

    At 2 April 2020, Crédit Agricole S.A. posted a buffer of 325 basis points above the MDA trigger, i.e. €11 billion in CET1 capital.

    Crédit Agricole S.A.

    At end-March 2020, Crédit Agricole S.A. retained a high level of solvency, with a Common Equity Tier 1 (CET1) ratio of 11.4%. This quarter it was down -0.8 percentage points, -0.4 percentage points of which can be attributed to the unwinding of 35% of the Switch mechanism. Excluding this effect, the CET1 ratio benefited this quarter from the 2019 dividend reserves, generating a positive impact of +60 basis points, as well as from the positive impact of the retained earnings for the first quarter of 2020 (+7 basis points, which includes a dividend provision of €0.08). Conversely, it recorded a negative impact of -33 basis points over the quarter linked to the effect of negative market valuations on the unrealised gains and/or losses of the securities portfolios, as well as a negative impact of -41 basis points linked to the increase in risk-weighted assets, especially in the Large customers division (including +€6.4 billion for CACIB notably linked to drawdowns of credit lines for +€2.1 billion, to downgrades in ratings for +€0.4 billion as well as market effects for +€4.4 billion and +€1.0 billion for CACEIS linked to the increase in liquidity portfolio investments). The ratio also recorded the impact of a new regulatory methodology on securitisations (-19 basis points) over the quarter.

    At the same time, the measures put in place by regulators to deal with the COVID-19 crisis have led to lower regulatory requirements, thanks on the one hand to the immediate application of Article 104a which implies a decrease in P2R CET1 requirements by -0.66 percentage point and on the other hand, an easing of several counter-cyclical buffers, which as at 2 April 202015 represented a -0.15 percentage point decrease in the CET1 requirements. Combined together, these two effects generated a total decrease of -0.8 percentage point in CET1 SREP requirements for first quarter 2020, a more significant drop than that of the CET1 ratio of Crédit Agricole S.A.

    In the end, these two effects allow Crédit Agricole S.A. to have a substantial buffer of 3.5 percentage points between the level of its CET1 ratio and the 7.9% SREP requirement (at 2 April 202015), compared with 3,4 percentage points at 31 December 2019.

    The phased-in leverage ratio was 3.9% at end-March 2020. The intra-quarter average measure of phased-in leverage ratio16 stood at 3.7% in the first quarter of 2020.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash balance sheet’s stable resources surplus is calculated quarterly.

    The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is based on the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash balance sheet as they appear in the next table and whose definition is commonly accepted in the market place. It relates to the banking scope, with insurance activities being managed in accordance with their own specific prudential constraints.

    Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in terms of liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and other assets and liabilities were netted for a total of €64 billion at end-March 2020. Similarly, €88 billion in repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in order to build the cash balance sheet relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by the Corporate and investment banking business line, included in the “Customer-related trading assets” section, for an amount totalling €205 billion at end-March 2020.

    It should be noted that deposits centralised with CDC are not netted in order to build the cash balance sheet; the amount of centralised deposits (€57 billion at end-March 2020) is booked to assets under “Customer-related trading assets” and to liabilities under “Customer-related funds”.

    In a final stage, other restatements reassign outstandings that accounting standards allocate to one section, when they are economically related to another. As such, senior issues placed through the banking networks as well as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and other refinancing transactions of the same type backed by customer loans, which accounting standards would classify as “Long-term market funds”, are reclassified as “Customer-related funds”.

    Note that for Central Bank refinancing operations, outstandings related to the TLTRO (Targeted Longer-Term Refinancing Operations) are included in “Long-term market funds”. Indeed, the TLTRO II and TLTRO III operations do not allow for early redemption at the ECB’s discretion; given respectively their four-year and three-year contractual maturity, they are deemed equivalent to long term secured refinancing, identical in liquidity risk terms to a secured issue.

    Medium/long-term repos are also included in “Long term market funds”.

    Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered as customers in the construction of the cash balance sheet.

    Despite the COVID-19 health crisis, the Crédit Agricole Group’s liquidity position remains solid. Standing at €1,411 billion at 31 March 2020, the Group’s banking cash balance sheet shows a surplus of stable funding resources over stable application of funds of €132 billion, up €6 billion compared to December 2019 and up €11 billion compared to March 2019.

