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Credit Agricole SA ACA

Rating as of

Morningstar’s Analysis

Valuation
Currency in EUR
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Credit Agricole Third-Quarter 2021 Results; Earnings Beat but Expenses Ticking Up

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

No-moat Credit Agricole reported pretax profits of EUR 2.1 billion for the third quarter of 2021, a 27% year-on-year increase and 14% higher than the EUR 1.9 billion the consensus collected by Credit Agricole had penciled in for the quarter. Loan loss provisions came in 40% lower than expected, and this was the main driver of the earnings beat. The 56% year-on-year decline in loan loss provisions was also the main driver of earnings growth. Expenses grew at 9% year on year, outstripping revenue growth of 7%. We maintain our EUR 15 per share fair value estimate and our no-moat rating.

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Company Profile

Business Description

Credit Agricole is majority-owned by a group of 39 regional French banks. Credit Agricole houses all of the Credit Agricole Group's interests except for the retail and commercial banking operations of the regional banks. This includes Credit Agricole's corporate and investment banking and insurance operations, its international operations, notably Cariparma in Italy, Credit Lyonais a separately branded French retail bank as well as Credit Agricole's majority interest in separately listed asset manager Amundi.

Contact
12 place des Etats-Unis, Montrouge Cedex
Paris, 92127, France
T +33 143235202
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 75,791

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