Credit Agricole SA : CONTINUED STRONG EARNINGS MOMENTUM IN 2024
CONTINUED STRONG EARNINGS MOMENTUM IN 2024
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CASA AND CAG STATED AND UNDERLYING DATA
Q4-2024 |
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CRÉDIT AGRICOLE S.A. |
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CRÉDIT AGRICOLE GROUP |
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Stated |
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Underlying |
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Stated |
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Underlying |
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Revenues |
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€7,092m
+17.4% Q4/Q4 |
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€7,116m
+18.2% Q4/Q4 |
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€9,817m
+11.9% Q4/Q4 |
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€9,840m
+13.4% Q4/Q4 |
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Expenses |
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-€3,917m
+5.6% Q4/Q4 |
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-€3,878m
+4.4% Q4/Q4 |
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-€5,863m
+3.2% Q4/Q4 |
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-€5,824m
+2.4% Q4/Q4 |
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Gross Operating Income |
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€3,175m
+36.2% Q4/Q4 |
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€3,238m
+40.4% Q4/Q4 |
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€3,954m
+28.0% Q4/Q4 |
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€4,017m
+34.3% Q4/Q4 |
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Cost of risk |
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-€594m
+35.0% Q4/Q4 |
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-€594m
+35.0% Q4/Q4 |
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-€867m
+13.9% Q4/Q4 |
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-€867m
+13.9% Q4/Q4 |
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Net income group share |
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€1,689m
+26.6% Q4/Q4 |
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€1,730m
+32.8% Q4/Q4 |
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€2,149m
+24.6% Q4/Q4 |
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€2,190m
+33.7% Q4/Q4 |
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C/I ratio |
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55.2%
-6.2 pp Q4/Q4 |
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54.5%
-7.2 pp Q4/Q4 |
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59.7%
-5.1 pp Q4/Q4 |
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59.2%
-6.4 pp Q4/Q4 |
ALL OF THE FINANCIAL TARGETS OF THE 2025 AMBITIONS PLAN
EXCEEDED AS OF 2024
STRONG INCREASE IN QUARTERLY AND FULL-YEAR
EARNINGS
- Record
quarterly and full-year revenues, fuelled by the excellent
performance by Asset Gathering and Large Customers
- High
profitability: low cost/income ratio (increase in
recurring expenses contained at +3.0% Q4/Q4) and
14.0% return on tangible equity in
2024
- Cost of
risk rose in Q4-24, driven by provisions for performing
loans related to model effects at
Crédit Agricole CIB and Crédit Agricole Personal
Finance & Mobility (CAPFM)
PROPOSED 2024 DIVIDEND INCREASE TO €1.10 PER SHARE (+5% VS.
2023)
STRONG ACTIVITY IN ALL BUSINESS LINES
- Robust
growth in retail banking and consumer finance driven by
multiple factors: continued upturn in the home loan business in
France (up +18%), higher corporate loan production, thriving
international lending business, consumer finance stability at a
high level and confirmed stabilisation of the deposit mix in
France
- Record
CIB, asset management and insurance business, reflected in
the record level in insurance revenues with contributions from all
activities, high net inflows and record level of assets under
management, as well as a new quarterly and full-year record reached
by CIB
CAPITAL OPERATIONS AND STRATEGIC PROJECTS
- Instruments
finalised to acquire an additional 5.2% in Banco BPM
- Signing of an
agreement for the acquisition of Santander’s 30.5% stake in CACEIS
- Acquisition of
aixigo, European leader in Wealth Tech
- Finalization of
the acquisition of 50% of GAC Leasing in China by CAPFM
SOLID CAPITAL AND LIQUIDITY POSITIONS
-
Crédit Agricole S.A.’s phased-in CET1 at 11.7% and Group
phased-in CET1 at 17.2%
CONTINUED SUPPORT FOR THE ENERGY TRANSITION
- Phased
withdrawal from fossil energies and reallocation of investments to
renewable energy
- Decarbonisation
pathways in line with targets (oil & gas, power and
automotive)
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At the meeting of the Board of Directors of
Crédit Agricole S.A. on 4 february 2025, SAS Rue La Boétie informed
the company of its intention to purchase Crédit Agricole S.A.
shares on the market for a maximum amount of 500 million euros in
line with the operations announced in August 2023 and in November
2022. Details of the transaction are provided in a press release
issued today by SAS Rue La Boétie.
Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the
Crédit Agricole S.A. Board of Directors
« The Group's excellent results illustrate our overall capacity
to support all our customers in a global and loyal relationship
over the long term. Three-quarters of these results are retained to
serve the development of the economy. I would like to thank all of
our employees who work every day with professionalism and
commitment. »
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Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.
« Driven by its unique Group model based on utility and
universality, the Crédit Agricole Group reports excellent results
in 2024. Crédit Agricole S.A. has once again exceeded all the
financial objectives of its strategic plan, one year ahead of
schedule. »
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This press release comments on the results
of Crédit Agricole S.A. and those of
Crédit Agricole Group, which comprises the
Crédit Agricole S.A. entities and the
Crédit Agricole Regional Banks, which own 62.4%
of Crédit Agricole S.A. Please see the appendices to
this press release for details of specific items, which are
restated in the various indicators to calculate underlying
income.
Crédit Agricole Group
Group activity
The Group’s commercial activity during the
quarter continued at a steady pace across all business lines, with
a good level of customer capture. During 2024, the Group added +1
900,000 new customers in Retail Banking and grew its customer base
by +214,000 customers. More specifically, over the year, the Group
gained +1 500,000 new customers for Retail Banking in France
and +400,000 new International Retail Banking customers (Italy and
Poland). The customer base also grew (+126,000 and +88,000
customers, respectively).
At 31 December 2024, retail banking on-balance
sheet deposits totalled €837 billion, up +1.8% year-on-year in
France and Italy (+0.5% for Regional Banks and LCL and +1.7%
in Italy). Outstanding loans totalled €880 billion, up +0.4%
year-on-year in France and Italy (+0.3% for Regional Banks and
LCL and +1.7% in Italy). Home loan production picked up gradually
in France during this quarter, recording an increase of +1% for the
Regional Banks and +11% for LCL compared to the third quarter of
2024, and +7.8% and +59% respectively compared to the fourth
quarter of 2023. Although high, home loan production by CA Italia
was down -6.3% compared with an already high Q4 2023. The property
and casualty insurance equipment rate1 rose to 43.9% for
the Regional Banks (+0.8 percentage points compared with the
third quarter of 2023), 27.9% for LCL (+0.4 percentage point)
and 20.0% for CA Italia (+1.2 percentage point).
In asset management, inflows remained strong at
+€20.5 billion, fuelled by strong medium/long-term assets,
excluding JVs (+€17.9 billion) and at the JVs. In insurance,
savings/retirement gross inflows rose to a record €8.3 billion over
the quarter (+17% year-on-year), with the unit-linked rate in
production staying at a high 37.4%. Net inflows were positive at
+€2.4 billion, growing for both euro-denominated and unit-linked
contracts. The strong performance in property and casualty
insurance was driven by price changes and portfolio growth (16.7
million contracts at end-December 2024, +5.3% year-on-year). Assets
under management totalled €2,867 billion, up +12.1% in the year for
all three segments: asset management rose 10% over the year to
€2,240 billion; life insurance was up +5.1% to €347.3 billion; and
wealth management (Indosuez Wealth Management and LCL Private
Banking) increased 46.9% year-on-year to €279 billion, notably with
the positive impact of the consolidation of Degroof Petercam (€69
billion in assets under management consolidated in the second
quarter of 2024).
Business in the SFS division was stable. At
CAPFM, consumer finance outstandings increased to €119.3 billion,
up +5.6% compared with the end of December 2023, buoyed by car
loans, which accounted for 53%2 of total outstandings.
New loan production decreased slightly, by -2.9% compared with the
same period in 2023, mainly due to the Chinese market. Regarding
Crédit Agricole Leasing & Factoring (CAL&F), production of
lease financing outstandings was up +7.2% vs. December 2023 to
20.3%, with a particularly strong contribution from property
leasing and renewable energy financing.
Large Customers again posted record results for
both the quarter and the full year in Corporate and Investment
Banking. Capital Markets and Investment Banking held up well with a
strong performance by the repo and securitisation businesses, while
Financing activities reaped the benefits of growth in commercial
activities. Asset Servicing recorded a high level of assets under
custody of €5,291 billion and assets under administration of €3,397
billion (+12.1% and +3%, respectively, compared with the end of
December 2023), with good sales momentum and positive market
effects over the quarter.
Each of the Group’s business lines posted strong
activity (see Infra).
Roll-out of strategic plan
Crédit Agricole S.A.’s model offers
constantly renewed potential for organic growth. This model is
based on three pillars: customer acquisition, customer equipment
and the development of new offers. Gross customer capture amounts
to 1.9 million new customers on average since 2022, which marked
the roll-out of the Horizon 2025 plan. Customer equipment is
growing steadily across our various offers. The bank’s market share
in household loans stood structurally at 30%3 helping to
drive the market shares for our other offerings. These currently
stand at 28% in asset management,3 27% in payment
services,3 23% in individual death and disability
insurance,4 19% in creditor insurance,4 15%
in life insurance,4 7% in property and casualty
insurance,4 and 4% in property services.4
Lastly, in line with our universal banking model, we are steadily
expanding our customer offers: the new CA Transitions et
Energies (CATE) and CA Santé et Territoires (CAST)
business lines have been rolled out for the large-scale financing
of renewable energy projects as well as the production and supply
of electricity, and to offer solutions to improve access to
healthcare and support for the elderly.
This model is complemented by a steady stream of
self-financed acquisitions and partnerships, through the
consolidation of Crédit Agricole S.A.’s business lines in
their markets to build the universal bank. Following on from
acquisitions in the period 2019 to 2021 for a total of €3.3
billion, all of which were successful with some €1.3
billion5 in revenues generated, and a cost/income ratio
of 52%, acquisitions and partnerships during the period covered by
the Medium-Term Plan were in five main areas of development. The
total investment was €7.2 billion6 (against €1.4 billion
in disposals),7 generating around €3 billion in
revenues.
First of all, transactions to consolidate our
business lines and strengthen our expertise were carried out in
France and Europe, in particular: Private Banking through the
transaction under way with Degroof Petercam, and a 70% stake in the
capital of Wealth Dynamix8; Asset Servicing with the
creation of Uptevia9, a common company with BNP Paribas,
the acquisition of RBC Investor Services’ European businesses and
the purchase of Santander’s minority interest in CACEIS; and Asset
Management with the acquisitions of Alpha Associates10
and aixigo11; and finally, Leasing and factoring
activity accelerate its development in Germany with the acquisition
of Merca Leasing12. Crédit Agricole S.A. is
also structuring its property services through the acquisition of
property management business of Casino (Sudeco), and more recently
the ones of Nexity.
At the same time, the bank has expanded its
distribution networks through new partnerships, notably by taking a
stake in Banco BPM; signing a new distribution agreement between
Crédit Agricole Assurances and Banco BPM for non-life and creditor
insurance in Italy; partnership in automobile insurance with
Mobilize Financial Services, subsidiary of Renault13;
and entering into a distribution agreement between Amundi US and
Victory Capital14.
In addition, Specialised Financial Services
division developed a comprehensive mobility with: the joint venture
Leasys, created with Stellantis to become the European leader in
long-term car rental; 100% of CA Auto Bank was acquired,
in order to develop partnerships with smaller manufacturers and
with independent distributors; six European subsidiaries of ALD and
LeasePlan were acquired; and lastly, CA Mobility Services
was formed, to create 20 service offers by 2026, mainly through the
acquisition of a minority stake in WATEA15, the creation
of a joint venture with Opteven16, the acquisition of a
stake in HiFlow17, and the commercial partnership with
FATEC18. More recently, Credit Agricole Personal Finance
& Mobility strengthens its partnership with the car
manufacturer GAC with, on the one hand a financial partnership
aimed at entrusting CA Auto Bank the financing of vehicules from
the Chinese manufacturer in Europe, and on the other end, the
acquisition of 50% of the capital of GAC Leasing in order to offer
from 2025 financial and operational leasing on the Chinese
market.
In addition, Crédit Agricole S.A. has
acquired a stake in Worklife19 and formed a partnership
with Wordline20 as part of its drive to accelerate
digitisation and innovation. In January 2024,
Crédit Agricole S.A. announced its acquisition of a 7%
non-controlling interest in Worldline.
Lastly, to support the transitions in the new
CATE and CAST business lines, Crédit Agricole S.A.
acquired minority stakes of 40% in R3 (energy transition
consultancy) and 43% in Selfee (energy production and supply), and
become a reference shareholder in the capital of Office
Santé21 and Cette
Famille22. In addition,
Crédit Agricole Assurances acquired majority stakes of
93% in Omedys23 and 86% in Medicalib23.
These two pillars of
Crédit Agricole S.A.’s universal banking model ensure
steady, high growth in revenues and high profitability. Revenues
have grown every year between 2015 and 2024 regardless of the
environment at an average annual rate of +5.6%. Operational
efficiency has also steadily improved with the cost/income ratio
falling -15 percentage points in the period 2015 to 2024.
Profitability has also risen significantly over the past 10 years.
ROTE was 14% at the end of 2024, the highest since 2015, offering
even more attractive shareholder remuneration: the dividend per
share has tripled in the 10-year period.
Continued support for the energy transition
The Group is continuing the mass roll-out of
financing and investment to promote the transition. The
Crédit Agricole Group increased its exposure to
low-carbon energy financing24 by +141% between the end
of 2020 and the end of 2024, with €26.3 billion in financing
at 31 December 2024.
Investments by Crédit Agricole
Assurances25 and Amundi Transition Energétique in
low-carbon energy totalled €6 billion at 31 December 2024. What is
more, Crédit Agricole Assurances hit its target of 14 GW of
renewable energy production capacity financed one year ahead of
schedule.
At the same time, as a universal bank,
Crédit Agricole is supporting the transition of all its
customers. Crédit Agricole CIB’s green loan
portfolio26 grew by +75% between the end of 2022 and
December 2024, and represented €21.7 billion at 31 December
2024. The Group also continues to encourage low-carbon mobility.
37% of new vehicles financed by CAPFM in 2024 were electric or
hybrid vehicles. The target for the end of 2025 is 50%.
In addition, the Group is continuing on its
pathway to exit the financing of carbon-based energies and is
disclosing progress at end 2024 in three sectors, in line with
their 2030 targets (vs. a 2020 baseline). Financed emissions in the
oil and gas sector were reduced by -70% at end 2024 working towards
a target of -75% by the end of 2030. The intensity of financed
emissions in the power sector27 was down by -29% at end
2024, for a target of -58% by the end of 2030, and by -21% in the
automotive sector, for a target of -50% by 2030.
The Group’s phased withdrawal from financing
fossil fuel extraction resulted in a -40% decrease in outstandings
in the period 2020 to 2024, equating to €5.6 billion at 31 December
2024. At the same time, large-scale financing of low-carbon
energies, with outstandings of €26.3 billion, will increase their
relative share of the energy mix financed from 54% in 2020 to 82%
by the end of 2024.
Group results
In the fourth
quarter of 2024,
Crédit Agricole Group’s stated
net income Group share came to
€2,149 million, up +24.6% compared with the
fourth quarter of 2023.
Specific items in the fourth
quarter of 2024 had a negative
net impact of -€42 million on the net income Group
share of the Crédit Agricole Group. These items
comprise the following recurring accounting items: recurring
accounting volatility items, namely the DVA (Debt Valuation
Adjustment), the issuer spread portion of the FVA, and secured
lending for -€19 million in net income Group share from
Capital Markets and Investment Banking, and the hedging of the loan
book in Large Customers for +€1 million in net income Group
share. In addition to these recurring items, there were other items
specific to this quarter: ISB integration costs of
-€15 million in the net income Group share of Large Customers
and the Degroof Petercam integration costs of
-€9 million in the net income Group share of Asset
Gathering.
Specific items for the fourth
quarter of 2023 had a combined impact of
+€86 million on net income Group share and
included +€69 million in recurring accounting items and
+€17 million in non-recurring items. The recurring items
mainly corresponded to the reversal of the Home Purchase Saving
Plans provision of +€64 million (+€5 million for LCL,
+€4 million for the Corporate Centre and +€55 million for
the Regional Banks); the other recurring items (+€5 million) are
split between the issuer spread portion of the FVA28 and
secured lending (+€4 million) and loan book hedging (+€1
million). The non-recurring items related to the ongoing
reorganisation of the Mobility activities29 in the SFS
division (+€18 million).
Excluding these specific items,
Crédit Agricole Group’s underlying
net income Group share30
amounted to €2,190 million, up +33.7%
compared to fourth quarter 2023.
Crédit Agricole Group – Stated and underlying results, Q4-24 and
Q4-23
|
€m |
Q4-24
stated |
Specific items |
Q4-24
underlying |
Q4-23
stated |
Specific items |
Q4-23
underlying |
∆ Q4/Q4
stated |
∆ Q4/Q4
underlying |
| |
|
|
|
|
|
|
|
|
|
Revenues |
9,817 |
(24) |
9,840 |
8,769 |
93 |
8,677 |
+11.9% |
+13.4% |
| Operating
expenses excl.SRF |
(5,863) |
(39) |
(5,824) |
(5,682) |
4 |
(5,686) |
+3.2% |
+2.4% |
| SRF |
- |
- |
- |
- |
- |
- |
n.m. |
n.m. |
| Gross
operating income |
3,954 |
(63) |
4,017 |
3,088 |
97 |
2,991 |
+28.0% |
+34.3% |
| Cost of
risk |
(867) |
0 |
(867) |
(762) |
- |
(762) |
+13.9% |
+13.9% |
|
Equity-accounted entities |
80 |
- |
80 |
73 |
- |
73 |
+9.9% |
+9.9% |
| Net income on
other assets |
(20) |
(1) |
(19) |
(19) |
- |
(19) |
+7.5% |
+2.2% |
| Change in value
of goodwill |
4 |
- |
4 |
2 |
12 |
(9) |
+60.4% |
n.m. |
| Income
before tax |
3,150 |
(64) |
3,214 |
2,382 |
109 |
2,274 |
+32.2% |
+41.4% |
| Tax |
(784) |
16 |
(799) |
(455) |
(23) |
(432) |
+72.4% |
+85.1% |
| Net income from
discont'd or held-for-sale ope. |
- |
- |
- |
(10) |
- |
(10) |
(100.0%) |
(100.0%) |
| Net
income |
2,366 |
(48) |
2,414 |
1,918 |
86 |
1,832 |
+23.4% |
+31.8% |
| Non controlling
interests |
(217) |
7 |
(224) |
(194) |
- |
(194) |
+12.2% |
+15.6% |
| Net
income Group Share |
2,149 |
(42) |
2,190 |
1,724 |
86 |
1,638 |
+24.6% |
+33.7% |
|
Cost/Income ratio excl.SRF (%) |
59.7% |
|
59.2% |
64.8% |
|
65.5% |
-5.1 pp |
-6.4 pp |
In the fourth quarter of 2024,
underlying revenues amounted to €9,840 million, up
+13.4% compared to the fourth quarter of 2023, driven by favourable
results from most of the business lines. Underlying revenues were
up in French Retail Banking, while the Asset Gathering division
benefited from good business momentum and the integration of
Degroof Petercam, the Large Customers division enjoyed a high level
of revenues across all of its business lines and the Specialised
Financial Services division benefited from a positive price effect.
In addition, International Retail Banking revenues were stable.
Underlying operating expenses were up +2.4% in
fourth quarter 2024, totalling €5,824 million. Overall, the Group
saw its underlying cost/income ratio reach 59.2%
in the fourth quarter of 2024, a -6.4 percentage point
improvement. As a result, the underlying gross operating
income came to €4,017 million, up +34.3% compared to
the fourth quarter 2023.
The underlying cost of credit
risk stood at -€867 million, an increase of +13.9%
compared to fourth quarter 2023. This figure comprises an amount of
-€363 million to prudential provisions on performing loans
(stages 1 and 2) and an amount of -€489 million for the cost of
proven risk (stage 3). There was also an addition of
-€16 million for other risks. The provisioning levels were
determined by taking into account several weighted economic
scenarios and by applying some flat-rate adjustments on sensitive
portfolios. The weighted economic scenarios for the fourth quarter
were updated from the third quarter, with a favourable scenario
(French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable
scenario (French GDP at +1.1% in 2024 and -0.1% in 2025).