    This surplus of €132 billion, known as stable resources position, allows the Group to cover the LCR deficit generated by long-term assets and stable liabilities (customer, tangible and intangible assets, long-term funds and own funds). It is in line with the Medium Term Plan target of over €100 billion. le ratio of stable resources over long term applications of funds was 112.1%, up by 0.3pp compared to the former quarter.

    The COVID-19 health crisis, which led to corporate customers in particular taking precautionary measures, resulted in the corporate customers of the Group’s financing activities increasing the drawdowns of credit facilities (amounting to €9 billion at 31 March 2020), partly converted into demand deposits (for an amount of €5.5 billion at 31 March 2020), as well as new facility commitments (for an amount of €2 billion at 31 March 2020). In addition, to support households and corporates, Credit Agricole Group has adopted an accommodating commercial policy (extension of loan maturity, among other things). At the same time, modified savings behaviours by corporates, asset managers and households resulted in reduced maturity for term deposits but also in an increase in liquid savings and centralised savings, mitigating the impact on the Group’s surplus of stable resources. Also, in this context, the Group took part in the “T-LTRO III” medium-long-term refinancing transactions of the European Central Bank for €15 billion euros in a more significant way than budgeted, helping to maintain its level of stable resources and thus preserving its financial strength. The increase in short term market funds is mainly explained by central bank drawdowns for €38 billion euros.

    Medium-to-long-term market funds amounted to €228 billion at 31 March  2020. They included senior secured debt of €100 billion, senior unsecured preferred debt of €89 billion, senior non-preferred debt of €20 billion and Tier 2 securities amounting to €19 billion. The significant increase in senior secured debt can be explained by the Group taking part in the T-LTRO III transactions of the European Central Bank.

    Medium-to-long-term market funds have increased by €18 billion compared to end-December 2019.

    At 31 March 2020, the Group’s liquidity reserves, marked-to-market and after haircuts, amounted to €338 billion, up by €40 billion compared with end-December 2019 and up by €64 billion compared with 31 March 2019. They covered short-term debt more than twice over and HQLA securities covered short-term debt net of Central Bank deposits more than five times over.

    In the context of the COVID-19 health crisis, to prevent any need for liquidity requiring the use of central bank facilities, and thanks to the large portfolio of liquid assets and the low level of encumbrance of those assets (17.5% at end 2019 vs 28% on average in Europe), the Group was able to react quickly. In fact, the Group significantly increased its central bank purchasing power thanks to an increase in immediately available reserves (use of eligible receivables to generate more than €50 billion in central bank purchasing power at 31 March 2020 before the measures taken by the ECB on collateral and applicable in April which will significantly help to increase the Group purchasing power in central bank). The Group encumbrance ratio is thus up significantly compared to end 2019.

    At the end of March 2020, the numerator of the LCR ratio (including the portfolio of HQLA securities, cash and central bank deposits, excluding reserve requirements), calculated as an average over 12 months, stood respectively at 232.6 billion euros for the Crédit Agricole Group and € 199.9 billion for Crédit Agricole SA The denominator of the ratio (representing net cash outflows), calculated as an average over 12 months, stood respectively at € 179.2 billion for the Crédit Agricole Group and 150.5 billion euros for Crédit Agricole SA.

    The average LCR ratios over 12 months for the Crédit Agricole Group and Crédit Agricole SA were respectively 129.8% and 132.8% at end of March 2020. They exceeded the Medium-Term Plan target of around 110%. Credit institutions are subject to a threshold for this ratio, set at 100% from 1 January 2018.

    In the context of the COVID-19 health crisis, the maintenance of the level of LCR ratios of the Crédit Agricole Group and Crédit Agricole S.A. was ensured in particular by the recourse of the Group, and in particular of Crédit Agricole S.A., to central bank facilities.

    The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

    At 31 March 2020, the Group’s main issuers raised the equivalent of €12.1 billion in medium-to-long-term debt on the markets, 38% of which was issued by Crédit Agricole S.A. In addition, €1.5 billion was also borrowed from national and supranational organisations, placed in Crédit Agricole Group’s Retail banking networks (Regional Banks, LCL and CA Italia) and other networks at end-March 2020.

