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Eurazeo stake sale lifts Crédit Agricole SA Q2 result

Crédit Agricole SA's second-quarter net income group share rose 16.6% to €1.35 billion from €1.16 billion a year earlier after booking a €107 million capital gain on the disposal of its stake in French investment firm Eurazeo.

Excluding this gain and other specific items, second-quarter underlying net income group share totaled €1.17 billion.

EPS for the period rose to 44 cents from 39 cents in the second quarter of 2016. The S&P Capital IQ consensus mean estimate was a normalized EPS of 32 cents for the period.

Second-quarter revenues totaled €4.71 billion, down from €4.74 billion a year ago. The cost of credit risk was down 21.3% year over year on an underlying basis to €351 million.

Net income group share at the regional banks was €715 million, down from €780 million in the second quarter of 2016.

Crédit Agricole SA's fully loaded common equity Tier 1 ratio stood at 12.4% at the end of June, up by 55 basis points from that at March-end.

First-half net income group share totaled €2.20 billion, up from the year-ago €1.39 billion. The underlying net income group share for the period was €2.07 billion, up 70.4% on a yearly basis from €1.21 billion. Annualized return on equity, excluding tangibles, 11.3% for the first half, up significantly compared to that for the full year 2016 due to an improvement in most of its businesses, according to the company.

Crédit Agricole Group, meanwhile, booked first-half net income group share of €3.71 billion, up from €2.76 billion a year earlier. On an underlying basis, the net income group share for the period was €3.66 billion, up from €2.87 billion a year ago.

The group's second-quarter net income group share of €2.11 billion, up 8.5% year over year from €1.94 billion. The group posted revenues of €7.93 billion, compared to €8.27 billion a year earlier.

The group's fully loaded CET1 ratio was 15.0% at June 30, up 50 basis points from the result at the end of March.

"All businesses delivered improved business momentum, reflected in good revenue and earnings growth, boosted by exceptionally good control over costs and risk," Credit Agricole SA CEO Philippe Brassac said.