The cost of
risk/outstandings31
reached 27 basis points over a four rolling quarter
period and 29 basis points on an annualised quarterly
basis32.
Underlying pre-tax income stood at
€3,214 million, a year-on-year increase of +41.4%
compared to fourth quarter 2023. This includes the contribution
from equity-accounted entities for €80 million (up +9.9%) and
net income on other assets, which came to -€19 million over
this quarter. The underlying tax charge was up
+85.1% over the period, with the tax rate this quarter rising by
+6.0 percentage points to 25.5%. Underlying net income before
non-controlling interests was up +31.8% to €2,414 million.
Non-controlling interests rose +15.6%. Lastly, underlying
net income Group share was €2,190 million,
+33.7% higher than in the fourth quarter of 2023.
Crédit Agricole Group – Stated and underlying results 2024 and
2023
|
En m€ |
2024
stated |
Specific items |
2024
underlying |
2023
stated |
Specific items |
2023
underlying |
∆ 2024/2023
stated |
∆ 2024/2023
underlying |
| |
|
|
|
|
|
|
|
|
|
Revenues |
38,060 |
93 |
37,967 |
36,492 |
851 |
35,641 |
+4.3% |
+6.5% |
| Operating
expenses excl.SRF |
(22,729) |
(123) |
(22,606) |
(21,464) |
(14) |
(21,450) |
+5.9% |
+5.4% |
| SRF |
- |
- |
- |
(620) |
- |
(620) |
(100.0%) |
(100.0%) |
| Gross
operating income |
15,332 |
(30) |
15,362 |
14,408 |
837 |
13,572 |
+6.4% |
+13.2% |
| Cost of
risk |
(3,191) |
(20) |
(3,171) |
(2,941) |
(84) |
(2,856) |
+8.5% |
+11.0% |
|
Equity-accounted entities |
283 |
(0) |
283 |
263 |
(39) |
302 |
+7.6% |
(6.1%) |
| Net income on
other assets |
(39) |
(24) |
(15) |
88 |
89 |
(1) |
n.m. |
x 18.9 |
| Change in value
of goodwill |
4 |
- |
4 |
2 |
12 |
(9) |
+60.4% |
n.m. |
| Income
before tax |
12,388 |
(74) |
12,462 |
11,821 |
814 |
11,007 |
+4.8% |
+13.2% |
| Tax |
(2,888) |
12 |
(2,900) |
(2,748) |
(203) |
(2,545) |
+5.1% |
+13.9% |
| Net income from
discont'd or held-for-sale ope. |
- |
- |
- |
(3) |
- |
(3) |
(100.0%) |
(100.0%) |
| Net
income |
9,500 |
(62) |
9,562 |
9,071 |
611 |
8,459 |
+4.7% |
+13.0% |
| Non controlling
interests |
(860) |
23 |
(883) |
(813) |
(0) |
(813) |
+5.8% |
+8.7% |
| Net
income Group Share |
8,640 |
(39) |
8,679 |
8,258 |
611 |
7,647 |
+4.6% |
+13.5% |
|
Cost/Income ratio excl.SRF (%) |
59.7% |
|
59.5% |
58.8% |
|
60.2% |
+0.9 pp |
-0.6 pp |
For full-year 2024, stated
net income Group share amounted to €8,640 million, compared
with €8,258 million for full-year 2023, an increase of
+4.6%.
Specific items for full-year 2024 include the
specific items of the Regional Banks (+€47 million in
reversals of Home Purchase Savings Plan provisions) and
Crédit Agricole S.A. specific items, which are detailed
in the Crédit Agricole S.A. section.
Excluding specific items,
underlying net income Group share reached
€8,679 million, up +13.5% compared with full-year
2023.
Underlying revenues totalled €37,967
million, up +6.5% compared with full-year
2023, driven by all business lines (excluding Corporate
Centre).
Underlying operating expenses
amounted to -€22,606 million, up +5.4% excluding SRF compared
to full-year 2023, mainly due to higher compensation in an
inflationary environment, support for business development, IT
expenditure and scope effects as detailed for each division.
The underlying cost/income ratio for full-year
2024 was 59.5%, a -0.6 percentage point improvement compared
to full-year 2023 excluding SRF. The SRF stood at
-€620 million in 2023.
Underlying gross operating
income totalled €15,362 million, up +13.2% compared
to full-year 2023.
The underlying cost of risk for
full-year 2024 rose to -€3,171 million (of which
-€540 million in cost of risk on performing loans (stages 1
and 2), -€2,637 million in cost of proven risk, and
+€6 million in other risks corresponding mainly to reversals
of legal provisions), i.e. an increase of +11.0% compared to
full-year 2023.
As at 31 December 2024, risk indicators confirm
the high quality of Crédit Agricole Group’s
assets and risk coverage level. The diversified loan book
is mainly geared towards home loans (45% of gross outstandings) and
corporates (33% of gross outstandings). Loan loss reserves amounted
to €21.3 billion at the end of December 2024
(€11.7 billion for Regional Banks), 42.2% of which represented
provisioning of performing loans (47.3% for Regional Banks). The
prudent management of these loan loss reserves meant that the
Crédit Agricole Group’s overall coverage ratio for
doubtful loans at the end of December 2024 was 84.9%.
Underlying net income on other
assets stood at -€15 million for full-year 2024 versus
-€1 million for full-year 2023.
Underlying pre-tax income before discontinued
operations and non-controlling interests rose by +13.2% to
€12,462 million. The tax charge was -€2,900 million, up
+13.9%, with an underlying effective tax rate of 23.8%, stable
compared to full-year 2023. Underlying net income before
non-controlling interests was therefore up by +13.0%.
Non-controlling interests amounted to -€883 million for
full-year 2024, up +8.7%.
Underlying net income Group share for
full-year 2024 thus stood at €8,679 million, up 13.5%
compared to full-year 2023.
Regional banks
Gross customer capture stands
at +273,000 new customers and the customer base
grew by +10,000 new customers over the same period. The
percentage of customers using demand deposits as their main account
and those who use digital tools continued to increase. Credit
market share (total credits) stands at 22.7% (at the end of
September 2024, source Banque de France). Loan production
was up +7.4% compared to the fourth quarter of 2023,
reflecting the +7.8% rise in home loans and specialised markets.
Home loan production has been gradually recovering since the
beginning of the year. The average production rate for home loans
stood at 3.35%33 over October and November 2024,
-12 basis points lower than in the third quarter of 2024. By
contrast, the global loan stock rate showed a gradual improvement
(+16 basis points compared to the fourth quarter of 2023).
Outstanding loans totalled €648 billion at
the end of December 2024, stable year-on-year across all markets
but up slightly by +0.2% over the quarter.
Customer assets were up +2.6% year-on-year to
reach €910.9 billion at the end of December 2024. This growth
was driven both by on-balance sheet deposits, which reached
€605.9 billion (+1.7% year-on-year), and off-balance sheet
deposits, which reached €305 billion (+4.4% year-on-year)
benefiting from strong inflows in life insurance. The mix of
on-balance sheet deposits for the quarter remained almost
unchanged, with demand deposits and term deposits fluctuating by
-0.5% and +0.1%, respectively, from end-September 2024. The
market share of balance sheet collection is up compared to
last year and stands at 20.3% (Source Banque de France, data at the
end of September 2024, i.e. +0.4 percentage points compared to
September 2023). The equipment rate
for property and casualty
insurance34 was 43.9% at the
end of December 2024 and continues to rise (up +0.8 percentage
point compared to the end of December 2023). In terms of
payment instruments, the number of cards rose by
+1.6% year-on-year, as did the percentage of premium cards in the
stock, which increased by 1.6 percentage points year-on-year
to account for 16.4% of total cards.
In the fourth quarter of 2024,
the Regional Banks’ consolidated revenues
including the SAS Rue La Boétie
dividend35 stood at €3,247
million, up +0.7% compared to the fourth quarter of 2023, notably
impacted by a base effect of +€73.6 million related to the reversal
of the Home Purchase Savings Plan provision in the fourth quarter
of 202336. Excluding this item, revenues were up +3.1%
compared to the fourth quarter of 2023, the rise in the net
interest margin (+9.8% excluding Home Purchase
Savings36) and good momentum of fee and commission
income (+1.6%) in insurance, account management and payment
instruments offsetting the drop in portfolio revenues (-10.0%).
Operating expenses were stable (+0.7%), below
inflation. Gross operating income was up +0.8%
year-on-year (+11.6% excluding the Home Purchase Savings Plan base
effect36). The cost of risk was down
-24.6% compared with the fourth quarter of 2023 to
-€242 million. The cost of risk/outstandings
(over four rolling quarters) remained under control at 20 basis
points (a -1 basis point drop compared to third quarter 2024).
The Regional Banks’ consolidated net income,
including the SAS Rue La Boétie dividend35 amounted to
€419 million, up +19.9% compared to the fourth quarter 2023 (+42.1%
excluding the base effect36).
The Regional Banks’ contribution to net income Group
share was €403 million in the fourth quarter of 2024,
up +20.3% compared to the fourth quarter of 2023.
In full-year 2024, revenues including the
SAS Rue La Boétie dividend were up +1.9% compared to the
same period in 2023. Operating expenses rose by +1.4%, resulting in
a rise in gross operating income of +2.7%.
Finally, with a cost of risk up +14.0%,
the Regional Banks’ net income Group share, including the
SAS Rue La Boétie dividend, amounted to
€3,470 million, up +2.5% compared to full-year 2023 (+5.5%
excluding the Home Purchase Savings Plan base
effect36).The Regional Banks’ contribution to
the results of Crédit Agricole Group in full-year
2024 amounted to €1,423 million in stated net income
Group share (-18.9% compared to the same period in 2023), with
revenues of €13,110 million (-1.1%), expenses of -€9,956
(+2.6%) and a cost of risk of -€1,319 million (+14.5%).
Crédit Agricole S.A.
Results
Crédit Agricole S.A.’s Board of
Directors, chaired by Dominique Lefebvre, met on 4 February 2025 to
examine the financial statements for the fourth quarter of
2024.
Crédit Agricole S.A. – Stated and underlying results, Q4-24 and
Q4-23
| €m |
Q4-24
stated |
Specific items |
Q4-24
underlying |
Q4-23
stated |
Specific items |
Q4-23
underlying |
∆ Q4/Q4
stated |
∆ Q4/Q4
underlying |
| |
|
|
|
|
|
|
|
|
|
Revenues |
7,092 |
(24) |
7,116 |
6,040 |
19 |
6,021 |
+17.4% |
+18.2% |
| Operating
expenses excl.SRF |
(3,917) |
(39) |
(3,878) |
(3,710) |
4 |
(3,714) |
+5.6% |
+4.4% |
| SRF |
- |
- |
- |
- |
- |
- |
n.m. |
n.m. |
| Gross
operating income |
3,175 |
(63) |
3,238 |
2,330 |
24 |
2,307 |
+36.2% |
+40.4% |
| Cost of
risk |
(594) |
0 |
(594) |
(440) |
- |
(440) |
+35.0% |
+35.0% |
|
Equity-accounted entities |
62 |
- |
62 |
61 |
- |
61 |
+2.4% |
+2.4% |
| Net income on
other assets |
(9) |
(1) |
(8) |
(17) |
- |
(17) |
(45.9%) |
(51.9%) |
| Change in
value of goodwill |
- |
- |
- |
2 |
12 |
(9) |
n.m. |
(100.0%) |
| Income
before tax |
2,634 |
(64) |
2,698 |
1,937 |
35 |
1,902 |
+36.0% |
+41.9% |
| Tax |
(681) |
16 |
(697) |
(369) |
(4) |
(365) |
+84.7% |
+91.0% |
| Net income
from discont'd or held-for-sale ope. |
- |
- |
- |
(10) |
- |
(10) |
n.m. |
n.m. |
| Net
income |
1,953 |
(48) |
2,001 |
1,558 |
32 |
1,527 |
+25.3% |
+31.1% |
| Non
controlling interests |
(264) |
7 |
(271) |
(224) |
(0) |
(224) |
+17.8% |
+21.1% |
| Net
income Group Share |
1,689 |
(41) |
1,730 |
1,334 |
31 |
1,303 |
+26.6% |
+32.8% |
|
Earnings per share (€) |
0.52 |
(0.01) |
0.54 |
0.41 |
0.01 |
0.40 |
+26.8% |
+33.4% |
|
Cost/Income ratio excl. SRF (%) |
55.2% |
|
54.5% |
61.4% |
|
61.7% |
-6.2 pp |
-7.2 pp |
In the fourth quarter of
2024, Crédit Agricole S.A.’s stated
net income Group share came to
€1,689 million, up +26.6% compared to the
fourth quarter of 2023, having benefited from
non-recurring items related to reversals of Home Purchase Savings
Plan and Cheque Image Exchange fine provisions and from the end of
the reorganisation of the Mobility activities (see below). This was
an excellent result for the fourth quarter of 2024, based on high
revenues (exceeding €7 billion) and a cost/income ratio kept at a
low level.
Specific items for this quarter
had a cumulative impact of -€41 million on net income Group
share, and included the following recurring accounting items:
recurring accounting volatility items in revenues, such as the DVA
(Debt Valuation Adjustment), the issuer spread portion of the FVA
and secured lending for -€19 million in net income Group share
in the Large Customers segment, and the hedging of the loan book in
the Large Customers segment for +€1 million in net income
Group share. In addition to these recurring items, there were a
number of items specific to this quarter: Degroof Petercam
integration costs of -€8 million in the net income Group share
in Asset Gathering; ISB integration costs for -€15 million in
the net income Group share in Large Customers.
Specific items for the fourth quarter
2023 had a cumulative impact of +€31 million on net
income Group share, and included recurring accounting items for
+€14 million and non-recurring items for +€17 million.
The recurring items mainly corresponded to the reversal of the Home
Purchase Savings Plans provision of +€8 million
(+€4 million for LCL and +€4 million for the Corporate
Centre); the other recurring items – the issuer spread portion of
the FVA and secured lending (+€4 million) and loan book
hedging (+€1 million) – offset each other. The non-recurring
items related to the ongoing reorganisation of the Mobility
activities in the SFS division (+€17 million).
Excluding specific items,
underlying net income Group
share37 stood at
€1,730 million in the fourth quarter of 2024,
up +32.8% compared to the fourth quarter of 2023.
In the fourth quarter of 2024,
underlying revenues were at a high level, standing
at €7,116 million. They were up sharply by +18.2% compared to
the fourth quarter of 2023. This growth was driven by growth in the
Asset Gathering division (+31.6%) which in turn was driven by the
rise in outstandings across all business lines, including the
integration of Degroof Petercam38. There was a positive
base effect relating to very high weather-related claims in the
fourth quarter of 2023. Large Customer division revenues (+10.6%)
were driven by good results from all business lines with continued
revenue growth in corporate and investment banking in the fourth
quarter, in addition to an improvement in the net interest margin
and fee and commission income within CACEIS. Specialised Financial
Services division revenues (+4.0%) benefited mainly from positive
price effects in the Personal Finance and Mobility business line.
French Retail Banking growth (+0.8%) was driven by the rise in fee
and commission income which offset the drop in NIM, and
International Retail Banking revenues (-0.5%) were stable.
Corporate Centre revenues were up +€362 million, positively
impacted by the dividend and the revaluation of the equity interest
in Banco BPM of +€294 million.
Underlying operating expenses
totalled -€3,878 million in the fourth quarter of 2024, an
increase of +4.4% compared to the fourth quarter of 2023,
reflecting the support given to business line development. The
-€164 million year-on-year rise in expenses was mainly due to a
-€132 million scope effect39.
The underlying cost/income
ratio in fourth quarter 2024 stood at 54.5%, a decrease of
-7.2 percentage points compared to fourth quarter
2023.
Underlying gross operating
income in the fourth quarter of 2024 stood at
€3,238 million, an increase of +40.4% compared to the fourth
quarter of 2023.
As at 31 December 2024, risk indicators confirm
the high quality of Crédit Agricole S.A.’s assets
and risk coverage level. The diversified loan book is
mainly geared towards home loans (26% of gross outstandings) and
corporates (44% of Crédit Agricole S.A. gross
outstandings). The Non-Performing Loans ratio was down
-0.2 point from the previous quarter and remains low at 2.3%. The
coverage ratio40 was high at 74.1%, up
+2.7 percentage points over the quarter. Loan loss
reserves amounted to €9.6 billion for
Crédit Agricole S.A., relatively unchanged from end
September 2024. Of those loan loss reserves, 35.8% were for
performing loans (percentage up +1.5% from the previous
quarter).
The underlying cost of risk
showed a net addition of -€594 million, up +35.0% from the
fourth quarter of 2023, including a -€278 million addition for
performing loans (stages 1 and 2) (versus a reversal of
-€1 million in the fourth quarter of 2023) and
-€297 million in provisioning for proven risks (stage 3)
(versus -€373 million in the fourth quarter of 2023). Also
note a provision of -€18 million for other items (legal
provisions), primarily for the SFS business line (-€30 million in
legal provisions). By business line, 52% of the net addition for
the quarter came from Specialised Financial Services (an increase
from end-December 2023, unchanged from September 2024), 13% from
LCL (22% at end-September 2023), 17% from International Retail
Banking (23% at end-December 2023), 16% from Large Customers (9% at
end-December 2023) and 1% from the Corporate Centre (3% at
end-December 2023). The provisioning levels were determined by
taking into account several weighted economic scenarios and by
applying some flat-rate adjustments on sensitive portfolios. The
weighted economic scenarios for the fourth quarter were updated
relative to the third quarter, with a favourable scenario (French
GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario
(French GDP at +1.1% in 2024 and -0.1% in 2025). In the fourth
quarter of 2024, the cost of risk/outstandings was 34 basis
points over a rolling four-quarter period41 and
44 basis points on an annualised quarterly basis42
(a deterioration of 1 basis point and 10 basis points,
respectively, versus the fourth quarter of 2023 for both
bases).
The underlying contribution from
equity-accounted entities amounted to €62 million
in the fourth quarter of 2024, up +2.4% compared to the fourth
quarter of 2023, mainly due to the growth of equity-accounted
entities in the personal finance and mobility business line.
Underlying
income43 before
tax, discontinued operations and non-controlling interests
was up +41.9% to €2,698 million. The underlying
effective tax rate stood at 26.4%, up +6.7 percentage
points on fourth quarter 2023. The underlying tax charge was
-€697 million, a +91% increase chiefly due to a positive base
effect. Underlying net income before
non-controlling interests was up +31.1% to
€2,001 million. Non-controlling interests
amounted to -€271 million in the fourth quarter of 2024, an
increase of +21.1%.
Underlying earnings per share
in fourth quarter 2024 came to €0.54, up
+33.4% compared to fourth quarter 2023.
Crédit Agricole S.A. – Stated and underlying results, 2024 and
2023
| En m€ |
2024
stated |
Specific
items |
2024
underlying |
2023
stated |
Specific
items |
2023
underlying |
∆ 2024/2023
stated |
∆ 2024/2023
underlying |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
27,181 |
30 |
27,151 |
25,180 |
617 |
24,563 |
+7.9% |
+10.5% |
|
Operating expenses excl.SRF |
(14,895) |
(123) |
(14,772) |
(13,632) |
(14) |
(13,618) |
+9.3% |
+8.5% |
|
SRF |
- |
- |
- |
(509) |
- |
(509) |
(100.0%) |
(100.0%) |
|
Gross operating income |
12,286 |
(94) |
12,379 |
11,039 |
603 |
10,436 |
+11.3% |
+18.6% |
|
Cost of risk |
(1,850) |
(20) |
(1,830) |
(1,777) |
(84) |
(1,693) |
+4.1% |
+8.1% |
|
Equity-accounted entities |
194 |
(0) |
194 |
197 |
(39) |
235 |
(1.5%) |
(17.6%) |
|
Net income on other assets |
(4) |
(24) |
20 |
85 |
89 |
(4) |
n.m. |
n.m. |
|
Change in value of goodwill |
- |
- |
- |
2 |
12 |
(9) |
(100.0%) |
(100.0%) |
|
Income before tax |
10,625 |
(138) |
10,763 |
9,546 |
580 |
8,966 |
+11.3% |
+20.0% |
|
Tax |
(2,472) |
28 |
(2,500) |
(2,201) |
(153) |
(2,047) |
+12.3% |
+22.1% |
|
Net income from discont'd or held-for-sale ope. |
- |
- |
- |
(3) |
- |
(3) |
n.m. |
n.m. |
|
Net income |
8,153 |
(109) |
8,263 |
7,343 |
427 |
6,916 |
+11.0% |
+19.5% |
|
Non controlling interests |
(1,067) |
24 |
(1,090) |
(995) |
(2) |
(992) |
+7.3% |
+9.9% |
|
Net income Group Share |
7,087 |
(86) |
7,172 |
6,348 |
425 |
5,923 |
+11.6% |
+21.1% |
|
Earnings per share (€) |
2.11 |
(0.03) |
2.14 |
1.94 |
0.14 |
1.80 |
+8.5% |
+18.5% |
|
Cost/Income ratio excl.SRF (%) |
54.8% |
|
54.4% |
54.1% |
|
55.4% |
+0.7 pp |
-1.0 pp |
Over year 2024, stated net
income Group share amounted to €7,087 million, versus
€6,348 million for full-year 2023, an increase of +11.6%.