    At the end of April 2020, Crédit Agricole S.A. had completed 67% of its medium-to-long-term market funding programme for the year. The bank had raised the equivalent of €8.1 billion, of which €2.8 billion equivalent in senior non-preferred debt and €1.2 billion equivalent in Tier 2 debt, as well as €4.1 billion equivalent in senior preferred debt and in senior secured debt.

    Note that, until March 2020, Crédit Agricole S.A. had issued (included in the amounts above):

  • In January, an EMTN issue in senior non-preferred debt for €1.25 billion and a USMTN Tier 2 issue for USD 1.25 billion)
  • In February, a CAHL SFH senior secured debt issue in the amount of €1 billion and a Residential Mortgage-Backed Securities (RMBS) issue in the amount of €1 billion.
  • In April, despite the impact of the coronavirus, Crédit Agricole S.A. issued CAHL SFH senior secured debt in the amount of €2 billion, followed by an EMTN issue of senior non-preferred debt for €1.5 billion.

    Note that, in April, Crédit Agricole S.A. proceeded with a partial buyback of two Legacy Tier 1 notes for a total eq. amount of €91m (26% of the residual amount) to optimise debt management while providing investors with liquidity.

    Corporate Social and Environmental Responsibility of the Company

    After the creation in 2018 of a fund focused on access to education, CPR AM – a subsidiary of Amundi – launched, in early 2020, CPR Invest Social Impact, the first global equity fund to place reducing inequalities at the centre of its investment process. It combines the securities of the most virtuous companies in terms of involvement in the effort to reduce inequalities. The fund provides investors with an unprecedented solution to, on the one hand, measure and incorporate the financial risks associated with inequality, and, on the other hand, contribute, through their investments, to reduce the latter.

    In January 2020, LCL introduced its first full range of investments in the fight against global warming. “LCL Placements Impact Climat” offers a variety of investments in all major asset classes and comprises, among other things, equity or bond funds of companies that reduce their CO2 emissions, reinforced by a carbon offsetting mechanism. This range is aimed at LCL’s high net worth customers who are concerned with contributing to the fight against global warming through their investments.

    The Group’s CSR sector policies dealing with thermal coal (mines, coal-fired power plants and transport infrastructure) have been updated to incorporate Crédit Agricole’s commitments to gradually exclude thermal coal from its portfolios. These policies embody Crédit Agricole’s desire to support and encourage its customers to initiate the transformation of their business model. The Group’s climate strategy has recently been recognised as the strongest among the 35 largest banks in the world (Banking on Climate Change 2020 study, conducted by environmental NGOs).

    At the end of March 2020, Crédit Agricole S.A. published its Statement of Non-Financial Performance (Déclaration de Performance Extra-Financière, DPEF) within the Universal Registration Document. The Statement of Non-Financial Performance presents all of the Group’s achievements relating to social, environmental and societal challenges in 2019, and aims to inform internal and external stakeholders about the management of the risks related to those challenges. A real strategic management tool for the Group, it includes a chapter on climate which follows, for the first time, the 11 recommendations of the Task Force on Climate-related Financial Disclosures (as well as the Group’s coal exposure). For more information: https://www.credit-agricole.com/pdfPreview/180684

    Conclusion: An up-and-running Group with structural strengths enabling to support clients through the crisis

    Crédit Agricole Group relies on several structural strengths, offering leeway to implement public measures and assist clients through the crisis: its business model, its operational efficiency, its prudent risk management, the solidity of its capital and its strong liquidity position.

    Its universal customer-focused banking model provides to the Group a range of specialised business lines that have demonstrated their profitability (underlying ROTE17 of Crédit Agricole S.A. reaching 11.9% end 2019). Crédit Agricole S.A.’s revenues are thus balanced among business lines and geographically diversified: one-third of Crédit Agricole S.A.’s revenues in 2019 was generated outside France and Italy. In addition, Crédit Agricole S.A. has carried out operational efficiency actions allowing it to improve its cost/income ratio by 7.6 points between 2015 and 2019. Crédit Agricole S.A.’s underlying cost/income ratio excluding SRF was low in first quarter 2020, at 62.2%, improving vs the first quarter of 2019.

