Bulletin: Crédit Agricole Reports Resilient Performance In The Second Quarter Amid COVID-19

PARIS (S&P Global Ratings) Aug. 7, 2020--S&P Global Ratings today said that the €1.5 billion in net income (group share) Crédit Agricole group (A+/Negative/A-1) reported in the second quarter demonstrates the group's resilience, supported by its diverse business model and well-entrenched franchises. But it also highlights the severe operating conditions and credit risks that large European banks are facing. While the underlying cost-to-income ratio was stable at just above 65% (including the contribution to the Single Resolution Fund), the net income (group share) reported for the first half was €2.4 billion, down from €3.2 billion in the same period of 2019. Those results are in line with our expectations set in April, when we revised the outlook to negative from

...August 7, 2020 PARIS (S&P Global Ratings) Aug. 7, 2020--S&P Global Ratings today said that the 1.5 billion in net income (group share) CrTdit Agricole group (A+/Negative/A-1) reported in the second quarter demonstrates the group's resilience, supported by its diverse business model and well-entrenched franchises. But it also highlights the severe operating conditions and credit risks that large European banks are facing. While the underlying cost-to-income ratio was stable at just above 65% (including the contribution to the Single Resolution Fund), the net income (group share) reported for the first half was 2.4 billion, down from 3.2 billion in the same period of 2019. Those results are in line with our expectations set in April, when we revised the outlook to negative from stable (see "Outlooks On Credit Agricole Banking Entities Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed," published April 23, 2020). As we said in April, we think that CrTdit Agricole entered...

Bulletin