Credit Agricole Sa · EURONEXT:ACA
Credit Agricole Sa — Q4 2022 Earnings Presentation
28 slides from Credit Agricole Sa's earnings presentation, Feb 9, 2023
Slide 1: Working every day in the interest of our customers and society
WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY RESULTS FOURTH QUARTER & FULL YEAR 2022
Slide 2: Working every day in the interest of our customers and society – Dominique Lefebvre
Working every day in the interest of our customers and society Dominique Lefebvre RESULTS FOR THE 4TH QUARTER AND THE FULL YEAR 2022 Our up-to-date model, based on universality and utility, stands out through its capacity to meet the needs of all our customers, to contribute significantly to the fin
Slide 3: Working every day in the interest of our customers and society – Philippe Brassac
Working every day in the interest of our customers and society Philippe Brassac RESULTS FOR THE 4TH QUARTER AND THE FULL YEAR 2022 Strong and solid results, in a context of shocks and adaptation. They confirm the relevance of the Universal Customer-focused banking model, geared towards providing com
Slide 4: Fundamentally strong and solid results for Crédit Agricole Group
CRÉDIT AGRICOLE GROUP FUNDAMENTALLY STRONG AND SOLID RESULTS FOR CRÉDIT AGRICOLE GROUP Net income Group share – in million euros 2022 Underlying revenues +13.1% €37,682m +2.6% 2022/2021 9,101 473 8,144 Underlying net income Group share 6,845 7,198 6,536 4,689 €7,909m 4,825 -7.1% 2022/2021 Reported n
Slide 5: One of the most solid positions in Europe
CRÉDIT AGRICOLE GROUP ONE OF THE MOST SOLID POSITIONS IN EUROPE Non-performing loan coverage ratio among the highest in Europe Crédit Agricole S.A. Crédit Agricole Group Increase in Loan loss reserves Crédit Agricole Group €19.9bn 83% Crédit Crédit Agricole S.A. Agricole Group 70% Crédit Agricole S.
Slide 6: Crédit Agricole S.A. results: absorption of the Russia/Ukraine provisioning impact
CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE S.A. RESULTS: ABSORPTION OF THE RUSSIA/UKRAINE PROVISIONING IMPACT Crédit Agricole S.A. – Reported Net income Group Share Q4 2022 2022 variation 2022/2021 Underlying Revenues Underlying Revenues €6,032m €23,733m -7% 2022 -12% +4.4% Q4/Q4 +4.8% 2022/2021 -16% 2021
Slide 7: Crédit Agricole S.A. results at historical high
CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE S.A. RESULTS AT HISTORICAL HIGH Net income Group share – in millions of euros Crédit Agricole S.A. ROTE(1) 12.6% +12.2% 5,844 5,437 4,844 421 4,401 3,541 3,649 2,692 Crédit Agricole S.A. Cost/income ratio(1) -109 -180 58.2% -528 +0.5 pp 2022/2021 2016 2017 2018 2
Slide 8: A global relationship banking model, ever more adapted to our customers' needs
CRÉDIT CRÉDITAGRICOLE AGRICOLEGROUP S.A. A GLOBAL RELATIONSHIP BANKING MODEL, EVER MORE ADAPTED TO OUR CUSTOMERS’ NEEDS An intrinsic development model based on a global An attractive model relationship with customers through competitive and Gross customer capture innovative business lines at their s
Slide 9: Dynamic development in strong and complementary business lines
CRÉDIT AGRICOLE S.A. DYNAMIC DEVELOPMENT IN STRONG AND COMPLEMENTARY BUSINESS LINES Creating a European leader in Automotive LLD • Entry into effect of the CACF/Stellantis exclusive partnership in H1 2023 • Top 5 Europe > 1m vehicles in 2026 • New consolidated FCA: €10bn in loans in Europe in 2026 >
Slide 10: Societal responsibility 100% integral to our model
SOCIETAL RESPONSIBILITY 100% INTEGRAL TO OUR MODEL → Entry-level offers: at the Banque au Quotidien (Daily Banking) (EKO and LCL Essentiel, ~200k Utility for all customers, customers, Protected budget 130k customers, Propulse by CA for self employed professionals) from the most fragile to the → Offe
