For Crédit Agricole, the 2021 harvest will have been good. After a slow year in 2020 with the first confinement, the bank’s net income for its listed activities was thus multiplied by 2.2 between 2020 and 2021, i.e. a difference of around 3.1 billion euros from a year on year to exceed 5 billion euros. If we take into account the group’s other activities, in particular its regional mutuals, the net result is 9.1 billion euros. A figure that approaches the performance of BNP Paribas.
But the group naturally also benefits from the recovery of activity. Net banking income increased by 10.5% over one year to €22.5 billion in all these businesses despite a significant increase in expenses (+7.8%). In addition, the cost of risk to possibly face any unpaid bills in 2021 will have been much lower than the previous year with 1.5 billion in provisions against 2.6 billion in 2020.
The group, which has around 25 million customers, claims 1.2 million new customers in its regional offices in its retail networks.
One year ahead of its goals
The mutual bank must present its new strategic plan on June 22. This plan should be marked by “accompanying the transitions” of customers, according to its managing director. The group will implement its ambitions in terms of leasing and automobile credit. Indeed, the bank will soon own 100% of FCA Bank, the joint venture hitherto co-owned with the manufacturer Stellantis (Peugeot, Citroën, Fiat, etc.).
“The group is keeping its commitments over the long term and it has managed to achieve its objectives of its 2022 strategic plan even a year ahead of schedule,” said Philippe Brassac, CEO of Crédit Agricole SA.
In this context, the profitability of Crédit Agricole SA thus reached a level rarely achieved in the banking sector of 13.1%. This allows it to boost its dividend to 1.05 euros, including 0.2 euros for the catch-up of the dividend not paid in 2020 for the 2019 financial year, due to the restrictions imposed by the European Central Bank during the pandemic. .