Specific items for 2024
had a negative impact of -€86 million on
stated net income Group share and comprise +€21 million
in recurring accounting items and -€107 million in
non-recurring items. The recurring items mainly correspond to the
reversals of and additions to the Home Purchase Savings Plans
provisions for +€1 million net, as well as the accounting
volatility items of the Large Customers division (the DVA for
+€15 million and loan book hedging for +€6 million).
Non-recurring items relate to the integration and acquisition costs
of Degroof Petercam (-€35 million) within the Asset Gathering
division, the costs of integrating ISB (-€52 million) within
the Large Customers division and an additional provision for risk
in Ukraine (-€20 million) within the International Retail
Banking division.
Excluding specific items,
underlying net income Group share reached
€7,172 million, up +21.1% compared
to full-year 2023.
Underlying revenues were up
+10.5% year-on-year, driven by all business lines.
Underlying operating expenses excluding SRF were
+8.5% higher than in 2023, essentially reflecting the development
of the Group’s business lines and the integration of scope effects,
partially offset by the end of the SRF44 building-up
period. The underlying cost/income ratio excluding SRF for the
period was 54.4%, a decrease of 1 percentage point compared to
the same period in 2023. Underlying gross operating
income totalled €12,379 million, up +18.6% compared
to full-year 2023. The underlying cost of risk
increased by +8.1% over the period to
-€1,830 million, versus -€1,693 million in 2023. Lastly,
underlying contributions from equity-accounted entities amounted to
€194 million, down -17.6% over the period.
Underlying earnings per share stood at
€2.14 per share for full-year 2024, up
18.5% from full-year 2023.
Underlying
RoTE45, which is calculated on the
basis of an annualised Underlying Net Income Group
Share46 and IFRIC charges linearised over the year, net
of annualised Additional Tier 1 coupons (return on equity
Group share excluding intangibles) and net of foreign exchange
impact on reimbursed AT1, and restated for certain volatile items
recognised in equity (including unrealised gains and/or losses),
reached 14.0% in 2024, up +1.4 percentage
point compared to 2023.
Analysis of the activity and the results of
Crédit Agricole S.A.’s divisions and business
lines
Activity of the Asset Gathering division
In the fourth quarter of 2024, assets under
management in the Asset Gathering division (AG) stood at
€2,867 billion, up +€58 billion over the
quarter (or +2.1%), mainly due to a positive market effect and
strong net inflows in the three business lines – Asset Management,
Insurance and Wealth Management. Over the year, assets under
management rose by +12.1%.
Insurance activity
(Crédit Agricole Assurances) was very dynamic
with total premium income of €10.9 billion – a record level
for a fourth quarter – up +14.2% compared to the fourth quarter of
2023, and up in all three segments: savings/retirement, property
and casualty, and death & disability/creditor/group insurance.
In total for the year, overall premium income also stood to a
record €43.6 billion, up +17.2% vs. 2023.
In Savings/Retirement,
fourth-quarter premium income stood at €8.3 billion, up +17.3%
compared to the fourth quarter of 2023. Business was driven by euro
payment bonus campaigns in France, launched during the first
quarter, which boosted gross euro inflows, as well as by a
confirmed upturn in international business. Unit-linked contracts
accounted for 37.4% of gross inflows47, down -12.8
percentage points over the year, reflecting the reduced appeal of
unit-linked bond products. The quarter’s net inflows47
totalled +€2.4 billion (up +€0.8 billion compared to the third
quarter of 2024), comprised of +€1.4 billion net inflows from
unit-linked contracts and +€1.1 billion from euro funds. In total,
Savings/Retirement premium income amounted to €32.1 billion,
up +21.5% compared to the end of December 2023.
Assets under management
(savings, retirement and funeral insurance) continued to grow and
came to €347.3 billion (up +€17.0 billion year-on-year, or +5.1%).
The growth of assets under management was supported by positive
market effects and positive net inflows. Unit-linked contracts
accounted for 30.0% of outstandings, up +1.1 percentage point
compared to the end of December 2023.
The profit sharing rate on
Predica’s euro-denominated life insurance policies in 2024 remained
stable compared to 2023.48 The Policy Participation
Reserve (PPE49) amounted to €7.5 billion at 31 December
2024, representing 3.3% of total euro outstandings.
In property and casualty
insurance, premium income rose to €1.2 billion in the
fourth quarter of 2024, up +9.9%50 compared to the
fourth quarter of 2023. Growth stemmed from a price effect, with
the increase in the average premium benefiting from revised rates
and changes in the product mix, and a volume effect, with a
portfolio of close to €16.7 million51 policies at the
end of December 2024 (an increase of +5.3% over the year). The
combined ratio at end-December 2024 was 94.4%,52 an
improvement of -2.7 percentage points year-on-year, related to a
positive base effect due to lower claims in the fourth quarter of
2024 compared with the same period one year earlier, which was
impacted by fierce storms. In total, at the end of December 2024,
premium income stood at €6.2 billion, an increase of +8.2%
compared to full-year 2023.
In death & disability/creditor/group
insurance, premium income for the fourth quarter of 2024
stood at €1.3 billion, up +1.4% compared to the fourth quarter
of 2023. The strong performance in individual death and disability
insurance and group insurance (+9.9% and +22.1%, respectively,
compared to fourth quarter 2023) offset a decline in creditor
insurance of -4.9% in both consumer finance and mortgage lending.
In total, at the end of December 2024, premium income from personal
protection insurance stood at €5.3 billion, an increase of
+4.6% compared to 2023.
In Asset Management (Amundi),
assets under management by Amundi increased by +2.2% and +10.0%
respectively over the quarter and the year, reaching a new record
of €2,240 billion at the end of December 2024, benefiting from the
positive market effect, but also from a high level of inflows over
the quarter and year.
Over the quarter, net inflows amounted to +€20.5
billion, the highest level since 2021, driven by medium-long-term
assets 53 (+€17.9 billion) in active management and, as
in previous quarters, in ETFs. Third-party distributors also posted
record inflows in 2024, which were well diversified and positive in
all asset classes.
The Retail segment recorded
record net inflows in 2024 from third-party distributors, well
diversified across all asset classes, and positive inflows from
partner networks in France. The institutional
segment continued to record solid commercial momentum, with net
inflows driven by medium/long-term assets in the institutional and
sovereign segments, and by treasury products in the corporate
segment. Finally, JVs continue to benefit from the
dynamic inflows of SBI MF in India. Thus, the increase in assets
under management of +€48.5 billion over the quarter is linked to a
good level of activity (net inflows of +€20.5 billion) and a
positive market and foreign exchange effect of +€28.1 billion. In
2024, the increase in assets under management of +€203 billion is
linked to record net inflows of +€55.4 billion, doubling compared
to 2023, a favorable market effect of +€140.1 billion and a scope
effect of +€7.9 billion in connection with the integration of Alpha
Associate since the second quarter of 2024.
In Wealth Management, total
assets under management (CA Indosuez Wealth Management and LCL
Private Banking) amounted to €279 billion at the end of
December 2024, and were up +1.9% compared to September 2024 and
+46,9% compared to December 2023.
For Indosuez Wealth Management
assets under management at the end of December stood at €215
billion54, up +2.6% compared to the end of September
2024, thanks to a good level of activity with net inflows of +€1.9
billion and a favourable market effect of +€3.7 billion. Compared
to the end of December 2023, assets under management were up by
+€87 billion (or +68.2%), taking into account a scope effect
of €69 billion (integration of Degroof Petercam in June 2024).
Also of note over the quarter was the continued integration of
Degroof Petercam with several capital reorganisations in France and
in Luxembourg, and the effective mergers of legal entities planned
for Q3 2025. In 2025, Wealth Management projects in the region of
€70-80 million in additional integration costs for Degroof
Petercam.
Results of the Asset Gathering division
In the fourth quarter of 2024, the Asset
Gathering division generated €2,045 million in
revenues, up +31.6% compared to the fourth quarter
of 2023, driven by all the division's business lines.
Expenses increased +28% to -€930 million and
gross operating income came to €1,116 million, +34.7% compared to
fourth quarter of 2023. The cost/income ratio for
the fourth quarter of 2024 stood at 45.5%, down
-1.3 percentage points compared to the same period in
2023. Taxes amounted to -€315 million, up +82.3%, notably related
to the scope of insurance activities. Net income Group
share for Asset Gathering division was €695 million
in the fourth quarter of 2024, up +27.4% compared to the same
period in 2023.
In full-year 2024, Asset Gathering generated
€7,648 million in revenues, up +14.4%
compared to the end of December 2023, driven by very high level of
revenues in all three business lines - in Insurance, Asset
Management and Wealth Management. Expenses excluding SRF increased
+17.1%.to -€3,365 million, while gross operating income came to
€4,284 million (up +12.5% compared to end-December 2023). As a
result, the cost/income ratio excluding SRF stood at 44%, up
+1.0 percentage points compared to the end of December
2023. The tax charge was -€973 million in 2024, up +11.7% on
2023. Finally, Asset Gathering net income Group
share came to €2,875 million, up +13.1% compared to
2023, up in the three activities of the Asset Gathering
division.
At end-December 2024, the Asset Gathering,
contributed 38% to the underlying net income Group share of the
Crédit Agricole S.A. core businesses and 28% to
underlying revenues (excluding the Corporate Centre division).
As at 31 December 2024, equity allocated to the
division amounted to €12.6 billion, including €10.4 billion for
Insurance, €1.3 billion for Asset Management, and €0.9 billion for
Wealth Management. The division’s risk-weighted assets amounted to
€57.5 billion, including €34.5 billion for Insurance, €13.7 billion
for Asset Management and €9.4 billion for Wealth Management.
Underlying RoNE (return on
normalised equity) stood at 26.9% at the end of December 2024.
Insurance results
In the fourth quarter of 2024, insurance
revenues reached €715 million, up sharply by
+37.1% compared to the fourth quarter of 2023, benefiting from a
favorable base effect (fourth quarter 2023 having been impacted by
the high claims rate related to storms Ciaran and Domingos),
dynamic activity and growth in assets under management. Revenues
for the quarter include €540 million from
savings/retirement55, €93 million from personal
protection56 and €141 million from property and casualty
insurance57.
The CSM (Contractual Service
Margin) stood at €25.2 billion at 31 December 2024, up
5.8% year-on-year, benefiting from the positive impact of the
revaluation of the stock and the contribution of new business
exceeding the CSM allocation. The CSM allocation factor was 7.7% in
2024. Non-attributable expenses for the quarter amounted to
-€77 million, up +2.7% vs. the fourth quarter of 2023. As a
result, gross operating income reached €638 million, up +42.9%
compared to the same period in 2023. Taxes amounted to -€218
million, compared with -€79 million in the fourth quarter of 2023,
in connection with the increase in the tax rate to 34.5% (+16.7
percentage points compared to the fourth quarter of 2023). This
change is linked in particular to an upward reassessment of the tax
rate including a decrease in the valuation of assets at a reduced
rate. Non-controlling interests amounted to €3
million compared to €-32 million in the fourth quarter of 2023,
impacted by the inclusion of accounting items related to the
redemption of RT1 instruments. Net income Group share was €418
million, up +24.5% compared to the fourth quarter of 2023.
Full year 2024 insurance
revenues reached €2,845 million, up +11.9%
compared to 2023, in line with dynamic activity, the increase in
outstandings, as well as the lower claims experience in 2024
compared to 2023. Non-attributable expenses
amounted to -€341 million, up +9.3%. The cost/income ratio is thus
12%, below the target ceiling set by the Medium-Term Plan of 15%.
Gross operating income was €2,504 million (+12.2% compared to
2023). The tax expense was -€572 million, up +16.6% compared to
2023, in line with the lower contribution of reduced tax rate
operations to the overall tax rate. As a result, net income Group
share reached €1,884 million, up +14% compared to 2023.
Insurance contributed 25% to the underlying net
income Group share of Crédit Agricole S.A.'s business lines
(excluding AHM) at the end of December 2024 and 10% to their
underlying revenues.
Crédit Agricole Assurances remains solid with a
prudential Solvency 2 ratio superior to 200% as of 31 December
2024.
Asset Management results
In the fourth quarter of 2024,
revenues reached €901 million, up +14.5% compared
to the fourth quarter of 2023, mainly driven by management and
technology revenues. Net management fees posted sustained growth of
+13.5% compared to the fourth quarter of 2023, linked to the good
level of activity and the increase in average assets under
management. Performance fees were also up +67.6% compared to the
fourth quarter of 2023, benefiting from the good performance of
active strategies, particularly rates and credit. Amundi
Technology's revenues continued their sustained growth and
increased by +47,1% compared to the fourth quarter of 2023,
amplified this quarter by the first consolidation of aixigo, a
European leader in Wealth Tech, whose acquisition was finalized in
November 2024. Operating expenses amounted to
€-506 million, up +16.2% compared to the fourth quarter of 2024,
mainly explained by the effect of the first consolidation of Alpha
Associates and aixigo, the acceleration of strategic investments,
the growth of variable compensation revenues related to operational
performance and acquisition-related integration costs.58
Restated for integration costs, the increase in expenses remains
lower than the increase in revenues, thus generating a positive
jaws effect. Gross operating income was €395
million, up +12.5% compared to the fourth quarter of 2023,
reflecting double-digit revenue growth. The contribution of
associates, including the contribution of
Amundi's Asian joint ventures, amounted to €29 million, up
+1.8% compared to the fourth quarter of 2023. The tax expense
amounted to -€80 million (down -9.6%). Net income before deduction
of minority interests amounted to €341 million, up +18% compared to
the same period in 2023. As a result, net income Group
share was €226 million, +16.2% compared to the fourth
quarter of 2023.
In 2024, net banking income
reached €3,406 million, up +9.1% in asset management, reflecting
growth in management revenues, linked to the growth in average
assets under management and the very good performance of active and
passive management. Amundi Technology's revenues also grew
strongly, amplified by the acquisition of aixigo in the fourth
quarter of 2024. Operating expenses excluding SRF
amounted to -€1,890 million, an increase of +8.8%, explained by the
first consolidation of Alpha Associates and aixigo, investments in
growth areas, the increase in provisions for variable compensation
in line with operational performance and integration
costs58.The cost/income ratio excluding
SRF stood at 55.5%, stable compared to 2023 (-0.2
percentage points). Thus, gross operating income
increased by +9.7% compared to 2023, reflecting the increase in
revenues. Profit from associates increased by
+20.9%, mainly driven by the JV in India, which contributed more
than €100 million for the first time to this result. In the end,
net income Group share was €849 million, up +11.7%
compared to 2023.
Wealth Management
results59
In the fourth quarter of 2024, net
banking income from wealth management amounted to €430
million, up +73.9% compared to the fourth quarter of 2023,
benefiting from the impact of the integration of Degroof Petercam
in June 2024.60 Excluding this effect,
revenues were supported by the good momentum of management fees in
connection with the increase in outstandings, offsetting the
anticipated decrease in the net interest margin on deposits.
Expenses for the quarter amounted to -€347
million, up +60.4% compared to the fourth quarter of 2023, impacted
by a Degroof Petercam60 and -€12.8 million in
integration costs. Restated for these impacts, the evolution of
expenses is slightly lower than in the fourth quarter of 2023. The
cost/income ratio for the fourth quarter of 2024
stood at 80.8%, down -6.8 percentage points compared to the same
period in 2023. Restated for integration and acquisition costs, the
cost/income ratio was 77.8%. Gross operating
income reached €82 million, up sharply (x 2.7) compared to
the fourth quarter of 2023. The cost of risk for
the quarter remained moderate at -€3 million, in line with the
fourth quarter of 2023 (-€5 million). Net income Group
share reached €51 million, up sharply (x 3.3) compared to
the fourth quarter of 2023. Restated for integration and
acquisition costs61, net income Group share for the
fourth quarter of 2024 amounted to €60 million.
For the full year 2024, net banking
income from the wealth management business amounted to
€1,397 million, up +36.6% compared to the end of December 2023,
benefiting in particular from the integration of Degroof Petercam
in June 202462. Expenses excluding SRF were up +37.5%
due to a Degroof Petercam62 scope effect and -€26.4
million in integration costs. Restated for these impacts, 2024
expenses are up slightly by +2.8% compared to 2023. Gross
operating income increased by +35.0% to €264
million. The cost of risk at the end of 2024 was
-€15 million, up -€11 million compared to the end of December 2023,
related to the consideration of litigation and the provisioning of
various cases. Net income on other assets amounted
to -€23 million, mainly corresponding to acquisition costs for
Degroof Petercam63, restated for specific items. Net
income Group share for 2024 was €142 million, up
11.1% compared to 2023. Restated for integration and acquisition
costs63, 2024 net income Group share amounted to €177
million.
Wealth Management contributed 2% to the
underlying net income Group share of Crédit Agricole S.A.'s
business lines (excluding AHM) at the end of December 2024 and 5%
of their underlying revenues.
As of 31 December 2024, the equity allocated to
Wealth Management amounted to €0.9 billion; risk weighted assets
are €9.4 billion.
Activity of the Large Customers division
Once again in Q4 2024, Corporate and
Investment Banking (CIB) posted an excellent performance
across all its businesses (best fourth quarter and best year in
terms of revenues). Asset servicing also recorded
strong business momentum during the period.
Corporate and Investment
Banking’s fourth-quarter underlying
revenues rose sharply to €1,596 million, an increase of +9.9%
compared with the fourth quarter of 2023, driven by growth in its
two business lines. Revenues from Financing
activities were up +4.4% year-on-year to
€898 million. This was mainly due to the strong performance
recorded by Commercial Banking (+4.0% versus the fourth quarter of
2023), driven by good momentum in Corporate activities, especially
in the Telecom sector, and strong revenues from asset financing and
project financing, especially in Green energy and Aerospace.
Capital Markets and Investment Banking also grew
its revenues to €699 million, an increase of +18.0% compared with
the fourth quarter of 2023. Growth was fuelled by the high revenues
maintained by Capital Markets (+17.0% versus the fourth quarter of
2023), driven by the Repo and Securitisation businesses, and the
strong performance recorded by Investment Banking (with growth of
+23.0% compared with the fourth quarter of 2023) thanks to the
strong performance of Structured Equities.
In total, Corporate and Investment
Banking’s underlying revenue rose a steep +6.5%
year-on-year to €6,540 million, driven by growth in its two
business lines. Revenues from Financing
activities were up +5.7% compared to the total for
2023, at €3,355 million. Capital Markets and
Investment Banking also grew its revenues by +7.3%
compared with the end of December 2023, to total €3,185
million.
Financing activities consolidated its leading
position in syndicated loans (#1 in France64 and #2 in
EMEA64). Crédit Agricole CIB reaffirmed its
strong position in bond issues (#4 All bonds in EUR
Worldwide64) and was ranked #2 in Green, Social &
Sustainable bonds in EUR.65 Average regulatory VaR stood
at €9.5 million in the fourth quarter of 2024, down from the
€10.1 million recorded in the third quarter of 2024,
reflecting changes in positions and the financial markets. It
remained at a level that reflected prudent risk management.