    The Bank also relies on its conservative risk management. In 2019, Crédit Agricole S.A. and the Crédit Agricole Group presented a low cost of risk, with fourth quarter 2019 cost of risk on outstandings18 at 32 basis points and 20 basis points respectively, enabling today to fully implement public measures and support customers through the crisis. It is worth recalling that Crédit Agricole S.A. relies on a very diversified loan portfolio in terms of type of customers and sectors (no sector represents more than 4% of CASA’s total exposure19); and 73% of Corporate exposures are rated20 Investment Grade. The lessons learned from previous crises have led the Bank to significantly reduce its exposure to market risk. Crédit Agricole S.A. thus had a regulatory VaR (60 days average) of only €11.4 million in first quarter 2020.

    The solvency of the Group is moreover very strong: 15.5% Common Equity Tier 1 for the Crédit Agricole Group and 11.4% for Crédit Agricole S.A. in first quarter 2020, as well as 16.3% in Tier 1 (phased-in) for the Crédit Agricole Group and 12.9% for Crédit Agricole S.A. over the same period. The Group presents higher levels of capital than those presented in previous crises. In fact, Crédit Agricole Group and Crédit Agricole S.A.’s Tier 1 were respectively 11.2% and 11.9% in fourth quarter 2011, and 9.1% and 9.4% in fourth quarter 2008. In addition, the SREP requirement buffer remained comfortable in first quarter 2020: 6.6 pp for the Crédit Agricole Group and 3.5 pp for Crédit Agricole S.A.

    Lastly, the Crédit Agricole Group’s liquidity position is strong. The Group presents large eligible claim book and low asset encumbrance ratio (17.5% at end 2019 versus European average of 28%). Liquidity reserves amount to €338 billion in liquidity reserves in first quarter 2020, i.e. an increase by 40 billion euros from 31/12/2019. Lastly, stable resources position stand at 132 billion euros.

    Appendix 1 – Specific items, Crédit Agricole S.A. and Crédit Agricole Group

    Crédit Agricole S.A. – Specific items, Q1-20 and Q1-19

    Q1-20 Q1-19 In €m Gross impact*

    Impact on Net income

    Gross impact*

    Impact on Net income

    DVA (LC)   (19) (14) (8) (6) Loan portfolio hedges (LC)   123 81 (19) (14) Home Purchase Savings Plans (FRB)   (11) (7) (8) (5) Home Purchase Savings Plans (CC)   (29) (20) (13) (8) Total impact on revenues 63 40 (48) (33) Santander/Kas Bank integration costs (LC)   (4) (2) – – Donation Covid-19 (AG)   (38) (38) – – Donation Covid-19 Covid-19 (IRB)   (8) (4) –   Donation Covid-19 Covid-19 (CC)

    (10) (10) – Total impact on operating expenses (60) (54) Total impact of specific items 3 (14) (48) (33) Asset gathering (38) (38) French Retail banking (11) (7) (8) (5) International Retail banking (8) (4) Specialised financial services Large customers 100 66 (27) (20) Corporate centre (39) (30) (13) (8) * Impact before tax and before minority interests

    Crédit Agricole Group – Specific items, Q1-20 and Q1-19

    Q1-20 Q1-19 In €m Gross impact* Impact on Net income Gross impact* Impact on Net income DVA (LC)   (19) (14) (8) (6) Loan portfolio hedges (LC)   123 83 (19) (14) Home Purchase Savings Plans (LCL)   (11) (8) (8) (5) Home Purchase Savings Plans (CC)   (29) (20) (13) (8) Home Purchase Savings Plans (RB)   (75) (51) (78) (51) Total impact on revenues (12) (9) (126) (85) Santander/Kas Bank integration costs (LC)   (4) (2) – – Donation Covid-19 (AG)   (38) (38)     Donation Covid-19 (IRB)   (8) (4)     Donation Covid-19 (RB)   (10) (10) – – Donation Covid-19 (CC)

    (10) (10) – – Total impact on operating expenses (70) (64) Total impact of specific items (82) (73) (126) (85) Asset gathering (38) (38) French Retail banking (96) (68) (87) (57) International Retail banking (8) (4) Specialised financial services Large customers 100 67 (27) (20) Corporate centre (39) (30) (13) (8)

