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Consolidated results of Groupe Crédit Foncier

The Group share of net income in 2017 was €33m.

Crédit Foncier’s main consolidated financial indicators at December 31, 2017 were as follows:

  • Loan production: €11.8bn
  • Outstandings (end of year): €85.8bn
  • Net banking income: €555m
  • Group share of net income: €33m
  • Total assets: €114.3bn
  • Consolidated equity (group share): €3.7bn
  • Consolidated European capital adequacy ratio: 12.6%, of which Common Equity Tier One (CET1): 10.3%

(in €m) 2017 2016 Change, in %
Net banking income (NBI) 555 979 -30
Operating expenses -473 -511 -7
Gross operating income 82 286 -71
Cost of risk -81 -120 -33
Gains or losses on other assets* -21 4 na
Income before tax 54 -115 na

*The assets of the subsidiary Banco Primus (according to IFRS 5)

Net banking income amounted to €555m, down by 30%  on 2016,   mainly  due   to  the   decline in Net interest margin impacted by a high level of early repayments given the low rate environment.

Operating expenses totalled €473m in 2017, including €24m of contribution to Single Resolution Fund (SRF). In 2016, operating expenses accounted for €511m including €19m contribution to SRF. Consequently, operating expenses excluding SRF contribution illustrate the continuous efforts aimed at cost savings.

Cost of risk stands at €81m vs. €120m.

The gain on other assets includes the consequences of divestments of non-strategic holdings.

Therefore, the Group share of net income stands at €33m in 2017 compared with €57m a year earlier.