Credit Agricole Sa · EURONEXT:ACA
Credit Agricole Sa — Q1 2023 Earnings Presentation
22 slides from Credit Agricole Sa's earnings presentation, May 10, 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 2023 FIRST QUARTER RESULTS
Slide 2: Philippe Brassac message
Working every day in the interest of our customers and society Philippe Brassac 2023 FIRST QUARTER RESULTS « Crédit Agricole is a "multi-universal" bank: active in all types of markets, in all regions, serving the greatest number of people, and organised to provide a global response to its customers
Slide 3: Excellent results for the universal banking model
EXCELLENT RESULTS FOR THE UNIVERSAL BANKING MODEL Q1 2023 Q1 2023 Reported Underlying Crédit Agricole S.A. Crédit CréditAgricole S.A. Agricole S.A. Crédit Agricole Crédit Agricole S.A.S.A. RoTE Net income Group share €1,226m €1,249m >14% 11.6% x2.1 Q1/Q1 +61.1% Q1/Q1 Solvency ROTE (Phased-in CET1) U
Slide 4: A naturally inclusive model with potential for constant development
CRÉDIT AGRICOLE GROUP A NATURALLY INCLUSIVE MODEL WITH POTENTIAL FOR CONSTANT DEVELOPMENT +555,000 new customers in Q1-23 29,7% 29,5% 27,4% 22,2% 18,5% 14,7% 6,5% RB : 43% (+0.5 pp Q1/Q1) 2,6% LCL: 27% (+0.9 pp Q1/Q1) Increase in the equipment rate for property and casualty insurance +15.8% +€2.4bn
Slide 5: Revenues at an all-time high, up +10.4%
CRÉDIT AGRICOLE S.A. REVENUES AT AN ALL-TIME HIGH, UP +10.4% +10.4% 6 153 Asset gathering and insurance Large customers 5 575 5 508 Stated 5 137 revenues Q1 23 4 900 4 903 4 779 Retail banking Specialized financial services T1-17 T1-18 T1-19 T1-20 T1-21 T1-22 T1-23 Increase in underlying revenues pe
Slide 6: Coverage ratio among the best in Europe
CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. COVERAGE RATIO AMONG THE BEST IN EUROPE NPL coverage ratio Crédit Agricole Group 2.1% Low Non Performing Loans ratio Stable Q1-23/Q4-22 Crédit Agricole Group €20bn Loan loss reserves up 6 2023 FIRST QUARTER RESULTS
Slide 7: Accelerating transitions to serve all our customers
ACCELERATING TRANSITIONS TO SERVE ALL OUR CUSTOMERS Targets confirmed 2025 Ambitions Scaled rollout • New Leasys JV, European leader in the automotive long-term leasing sector, New mobilities with Stellantis >1M of vehicles in long- • 100% takeover of CA Auto Bank (formerly FCA Bank) and of Drivalia
Slide 8: Jérôme Grivet: Excellent results this quarter
Working every day in the interest of our customers and society Jérôme Grivet 2023 FIRST QUARTER RESULTS Excellent results this quarter 8 2023 FIRST QUARTER RESULTS
Slide 9: Q1 2023 key figures
Q1 2023 KEY FIGURES CAG Crédit Agricole S.A. Reported Reported Reported net income €1,669m €1,226m Group share +23.6% Q1/Q1 x2.1 Q1/Q1 Specific items -€24m -€23m Cost/ CAG 59.0% income ratio Underlying Underlying excluding SRF CASA 54.1% Revenues €8,959m €6,153m +1.8% Q1/Q1 +10.4% Q1/Q1 Operating ex
Slide 10: Excellent commercial momentum for the Group
CRÉDIT AGRICOLE GROUP EXCELLENT COMMERCIAL MOMENTUM FOR THE GROUP CIB – Leading positions Record business in Insurance and CIB, robust activity in consumer T1 finance #1 – Syndicated loans in France(3) • Record unit-linked premium income of €2.4 billion, dynamic activity in property and casualty #1
Slide 11: Sustained activity in the regional banks
CRÉDIT AGRICOLE GROUP SUSTAINED ACTIVITY IN THE REGIONAL BANKS Customer assets (€bn) Customer capture: +321K new customers in Q1(1) +2,6% On-balance sheet deposits +3.1% over one year Loans outstanding: +5.5% year on year Loan production: 839,3 854,9 861,0 ΔMarch/March ∆ Mars/Mars 280,1 278,