Slide 11: 2022 value-sharing: more than ¾ of the results are retained
CRÉDIT AGRICOLE GROUP 2022 VALUE-SHARING : MORE THAN ¾ OF THE RESULTS ARE RETAINED IN ORDER TO BE REINVESTED IN THE ECONOMY 38.2 -10.8 -6.8 -7.4 8.1 -2.9 -0.7 -1.3 75% of the result retained -0.4 €6.1bn -1.6 Reportable Employees Suppliers Taxes Cost of risk Minority Others Reported net AT1 interest
Slide 12: Jérôme Grivet – Results for the 4th quarter and full year 2022
Working every day in the interest of our customers and society Jérôme Grivet RESULTS FOR THE 4TH QUARTER AND THE FULL YEAR 2022 Result at historical high in Q4 for Crédit Agricole S.A. to which all business lines contributed. All financial indicators over the year were higher than the 2022 Medium-Te
Slide 13: Regional Banks: buoyant activity, increase in loan loss reserves
CRÉDIT AGRICOLE GROUP REGIONAL BANKS Buoyant activity, increase in loan loss reserves Customer assets (€bn) Q4 2022 2022 +1.8% Underlying Underlying Underlying revenues €3,428m €13,776m 839.5 843.6 854.9 ∆ Dec./Dec. -4.7% Q4/Q4 -1.7% 2022/2021 278.2 285.6 271.2 (2.6%) Underlying net income €510m €2,
Slide 14: Excellent quarter, 2022 net income at €5.5bn
CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE S.A. RESULTS Excellent quarter, 2022 net income at €5.5bn, a sharp increase over two years Change in underlying Net Income Group Share by business line (€m) Quarters Years +57.0% €556m +42.1% €1,620m +1.3% €71m +6.7% €96m +25 +126 30 154 67 66 5,468 +95 1,531 5,3
Slide 15: Return on tangible equity (ROTE) very high at 12.6% in 2022
CRÉDIT AGRICOLE S.A. PROFITABILITY Return on tangible equity (ROTE) very high at 12.6% in 2022 Underlying ROTE(1) since 2017 Annual dividend in €/share Underlying RoTE(1) since 2017 Annual dividend in €/share 12.7% 13.1% 12.6% 11.9% 1.05 1.05 11.1% 9.3% 9.8% 0.80 0.20 0.20 8.8% 0.70 8.0% 8.2% 0.69 0
Slide 16: Revenues: strong increase over an already record year
CRÉDIT AGRICOLE S.A. REVENUES Strong increase over an already record year in 2021 Change in underlying revenues by business line (€m) Growth of underlying quarterly revenues since 2017 (€m) +13.8% €733m Quarters +4.4% €253m +214 +20 +57 +329 6,032 5,779 -366 5,299 +11.0% for the business lines Q4-
Slide 17: Expenses: positive jaws Q4/Q4 and 12M/12M for the business lines
CRÉDIT AGRICOLE S.A. EXPENSES Positive jaws Q4/Q4 and 12M/12M for the business lines Change in underlying expenses, excl. SRF, by business line +10.4% €333m Jaws +0.9 pp Q4/Q4 Quarters +3.4% €118m Jaws +1.6 pp for the business lines at constant scope 3,208 3,423 +79 +49 +8 +6 3,541 2022/2021(1
Slide 18: Cost/income ratio well below the MTP target
CRÉDIT AGRICOLE S.A. OPERATIONAL EFFICIENCY Cost/income ratio well below the MTP target Cost/income ratio(1)/Comparison with European peers(2) 72.6% 72.6% 71.8% 69.4% 68.9% 68.6% 65.5% 63.8% 63.3% 62.9% 61.0% 61.3% 62.8% 62.1% 61.0% 59.6% 57.8% 58.2% 2017 2018 2019 2020 2021 2022 Average of 10 major
Slide 19: Asset quality and risk
CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. ASSET QUALITY AND RISK Loan loss reserves high and cost of risk lower than the 2025 MTP assumptions Crédit Agricole S.A. – Loan loss reserves in €bn Cost of risk Crédit Agricole S.A. 10.1 10.0 9.7 10.3 10.4 32 bp /36 bp (3) (4) 9.6 9.6 9.3 9.3 9.2 9.2 8.9*
Slide 20: Business lines: Asset gathering
CRÉDIT AGRICOLE S.A. BUSINESS LINES Asset gathering Crédit Agricole Assurances Amundi Wealth management • Master Agreement with Banco BPM on a long-term • Assets under management: €1,904bn (+€8.7bn • High net inflows Q4 (+€0.9bn) distribution partnership in non-life insurance and creditor Dec./Sept.