In Asset Servicing, buoyant
sales and favourable market conditions boosted growth in assets
over the year, which offset the planned withdrawal of ISB
customers. The fourth quarter of 2024 saw the continued migration
of ISB (formerly RBC Investor Services in Europe) client portfolios
to CACEIS platforms, following the effective merger of the legal
entities with those of CACEIS on 31 May 2024. Client migration is
now practically complete. On 19 December 2024,
Crédit Agricole S.A. announced the signature of an
agreement to acquire Santander’s 30.5% non-controlling stake in
CACEIS, with the aim of full ownership.
Assets under custody increased
by +4.5% at end-December 2024 compared with end September 2024, and
by +12.1% compared with end December 2023, to reach
€5,291 billion. Assets under administration
also increased by +0.3% this quarter and were up +3.0%
year-on-year, totalling €3,397 billion at end December
2024.
Results of the Large Customers division
In the fourth quarter of 2024,
stated revenues of the Large Customers division
once again reached a record level, with €2,108 million, up +8.9%
compared with the fourth quarter of 2023, buoyed by an excellent
performance in the Corporate and Investment Banking and Asset
Servicing business lines.
Operating expenses increased
(+7.4%) compared with the fourth quarter of 2023, due to IT
investments and business development. As a result, the division’s
gross operating income was up +11.6% compared with
the fourth quarter of 2023 to €810 million. The division
recorded an overall net provision for cost of risk of
-€93 million in the fourth quarter of 2024, compared with
additions of -€39 million in the fourth quarter of 2023.
Stated pre-tax income totalled €723 million, an increase over
the period (+4.7%). The tax charge was -€166 million. Lastly,
stated Net income Group share came to
€512 million in the fourth quarter of 2024, compared with
stated income of €525 million in Q4 2023.
Over full-year 2024, stated
revenues of the Large Customers division was a
record high of €8,651 million, up +11.2% compared with the
2023 total. At -€5,039 million, operating expenses excluding SRF
rose +11.8% compared with the same period in 2023, due mainly to IT
investments and business development. Expenses for the year include
ISB integration costs of -€97 million. Gross operating income
stood at €3,612 million for full-year 2024, representing an
increase of +22.0% compared to 2023. Over the period, the
cost of risk recorded a net addition of
-€117 million, compared to an addition of -€120 million
in the same period in 2023. The business line’s contribution to
stated Net income Group share was
€2,448 million, a strong increase of +21.7% compared to
full-year 2023.
The business line contributed 32% to the
underlying net income Group share of
Crédit Agricole S.A.’s core businesses (excluding the
Corporate Centre division) at end-December 2024 and 31% to
underlying revenues excluding the Corporate
Centre.
At 31 December 2024, the equity
allocated to the division was €14 billion and its
risk-weighted assets were €147.8 billion.
Underlying RoNE (return on
normalised equity) stood at 17.7% at the end of December 2024.
Corporate and Investment Banking
results
In the fourth quarter of 2024,
Corporate and Investment Banking stated revenues
reached a record at €1,573 million, up +7.7% from the fourth
quarter of 2023. This was a record fourth quarter for Corporate and
Investment Banking. The specific items had an
impact of -€23.7 million in the fourth quarter of 2024
(compared to +€7.8 million in the fourth quarter of 2023) and
comprised the DVA, the issuer spread portion of the FVA, and
secured lending for -€25.6 million (compared to
+€6.0 million in the fourth quarter of 2023) and loan book
hedging totalling +€1.9 million (compared to
+€1.8 million in the fourth quarter of 2023).
Operating expenses rose by
+6.3% to -€902 million, mainly due to IT investments and the
development of business line activities. Gross operating
income rose sharply by +9.7% compared to the fourth
quarter of 2023, taking it to a high level of +€671 million.
The cost/income ratio was 57.4%, a slight change of
-0.8 percentage point over the period. The cost
of risk recorded a net addition of -€86 million,
higher than the fourth quarter 2023 (-€32 million). This level
of allocations is driven by model effects. The overall level
remains low with a cost of risk/outstandings of 7 basis
points66. Lastly, pre-tax income in the
fourth quarter of 2024 stood at €586 million, versus
€580 million in the fourth quarter of 2023 (up +1.0%). The tax
charge stood at -€139 million. Lastly, stated net
income Group share was down -7.1% at €437 million in
the fourth quarter of 2024.
In 2024,
stated revenues were up +7.6% to
a record level of €6,568 million for the year, with balanced
growth between Corporate and Investment Banking and on a very good
level recorded for full-year 2023. The specific
items over the period had an impact of +€28.5 million
(compared to -€38.9 million in 2023) and comprised the DVA,
the issuer spread portion of the FVA, and secured lending for
+€20.2 million (compared to -€14.6 million in 2023) and
loan book hedging totalling +€8.2 million, (compared to
-€24.3 million in 2023).
Operating expenses excluding
SRF rose +5.4%, mainly due to variable compensation and
investments in IT and employees to support the development of the
business lines. The cost/income ratio of 53.7%
remained contained and below the MTP target. As a result,
gross operating income of €3,040 million was
up sharply (+22.3% compared with full-year 2023.) The cost
of risk recorded a net addition of -€93 million for
2024, compared to a net addition of -€111 million for 2023.
The income tax charge stood at -€748 million, up +29.4%.
Lastly, stated net income Group share totalled
€2,152 million for 2024, an increase of +22.7% over the
period.
Risk weighted assets at the end of
December 2024 amounted to €136.9 billion, up by
+€8.3 billion compared to the end of September 2024,
notably due to an unfavourable foreign exchange impact and
rating.
Asset servicing results
In the fourth quarter of 2024, the
revenues of Asset Servicing were up +12.7%
compared to the fourth quarter of 2023, totalling
€535 million. This rise was driven by high fee and commission
income, itself driven by the increase in assets and by the
favourable trend in net interest margin. Operating
expenses rose by +9.8% to -€396 million, including
-€2.7 million in scope effects linked to the consolidation of
the remaining ISB entities and -€26.6 million in ISB
integration costs restated as specific items (-€24.9 million
in integration costs in the fourth quarter of 2023). Excluding
these effects, the increase in expenses was +9.3% compared to the
third quarter of 2023, linked to IT expenses and business growth.
As a result, gross operating income was up by
+21.7% to €139 million in the fourth quarter of 2024. Thus,
the cost/income ratio stood at 74%, down
-1.9 percentage point. Excluding ISB integration costs,
it stood at 69.0%. Net income thus totalled
€110 million, up +36.9% compared with the fourth
quarter of 2023. Adjusted for the €35 million share of
non-controlling interests, the business line’s contribution to
net income Group share totalled €75 million
in the fourth quarter of 2024, up +36.4% compared with the fourth
quarter of 2023.
In 2024, revenues totalled
€2,083 million, up +24.2% compared to the same period in 2023,
buoyed by the integration of ISB, strong commercial momentum and a
favourable trend in the interest margin over the period.
Costs excluding SRF increased by +30.1% and stood
at €1,511 million. They included a scope effect of
-€207 million over the first six months of 2024 and
-€97 million in ISB integration costs. Gross operating
income was up +20.4% compared to full year 2023. The
cost/income ratio stood at 72.6%, up
3.3 points compared to 2023. Excluding ISB integration costs,
the cost/income ratio stood at 67.9%. Net income
thus rose by +15.8%. The overall contribution of the business line
to net income Group share at the end of December
2024 was €296 million, representing a +15.1% increase compared
to full year 2023.
Specialised financial services activity
The commercial
production of
Crédit Agricole Personal Finance & Mobility
(CAPFM) totalled €11.7 billion in the fourth quarter
of 2024. This represents a decrease, mainly due to the Chinese
market, of -2.9% compared to fourth quarter 2023. The share of
automotive financing67 in quarterly new business
production stood at 50.2% this quarter. The average customer rate
for production was up +5 basis points from the third quarter
of 2024. CAPFM’s assets under management stood at
€119.3 billion at the end of December 2024, up +5.6% compared
to the end of December 2023, driven by all activities (Automotive
+8.2%68 with Crédit Agricole Auto Bank
and Leasys, LCL and Regional Banks +5.3%; Other entities +3.2%).
Lastly, consolidated outstandings totalled
€69.1 billion at the end of December 2024, up +3.3% compared
to the fourth quarter of 2023.
In January 2025, CAPFM announced the
finalisation of the acquisition of 50% of GAC Leasing.
Crédit Agricole Leasing & Factoring
(CAL&F) commercial production increased by +15.7%
compared to the fourth quarter of 2023. It was driven by
property leasing and renewable energy
financing. Leasing outstandings rose
+7.2% year-on-year, both in France (+5.9%) and internationally
(+12.3%), to reach €20.3 billion at the end of December 2024
(of which €16.0 billion in France and €4.3 billion
internationally). Commercial factoring production
was up sharply, recording a twofold increase compared to the fourth
quarter of 2023. It was driven by the signing of significant
contracts both in France, where production
increased by +32.5% in the fourth quarter of 2024 compared to the
fourth quarter of 2023, and internationally, where
production was multiplied by a factor of 3.5 in the fourth quarter
of 2024 compared to the fourth quarter of 2023. Factoring
outstandings at end-December 2024 were up +3.7% compared
to end-December 2023, and factored revenues were up by +6.9%
compared to the same period in 2023.
Specialised financial services’ results
The revenues of the Specialised
Financial Services division were €915 million in the fourth
quarter of 2024, up +4.0% compared to the fourth quarter of 2023.
Expenses amounted to -€447 million, down
-0.5% versus fourth quarter 2023 and down -1.4% excluding the base
effect69 related to the reorganisation of the Mobility
activities at CAPFM in the fourth quarter of 2023. The
cost/income ratio stood at 48.8%, up
-2.2 percentage points compared to the same period in 2023.
Gross operating income thus came to
€468 million, up +8.6% compared to the fourth quarter of 2023.
Cost of risk amounted to -€306 million, up
+66.2% compared to the fourth quarter of 2023, with this quarter
including model revisions at CAPFM, essentially leading to a
-€50 million deterioration in unproven risk, and a -€30
million provision for legal risk of which UK car loans. Net income
from equity-accounted entities rose +8.4% compared
to the fourth quarter of 2023 to €43 million, with this
quarter including around €14 million in non-recurring items.
The change in value of goodwill was
€0 million vs. €12 million in the fourth quarter of 2023,
and excluding the base effect69 related to the
reorganisation of Mobility activities at CAPFM, there was no
change. The division’s Net income Group share
amounted to €124 million, down -43.1% compared to the same
period in 2023, and down -8.4% excluding the base
effect69 related to the reorganisation of Mobility
activities at CAPFM and excluding provisions for legal risks and
model revisions in Q4-24 at CAPFM.
Over 2024,
revenues for the Specialised Financial Services
division fell by -2.2%, but rose by +6.8% excluding the base
effect70 related to the reorganisation of the Mobility
activities at CAPFM, compared to 2023. This favourable trend was
driven by a good performance in CAL&F (+6.8%) and by higher
revenues for CAPFM excluding the base effect70 (+6.8%),
benefiting from the scope effects linked to the strategic pivot
around Mobility at CAPFM, which led to the 100% consolidation of
Crédit Agricole Auto Bank from the second quarter of 2023 and
of ALD and LeasePlan activities in six European countries, as well
as the acquisition of a majority stake in the capital of Hiflow in
the third quarter of 2023. Costs excluding SRF
increased by +6.4% compared to 2023. Expenses excluding SRF, the
base effect70 and scope effects rose by +2.3%.
The cost/income ratio stood at 50.6%, or
+4.1 percentage points versus the same period in 2023;
excluding the base effect70, the change was
+0.3 percentage points. Cost of risk
increased by +10.1% compared to 2023, to -€958 million, and
increased by +21.9% excluding the base effect70.This
rise notably includes the impact of scope effects as well as
-€50 million due to model revisions and a -€30 million
provision for legal risk of which UK car loans in the fourth
quarter of 2024 at CAPFM. The contribution from
equity-accounted entities was down -3.3% versus
the same period in 2023, and down -25.5% excluding the base
effect70, due to the full consolidation of
Crédit Agricole Auto Bank in the second quarter of 2023, which
was previously accounted for using the equity method. Net
income on other assets amounted to -€12 million at
the end of December 2024, compared to €71 million at the end
of December 2023 and -€18 million excluding the base
effect70. The change in value of
goodwill was €0 million for 2024 vs. €12 million
for 2023, and excluding the base effect70 related to the
reorganisation of the Mobility activities at CAPFM, there was no
change.
Net income Group share
thus came to €625 million, down -26.6% compared to 2023, and
down -7.5% excluding the base effect70 related to the
reorganisation of the Mobility activities at CAPFM.
The business line contributed 8% to the
underlying net income Group share of
Crédit Agricole S.A.’s core businesses (excluding the
Corporate Centre division) at end-December 2024 and 13% to
underlying revenues excluding the Corporate Centre.
At 31 December 2024, the equity
allocated to the division was €7.2 billion and its
risk-weighted assets were €76.2 billion.
The underlying RoNE (return on
normalised equity) stood at 8.1% for the 12 months of 2024.
Personal Finance and Mobility
results
CAPFM revenues reached €722 million in the
fourth quarter of 2024, up +4.5% compared to the fourth quarter of
2023, with a positive price effect thanks in particular to the
production margin rate, which improved by +75 basis points in the
fourth quarter of 2024 compared to the fourth quarter of 2023 (up
+31 basis points compared to the third quarter of 2024), and with
around €30 million in non-recurring items in the fourth quarter of
2024. Expenses were down by -0.7% and stood at
-€347 million. They were down by -1.9% excluding the base
effect71 related to the reorganisation of the Mobility
activities compared to the same period in 2023. Gross
operating income stood at €375 million, up +9.9%. The
cost/income ratio stood at 48.1%, or
-2.5 percentage points versus the same period in 2023 and
-3.2 percentage points excluding the base effect71
related to the reorganisation of the Mobility activities.
Cost of risk increased by +68.4% to
-€286 million compared to the fourth quarter of 2023, with
this quarter including model revisions leading essentially to a
-€50 million deterioration in unproven risk, and a -€30
million provision for legal risk of which UK car loans. The
cost of risk/outstandings thus stood at
127 basis points72, a deterioration of
+6 basis points compared to the fourth quarter of 2023. The
Non Performing Loans ratio was 4.7% at the end of December 2024, up
+0.2 percentage point compared to the end of September
2024, while the coverage ratio reached 73.2%, down
-1.0 percentage point compared to the end of September 2024.
The contribution from equity-accounted entities
rose by +9.7% compared to the same period in 2023. Excluding the
base effect71 related to the reorganisation of the
Mobility activities, the change in value of
goodwill is zero, it stood at €12 million in the
fourth quarter of 2023. As a result, net income Group
share totalled €74 million in the fourth quarter of
2024, i.e. -56.2% compared to the same period the previous year.
Excluding the base effect71 and excluding the legal
provisions and model revisions, net income Group share was down
-11.7%.
In 2024, CAPFM’s
revenues totalled €2,764 million, down -4.3%
compared with 2023, but up +6.8% excluding the base effect related
to the reorganisation of the Mobility activities73.
Revenues benefited from scope effects related to the strategic
pivot around Mobility that had resulted in the full consolidation
of Crédit Agricole Auto Bank from the second quarter
of 2023, the acquisition of ALD and LeasePlan activities in six
European countries, and the acquisition of a majority stake in the
capital of Hiflow in the third quarter of 2023. Expenses
excluding SRF stood at -€1,382 million, an increase
of +7.0% on 2023. Expenses excluding SRF, excluding the base
effect73 and scope effects, were up +1.7%. Gross
operating income therefore came in at €1,382 million,
which was a drop of -12.8% but an increase of +6.4% excluding the
base effect73. The cost/income ratio
stood at 50.0%, or +5.3 percentage points versus the same
period in 2023; excluding the base effect73, the change
was +0.7 percentage points. Cost of risk
increased by +8.6% compared with 2023, to
-€877 million, and rose +21.3% when the base
effect73 is excluded. This rise notably includes the
impact of scope effects as well as a model revision leading
essentially to a -€50 million deterioration in unproven risk,
and a -€30 million provision for legal risk of which UK car loans.
The contribution from equity-accounted entities
was down -0.8% versus the same period in 2023, and down -22.9%
excluding the base effect73 related to the scope effects
of Crédit Agricole Auto Bank, which was fully
consolidated in the second quarter of 2023 having previously been
accounted for using the equity method. Net income on other
assets was down -€82.1 million between 2024 and 2023.
However, excluding the base effect73, it was up
+€7 million. The change in value of goodwill
was €0 million for 2024 against €12 million for 2023, and
excluding the base effect73 related to the
reorganisation of the Mobility activities, there was no change. As
a result, net income Group share stood at
€422 million for 2024, a decline of -37.5% from the same
period one year earlier. Excluding the base effect73,
net income Group share was down -15.4% from the same period in
2023.
Leasing & Factoring
results
CAL&F’s revenues totalled
€193 million, up +1.9% compared with the fourth quarter of
2023. This increase was driven by factoring, which benefited from
positive volume effects (increase in factored revenues).
Expenses remained stable with an increase of
+0.4%, while the cost/income ratio stood at 51.7%,
an improvement of -0.8 percentage points from the fourth
quarter of 2023. Gross operating income rose +3.5%
to €93 million, with a positive jaws effect of +1.5 percentage
points. Cost of risk totalled -€20 million,
up +40.1% compared to the same period in 2023. This rise was mainly
due to the small business and SME markets. Cost of
risk/outstandings stood at 24 basis
points72, up +4 basis points compared to fourth
quarter 2023. As a result, net income Group share
was €50 million, up +1.7% compared with the fourth quarter of
2023.
In 2024, revenues totalled
€756 million, an increase of +6.8% compared to 2023.
Costs excluding SRF increased by +4.3% to
€398 million. Gross operating income rose
significantly, +15.1% compared to 2023, to €358 million.
The underlying cost/income ratio excluding SRF
amounted to 52.6%, an improvement of -1.2 percentage points
compared to 2023. The cost of risk increased by
+29.7%, compared to the same period in 2023, to -€81 million.
Net income Group share was
€203 million, up +15.0% compared to the year 2023.
Crédit Agricole S.A. Retail Banking
activity
Activity in Crédit Agricole S.A.’s
Retail Banking business was solid during the
quarter, with an increasing number of customers taking out
insurance policies. Home loan production in France is steadily
recovering, while continuing to rise for corporate loans. Outside
France, loan activity was dynamic.
Retail banking activity in
France
In the fourth quarter of 2024,
activity remained strong with the upturn in mortgage lending and
non-remunerated demand deposits which rose over the quarter.
Customer acquisition is dynamic, with 60,000 new customers this
quarter.
The equipment rate for car, multi-risk home,
health, legal, all mobile devices or personal accident insurance
rose by +0.4 percentage points to stand at 27.9% at
end-December 2024.
Loan production totalled €8.5 billion,
representing a year-on-year increase of +34.2%. The fourth quarter
of 2024 confirmed the recovery in home loan production (+59.3%
compared to the fourth quarter of 2023 and +10.6% compared to the
third quarter of 2023), boosted by the proactive pricing policy.
The average production rate for home loans came to 3.24%, down
-14 basis points from the third quarter of 2024 and
-92 basis points year on year. The home loan stock rate
improved by +5 basis points over the quarter and by
+18 basis points year on year. The strong momentum continued
in the corporate market (+28.9% year on year) and the small
business market (+19.3% year on year) but slowed for the consumer
segment (-8.2%), in a challenging economic environment.
Outstanding loans stood at €171 billion at
end-December 2024, representing a +1.1% increase quarter-on-quarter
and year-on-year (of which +1.3% for home loans, +0.8% for loans to
professionals, +0.7% for loans to corporate). Customer assets
totalled €255.0 billion at end-December 2024, up +3.0% year on
year, driven by non-remunerated deposits and off-balance sheet
funds. Customer assets also rose +0.7% during the quarter, thanks
to the increase in demand deposit volumes (+1.1% compared with
end-September 2024) in a still-uncertain environment, as well as
term deposits (+1.2% compared with end-September 2024). Off-balance
sheet deposits benefited from a positive year-on-year market effect
across all segments and positive net inflows in life insurance.
Retail banking activity in
Italy
In the fourth quarter of 2024,
CA Italia posted gross customer capture of
45,000.
