Crédit Agricole Group: Solid Revenue Generation in Q4 2020 Despite Higher Cost of Risk
Crédit Agricole Group's (CA or the Group) reported net income group share of EUR 530 million in Q4 2020, compared to EUR 2.2 billion for the same period last year. Excluding specific items (such as the goodwill impairment for CA Italia at a negative EUR 884 million), the underlying net income group share was EUR 1.4 billion, down 28.1% YoY. For FY 2020, CA's underlying net income group share was EUR 6.1 billion, down 14.8% YoY. Q4 2020 results were supported by revenue growth on the back of a solid performance in the Large Customer, Asset Gathering and French Retail Banking business lines and cost control. Nevertheless, these positives were offset by the higher cost of risk due to COVID-19.
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