Considered the largest network of cooperative and mutual banks in the world, Crédit Agricole is a reference in its sector. During the year 2021, the group recorded positive sales results. In this year's financial year, the company's turnover reached 22.6 billion euros.
In the first quarter of 2021, Crédit Agricole recorded underlying net banking income of €9,082 million, up 8.4% year-on-year. Underlying operating expenses excluding the Single Resolution Fund (SRF) were €5,501 million, up 0.4% year-on-year. Underlying gross operating income amounted to 2,930 million euros, an increase of 19.8% year-on-year.
Underlying pre-tax profit for the quarter was 2,500 million euros, up 55.1%. For the first three months of 2021 as a whole, underlying net income (group share) reached 1,599 million euros, compared with 981 million euros for the same period in 2020. In addition, in Q1 2021, the company's commercial activity had a good momentum.
From January to March 2021, the group posted a positive jaws effect of +8.0 percentage points. The underlying cost/income ratio excluding the RUF fell by 4.8 percentage points to 60.6% over this period. For this quarter, the contribution to the Single Resolution Fund was 652 million euros. 652 million, an increase of 43.4% compared to 2020. As for the cost of risk, it is down by 42.3% compared to the first quarter of 2020. It amounts to 537 million euros in this period compared to 930 million euros in Q1-2020.
For the second quarter of 2020 as a whole, Crédit Agricole recorded underlying net banking income of €9,295 million. 9,295 million, up 8.9% and 7.7% on a like-for-like basis. Underlying gross operating income reached €3,779 million in Q2 2021, compared with €2,130 million in Q2 2020. 2,130 million in Q2-2020. This is equivalent to an increase of 11.2%.
For Q2-2021, the underlying net profit attributable to the group amounted to EUR 2,367 million. This was a significant increase of 32.6% compared to Q2 2020. Underlying pre-tax profit had reached €3,409 million in the quarter, up 45.5% compared to quarter 2 of 2020.
It must be said that the pre-tax result also includes the contribution of companies. 93 million in this period, an increase of 20.2% compared to Q2-2020. The net result on other assets was -19 million euros in this quarter compared to 78 million euros in the same period last year. The underlying tax charge was up 87.8% in Q2-2021. The underlying tax rate was 25.5% compared to 19.8% in 2020.
2,367 million, up 32.6% year-on-year. Underlying earnings per share were €0.52 at the end of the first quarter of 2021 compared to €0.31 in the same period in 2020. In the second quarter of 2021, the company's business activity came out very good.
In the third quarter of 2021, the Crédit Agricole Group's underlying net banking income had reached €8,972 million. 8,972 million, up 6.1% on the same period of the previous year. Underlying gross operating income was EUR 3,535 million in Q3-21, up 5% year-on-year.
Underlying pre-tax profit was 3,222 million euros in the quarter. It increased by 12.9% year-on-year. For the second quarter of 2020 as a whole, net income, group share, amounted to 2,235 million euros. 2,235 million. This is an increase of 15.6% compared to Q3-2020.
In the third quarter of 2021, the group's commercial activity was very solid. Outstanding loans rose by 6.3% year-on-year to EUR 588 billion. Total assets under management increased by 7.2% year-on-year to EUR 826 billion at the end of the quarter. Home loans were stable compared with the third quarter of 2020. They amounted to 0.5 billion euros.
In the fourth quarter of 2021, the Crédit Agricole Group recorded underlying net banking income of €9,380 million. It was up 8.3% compared with its level in Q4-2020 with sustained activity in all business lines. On a like-for-like basis, the increase in underlying net banking income was 7.2%. Underlying gross operating income increased by 15.4% year-on-year to €3,568 million. On a like-for-like basis, the growth in gross operating income was 14.8% compared to Q4-2020.
In Q4-2021, the company saw its underlying pre-tax profit increase by 44.2% (compared to Q4-2020) to €3,205 million. Underlying net profit attributable to the group reached €2,311 million. 2,311 million, an increase of 61.7% year-on-year. In the quarter under review, the Regional Banks' business activity was very strong.
The dividend represents the share of net profit paid to the company's shareholders. Crédit Agricole is one of the companies that follow this logic. For the financial year 2021, the group has distributed a dividend of 1.05 euros per share. This dividend includes a 20 cent catch-up on the dividend not distributed in the previous year.
Crédit Agricole is also active in the equity markets. The company is included in the CAC 40 stock market index. Since the end of 2020, its market capitalisation was estimated at 30.1 billion dollars.
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