Crédit Agricole, accounts: the latest news

The Italian province is confirmed as one of the brightest in the empire of the French credit giant Crédit Agricole which achieved a reported net profit in 2022 of 8.144 billion euros on 38.162 billion in revenues. In turn, in fact, the Crédit Agricole Italia group recorded an aggregate net result of 1.1 billion in 2022 (1,097 million, +11% year on year), of which 857 million pertaining to the Credit Agricole group.

Crédit Agricole is present in Italy, its second domestic market, with 17 thousand collaborators and 5.5 million customers and is led by Giampiero Maioli. Commercial activity continues to be dynamic, with total loans to the economy amounting to 99 billion euros and total funding of 317 billion. The consolidated net profit of the Crédit Agricole Italia banking group alone amounted to 433 million (+22% year on year adjusted) and amounted to 559 million euro including the effects of the one-off tax realignment and the charges deriving from the acquisition of Creval.

Revenues grew by +2.1% year over year adjusted. The trend is driven by the performance of the interest margin, which shows a growth of +5.7% year on year. The ratio of net non-performing loans, on the other hand, drops to 1.8% and the ratio of gross non-performing loans stands at 3.3%.

The capital position is confirmed as solid – a note explains – «the Common Equity Tier 1 Fully Loaded at 13.0%3 , and Total Capital Ratio at 18.3%, with capital levels well above the minimum requirements assigned by the ECB for 2022″.

As mentioned, globally Crédit Agricole closes 2022 with a net profit of 8.1 billion. The result is down 10.5% on 2021, but with a historic result in the fourth quarter with over 1.5 billion in profit and revenues close to 6 billion, both above estimates. The dividend is stable: €1.05 per share (distribution of 50% in cash, plus €0.20/share relating to the 2019 dividend). Customers are growing, 1.9 million new ones between France, Italy and Poland. “These are strong and solid results – emphasizes the CEO Philippe Brassac – in a context of shock and adaptation and which confirm the relevance of the universal bank model”.