    * Impact before tax and before minority interests

    Appendix 2 – Crédit Agricole S.A.: Results by business line

    Crédit Agricole S.A.: Contribution by business line Q1-20 & Q1-19

    Q1-20 (stated) €m AG FRB (LCL) IRB SFS LC CC Totale Revenues 1,320 877 670 647 1,587 99 5,200 Operating expenses excl. SRF (806) (585) (430) (352) (884) (198) (3,254) SRF (7) (35) (16) (20) (200) (83) (360) Gross operating income 507 258 225 275 503 (182) 1,586 Cost of risk (19) (101) (115) (190) (160) (36) (621) Cost of legal risk – – – – – – – Equity-accounted entities 14 – – 72 2 3 90 Net income on other assets 4 0 1 0 (0) 0 5 Change in value of goodwill – – – – – – – Income before tax 505 157 111 157 345 (216) 1,060 Tax (122) (56) (37) (29) (56) 39 (261) Net income from discontinued or held-for-sale operations – – (0) – – – (0) Net income 383 101 74 128 289 (176) 799 Non controlling interests (65) (5) (22) (19) (16) (34) (161) Net income Group Share 318 96 52 109 273 (210) 638 Q1-19 (stated) €m AG FRB (LCL) IRB SFS LC CC Totale Revenues 1,469 861 677 681 1,339 (171) 4,855 Operating expenses excl. SRF (753) (593) (420) (342) (819) (177) (3,104) SRF (5) (30) (15) (18) (186) (78) (332) Gross operating income 711 238 241 320 334 (425) 1,419 Cost of risk 4 (44) (89) (107) 10 2 (225) Cost of legal risk – – – – – – – Equity-accounted entities 13 – – 78 (0) (6) 85 Net income on other assets 0 1 0 0 3 19 23 Change in value of goodwill – – – – – – – Income before tax 728 194 153 291 346 (410) 1,302 Tax (199) (69) (44) (64) (129) 111 (394) Net income from discontinued or held-for-sale operations (0) – – – – – (0) Net income 530 125 109 227 217 (299) 908 Non controlling interests (77) (6) (29) (33) (4) 4 (145) Net income Group Share 453 119 79 194 212 (295) 763

    Appendix 3 – Crédit Agricole Group: Results by business line

    Crédit Agricole Group: Contribution by business line Q1-20 & Q1-19

    Q1-20 (stated) €m RB LCL IRB AG SFS LC CC Totale Revenues 3,160 877 696 1,334 647 1,589 64 8,366 Operating expenses excl. SRF (2,263) (585) (450) (806) (352) (884) (208) (5,548) SRF (94) (35) (16) (7) (20) (200) (83) (454) Gross operating income 803 258 230 521 275 505 (228) 2,363 Cost of risk (307) (101) (117) (19) (190) (160) (37) (930) Cost of legal risk – – – – – – – – Equity-accounted entities 3 – – 14 72 2 – 91 Net income on other assets 0 0 1 4 0 (0) 0 5 Change in value of goodwill – – – – – – – – Income before tax 499 157 114 519 157 347 (264) 1,530 Tax (238) (56) (38) (126) (29) (56) 63 (481) Net income from discont'd or held-for-sale ope. – – (0) – – – – (0) Net income 261 101 76 393 128 290 (202) 1,048 Non controlling interests (1) (0) (17) (62) (19) (10) (30) (140) Net income Group Share 260 100 59 331 109 280 (232) 908 Q1-19 (stated) €m RB LCL IRB AG SFS LC CC Totale Revenues 3,411 861 1,461 702 681 1,338 (257) 8,196 Operating expenses excl. SRF (2,192) (593) (753) (439) (342) (819) (139) (5,277) SRF (90) (30) (5) (15) (18) (186) (78) (422) Gross operating income 1,129 238 703 248 320 333 (474) 2,497 Cost of risk (56) (44) 4 (88) (107) 10 1 (281) Cost of legal risk – – – – – – – – Equity-accounted entities 4 – 13 – 78 (0) – 95 Net income on other assets (0) 1 0 0 0 3 7 10 Change in value of goodwill – – – – – – – – Income before tax 1,077 194 720 160 291 345 (466) 2,321 Tax (463) (69) (197) (46) (64) (129) 119 (848) Net income from discont'd or held-for-sale ope. – – (0) – – – – (0) Net income 614 125 523 114 227 216 (346) 1,473 Non controlling interests (0) (0) (73) (24) (33) 0 7 (123) Net income Group Share 614 125 450 90 194 216 (339) 1,350