Loan outstandings at CA Italia stood at
€62.1 billion at end-December 202474, up +1.7%
compared with end-December 2023. This was despite the downturn in
the Italian market75, driven by the retail segment,
which posted an increase in outstandings of 3.2%, and the corporate
segment, which recorded an increase in outstandings of 3.6%. Loan
production, buoyed by the solid momentum in all markets, rose +4.5%
compared with the fourth quarter of 2023. Home loan production was
good but nevertheless recorded a decline compared to a very high
fourth quarter in 2023 (-6.3%). The loan stock rate fell by
-20 bp on the third quarter of 2024, but was down less sharply
than market rates.
Customer assets at end-December 2024 totalled
€120 billion, up +3.6% compared with end-December 2023;
on-balance sheet deposits were relatively unchanged from the
previous year at +0.5%, while the cost of ressources decreased.
Lastly, off-balance sheet deposits rose +7.7%, benefiting from a
market effect and positive net inflows.
CA Italia’s equipment rate in car,
multi-risk home, health, legal, all mobile devices or personal
accident insurance increased to 20.0%, up 1.2 percentage
points compared with the fourth quarter of 2023.
Crédit Agricole Group activity
in Italy76
The Group’s business lines in Italy continued to
grow throughout 2024. They served 6.1 million customers at
end-December 2024, and the Group’s market share stood at
5%77 in Italy at end-2024.
Crédit Agricole Italia has the best NPS among
commercial banks.78 The Group’s business lines were
ranked 2nd in consumer finance79,
3rd in asset management80, and 4th
in life bancassurance81.
Loans outstanding stood at €102 billion at
end-December 2024 (+2% versus end-December 2023). Total customer
assets stood at €340 billion at end-December 2024 (+2.7%
compared to end-December 2023).
International Retail Banking activity
excluding Italy
For International Retail Banking
excluding Italy, loan outstandings were stable at -0.2% at
current exchange rates at end-December 2024 compared with
end-December 2023 (+5.2% at constant exchange rates). Customer
assets rose by +1.2% over the same period at current exchange rates
(+8,9% at constant exchange rates).
In Poland in particular, loan outstandings
increased by +3.8% versus December 2023 (+2.1% at constant exchange
rates) and customer assets by +7.5% (+9.3% at constant exchange
rates), against a backdrop of fierce competition for deposits. Loan
production in Poland also remained strong, rising +9% compared with
the fourth quarter of 2023 at current exchange rates (+6.3% at
constant exchange rates).
In Egypt, loan outstandings fell -16.4% between
end-December 2024 and end-December 2023 (+29.3% at constant
exchange rates). Over the same period, inflows fell by -26.8% but
were still up +13.2% at constant exchange rates.
The surplus of deposits over loans in Poland and
Egypt amounted to €2.4 billion at 31 December 2024, and
totalled €4.1 billion including Ukraine.
French retail banking results
In the fourth quarter of 2024,
LCL’s revenues stood at €960 million, stable (+0.1%) compared
with the fourth quarter of 2023 (+0.8% excluding the reversal of
the provision for Home Purchase Saving Plans in the fourth quarter
of 202382). The increase in fee and commission income
(+8.4% Q4/Q4) was driven by all activities (excluding securities
management), but mainly by strong momentum in cash flow and card
premiums. NIM was down -7.7% Q4/Q4 (-6.6% excluding the reversal of
the provision for Home Purchase Saving Plans in the fourth quarter
of 202382). This quarter, the net interest margin was
boosted by higher lending yields (stock repricing +18 bp Q4/Q4
and +5 bp Q4/Q3) making it possible to offset the increased
cost of resources and a lower contribution from macro-hedging.
Expenses were down by -1.1% and stood at
-€647 million, benefiting in particular from a positive base
effect (non-recurring items recorded in Q4 2023 including
provisions on HR, property and IT components) making it possible to
offset continued investments linked to IT and external expenditure
(marketing, communication). The cost/income ratio stood at 67.4%,
down 0.8 percentage point compared to fourth quarter 2023.
Gross operating income rose by +2.7% to €313 million.
The cost of risk was down -19.3% compared with
the fourth quarter of 2023 to -€78 million (including
-€42 million in cost of risk on performing loans,
-€36 million in proven risk), cost of risk/outstandings
remained stable at 22 basis points, in a context of a
deterioration for SMEs and small businesses. The coverage ratio
stood at 62.6% at end-December 2024 (+2.8 percentage point
compared with end-September 2024). The non-performing loans ratio
was 2.0% at end December 2024, -0.1 percentage point compared
to end September 2024. As a result, net income Group share
increased by +13.1% compared with the fourth quarter of 2024
(+16.3% excluding the Home Purchase Saving Plan base
effect82).
For the year 2024, LCL revenues
were up +0.6% compared to 2023, totalling €3,872 million
(+2.6% excluding the Home Purchase Saving Plan base
effect83). The net interest margin was down -1.6% (+1.3%
excluding the Home Purchase Saving Plan base effect83),
benefiting from gradual loan repricing, making it possible to
offset the increased cost of resources. Fee and commission income
was up +2.7% compared to 2024 (+3.9% excluding the Cheque Image
base effect84 in 2023), particularly on life insurance
segments supported by the increase in assets in a positive market
context, on non-life insurance linked to property and casualty
insurance, and on payment instruments and account management. Costs
excluding SRF were up +2.2% due to continued investments linked to
IT and external expenditure (marketing, communication). The
cost/income ratio excluding SRF stood at 63.2%
(+1.0 percentage point compared with 2023). Gross
operating income grew by +1.0% year on year. Cost of risk increased
by +24.0%, impacted by the rise in proven risk on the corporate
market, including corporate-specific files and on the retail market
(small businesses and consumer finance). All in all, the business
line’s contribution to net income Group share stood at
€790 million, down -5.4% (+1.8% excluding the Home Purchase
Saving Plan base effect and Cheque Image fine reversal)
In all, the business line contributed 10% to the
underlying net income Group share of
Crédit Agricole S.A.’s core businesses (excluding the
Corporate Centre division) in 2024 and 14% to underlying
revenues excluding the Corporate Centre.
At 31 December 2024, the equity
allocated to the business line stood at €5.4 billion
and risk-weighted assets amounted to
€56.8 billion. LCL’s underlying return on normalised equity
(RoNE) stood at 13.7% in 2024.
International Retail Banking
results85
In the fourth quarter of 2024,
revenues for International Retail Banking
totalled
€969 million, stable (-0.5% at current exchange rates, +2.8%
at constant exchange rates) compared with the fourth quarter of
2023. Operating expenses were under control at
€568 million, down -9.5% (-8.3% at constant exchange rates).
Gross operating income consequently totalled
€401 million, up +15.7% (+24.6% at constant exchange rates)
for the period. Cost of risk amounted to
-€100 million, down -2.5% compared with the fourth quarter of
2023 (-0.5% at constant exchange rates).
All in all, net income Group share for
CA Italia, CA Egypt, CA Poland and
CA Ukraine amounted to €158 million in the
fourth quarter of 2024, up +54% (+68.6% at constant exchange
rates).
For full-year
2024, International Retail Banking
revenues rose by +2.8% to €4,059 million (+1.0% at
constant exchange rates). Expenses excluding SRF
were under control at -€2,148 million, an increase of +1.4% on
2023. Gross operating income totalled
€1,911 million, up +6.7% (+5.3% at constant exchange rates).
The cost of risk fell by -32.5% (-21.2% at
constant exchange rates) -€313 million compared to 2023. All
in all, net income Group share of
International Retail Banking was €836 million,
compared with €703 million in 2023.
In full-year 2024 the International Retail
Banking business line contributed 11% to the underlying net income
Group share of Crédit Agricole S.A’s core businesses.
(excluding the Corporate Centre) and 15% to underlying revenues
excluding the Corporate Centre.
As at 31 December 2024, the capital allocated to
International Retail Banking was €4.5 billion and
risk-weighted assets totalled €46.9 billion.
Results in Italy
In fourth quarter 2024,
Crédit Agricole Italia’s revenues stood
at €733 million, up +2.7% from fourth quarter 2023. The net
interest margin was relatively stable from fourth quarter 2023
(-0.2% compared to fourth quarter 2023) and fee and commission
income (-0.1%) benefited from the strong momentum of fee and
commission income on assets under management (+18.8% compared to
fourth quarter 2023). Operating expenses, excluding DGS, were
stable at +0.8% compared to the fourth quarter of 2023.
Cost of risk amounted to -€76 million in
the fourth quarter of 2024, down -21.2% from the fourth quarter of
2023, and corresponded almost entirely to provisions for proven
risk. Cost of risk/outstandings86 stood at 40 basis
points, an improvement of four basis points compared with the
third quarter of 2024. The Non Performing Loans ratio improved
compared with the third quarter of 2024 to stand at 2.9%, while the
coverage ratio was 75.1% (+1.5 percentage points compared with
the third quarter of 2024). Net income Group share for CA Italia
was €112 million, up +74.3% compared to the fourth quarter of
2023.
In full-year 2024,
revenues for
Crédit Agricole Italia rose by +1.3% to
€3,056 million. Expenses excluding SRF and
DGS (deposit guarantee fund in Italy) were under control
at €1,602 million, up +0.1% compared with full-year 2023.
Gross operating income stood at
€1,396 million, a slight increase of +6.1% compared to 2023.
The cost of risk amounted to -€246 million,
down -25.5% compared to 2023. As a result, the net income
Group share of CA Italia totalled €608 million, an
increase of +12.7% compared to 2023.
CA Italy’s underlying RoNE (return on
normalised equity) was 20,8% at 31 December 2024.
Results for Crédit Agricole Group in
Italy87
For full-year 2024, the
underlying net income Group share
of entities in Italy was €1,254 million, up 20% compared
to 2023. This reflects the ongoing momentum of the various
business lines, particularly Retail Banking, Asset Gathering, and
Large Customers. The breakdown by business line is as follows:
Retail Banking 49%; Specialised Financial Services 18%; Asset
Gathering and Insurance 21%; and Large Customers 12%. Lastly,
Italy’s contribution to the net income Group share of
Crédit Agricole S.A. in full-year 2024 was 16%.
International Retail Banking results –
excluding Italy
In the fourth quarter of 2024,
revenues for International Retail Banking
excluding Italy totalled €236 million, up -9.3%
(+3.3% at constant exchange rates) compared to the fourth quarter
of 2023. Revenues in Poland were up +2.5% on the fourth quarter of
2023 (+0.1% at constant exchange rates), boosted by a higher net
interest margin. Revenues in Egypt fell (-21.5% compared with the
fourth quarter of 2023) due to foreign exchange rate movements
(depreciation of the Egyptian pound) but were particularly buoyant
at constant exchange rates (+25%), benefiting from a sharp increase
in the interest margin. Operating expenses for
International Retail Banking excluding Italy
amounted to €126 million, down -1.3% compared with the fourth
quarter of 2023 (+5.1% at constant exchange rates). Gross
operating income amounted to €110 million, a decrease
of -17.1% (+1.9% at constant exchange rates) compared with the
fourth quarter of 2023. The cost of risk was
stable at -€24 million, versus -€6 million in fourth
quarter 2023. Furthermore, at end December 2024, the coverage ratio
for loan outstandings remained high in Poland and Egypt, at 124%
and 151% respectively. In Ukraine, the local coverage ratio remains
prudent (409%). All in all, the contribution of
International Retail Banking excluding Italy to
net income Group share was €46 million, up 20.2% compared with
the fourth quarter of 2023 at current exchange rates (+56.4% at
constant exchange rates).
In full-year 2024,
revenues for International Retail Banking
excluding Italy totalled €1,003 million, up +7.7% (+19.0%
at constant exchange rates) compared to 2023, driven by the
increase in the net interest margin. Revenues in Poland increased
dynamically by +21% compared to 2023 (+15% at constant exchange
rates) driven by net interest margin and commissions. Revenues in
Egypt decreased slightly by -3% at current exchange rates compared
to 2023, taking into account the evolution of exchange rates (in a
context of devaluation of the EGP currency) but remain very well
oriented at constant exchange rates (+43% compared to 2023),
benefiting from a strong increase in the interest margin.
Operating expenses amounted to -€488 million,
up +6.9% compared with 2023 (+10.6% at constant exchange rates).
The cost/income ratio at end-December 2024 was 48.6% (an
improvement of 0.4 points on the cost/income ratio at
end-December 2023). Thanks to strong growth in revenues,
gross operating income came to €515 million, up
8.5% (+28.1% at constant exchange rates) from 2023. Cost of
risk amounted to -€67 million, down -50.0% (-49.1% at
constant exchange rates) compared to 2023. All in all,
International Retail Banking excluding Italy contributed
€228 million to net income Group share.
The underlying RoNE (return on normalised
equity) of Other IRB (excluding CA Italy) stood at 29.5% at 31
December 2024.
At 31 December 2024, the entire Retail
Banking business line contributed 21% to the underlying
net income Group share of Crédit Agricole S.A.’s core
businesses (excluding the Corporate Centre division) and 29% to
underlying revenues excluding the Corporate Centre.
At 31 December 2024, the division’s equity
amounted to €9.9 billion. Its risk-weighted assets totalled
€103.7 billion.
Corporate Centre results
The net income Group share of
the Corporate Centre was +€18 million in the fourth quarter of
2024, up +€236 million compared with the fourth quarter of
2023. The positive contribution of the Corporate Centre division
can be analysed by distinguishing between the “structural”
contribution (-€26 million) and other items
(+€44 million).
The contribution of the “structural” component (-€26 million)
was up by +€193 million compared with the fourth quarter of
2023 and can be broken down into three types of activity:
- The activities
and functions of the Corporate Centre of the
Crédit Agricole S.A. Parent Company. This contribution
amounted to -€354 million in the fourth quarter of 2024, down
-€116 million, mainly due to a negative corporate income tax
catch-up effect of -€91 million.
- The business
lines that are not part of the core businesses, such as CACIF
(private equity), CA Immobilier, CATE and BforBank
(equity-accounted). They contributed +€315 million in the fourth
quarter 2024, up +€297 million from the fourth quarter of 2023.
This was due to the negative impact of the revaluation of Banco BPM
shares for +234 million in revenues (+€271m in the fourth quarter
of 2024 compared to +€37m in the fourth quarter of 2023), as well
as an interim dividend of +€60 in revenues.
- Group support
functions. Their contribution amounted to +€12 million this
quarter (+€12 million compared with the fourth quarter of
2023).
The contribution of “other items” was up
+€43 million compared with the fourth quarter of 2023.
The “internal margins” effect at the time of the consolidation of
the insurance activity at the Crédit Agricole level was
accounted for through the Corporate Centre. Over the quarter, the
impact of internal margins was -€198 million in revenues and
+€198 million in expenses.
Over 2024, the underlying net
income Group share of the Corporate Centre division was
-€488 million, up +€105 million compared with 2023. The
structural component contributed -€539 million, and other
items of the division recorded a positive contribution of
+€51 million over the year.
The “structural” component contribution was up €160 million
compared with 2023 and can be broken down into three types of
activities:
- The activities
and functions of the Corporate Centre of the
Crédit Agricole S.A. Parent Company. This contribution
amounted to -€1,120 million in 2024, down -€202 million
compared to 2023, including a base effect of -€171 million related
the reversal of the provision for Home Purchase Saving Plans
recognised in the third quarter of 2023 as well as -€42
million relating to the reversal of the Cheque Image Exchange fine
in the second quarter of 2023;
- Business lines
not attached to the core businesses, such as CACIF (private equity)
and CA Immobilier and BforBank: their contribution, which stood at
+€549 million in 2024, was up +€343 on 2023. This
increase was primarily due to the end of the SRF building-up period
(+€77 million) and the impact of the valuation and dividend of
Banco BPM shares for +€387 million;
- The Group’s
support functions: their contribution for 2024 was +€32 million, up
+€19 million compared to 2023.
The contribution of “other items” was down -€55
million compared to 2023.
The “internal margins” effect at the time of the consolidation of
the insurance activity at the Crédit Agricole level was
accounted for through the Corporate Centre. Over the year, the
impact of internal margins was -€832 million in revenues and
+€832 million in expenses.
At 31 December 2024, risk-weighted assets
stood at €30.0 billion.
Financial strength
Crédit Agricole Group
At 31 December 2024, the phased-in
Common Equity Tier 1 (CET1) ratio of
Crédit Agricole Group was 17.2%, a decrease of -0.2
percentage point compared to end-September 2024. Therefore, the
Crédit Agricole Group posted a substantial buffer of
7.4 percentage points between the level of its CET1 ratio and
the 9.8% SREP requirement. The fully loaded CET1 ratio was
17.1%.
During the fourth quarter 2024:
- The CET1 ratio
benefited from an impact of +25 basis points related to
retained earnings.
- Changes in risk
weighted assets related to business line organic
growth impacted the Group’s CET1 ratio by -28 basis
points (see below), mainly due to a rating effect of -15 basis
points.
- Methodology,
M&A and other effects had a negative impact of -14 basis points
and included, in particular, the -12 basis point Basel 4 impact
relating to the consolidation of leasing activities.
The phased-in Tier 1 ratio
stood at 18.3%, while the phased-in total ratio was 20.9% at
end-December 2024.
The phased-in leverage ratio stood at 5.5%,
remaining stable compared with end-September 2024, well above the
regulatory requirement of 3.5%.
Risk-weighted assets for the
Crédit Agricole Group amounted to €653 billion, up
+€17.5 billion compared with 30 September 2024. The change can
be broken down by business line as follows: Retail Banking +6.9
billion (including +4.1 billion in negative rating effects on LCL
and the Regional Banks, Asset Gathering -1.3 billion, Specialised
Financial Services +4.3 billion, Large Customers +7.3 billion
(impacted by foreign exchange and negative rating effects) and
Corporate Centre +0.3 billion.
Maximum Distributable Amount (MDA and
L-MDA) trigger thresholds
The transposition of Basel regulations into
European law (CRD) introduced a restriction mechanism for
distribution that applies to dividends, AT1 instruments and
variable compensation. The Maximum Distributable Amount (MDA, the
maximum sum a bank is allowed to allocate to distributions)
principle aims to place limitations on distributions in the event
the latter were to result in non-compliance with combined capital
buffer requirements.
The distance to the MDA trigger is the lowest of
the respective distances to the SREP requirements in CET1 capital,
Tier 1 capital and total equity.
At 31 December 2024,
Crédit Agricole Group posted a buffer of
666 basis points above the MDA trigger, i.e.
€44 billion in CET1 capital.
Failure to comply with the leverage ratio buffer
requirement would result in a restriction of distributions and the
calculation of a maximum distributable amount (L-MDA).
At 31 December 2024,
Crédit Agricole Group posted a buffer of
197 basis points above the L-MDA trigger, i.e.
€43 billion in Tier 1 capital. At the
Crédit Agricole Group level, it is the distance to the
L-MDA trigger that determines the distance to distribution
restriction.
At 31 December 2024,
Crédit Agricole S.A. posted a buffer of
296 basis points above the MDA trigger, i.e.
12 billion in CET1 capital.
Crédit Agricole S.A. is not subject to the L-MDA
requirement.
TLAC
Crédit Agricole Group must comply with
the following TLAC ratio requirements at all times:
- a TLAC ratio
above 18% of risk-weighted assets (RWA), plus – in accordance with
EU directive CRD 5 – a combined capital buffer requirement
(including, for Crédit Agricole Group, a 2.5% capital
conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer
set at 0.77% and the 0.05% systemic risk buffer for CA Group
at 31 December 2024). Considering the combined capital buffer
requirement, Crédit Agricole Group must adhere to a TLAC
ratio of above 22.3%;
- a TLAC ratio of
above 6.75% of the Leverage Ratio Exposure (LRE).
The Crédit Agricole Group’s
2025 target is to maintain a TLAC ratio greater than or equal to
26% of RWA excluding eligible senior preferred debt.
At 31 December 2024,
Crédit Agricole Group’s TLAC ratio stood
at 26.9% of RWA and 8.0% of leverage ratio exposure,
excluding eligible senior preferred
debt88, which is well above
the requirements. The TLAC ratio, expressed as a percentage of
risk-weighted assets, decreased by 40 basis points over the
quarter, due to risk-weighted assets increasing more rapidly than
equity and eligible items over the period. Expressed as a
percentage of leverage exposure (LRE), the TLAC ratio was down
20 basis points compared with September 2024.
The Group thus has a TLAC ratio excluding
eligible senior preferred debt that is 460 basis points
higher, i.e. €30 billion, than the current requirement of
22.3% of RWA.