Slide 21: Business lines: Large Customers
CRÉDIT AGRICOLE S.A. BUSINESS LINES Large Customers CACIB CACEIS • Record performance in Q4 and over the year, revenues up sharply +12.4% at • Assets: assets under custody (AuC) €4.1tn, assets under constant foreign exchange. Q4/Q4 and +7.3% at constant forex. 2022/2021 administration (AuA) €2.2tn •
Slide 22: Business lines: Specialised Financial Services
CRÉDIT AGRICOLE S.A. BUSINESS LINES Specialised Financial Services CA Consumer Finance CA Leasing & Factoring • CACF/Stellantis agreement: positive income impact expected in 2025 • Impact of launch of ESG factoring • Creation of an automotive financing JV CACF/Cosmobilis intended to operate • Acquis
Slide 23: Business lines: Retail banking
CRÉDIT AGRICOLE S.A. BUSINESS LINES Retail banking LCL Crédit Agricole Italy International • Gross customer capture +342,300 new customers in • Gross customer capture +150,000 new customers in • Commercial activity up in Poland and 2022 2022 Egypt: loans(4) +8.8% Q4/Q4, on-balance sheet deposits(4)
Slide 24: All financial indicators are in line with the MTP targets
CRÉDIT AGRICOLE S.A. 2025 AMBITIONS All financial indicators are in line with the MTP targets Targets 2022 targets 2022 2025 Net income > €5bn €5.5bn > €6bn Group share ROTE > 11% 12.6%(1) > 12% Cost/income < 60% 58.2% < 60%(2) ratio excl. SRF CET1 target 11% 11.2% 11%(3) 50% €1.05 dividend 50% Payo
Slide 25: Appendices
Appendices 25 FOURTH QUARTER AND FULL YEAR 2022 RESULTS
Slide 26: Crédit Agricole S.A. key figures
CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE S.A. KEY FIGURES Q4 2022 2022 Underlying(1) Underlying(1) Cost/ 58.2% Revenues €6,032m €23,733m Income ratio(2) +0.5 pp 2022/2021 +4.4% Q4/Q4 +4.8% 2022/2021 Operating expenses -€3,541m -€13,822m excl. SRF +3.4% Q4/Q4 +5.7% 2022/2021 €2,491m €9,264m Solvency 11.2
Slide 27: Crédit Agricole Group key figures
CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE GROUP KEY FIGURES Q4 2022 2022 Underlying(1) Underlying(1) Cost/ 62.3% Revenues €9,497m €37,682m Income ratio(2) +1.7 pp 2022/2021 +1.2% Q4/Q4 +2.6% 2022/2021 Operating expenses -€6,080m -€23,476m excl. SRF +4.6% Q4/Q4 +5.5% 2022/2021 €3,416m €13,403m Solvency 1
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