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Credit Agricole SA ACA

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Morningstar’s Analysis

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Solid Earnings Beat in Credit Agricole's Q4, With Intriguing Dividend Option

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

No-moat Credit Agricole reported pretax profits of EUR 712 million for the final quarter of 2020, but this was materially distorted by a EUR 903 million goodwill impairment charge. Excluding this impairment, pretax profit came to EUR 1.6 billion, in line with what the group reported for the fourth quarter of 2019. Revenue growth of 3%, supported by flat cost growth, led to a 9% increase in preprovision profits. The consensus of analysts polled by the company itself expected pretax profit of only EUR 1.1 billion for the quarter. Revenue came in 5% higher than expected, driving a 10% increase in preprovision profits. Loan-loss provisions for the quarter came to EUR 538 million, materially lower than the EUR 827 million provision analysts expected. We maintain our EUR 10 fair value estimate and 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.

12 place des Etats-Unis, Montrouge Cedex
Paris, 92127, France
T +33 143235202
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 75,791