At end-December 2024, €10.4 billion
equivalent had been issued in the market (senior non-preferred and
Tier 2 debt) as well as €2.5 billion of AT1. The amount
of Crédit Agricole Group senior non-preferred securities
taken into account in the calculation of the TLAC ratio was
€34.5 billion.
MREL
The required minimum levels are set by decisions
of resolution authorities and then communicated to each
institution, then revised periodically. At 31 December 2024,
Crédit Agricole Group has to meet a minimum total MREL
requirement of:
- 22.01% of RWA,
plus – in accordance with EU directive CRD 5 – a combined
capital buffer requirement (including, for
Crédit Agricole Group, a 2.5% capital conservation
buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77%
and the 0.05% systemic risk buffer for CA Group at 31 December
2024). Considering the combined capital buffer requirement, the
Crédit Agricole Group has to meet to a total MREL ratio
of above 26.3%;
- 6.25% of the
LRE.
At 31 December 2024, the
Crédit Agricole Group had a total MREL ratio of
32.4% of RWA and 9.7% of leverage exposure, well above the
requirement.
An additional subordination requirement
(“subordinated MREL”) is also determined by the resolution
authorities and expressed as a percentage of RWA and LRE. At 31
December 2024, this subordinated MREL requirement for the
Crédit Agricole Group was:
- 18.25% of RWA,
plus a combined capital buffer requirement. Considering the
combined capital buffer requirement, the
Crédit Agricole Group has to meet to a subordinated MREL
ratio of above 22.6%;
- 6.25% of
leverage exposure.
At 31 December 2024,
Crédit Agricole Group had a subordinated MREL
ratio of 26.9% of RWA and 8.0% of leverage
exposure, well above the requirement.
The distance to the maximum distributable amount
trigger related to MREL requirements (M-MDA) is the lowest of the
respective distances to the MREL, subordinated MREL and TLAC
requirements expressed in RWA.
At 31 December 2024,
Crédit Agricole Group had a buffer of
430 basis points above the M-MDA trigger, i.e.
€28 billion in CET1 capital; the distance to the
M-MDA trigger corresponds to the distance between the subordinated
MREL ratio and the corresponding requirement.
Crédit Agricole S.A.
At 31 December 2024,
Crédit Agricole S.A.’s solvency ratio was higher than the
Medium-Term Plan target, with a phased-in Common Equity
Tier 1 (CET1) ratio of 11.7%, stable compared to
end-September 2024. Crédit Agricole S.A. therefore had a
comfortable buffer of 3.0 percentage points between the level
of its CET1 ratio and the 8.6% SREP requirement. The fully loaded
CET1 ratio was 11.6%.
During the fourth quarter 2024:
- The CET1 ratio
benefited this quarter from a positive impact of +19 basis points
linked to retained earnings. This impact
corresponds to net income Group share net of AT1 coupons (impact of
+38 basis points) and of the distribution of 50% of earnings,
i.e. a provision for dividends of 27 euro cents per share in
third quarter 2024 (-20 basis points).
- Changes in
risk-weighted assets related to business line
organic growth impacted the CET1 ratio by -12 basis points, of
which a rating effect of -10 basis points in Corporate and
Investment Banking and French Retail Banking.
- Methodology,
M&A and other effects had a negative impact of -13 basis points
and included, in particular, the -12 basis point Basel 4 impact
relating to the consolidation of leasing activities.
- The phased-in
leverage ratio was 3.9% at end-December 2024, up
+0.1 percentage point compared to end-September 2024 and above
the 3% requirement.
The phased-in Tier 1 ratio
stood at 13.4% and the phased-in total ratio at 17.4% this
quarter.
Risk weighted assets for
Crédit Agricole S.A. amounted to 415 billion at end
of December 2024, up by +€12.9 billion compared to 30
September 2024. The change can be broken down by core business line
as follows:
- The Retail
Banking divisions showed an increase of +€2.1 billion,
particularly in France, with a rating effect at LCL of
+€1.9 billion.
- Asset Gathering
posted a decrease of -€1.2 billion essentially for Insurance
due to the impact of the interim dividend.
- Specialised
Financial Services increased by +€4.3 billion, due to the
Basel 4 impact of consolidation of leasing activities
- Large Customers
recorded an increase in risk-weighted assets of +€7.4 billion
over the quarter, mainly as a result of the growth of the Corporate
and Investment Banking business lines, and negative foreign
exchange effects (+€2.7 billion) and ratings
(+€1.5 billion).
- The Corporate
Centre divisions posted an increase in risk-weighted assets of
+€0.4 billion.
Liquidity and Funding
Liquidity is measured at Crédit Agricole Group
level.
Preliminary presentation information:
At 31 December 2024, changes have been made to
the liquidity balance sheet:
- In assets, the
section “Cash and Central Bank deposits (including mandatory
reserves)”, eligible to LCR, was reduced to “Central Bank deposits
(without Cash and mandatory reserves)”, for consistency with the
presentation of Liquidity reserves, which exclude Cash and
mandatory reserves. The latter have been reclassified under stable
application of funds for the surplus of stable funding resources
over stable application of funds, in the section “Net working
capital” (see Infra). This methodological change had a negative
impact on the indicator of €16 billion;
- In assets, the
sections “Interbank assets” and “Reverse repos (net) and other ST”
in the banking book have been merged into a single section called
“Treasury assets”;
- In liabilities,
the “Customer-related funds” section now only contains customer
deposits eligible for the Stable Resources Position
indicator89, and bonds issued by Group entities through
its retail networks as well as national or supranational borrowings
are now listed in the “LT debt” section (formerly called “MLT
market funds”);
- The sections
“Tangible and intangible assets” previously in assets and “Equity
and similar” previously in liabilities are netted in a single
section called “Net working capital” in liabilities. The later now
also includes the difference between accrued liabilities and
accrued interests, which were historically included in the section
“Reverse repos and other ST”. This reclassification had a positive
impact on the surplus of stable funding resources over stable
application of funds of €3 billion.
In addition, the following changes have been
made to the breakdown of long-term debt (considered within the
meaning of banking activities) from the 31 December 2024:
- Senior Preferred
bonds issued by Group entities through its retail networks are
classified within other debt with the same ranking issued on the
market;
- National or
supranational borrowings are classified as senior secured
debt.
Comments on the liquidity position:
Diversified and granular customer deposits has
increased by +2% over the quarter (€1,152 billion at 31 December
2024). The stabilisation of the breakdown in deposits continues
this quarter in France.
The Group’s liquidity reserves, at
market value and after haircuts90,
amounted to €473 billion at 31 December 2024, up
+€7 billion compared to 30 September 2024.
Liquidity reserves (without Cash and Central
Bank deposits) covered more than twice the short term debt net of
treasury assets.
This increase in liquidity reserves is notably
explained by:
- The increase in
the securities portfolio (HQLA and non-HQLA) for +€24 billion,
due to the subscription of additional securities (instead of
Central Banks deposits, Cf. Infra) and to the change in haircuts to
better reflect the economic reality of central bank value;
- The decrease of
collateral already pledged to Central Banks and unencumbered for
-€12 billion since additional private non-financial corporate
claims (ACC Corpo) are no longer eligible to ECB funding from
Q4.
Crédit Agricole Group also continued
its efforts to maintain immediately available reserves (after
recourse to ECB financing). Central bank eligible non-HQLA assets
after haircuts amounted to €139 billion.
Standing at €1,685 billion at 31 December
2024, the Group’s liquidity balance sheet shows a surplus
of stable funding resources over stable application of funds of
€177 billion, down -€12 billion compared with
end-September 2024. This surplus remains well above the Medium-Term
Plan target of €110bn-€130bn.
Long term debt was €305 billion at
31 December 2024, up from pro-forma end-September
2024.
This included:
- Senior secured
debt of €84 billion;
- Senior preferred
debt of €159 billion, up +€10 billion, of which €7.5 billion
due to the consolidation of CAPFM’s car lease subsidiaries in
compliance with CRR3 regulation;
- Senior
non-preferred debt of €37 billion;
- And Tier 2
securities of €25 billion.
Credit institutions are subject to a threshold
for the LCR ratio, set at 100% on 1 January 2018.
At 31 December 2024, the end of month
LCR ratios were 127% for Crédit Agricole Group
(representing a surplus of €66 billion) and 131% for
Crédit Agricole S.A. (representing a surplus of
€64 billion). They were higher than the Medium-Term Plan
target (around 110%). The LCR ratio was lower in December given
higher one-month net outflows weighing on the denominator of the
ratio.
In addition, the NSFR of
Crédit Agricole Group and Crédit Agricole S.A.
exceeded 100%, in accordance with the regulatory
requirement applicable since 28 June 2021 and above the Medium-Term
Plan target (>100%).
The Group continues to follow a prudent policy
as regards medium-to-long-term refinancing, with a
very diversified access to markets in terms of investor base and
products.
At 31 December 2024, the Group’s main
issuers raised the equivalent of
€32.7 billion91 in
medium-to-long-term debt on the market, 81% of which was
issued by Crédit Agricole S.A.
In particular, the following amounts are noted
for the Group excluding
Crédit Agricole S.A.:
- Crédit Agricole Assurances issued €750 million
in Tier 2 10-year bullet subordinated and made a tender offer on
two subordinated perpetual issuances (FR0012444750 &
FR0012222297) for €788.5 million in September;
-
Crédit Agricole Personal Finance & Mobility
issued:
-
€2 billion equivalent in EMTN issuances and €0.9 billion
in securitisations through Crédit Agricole Auto Bank
(CAAB);
-
€0.7 billion in securitisations through Agos;
- Crédit Agricole Italia issued two senior secured debt
issuances for a total of €1.5 billion, of which
€500 million in Green Bond format;
- Crédit Agricole next bank (Switzerland) issued three
tranches in senior secured format for a total of 300 million
Swiss francs, of which 100 million Swiss francs in Green
Bond format
At 31 December 2024,
Crédit Agricole S.A. raised the equivalent of
€24.1 billion through the
market92,93.
The bank raised the equivalent of
€24.1 billion, of which €7.3 billion in senior
non-preferred debt and €3.1 billion in Tier 2 debt, as well as
€7.2 billion in senior preferred debt and €6.5 billion in
senior secured debt at end-December. The financing comprised a
variety of formats and currencies, including:
-
€6.3 billion94,95;
-
6.35 billion96 US dollars (€5.8 billion
equivalent);
-
1.1 billion pounds sterling (€1.3 billion
equivalent);
-
230 billion Japanese yen (€1.4 billion equivalent);
-
0.8 billion Swiss francs (€0.8 billion equivalent);
-
1.75 billion Australian dollars (€1.1 billion equivalent);
-
7 billion renminbi (€0.9 billion equivalent).
At end-December, Crédit Agricole S.A.
had issued 64%97,98 of its funding
plan in currencies other than the euro.
In addition, on 2 January 2024,
Crédit Agricole S.A. issued a PerpNC6 AT1 bond for
€1.25 billion at an initial rate of 6.5% and, on 24 September
2024, a PerpNC10 AT1 bond for $1.25 billion at an initial rate
of 6.7%.
The 2025 MLT market funding programme was set at
€20 billion, with equilibrium between senior preferred or
senior secured debt and senior non-preferred or Tier 2 debt.
The programme was 30% completed at 31 January
2025, with:
-
€0.5 billion in senior secured debt;
-
€0.3 billion equivalent in senior preferred debt;
-
€4.6 billion equivalent in senior non-preferred debt;
-
€0.7 billion equivalent in Tier 2 debt.
Economic and financial environment
2024 retrospective
Continuing trend of disinflation and
monetary easing
The global context remained contentious and
eruptive, marked by significant geopolitical tensions and ongoing
open conflicts such as the wars in Ukraine and the Middle East,
which began in February 2022 and October 2023, respectively. On
their emergence, these conflicts had caused tensions for upstream
prices, particularly for grain, gas and maritime transport. These
sharp price increases combined with sources of inflation arising
from the post-Covid recovery: pressure on demand (recovering
strongly) and supply (tight), problems or disruptions in supply,
slow return of the participation rate on the labour market to its
pre-pandemic level (labour shortage, wage pressures).
This combination of shocks resulted in a sudden upturn in global
inflation, which peaked at 10.3% in October 2022 (an annual average
of 8.7% in 2022 after 3.8% in 2021). This high inflation and the
need to anchor inflation expectations quickly, to avoid price-wage
spirals and persisting very high levels of inflation, resulted in
sharp monetary tightening. The Federal Reserve and the ECB also
began, in March and July 2022, respectively, a powerful rate hike
cycle (increases of 525 and 450 base points (bp),
respectively, in around 15 months). Thanks to the resorption of
shocks upstream, the normalisation of the labour markets and the
effects of monetary tightening, disinflation occurred from 2023
(average global inflation at 6.9%); global growth held up well
overall.
2024 was marked by widespread continued disinflation (average
global inflation at 5%, 4.5% year-on-year in December), despite the
resilience of services prices being almost as widespread. After
having kept their policy rates at high levels for some time, the
major central banks started to make cuts in the summer. While the
ECB reduced its deposit rate by 150 bp (to 3% for a
refinancing rate of 3.15% in December 2024), the Fed reduced the
federal funds target rate by 100 bp (upper bound at 4.50% in
December 2024). Widely anticipated, this monetary easing provided
support to still robust global growth (recession was avoided
despite the high inflation followed by much stricter financial
conditions) but for which the overall resilience still masks very
mixed performances.
Overall resilient growth masking mixed
performances
In the US, the economy once
again demonstrated its robustness in 2024, with growth that
continued to exceed expectations, coming in at an annual average of
2.8% (after 2.9% in 2023). Despite some pockets of weakness
(households with low incomes, negative net equity, small
businesses, vulnerable workers more exposed to high interest
rates), the monetary and financial tightening did not have a
widespread depressive effect thanks to an overall strengthening of
balance sheets (corporate and household) after the financial
crisis. While the employment market showed signs of a slowdown,
this was more of a normalisation following a period of overheating
rather than a deep deterioration. The unemployment rate rose only
slightly, (4.1% at end-December 2024 vs 3.8% one year earlier).
Lastly, confirming that the last mile of disinflation is the
hardest, year-on-year inflation climbed very slowly from September
to reach 2.9% in December.
In China, the property market has not yet
stabilised and support measures (lowering mortgage rates, lowering
reserve requirement rates to free up liquidity, creating support
funds to buy back certain vacant properties or properties under
construction) have not generated the confidence boost expected.
Households have preferred to maintain their precautionary savings,
to the detriment of consumption, and weak domestic demand has
continued to feed strong deflationary pressure. Thanks to
better-than-expected growth in the last quarter (5.4%
year-on-year), average annual growth reached the government target
of “around 5%”. However, inflation (0.2% in 2024) remained far
below the Central Bank’s 3% target.
In France, growth came in at 1.1% in 2024, as in
2023. However, inflation dropped sharply, with an annual average of
2%, after 4.9% in 2023. This disinflation led to increased
purchasing power for households, although this did not translate
into a sharp rise in consumption. The savings rate for households
therefore increased to 18%, as an annual average, compared to below
17% in 2023 and 14% before the health crisis (2015-2019).
Employment proved very resilient in 2024 and the unemployment rate
showed only a slight increase (7.4%). As the previous tightening of
financial terms continued to weigh heavily on private investment,
domestic demand decelerated and growth was driven by foreign trade
and the public sector. While public consumer spending drove growth,
on the other side of the coin, the public deficit significantly
increased and should reach around 6.2% of GDP (after 5.5% in
2023).
In Italy, the slowdown in
activity continued in 2024, with growth limited to 0.5%. The
disinflation process that began at the end of 2023 continued
(average annual inflation of 1.1%) but was not enough to
significantly boost the economy. A buoyant employment market (with
an unemployment rate of 6.7%, down one point on 2023), low
inflation and slight wage increases enabled an upturn in purchasing
power after two years of decline. Despite this support, growth in
household consumption remained moderate and the savings rate
stabilised after its drop in 2023. Investment growth stagnated,
driven solely by projects linked to the stimulus package, while
productive investment declined sharply, particularly in the third
quarter. Continued restrictive financing terms and insufficient
demand, both domestically and internationally, have hampered
supply, particularly in industry, which saw a marked drop. The
construction sector, supported in the first six months by the
delayed effect of the Super Bonus, then slowed.
Financial markets
Disinflation did not drive inflation rates to
the targets set by the major central banks, but within their
“comfort zones” and enabled them, during the summer, to ease their
monetary policy. However, firstly, the “last mile” of disinflation
has proved harder than the markets had anticipated and, secondly,
the US election revived hopes of stronger growth but fears of
higher inflation in the US. Consequently, investors have had to
temper their hopes for monetary easing and bond rate cuts,
particularly in the US.
On the other side of the Atlantic, while
two-year US Treasury yields fell back very slightly during the year
(around 4.25% in December 2024), longer-term rates (US 10-year
Treasuries) picked up by almost 65 bp (to almost 4.60%). In
the eurozone, with a fairly depressed growth outlook and modest
inflation, 2-year and 10-year swap rates fell by around 65 bp and
15 bp, respectively, over the year (to 2.20% and 2.35%). The trend
in sovereign spreads reflected the relative economic, as well as
political, performance of the economies. Whilst difficulties piled
up in Germany, the European periphery enjoyed political stability
and/or better economic growth. While the Bund rate (German 10-year
rate) gained 30 bp over the year (to 2.35%, i.e. the 10-year swap
rate level, having been nearly 50 bp below this level at the end of
December 2023), peripheral spreads tightened. In France, political
instability and concerns about the trajectory of French debt
prompted the spread to widen. At the end of 2024, the Spanish,
Italian and French 10-year yield spreads against the Bund were
around 120, 70 and 80 bp, respectively, (i.e. variations of -25 bp,
-50 bp and +30 bp over the year). France’s spread is now higher
than Spain’s.
In 2024, US economic performance far outstripped
that of other major regions, notably Europe. Whilst US equity
markets were again buoyed by the performance of the “Magnificent
Seven” and the expected benefits of the US election, Europe
suffered for a variety of reasons (depressed manufacturing sector,
high energy costs, excessive regulation, Chinese competition,
technology gap, political concerns in France and Germany etc.).
Between the start and end of 2024, the S&P index rose by 24%,
the Eurostoxx 50 was up 8% and the CAC was down 2%. Lastly,
although stable on average over the year (at US$1.08), the euro
fell against the dollar by 5.5% between January and December
2024.
2025 Outlook
A highly conditional
scenario
More than ever, the outlook is dependent on the
future course of US geopolitics and economic policy. The
assumptions made about the scale and timing of the measures to be
taken by the new administration suggest that, in the US, the
economy is likely to remain resilient, but also that inflation will
pick up, monetary easing will be modest and long-term interest
rates will come under upwards pressure. Moreover, these measures
are only one explanation for the eurozone’s expected sluggish
recovery, below potential.
Outlining the US (and, by extension, global) scenario obviously
involves making assumptions about both the scale of the measures
likely to be implemented and their timing, depending on whether
they fall under the purview of the President or require the
approval of Congress. As far as tariffs are concerned, the US
President’s threats seem to be tantamount to extreme pressure
tactics. They call for an intermediate scenario consisting of
substantial increases, but not as high as campaign proposals. Trade
tariffs would likely rise to an average of 40% for China, from the
second quarter of 2025, and to an average of 6% for the rest of the
world, phased in over the second half of 2025. An aggressive fiscal
policy, favouring tax cuts and maintaining extremely high deficits,
would be implemented later. Its effects could be seen from 2026
onwards. In terms of immigration, restrictions could be applied
from the start of the presidential term. They would be followed by
a very sharp slowdown in immigration flows and, while deportations
are to be expected, they would be selective as opposed to a massive
and indiscriminate deportation of millions of people. Lastly,
deregulation, from which the energy and finance sectors are likely
to benefit the most, would have rather positive effects throughout
the presidential term of office.
In the US, these policy
guidelines should, on the whole, favour growth. If the expected
positive effect of an aggressive fiscal policy and deregulation
exceeds the negative impact of tariffs and immigration
restrictions, growth will follow. Given the resilience of the US
economy, whose growth is still expected to outperform forecasts to
settle at around 2.8% in 2024, this suggests that growth will
remain strong, albeit slightly weaker. Due to a number of
vulnerabilities (low-income households and small businesses are
more exposed to high interest rates), our scenario assumes a
slowdown to 1.9% in 2025, before a recovery to 2.2% in 2026, a
trend that is likely to be accompanied by an upturn in inflation.