    Appendix 4 – Methods used to calculate earnings per share, net asset value per share

    Crédit Agricole S.A. – data per share

    (€m) Q1-20 Q1-19 Q1/Q1 Net income Group share – stated 638 763   -16.4% – Interests on AT1, including issuance costs, before tax (157) (141)   +11.5% NIGS attributable to ordinary shares – stated [A] 481 622 -22.7% Average number shares in issue, excluding treasury shares (m) [B] 2,883.1 2,863.3   +0.7% Net earnings per share – stated [A]/[B] 0.17 € 0.22 € -23.2% Underlying net income Group share (NIGS)   652 796   -18.1% Underlying NIGS attributable to ordinary shares [C] 495 655 -24.5% Net earnings per share – underlying [C]/[B] 0.17 € 0.23 € -25.0% (€m) 31/03/2020 31/12/2019 31/03/2019 Shareholder's equity Group share   62,637 62,921 61,800 – AT1 issuances   (5,128) (5,134) (6,109) – Unrealised gains and losses on OCI – Group share   (1,255) (2,993) (2,757) – Payout assumption on annual results*   – (2,019) (1,976) Net book value (NBV), not revaluated, attributable to ordin. sh. [D] 56,254 52,774 50,958 – Goodwill & intangibles** – Group share   (18,006) (18,011) (17,784) Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E] 38,248 34,764 33,174 Total shares in issue, excluding treasury shares (period end, m) [F] 2,881.7 2,884.3 2,863.7 NBV per share , after deduction of dividend to pay (€) [D]/[F] 19.5 18.3 € 17.8 € + Dividend to pay (€) [H] 0.00 € 0.70 € 0.69 € NBV per share , before deduction of dividend to pay (€) 19.5 € 19.0 € 18.5 € TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F] 13.3 12.1 € 11.6 € TNBV per sh., before deduct. de divid. to pay (€) [G]+[H] 13.3 12.8 € 12.3 €

    Alternative Performance Indicators

    NAVPS Net asset value per share – Net tangible assets per share

    One of the methods for calculating the value of a share. NAV per share is net equity Group share restated from AT1 issues divided by the number of shares outstanding at the end of the period.

    Net tangible assets per share is tangible net equity Group share, i.e. restated for intangible assets and goodwill, divided by the number of shares outstanding at the end of the period.

    NBV Net Book Value

    Net book value is net equity Group share, restated for AT1 issues, HTCS hidden reserves and proposed dividends on annual earnings.

    EPS Earnings Per Share

    Net income Group share (excluding AT1 issues interests) divided by the average number of shares outstanding, excluding Treasury shares. EPS indicates the portion of profits attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming net income Group share remains unchanged, if the number of shares increases (see Dilution).

    Cost/income ratio

    The cost/income ratio is calculated by dividing expenses by revenues, indicating the proportion of revenues needed to cover expenses.

    Cost of risk/outstandings

    Calculated by dividing cost of risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). The cost of risk on outstandings can also be calculated by dividing the annualised cost of risk of the quarter by the outstandings as of beginning of the period.

    Since the first quarter 2019, loans outstanding considered are only loans to customers, before impairment

    Impaired loans ratio:

    This ratio compares the gross impaired customer loans to total gross customer loans outstanding.

    Coverage ratio:

    This ratio compares the total loans loss reserves to the gross impaired customer loans outstanding.

    Net income Group share attributable to ordinary shares – stated

    Net income Group share attributable to ordinary shares is calculated as net income Group share less interest on AT1 instruments, including issue costs before tax.

    Underlying net income Group share

    Underlying net income Group share is calculated as net income Group share restated for specific items (i.e. non-recurring or exceptional items).

    ROE Return on Equity

    Indicator measuring the return on equity, calculated by dividing a company’s net income by its equity.

    RoTE Return on Tangible Equity

    Measures the return on tangible equity (the bank’s net assets restated to eliminate intangibles and goodwill).

    Disclaimer

    The financial information for first quarter 2020 for Crédit Agricole S.A. and the Crédit Agricole Group comprises this press release, the attached results slides and the appendices to the slides, available at https://www.credit-agricole.com/en/finance/finance/financial-publications.