Slide 12: Underlying revenues +10.4% Q1/Q1, thanks to diversified business mix
CRÉDIT AGRICOLE S.A. CASA REVENUES +10.4% UNDERLYING, +12.6% EXCLUDING REDUCED TLTRO RATE Q1/Q1 change in revenues by division – €m, in accordance with Underlying revenues +10.4% Q1/Q1, IFRS 17 thanks to diversified business mix +10,4% +578 m€ Insurance revenues +32%: base effect (Q1-22 market +9,
Slide 13: Positive jaws effect excl. SRF +3.5 pp
CRÉDIT AGRICOLE S.A. POSITIVE JAWS EFFECT EXCL. SRF +3.5 PP, +5.7 PP EXCL. TLTRO EFFECT Q1/Q1 change in underlying expenses excluding SRF, by division, in SRF down -19.4% to €513m accordance with IFRS 17 due to lower deposit growth in Europe +6,9% +214 m€ +6,2% +195 m€ Stated expenses excluding SRF
Slide 14: Low cost/income ratio at 54.1%
CRÉDIT AGRICOLE S.A. LOW COST/INCOME RATIO AT 54.1% Lower cost/income ratio → Cost/income ratio excluding SRF down by -1.8 pp Q1/Q1 pro-forma IFRS 17 → MTP target revised from 60% to 58% (under IFRS 17 effects) 14 2023 FIRST QUARTER RESULTS
Slide 15: Very high capital and liquidity positions
CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. VERY HIGH CAPITAL AND LIQUIDITY POSITIONS Capital position Liquidity one of the strongest banks in Europe Stable customer deposits High level of liquidity reserves Best capital position among G-SIBs in Europe(1) Deviation from SREP in Q1 2023 Crédit Agricol
Slide 16: Increase in loan loss reserves, low cost of risk
INCREASE IN LOAN LOSS RESERVES, LOW COST OF RISK Crédit Agricole Group – Loan loss reserves (in €bn) Low Non Performing Loans ratio Crédit Agricole Group 19,5 19,6 19,9 20,0 19,0 18,9 2.1% Stable Q1-23/Q4-22 11,2 11,3 11,5 11,6 11,0 13,6 High coverage ratio(1) Crédit Agricole Group 5,4 7,9 8,3 8,3 8
Slide 17: Excellent quarter for CASA: change in underlying net income by division
EXCELLENT QUARTER FOR CASA Q1/Q1 change in underlying net income Group share, by division – €m +61,1% 474 m€ x2,1 655 m€ +247 1 226 1 249 +419 (94) 776 (37) 571 +120 T1-22 sous- T1-22 publié GEA GC SFS BP AHM T1-23 publié T1-23 sous- jacent jacent AG: Asset gathering; LC: Large customers; SFS: Speci
Slide 18: 2023 First Quarter Results
18 2023 FIRST QUARTER RESULTS
Slide 19: Asset gathering: Crédit Agricole Assurances, Amundi, Wealth management
CRÉDIT AGRICOLE S.A. ASSET GATHERING Crédit Agricole Assurances Amundi Wealth management • Savings/Retirement: gross inflows €8.2bn. Net unit-linked • Assets under management: €1,934bn (+1.6% vs Dec. • Net inflows +€0.7bn(2) in Q1 inflows +€2.4bn (45.8% of gross unit-linked inflows, +4.8 pp 2022) •
Slide 20: Large customers: Crédit Agricole CIB, CACEIS
CRÉDIT AGRICOLE S.A. LARGE CUSTOMERS Crédit Agricole CIB CACEIS • Record commercial performance and income (underlying income +20.9% Q1/Q1) • Assets: assets under custody €4.2bn, assets under administration €2.2bn • Capital markets and investment banking: +36.8% Q1/Q1 on an underlying basis. Excelle
Slide 21: Specialised financial services
CRÉDIT AGRICOLE S.A. SPECIALISED FINANCIAL SERVICES CA Consumer Finance CA Leasing & Factoring • Production +15.8% Q1/Q1, driven by automotive(1) (+38.5%) and international • Consolidated gross loans: €17.8bn, +7.5% vs. March 2022, of which +4% on renewable energy • Assets under management +€11.6bn
Slide 22: Retail banking: LCL, Crédit Agricole Italy, International
CRÉDIT AGRICOLE S.A. RETAIL BANKING LCL Crédit Agricole Italy International • Loans outstanding outstandings +8.2% March/March on • Gross customer capture +39,000 new customers in • Gross customer capture Poland +90K all markets; production(1) +6.2% Q1/Q1 on small Q1 customers businesses, -22%(2) on