The end of the disinflationary path to the 2% target is, in fact,
the most arduous, and tariffs could result in price pressure
ranging between 25 to 30 basis points. Headline inflation could
therefore fall back to around 2% next spring, before rising to
around 2.5% by the end of 2025 and then remain stable in 2026. The
potential for monetary policy easing will be very limited.
In the eurozone, growth is
likely to be sluggish, with the economy still not meeting its
growth potential and below the pace enjoyed by the US. Although the
upturn in household consumption points to slightly stronger growth,
the latest data regarding investment does not augur well for a
marked acceleration. Falling inflation boosts purchasing power, as
well as a rebuilding of real wealth, implying less saving, and
lower interest rates help to restore property purchasing power. The
ingredients are there for a continued recovery in household
spending, albeit only at a very moderate pace, however, as fiscal
consolidation and global uncertainty are likely to encourage a
continued high savings rate. Our scenario therefore assumes a
modest acceleration in consumption to 1.1% in 2025 and 1.2% in
2026, after 0.7% in 2024. After a sharp fall in 2024, investment in
2025 is likely to continue to be penalised by the delay in passing
on the interest rate cuts and, above all, by weak domestic demand
and growing uncertainty about foreign demand. Investment is
expected to grow by just 1.5%, before firming slightly in 2026
(2%). The Trump administration’s policies are likely to have a
moderately negative impact on growth in the eurozone, in the short
term primarily due to uncertainty. Les politiques de
l’administration Trump auraient un impact modérément négatif sur la
croissance de la zone euro, dont le canal le plus important à court
terme serait l’incertitude. In addition, the monetary and fiscal
policy mix remains unfavourable to growth, with the central bank
policy rate returning to neutral by mid-2025, while the reduction
in the ECB’s balance sheet continues to reflect a restrictive
stance. Our forecasts therefore place growth on a relatively soft
acceleration trend, rising from 0.7% in 2024 to 1% in 2025, then
1.2% in 2026: growth potential would be attained, but the output
gap, which is slightly negative, would not yet be closed, as the
growth gap with the US economy would widen.
In France, in 2025, assuming that a 2025 finance
act is adopted at the beginning of the year (probably at the end of
the first quarter) and that the recovery in public finances is
weaker than forecast by the former Barnier government’s draft bill,
growth would fall to 0.8%. Economic activity would be curbed,
especially at the start of the year, by the uncertainty surrounding
national politics and international trade policies. Households and
businesses are likely to adopt a more wait-and-see attitude to
consumption, investment and hiring. Household consumption is
nevertheless set to rise as a result of the ongoing disinflation
process, with inflation easing to 2.1% on an annual average basis
(CPI), but only slightly. The household savings rate is not
expected to fall until the second half of the year and will remain
very high, while the unemployment rate is set to rise moderately.
Private investment, meanwhile, is expected to remain stable, with
an upturn postponed until 2026. Foreign trade is no longer expected
to contribute to growth, as imports and exports are expected to
grow at more or less the same rate. A slight re-stocking phenomenon
is set to support growth, but budgetary efforts are likely to
weaken. The public deficit is, however, only expected to fall
slightly, to 6% of GDP. In Italy, a slight
improvement is expected in 2025, with GDP growth forecast at 0.6%.
Although a weakening labour market and slightly higher inflation
are expected, consumption should become the main driver of the
economy. Productive investment could benefit from a more favourable
monetary environment. The construction sector will continue to be
weakened by the after-effects of the boom of previous years,
despite partial support from projects under the stimulus
package.
Regarding emerging countries,
were it not for the difficulties associated with “Trump 2.0”, the
situation would be improving, with lower US central bank policy
rates conducive to global monetary easing, easing of downwards
pressure on emerging currencies and, more generally, on external
financing for emerging countries, with domestic growth buoyed by
falling inflation and interest rate cuts and exports to developed
countries (primarily the US) still buoyant. However, the effects of
these supporting factors are at risk of being undermined by the
probable repercussions of the measures taken by the new US
administration. In addition to trade tariffs that are likely to
make emerging country exports more expensive and more limited,
there will be less monetary accommodation in the US and a probable
reduction in US military and financial support for Ukraine,
fuelling geopolitical uncertainty in Europe. It will therefore be
preferable to be a large country with a low level of openness, such
as India, Indonesia or Brazil, a commodity-exporting country or an
economy that is well integrated with China, which is preparing for
the Trump storm.
In China, the last Politburo
meeting concluded in December with a commitment by the authorities
to implement a “more proactive” fiscal policy and a “sufficiently
accommodating” monetary policy, in order to boost domestic demand
and stabilise the property and equity markets. A period of trade
tensions is looming and, apart from restrictions on exports of
critical products (including rare earths), the means of retaliation
are limited. It is difficult to respond by boosting the
competitiveness of exports (the yuan is already historically low)
or by reciprocally raising tariffs, which would risk penalising
already very fragile domestic consumption. The authorities’ plans
to provide more vocal support for domestic demand are commendable,
but the effectiveness of this strategy will depend on household
confidence. The upturn cannot be ordered by decree, and our
scenario continues to predict a slowdown in growth in 2025.
The market’s hopes of a sharp monetary easing
have been refuted and are absolutely no longer on the agenda,
especially in the US.
In an economy that is expected to remain robust,
with inflation holding above 2% and which could pick up again, the
easing would be modest. After a total reduction of 100 basis points
in 2024 (bp), the Fed could ease by a further 50
bp in total, taking the Fed funds rate (upper limit of the target
range) to 4.00% in the first half of 2025, before pausing for a
prolonged period. With inflation on target and no recession in
sight, the ECB is likely to continue moderate easing via its
central bank policy rates, while extending its quantitative
tightening. After its four 25 bp cuts in 2024, the ECB is expected
to cut rates by 25 bp at its meetings in January, March and April,
then maintain its deposit rate at 2.25%, i.e. very slightly below
the neutral rate estimate (2.50%).
Everything points to a scenario of rising long-term
interest rates. In the US, given
the economic scenario (limited slowdown in growth and moderation in
inflation concentrated at the beginning of the period) and modest
monetary easing followed by an earlier pause, interest rates could
fall slightly in the first half of 2025 before picking up. The new
forecasts look to a ten-year Treasury rate nearing 4.50% at the end
of 2025, then rising to around 5.00% at the end of 2026.
In the eurozone, a number of
factors lead to a scenario of rising sovereign interest rates:
excessive monetary easing expectations by the markets, the
correction of which could lead to a rise in swap rates, an increase
in the volume of government securities linked to the ECB’s balance
sheet reduction (Quantitative Tightening) as well as still-high net
national issuance and the extension of the rise in US bond yields
to their European equivalents. Whilst the German economy (where
early elections will be held in February) continues to suffer, and
the political situation in France is not any clearer, “peripheral”
countries have seen their sound economic results (notably Spain)
and their political stability (this applies to Italy and Spain)
rewarded by a significant tightening of their spreads against the
German 10-year rate in 2024. They should benefit from the same
supportive factors in 2025. Our scenario therefore assumes German,
French and Italian ten-year interest rates of 2.55%, 3.15% and
3.55%, respectively, at the end of 2025.
Lastly, on the dollar front, a number of
positive factors, including the increased attractiveness of the
dollar in terms of yield, seem to have already been largely
incorporated into its price. As a result, our scenario assumes that
the greenback will remain close to its recent highs throughout
2025, without exceeding them for any long period.
Appendix 1 – Specific items,
Crédit Agricole Group and
Crédit Agricole S.A.
Crédit Agricole
Group – Specific items
| |
Q4-24 |
Q4-23 |
2024 |
2023 |
| €m |
Gross
impact* |
Impact on
Net income |
Gross
impact* |
Impact on
Net income |
Gross
impact* |
Impact on
Net income |
Gross
impact* |
Impact on
Net income |
| |
|
|
|
|
|
|
|
|
|
DVA (LC) |
(26) |
(19) |
6 |
4 |
20 |
15 |
(15) |
(11) |
|
Loan portfolio hedges (LC) |
2 |
1 |
2 |
1 |
8 |
6 |
(24) |
(18) |
|
Home Purchase Savings Plans (LCL) |
- |
- |
6 |
5 |
1 |
1 |
58 |
43 |
|
Home Purchase Savings Plans (CC) |
- |
- |
5 |
4 |
(0) |
(0) |
236 |
175 |
|
Home Purchase Savings Plans (RB) |
- |
- |
74 |
55 |
63 |
47 |
192 |
142 |
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
- |
300 |
214 |
|
Check Image Exchange penalty (CC) |
- |
- |
- |
- |
- |
- |
42 |
42 |
|
Check Image Exchange penalty (LCL) |
- |
- |
- |
- |
- |
- |
21 |
21 |
|
Check Image Exchange penalty (RB) |
- |
- |
- |
- |
- |
- |
42 |
42 |
|
Total impact on revenues |
(24) |
(18) |
93 |
69 |
93 |
69 |
851 |
650 |
|
Degroof Petercam integration costs (AG) |
(13) |
(10) |
- |
- |
(26) |
(19) |
- |
- |
|
ISB integration costs (LC) |
(27) |
(15) |
- |
- |
(97) |
(52) |
- |
- |
|
Mobility activities reorganisation
(SFS) |
- |
- |
4 |
3 |
- |
- |
(14) |
(10) |
|
Total impact on operating expenses |
(39) |
(25) |
4 |
3 |
(123) |
(72) |
(14) |
(10) |
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
|
(85) |
(61) |
|
Provision for risk Ukraine (IRB) |
- |
- |
- |
- |
(20) |
(20) |
- |
- |
| Total
impact on cost of credit risk |
- |
- |
- |
- |
(20) |
(20) |
(85) |
(61) |
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
- |
(39) |
(39) |
| Total
impact equity-accounted entities |
- |
- |
- |
- |
- |
|
(39) |
(39) |
|
ISB integration costs (LC) |
(2) |
- |
- |
- |
(2) |
- |
- |
- |
|
Degroof Petercam acquisition costs (AG) |
1 |
1 |
- |
- |
(22) |
(16) |
- |
- |
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
- |
89 |
57 |
| Total
impact Net income on other assets |
(1) |
1 |
- |
- |
(24) |
(16) |
89 |
57 |
|
Mobility activities reorganisation (SFS) |
- |
- |
12 |
12 |
- |
- |
12 |
12 |
| Total
impact on change of value of goodwill |
- |
- |
12 |
12 |
- |
- |
12 |
12 |
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
3 |
- |
- |
- |
3 |
| Total
impact on tax |
- |
- |
- |
3 |
- |
- |
- |
3 |
| |
|
|
|
|
|
|
|
|
|
Total impact of specific items |
(64) |
(42) |
109 |
86 |
(74) |
(39) |
814 |
611 |
|
Asset gathering |
(12) |
(9) |
- |
- |
(49) |
(36) |
- |
- |
|
French Retail banking |
- |
- |
80 |
59 |
65 |
48 |
312 |
248 |
|
International Retail banking |
- |
- |
- |
- |
(20) |
(20) |
- |
- |
|
Specialised financial services |
- |
- |
16 |
17 |
- |
- |
263 |
176 |
|
Large customers |
(52) |
(33) |
8 |
6 |
(70) |
(31) |
(39) |
(29) |
|
Corporate centre |
- |
- |
5 |
4 |
(0) |
(0) |
277 |
216 |
* Impact before tax and before minority interests
Crédit
Agricole S.A. – Specific items
| |
Q4-24 |
Q4-23 |
2024 |
2023 |
|
€m |
Gross
impact* |
Impact on
Net income |
Gross
impact* |
Impact on
Net income |
Gross
impact* |
Impact on
Net income |
Gross
impact* |
Impact on
Net income |
| |
|
|
|
|
|
|
|
|
|
DVA (LC) |
(26) |
(19) |
6 |
4 |
20 |
15 |
(15) |
(11) |
|
|
Loan portfolio hedges (LC) |
2 |
1 |
2 |
1 |
8 |
6 |
(24) |
(18) |
|
|
Home Purchase Savings Plans (LCL) |
- |
- |
6 |
4 |
3 |
2 |
58 |
41 |
|
|
Home Purchase Savings Plans (CC) |
- |
- |
5 |
4 |
(2) |
(1) |
236 |
175 |
|
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
- |
300 |
214 |
|
Check Image Exchange penalty (CC) |
- |
- |
- |
- |
- |
- |
42 |
42 |
|
Check Image Exchange penalty (LCL) |
- |
- |
- |
- |
- |
- |
21 |
20 |
| Total
impact on revenues |
(24) |
(17) |
19 |
14 |
30 |
21 |
617 |
464 |
|
Degroof Petercam integration costs (AG) |
(13) |
(9) |
- |
- |
(26) |
(19) |
- |
- |
|
|
ISB integration costs (LC) |
(27) |
(15) |
- |
- |
(97) |
(52) |
- |
- |
|
|
Mobility activities reorganisation (SFS) |
- |
- |
4 |
3 |
- |
- |
(14) |
(10) |
|
| Total
impact on expenses |
(39) |
(25) |
4 |
3 |
(123) |
(71) |
(14) |
(10) |
|
Provision for risk Ukraine (IRB) |
- |
- |
- |
- |
(20) |
(20) |
- |
- |
|
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
|
(85) |
(61) |
|
|
Total impact on cost of credit risk |
- |
- |
- |
- |
(20) |
(20) |
(85) |
(61) |
|
| |
|
|
|
|
|
|
|
|
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
- |
(39) |
(39) |
|
|
Total impact equity-accounted entities |
- |
- |
- |
- |
- |
|
(39) |
(39) |
|
|
ISB integration costs (LC) |
(2) |
- |
- |
- |
(2) |
- |
- |
- |
|
|
Degroof Petercam acquisition costs (AG) |
1 |
1 |
- |
- |
(22) |
(16) |
- |
- |
|
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
- |
- |
- |
89 |
57 |
|
|
Total impact Net income on other assets |
(1) |
1 |
- |
- |
(24) |
(16) |
89 |
57 |
|
|
Mobility activities reorganisation (SFS) |
- |
- |
12 |
12 |
- |
- |
12 |
12 |
|
|
Total impact on change of value of goodwill |
- |
- |
12 |
12 |
- |
- |
12 |
12 |
|
|
Mobility activities reorganisation (SFS) |
- |
- |
- |
3 |
- |
- |
- |
3 |
|
|
Total impact on tax |
- |
- |
- |
3 |
- |
- |
- |
3 |
|
| |
|
|
|
|
|
|
|
|
|
Total impact of specific items |
(64) |
(41) |
35 |
31 |
(138) |
(86) |
580 |
425 |
|
|
Asset gathering |
(12) |
(9) |
- |
- |
(49) |
(35) |
- |
- |
|
|
French Retail banking |
- |
- |
6 |
4 |
3 |
2 |
79 |
61 |
|
|
International Retail banking |
- |
- |
- |
- |
(20) |
(20) |
- |
- |
|
|
Specialised financial services |
- |
- |
16 |
17 |
- |
- |
263 |
176 |
|
|
Large customers |
(52) |
(32) |
8 |
6 |
(70) |
(32) |
(39) |
(28) |
|
|
Corporate centre |
- |
- |
5 |
4 |
(2) |
(1) |
277 |
216 |
|
* Impact before tax and before minority
interests
Appendix 2 – Crédit Agricole Group: income
statement by business line
Crédit Agricole Group – Results by business line, Q4-23 and
Q4-24
|
|
Q4-24 (stated) |
|
€m |
RB |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
3,276 |
960 |
993 |
2,037 |
915 |
2,108 |
(472) |
9,817 |
|
Operating expenses excl. SRF |
(2,503) |
(647) |
(588) |
(930) |
(447) |
(1,298) |
549 |
(5,863) |
|
SRF |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross operating income |
773 |
313 |
405 |
1,107 |
468 |
810 |
77 |
3,954 |
|
Cost of risk |
(263) |
(78) |
(97) |
(11) |
(306) |
(93) |
(19) |
(867) |
|
Equity-accounted entities |
1 |
- |
- |
29 |
43 |
7 |
- |
80 |
|
Net income on other assets |
(2) |
1 |
0 |
(0) |
(9) |
(1) |
(10) |
(20) |
|
Income before tax |
513 |
236 |
308 |
1,125 |
196 |
724 |
48 |
3,150 |
|
Tax |
(110) |
(44) |
(100) |
(313) |
(49) |
(166) |
(2) |
(784) |
|
Net income from discont'd or held-for-sale ope. |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net income |
404 |
192 |
207 |
813 |
147 |
557 |
46 |
2,366 |
|
Non controlling interests |
(1) |
(0) |
(31) |
(117) |
(24) |
(34) |
(11) |
(217) |
|
Net income Group Share |
403 |
192 |
177 |
696 |
124 |
523 |
35 |
2,149 |
|
|
Q4-23 (stated) |
|
€m |
RB |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
3,227 |
959 |
1,000 |
1,550 |
880 |
1,936 |
(782) |
8,769 |
|
Operating expenses excl. SRF |
(2,485) |
(654) |
(646) |
(726) |
(449) |
(1,209) |
488 |
(5,682) |
|
SRF |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross operating income |
742 |
305 |
353 |
824 |
431 |
727 |
(294) |
3,088 |
|
Cost of risk |
(321) |
(96) |
(98) |
(4) |
(184) |
(39) |
(20) |
(762) |
|
Equity-accounted entities |
(0) |
- |
(0) |
29 |
40 |
5 |
- |
73 |
|
Net income on other assets |
(1) |
0 |
2 |
(5) |
(11) |
(1) |
(4) |
(19) |
|
Income before tax |
420 |
209 |
258 |
843 |
288 |
692 |
(328) |
2,382 |
|
Tax |
(85) |
(39) |
(104) |
(172) |
(53) |
(130) |
128 |
(455) |
|
Net income from discont'd or held-for-sale ope. |
(0) |
- |
(10) |
- |
- |
- |
- |
(10) |
|
Net income |
336 |
170 |
144 |
671 |
235 |
562 |
(200) |
1,918 |
|
Non controlling interests |
0 |
0 |
(24) |
(123) |
(18) |
(25) |
(4) |
(194) |
|
Net income Group Share |
336 |
170 |
120 |
548 |
217 |
537 |
(204) |
1,724 |
Crédit Agricole Group – Results by business line, 2024 et
2023
|
|
2024 (stated) |
|
€m |
RB |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
13,110 |
3,872 |
4,153 |
7,633 |
3,520 |
8,652 |
(2,879) |
38,060 |
|
Operating expenses excl. SRF |
(9,956) |
(2,448) |
(2,225) |
(3,365) |
(1,780) |
(5,039) |
2,084 |
(22,729) |
|
SRF |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross operating income |
3,155 |
1,424 |
1,928 |
4,268 |
1,740 |
3,613 |
(795) |
15,332 |
|
Cost of risk |
(1,319) |
(373) |
(316) |
(29) |
(958) |
(117) |
(79) |
(3,191) |
|
Equity-accounted entities |
8 |
- |
- |
123 |
125 |
27 |
- |
283 |
|
Net income on other assets |
1 |
5 |
0 |
(23) |
(12) |
1 |
(13) |
(39) |
|
Income before tax |
1,849 |
1,056 |
1,612 |
4,339 |
895 |
3,523 |
(887) |
12,388 |
|
Tax |
(423) |
(229) |
(536) |
(970) |
(187) |
(883) |
341 |
(2,888) |
|
Net income from discont'd or held-for-sale ope. |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net income |
1,425 |
827 |
1,076 |
3,369 |
708 |
2,641 |
(546) |
9,500 |
|
Non controlling interests |
(2) |
(0) |
(160) |
(481) |
(82) |
(139) |
4 |
(860) |
|
Net income Group Share |
1,423 |
827 |
916 |
2,889 |
625 |
2,502 |
(542) |
8,640 |
|
|
2023 (stated) |
|
€m |
RB |
LCL |
IRB |
AG |
SFS |
LC |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
13,259 |
3,850 |
4,040 |
6,693 |
3,597 |
7,780 |
(2,728) |
36,492 |
|
Operating expenses excl. SRF |
(9,702) |
(2,396) |
(2,189) |
(2,874) |
(1,673) |
(4,507) |
1,877 |
(21,464) |
|