    This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU delegated regulation 2019/980 of 14 March 2019 (chapter 1, article 1, d).

    This information was developed 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 in calculating market value and asset impairment.

    Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

    Applicable standards and comparability

    The figures presented for the three-month period ending 31 March 2020 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.

    Note: the scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2019 Universal Registration Document and its 2019 A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

    The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

    Since 30 September 2019, KAS Bank has been included in the scope of consolidation of the Crédit Agricole Group as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a joint-venture between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma basis.

    Since 23 December 2019, CACEIS and Santander Securities Services (S3) have merged their operations. As of said date, Crédit Agricole S.A. and Santander respectively hold 69.5% and 30.5% of the capital of CACEIS.

    Financial agenda

    13 May 2020                   Shareholders’ meeting in Paris6 August 2020                Publication of second quarter and first half 2020 results4 November 2020                       Publication of third quarter and first nine months 2020 results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    Charlotte de Chavagnac         + 33 1 57 72 11 17                                charlotte.dechavagnac@credit-agricole-sa.frOlivier Tassain                           + 33 1 43 23 25 41                                olivier.tassain@credit-agricole-sa.frBertrand Schaefer                    + 33 1 49 53 43 76                                bertrand.schaefer@ca-fnca.fr

    CREDIT AGRICOLE S.A INVESTOR RELATIONS CONTACTS

    Institutional shareholders + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr Individual shareholders + 33 800 000 777 (freephone number – France only) credit-agricole-sa@relations-actionnaires.com       Clotilde L’Angevin + 33 1 43 23 32 45 clotilde.langevin@credit-agricole-sa.fr Equity investors: Toufik Belkhatir + 33 1 57 72 12 01 toufik.belkhatir@credit-agricole-sa.fr Joséphine Brouard + 33 1 43 23 48 33 Joséphine.brouard@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 Ibrahima Konaté + 33 1 43 23 51 35 ibrahima.konate@credit-agricole-sa.fr Vincent Liscia  + 33 1 57 72 38 48 vincent.liscia@credit-agricole-sa.fr Annabelle Wiriath + 33 1 43 23 55 52 annabelle.wiriath@credit-agricole-sa.fr Credit investors and rating agencies: Caroline Crépin + 33 1 43 23 83 65 caroline.crepin@credit-agricole-sa.fr Marie-Laure Malo + 33 1 43 23 10 21 marielaure.malo@credit-agricole-sa.fr Rhita Alami Hassani + 33 1 43 23 15 27 rhita.alamihassani@credit-agricole-sa.fr

    See all our press releases at: www.credit-agricole.com – www.creditagricole.info

    Crédit_Agricole Crédit Agricole Group créditagricole_sa

    1 In this press release, the term “underlying” refers to intermediary balances adjusted for the specific items described on p.23 onwards

    2 Based on SREP requirement of 8.9% at 02/04/2020 (including France’s counter-cyclical buffer, applicable from 02/04/2020).

    3 Based on SREP requirement of 7.9% at 02/04/2020 (including France’s counter-cyclical buffer, applicable from 02/04/2020).

    4 Underlying, excluding specific items. See p.23 and onwards for more details on specific items.

    5 Cost of risk on outstandings (in annualised basis points)

    6 12-month average ratio

    7 Underlying, excluding specific items. See p.23 and onwards for more details on specific items.

    8 Excluding the Corporate Centre.

    9 Cost of risk on outstandings (in annualised basis points)

    10 See p.23 for more details on specific items related to Crédit Agricole S.A.

    11 Equipment rate: percentage of individual banking customers holding at least one insurance product (Pacifica estimates). Scope: auto, home, health, life accidents and legal protection insurance.

    12 Excluding foreign exchange impact.

    13 Excluding forex effect

    14 Including the relaxation of France’s counter-cyclical buffer, as from 02/04/2020.

    15 Including the relaxation of France’s counter-cyclical buffer, as from 02/04/2020.

    16 Intra-quarter leverage refers to the average of the end of month exposures for the first two months of said quarter.

    17 Return on Tangible Equity

    18 Cost of risk on outstanding (in basis point over a rolling four quarter period)

    19 Exposure at Default

    20 Internal methodology, 03/2020

    Credit Agricole Sa: résultats du premier trimestre 2020
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