Crédit Agricole Reports Second Quarter 2020 Results

Crédit Agricole Group reported its financial results for the second quarter and first half of 2020. The group's underlying net income for the second quarter stood at €1,785 million, a decrease of 3.3% year-on-year. For the first half of 2020, the underlying net income reached €2,767 million, marking a 15.7% decline.

The bank saw a stable trend in underlying revenues for the second quarter, while underlying gross operating income increased by 5.4% to €3,398 million. The financial institution highlighted its "Universal Customer-focused Banking" model, which attracted 685,000 new retail banking customers in the first half. Total loan outstandings, excluding state-guaranteed loans, grew by 5.9%.

Crédit Agricole maintained a strong solvency position, with its CET1 ratio at 16.1% as of June 30, 2020, significantly exceeding regulatory requirements. The bank had €20.1 billion in provisions for loan losses, with a stable non-performing loan ratio of 2.4% and an increased coverage ratio of 84.5%.

Crédit Agricole S.A., the group's specific entity, reported an underlying net income of €1,107 million for the second quarter, down 10.9%. Its stated net income was €954 million.

The group also provided for a dividend of €0.15 per share for the second quarter.