SRF |
(111) |
(44) |
(40) |
(6) |
(29) |
(312) |
(77) |
(620) |
|
Gross operating income |
3,446 |
1,410 |
1,811 |
3,813 |
1,896 |
2,961 |
(928) |
14,408 |
|
Cost of risk |
(1,152) |
(301) |
(463) |
(5) |
(871) |
(120) |
(28) |
(2,941) |
|
Equity-accounted entities |
9 |
- |
1 |
102 |
130 |
21 |
- |
263 |
|
Net income on other assets |
5 |
21 |
3 |
(10) |
71 |
2 |
(5) |
88 |
|
Income before tax |
2,308 |
1,130 |
1,353 |
3,900 |
1,237 |
2,865 |
(971) |
11,821 |
|
Tax |
(551) |
(256) |
(425) |
(868) |
(306) |
(691) |
350 |
(2,748) |
|
Net income from discont'd or held-for-sale ope. |
(0) |
- |
(3) |
1 |
(0) |
- |
- |
(3) |
|
Net income |
1,756 |
874 |
924 |
3,033 |
931 |
2,174 |
(621) |
9,071 |
|
Non controlling interests |
(0) |
(0) |
(145) |
(466) |
(79) |
(118) |
(4) |
(813) |
|
Net income Group Share |
1,756 |
874 |
780 |
2,566 |
851 |
2,056 |
(625) |
8,258 |
Appendix 3 – Crédit Agricole S.A.:
Results by business line
Crédit Agricole S.A. – Results by business line, Q4-24 et
Q4-23
|
|
Q4-24 (stated) |
|
€m |
AG |
LC |
SFS |
FRB (LCL) |
IRB |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
Revenues |
2,045 |
2,108 |
915 |
960 |
969 |
95 |
7,092 |
|
Operating expenses excl. SRF |
(930) |
(1,298) |
(447) |
(647) |
(568) |
(28) |
(3,917) |
|
SRF |
- |
- |
- |
- |
- |
- |
- |
|
Gross operating income |
1,116 |
810 |
468 |
313 |
401 |
67 |
3,175 |
|
Cost of risk |
(11) |
(93) |
(306) |
(78) |
(100) |
(6) |
(594) |
|
Equity-accounted entities |
29 |
7 |
43 |
- |
- |
(17) |
62 |
|
Net income on other assets |
(0) |
(1) |
(9) |
1 |
0 |
(0) |
(9) |
|
Income before tax |
1,133 |
723 |
196 |
236 |
302 |
44 |
2,634 |
|
Tax |
(315) |
(166) |
(49) |
(44) |
(101) |
(7) |
(681) |
|
Net income from discont'd or held-for-sale ope. |
- |
- |
- |
- |
- |
- |
- |
|
Net income |
819 |
557 |
147 |
192 |
201 |
37 |
1,953 |
|
Non controlling interests |
(124) |
(45) |
(24) |
(9) |
(43) |
(19) |
(264) |
|
Net income Group Share |
695 |
512 |
124 |
183 |
158 |
18 |
1,689 |
|
|
Q4-23 (stated) |
|
|
€m |
AG |
LC |
SFS |
FRB (LCL) |
IRB |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
1,555 |
1,935 |
880 |
959 |
974 |
(262) |
6,040 |
|
Operating expenses excl. SRF |
(726) |
(1,209) |
(449) |
(654) |
(627) |
(44) |
(3,710) |
|
SRF |
- |
- |
- |
- |
- |
- |
- |
|
Gross operating income |
828 |
726 |
431 |
305 |
347 |
(306) |
2,330 |
|
Cost of risk |
(4) |
(39) |
(184) |
(96) |
(102) |
(14) |
(440) |
|
Equity-accounted entities |
29 |
5 |
40 |
- |
(0) |
(12) |
61 |
|
Net income on other assets |
(5) |
(1) |
(11) |
0 |
2 |
(3) |
(17) |
|
Income before tax |
848 |
691 |
288 |
209 |
246 |
(345) |
1,937 |
|
Tax |
(173) |
(129) |
(53) |
(39) |
(103) |
128 |
(369) |
|
Net income from discont'd or held-for-sale ope. |
- |
- |
- |
- |
(10) |
- |
(10) |
|
Net income |
675 |
562 |
235 |
170 |
134 |
(217) |
1,558 |
|
Non controlling interests |
(130) |
(37) |
(18) |
(8) |
(31) |
(1) |
(224) |
|
Net income Group Share |
546 |
525 |
217 |
162 |
103 |
(218) |
1,334 |
Crédit Agricole S.A. – Results by business line, 2024 et
2023
|
|
2024 (stated) |
|
€m |
AG |
LC |
SFS |
FRB (LCL) |
IRB |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
Revenues |
7,648 |
8,651 |
3,520 |
3,872 |
4,059 |
(570) |
27,181 |
|
Operating expenses excl. SRF |
(3,365) |
(5,039) |
(1,780) |
(2,448) |
(2,148) |
(116) |
(14,895) |
|
SRF |
- |
- |
- |
- |
- |
- |
- |
|
Gross operating income |
4,284 |
3,612 |
1,740 |
1,424 |
1,911 |
(685) |
12,286 |
|
Cost of risk |
(29) |
(117) |
(958) |
(373) |
(313) |
(59) |
(1,850) |
|
Equity-accounted entities |
123 |
27 |
125 |
- |
- |
(82) |
194 |
|
Net income on other assets |
(23) |
1 |
(12) |
5 |
0 |
23 |
(4) |
|
Income before tax |
- |
- |
- |
- |
- |
- |
- |
|
Tax |
4,355 |
3,523 |
895 |
1,056 |
1,599 |
(803) |
10,625 |
|
Net income from discont'd or held-for-sale ope. |
(973) |
(883) |
(187) |
(229) |
(535) |
336 |
(2,472) |
|
Net income |
- |
- |
- |
- |
- |
- |
- |
|
Non controlling interests |
3,381 |
2,640 |
708 |
827 |
1,063 |
(466) |
8,153 |
|
Net income Group Share |
(506) |
(192) |
(82) |
(37) |
(227) |
(22) |
(1,067) |
|
Revenues |
2,875 |
2,448 |
625 |
790 |
836 |
(488) |
7,087 |
|
|
2023 (stated) |
|
|
€m |
AG |
LC |
SFS |
FRB (LCL) |
IRB |
CC |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
6,688 |
7,779 |
3,597 |
3,850 |
3,949 |
(683) |
25,180 |
|
Operating expenses excl. SRF |
(2,874) |
(4,507) |
(1,673) |
(2,396) |
(2,118) |
(64) |
(13,632) |
|
SRF |
(6) |
(312) |
(29) |
(44) |
(40) |
(77) |
(509) |
|
Gross operating income |
3,808 |
2,960 |
1,896 |
1,410 |
1,791 |
(825) |
11,039 |
|
Cost of risk |
(5) |
(120) |
(870) |
(301) |
(464) |
(17) |
(1,777) |
|
Equity-accounted entities |
102 |
21 |
130 |
- |
1 |
(58) |
197 |
|
Net income on other assets |
(10) |
2 |
71 |
21 |
3 |
(3) |
85 |
|
Income before tax |
- |
- |
12 |
- |
- |
(9) |
2 |
|
Tax |
3,894 |
2,864 |
1,237 |
1,130 |
1,332 |
(911) |
9,546 |
|
Net income from discont'd or held-for-sale ope. |
(872) |
(690) |
(306) |
(256) |
(422) |
346 |
(2,201) |
|
Net income |
1 |
- |
(0) |
- |
(3) |
- |
(3) |
|
Non controlling interests |
3,024 |
2,174 |
931 |
874 |
906 |
(565) |
7,343 |
|
Net income Group Share |
(483) |
(162) |
(79) |
(39) |
(204) |
(28) |
(995) |
|
Revenues |
2,541 |
2,011 |
852 |
835 |
703 |
(593) |
6,348 |
Appendix 4 – Data per share
|
Crédit Agricole S.A. – Earnings p/share, net book value p/share and
RoTE |
(€m)
Q4-2024
Q4-2023
2024
2023
Net income Group share - stated
1,689
1,334
7,087
6,348
- Interests on AT1, including issuance costs, before tax
(112)
(87)
(463)
(458)
- Foreign exchange impact on reimbursed AT1
-
-
(266)
-
NIGS attributable to ordinary shares - stated
[A]
1,577
1,247
6,358
5,890
Average number shares in issue, excluding treasury shares (m)
[B]
3,025
3,032
3,015
3,031
Net earnings per share - stated
[A]/[B]
0.52 €
0.41 €
2.11 €
1.94 €
Underlying net income Group share (NIGS)
1,730
1,303
7,172
5,923
Underlying NIGS attributable to ordinary shares
[C]
1,618
1,216
6,443
5,465
Net earnings per share - underlying
[C]/[B]
0.54 €
0.40 €
2.14 €
1.80 €
(€m)
31/12/2024
31/12/2023
Shareholder's equity Group share
74,710
71,086
- AT1 issuances
(7,218)
(7,220)
- Unrealised gains and losses on OCI - Group share
1,256
1,074
- Payout assumption on annual results*
(3,327)
(3,181)
Net book value (NBV), not revaluated, attributable to
ordin. sh.
[D]
65,421
61,760
- Goodwill & intangibles** - Group share
(17,851)
(17,347)
Tangible NBV (TNBV), not revaluated attrib. to ordinary
sh.
[E]
47,569
44,413
Total shares in issue, excluding treasury shares (period end,
m)
[F]
3,025
3,029
| NBV per share,
after deduction of dividend to pay (€) |
| Dividend to
pay (€) |
| TNBV per
share, after deduction of dividend to pay (€) |
TNBV per sh., before deduct. of divid. to pay (€)
| €21.6 |
20,4 € |
| €1.10 |
1,05 € |
| €15.7 |
14,7 € |
| €16.8 |
15,7 € |
| 20,4 € |
| 1,05 € |
| 14,7 € |
| 15,7 € |
* dividend proposed to the Board meeting to be paid
** including goodwill in the equity-accounted entities
(€m)
2024
2023
Net income Group share - stated
[K]
7,087
6,348
Impairment of intangible assets
[L]
0
0
Stated NIGS annualised
[N] = ([K]-[L]-[M])*4/4+[M]
7,087
6,348
Interests on AT1, including issuance costs, before tax, foreign
exchange impact, annualised
[O]
-729
-458
Stated result adjusted
[P] = [N]+[O]
6,358
5,890
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg ***
(3)
[J]
46,125
43,281
Stated ROTE adjusted (%)
= [P] / [J]
13.8%
13.6%
Underlying Net income Group share
[Q]
7,172
5,923
Underlying NIGS annualised
[R] = ([Q]-[M])*4/4+[M]
7,172
5,923
Underlying NIGS adjusted
[S] = [R]+[O]
6,443
5,465
Underlying ROTE adjusted(%)
= [S] / [J]
14.0%
12.6%
*** including assumption of dividend for the current
exercise
0.0%
(1) Underlying: see appendixes for more
details on specific items
(2) Underlying ROTE calculated on the basis of an annualised
underlying net income Group share and linearised IFRIC costs over
the year
(3) Average of the NTBV not revalued attributable to ordinary
shares, calculated between 31/12/2023 and 31/12/2024 (line [E]),
restated with an assumption of dividend for current
exercises
Alternative Performance
Indicators99
NBV Net Book Value (not
revalued)
The Net Book Value not revalued corresponds to the shareholders’
equity Group share from which the amount of the AT1 issues, the
unrealised gains and/or losses on OCI Group share and the pay-out
assumption on annual results have been deducted.
NBV per share Net Book Value per share –
NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This
represents the Net Book Value divided by the number of shares in
issue at end of period, excluding treasury shares.
Net Tangible Book Value per share represents the
Net Book Value after deduction of intangible assets and goodwill,
divided by the number of shares in issue at end of period,
excluding treasury shares.
EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has
been deducted, divided by the average number of shares in issue
excluding treasury shares. It indicates the portion of profit
attributable to each share (not the portion of earnings paid out to
each shareholder, which is the dividend). It may decrease, assuming
the net income Group share remains unchanged, if the number of
shares increases.
Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses
by revenues, indicating the proportion of revenues needed to cover
operating expenses.
Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters
on a rolling basis) by outstandings (over an average of the past
four quarters, beginning of the period). It can also be calculated
by dividing the annualised cost of credit risk for the quarter by
outstandings at the beginning of the quarter. Similarly, the cost
of risk for the period can be annualised and divided by the average
outstandings at the beginning of the period.
Since the first quarter of 2019, the
outstandings taken into account are the customer outstandings,
before allocations to provisions.
The calculation method for the indicator is
specified each time the indicator is used.
Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to
be in default when at least one of the following two conditions has
been met:
- a payment
generally more than 90 days past due, unless specific circumstances
point to the fact that the delay is due to reasons independent of
the debtor’s financial situation.
- the entity
believes that the debtor is unlikely to settle its credit
obligations unless it avails itself of certain measures such as
enforcement of collateral security right.
Impaired loan
Loan which has been provisioned due to a risk of non-repayment.
MREL
The MREL (Minimum Requirement for Own Funds and Eligible
Liabilities) ratio is defined in the European “Bank Recovery and
Resolution Directive” (BRRD). This Directive establishes a
framework for the resolution of banks throughout the European
Union, with the aim to provide resolution authorities with shared
instruments and powers to pre-emptively tackle banking crises,
preserve financial stability and reduce taxpayers’ exposure to
losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2”
amended the BRRD and was transposed into French law by Order
2020-1636 of 21 December 2020.
The MREL ratio corresponds to an equity and
eligible liabilities buffer required to absorb losses in the event
of resolution. Under BRRD2, the MREL ratio is calculated as the
amount of equity and eligible liabilities expressed as a percentage
of risk weighted assets (RWA), as well as a leverage ratio exposure
(LRE). Are eligible for the numerator of the total MREL ratio the
Group’s regulatory equity, as well as eligible liabilities issued
by the corporate centre and the Crédit Agricole network
affiliated entities, i.e. subordinated notes, senior non-preferred
debt instruments and certain senior preferred debt instruments with
residual maturities of more than one year.
Impaired (or non-performing) loan
coverage ratio
This ratio divides the outstanding provisions by the impaired gross
customer loans.
Impaired (or non-performing) loan
ratio
This ratio divides the impaired gross customer loans on an
individual basis, before provisions, by the total gross customer
loans.
TLAC
The Financial Stability Board (FSB) has defined the calculation of
a ratio aimed at estimating the adequacy of the bail-in and
recapitalisation capacity of Global Systemically Important Banks
(G-SIBs). This Total Loss Absorbing Capacity (TLAC)
ratio provides resolution authorities with the means to assess
whether G-SIBs have sufficient bail-in and recapitalisation
capacity before and during resolution. It applies to Global
Systemically Important Banks, and therefore to
Crédit Agricole Group. Agricole. The TLAC ratio
requirement was transposed into European Union law via
CRR2 and has been applicable since 27 June 2019.
The Group’s regulatory equity as well as
subordinated notes and eligible senior non-preferred debt with
residual maturities of more than one year issued by
Crédit Agricole S.A. are eligible for the numerator of
the TLAC ratio.
Net income Group share
Net income/(loss) for the financial year (after corporate income
tax). Equal to net income Group share, less the share attributable
to non-controlling interests in fully consolidated
subsidiaries.
Underlying Net income Group
share
The underlying net income Group share represents the stated net
income Group share from which specific items have been deducted
(i.e., non-recurring or exceptional items) to facilitate the
understanding of the company’s actual earnings.
Net income Group share attributable to
ordinary shares
The net income Group share attributable to ordinary shares
represents the net income Group share from which the AT1 coupon has
been deducted, including issuance costs before tax.
RoTE Return on Tangible
Equity
The RoTE (Return on Tangible Equity) measures the return on
tangible capital by dividing the Net income Group share annualised
by the Group’s NBV net of intangibles and goodwill. The annualised
Net income Group share corresponds to the annualisation of the Net
income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of
intangible assets and restating each period of the IFRIC impacts in
order to linearise them over the year.
Disclaimer
The financial information on
Crédit Agricole S.A. and Crédit Agricole Group
for the fourth quarter and the full year 2024 comprises this press
release and the presentation and the attached appendices which are
available on the website:
https://www.credit-agricole.com/en/finance/finance/financial-publications.
This presentation may include prospective
information on the Group, supplied as information on trends. This
data does not represent forecasts within the meaning of EU
Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1,
d).
This information was developed from
scenarios based on a number of economic assumptions for a given
competitive and regulatory environment. Therefore, these
assumptions are by nature subject to random factors that could
cause actual results to differ from projections. Likewise, the
financial statements are based on estimates, particularly in
calculating market value and asset impairment.
Readers must take all these risk factors and
uncertainties into consideration before making their own
judgement.
Applicable standards and
comparability
The figures presented for the twelve-month
period ending 31 December 2024 have been prepared in accordance
with IFRS as adopted in the European Union and applicable at that
date, and with regulations currently in force.
Note: The scopes of consolidation of the
Crédit Agricole S.A. and Crédit Agricole Groups
have not changed materially since the
Crédit Agricole S.A. 2023 Universal Registration Document
and its A.01 update (including all regulatory information about the
Crédit Agricole Group) were filed with the AMF (the
French Financial Markets Authority).
The sum of values contained in the tables
and analyses may differ slightly from the total reported due to
rounding.
At 30 June 2024, Indosuez Wealth Management
had completed the acquisition of Degroof Petercam and now holds 65%
of Banque Degroof Petercam alongside with CLdN Cobelfret, its
historical shareholder, which would maintain a 20% stake in
capital. As of 30 September 2024, Indosuez Wealth Management’s
stake in Degroof Petercam has increased to 76%.
At 30 June 2024, Amundi had completed the
acquisition of Alpha Associates, an independent asset manager
offering multi-management investment solutions in private
assets.
As of December 31, 2024, Amundi finalized
the acquisition of aixigo, a European Wealth Tech player, to
complete the ALTO platform's offering.
As of December 31, 2024, Crédit Agricole
S.A. has entered into financial instruments for 5.2% of Banco BPM's
share capital.
Financial Agenda
30 April
2025 Publication
of the 2025 first quarter results
14 May
2025 General
Meeting
31 July
2025 Publication
of the 2025 second quarter and the first half-year results
30 October
2025 Publication
of the 2025 third quarter and first nine months results
Contacts
CREDIT AGRICOLE PRESS CONTACTS
Alexandre
Barat
Olivier Tassain |
+ 33 1 57 72 12
19
+ 33 1 43 23 25 41 |
alexandre.barat@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr |
| Mathilde
Durand |
+ 33 1 57 72 19
43 |
mathilde.durand@credit-agricole-sa.fr |
| Bénédicte
Gouvert |
+ 33 1 49 53 43
64 |
benedicte.gouvert@ca-fnca.fr |
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS
CONTACTS
| Institutional
investors |
+ 33 1 43 23 04
31 |
investor.relations@credit-agricole-sa.fr |
| Individual
shareholders |
+ 33 800
000 777 (freephone number – France only) |
relation@actionnaires.credit-agricole.com |
| |
|
|
| Cécile
Mouton |
+ 33 1 57 72 86
79 |
cecile.mouton@credit-agricole-sa.fr |
Equity investor relations: |
|
|
Jean-Yann
Asseraf
Fethi Azzoug |
+ 33 1 57 72 23
81
+ 33 1 57 72 03 75 |
jean-yann.asseraf@credit-agricole-sa.fr
fethi.azzoug@credit-agricole-sa.fr |
| Oriane Cante |
+ 33 1 43 23 03
07 |
oriane.cante@credit-agricole-sa.fr |
| Nicolas
Ianna |
+ 33 1 43 23 55
51 |
nicolas.ianna@credit-agricole-sa.fr |
| Leila Mamou |
+ 33 1 57 72 07
93 |
leila.mamou@credit-agricole-sa.fr |
| Anna
Pigoulevski |
+ 33 1 43 23 40
59 |
anna.pigoulevski@credit-agricole-sa.fr |
| |
|
|
| |
|
|
|
Credit investor and rating agency relations: |
|
| Gwenaëlle
Lereste |
+ 33 1 57 72 57
84 |
gwenaelle.lereste@credit-agricole-sa.fr |
| Florence Quintin
de Kercadio |
+ 33 1 43 23 25
32 |
florence.quintindekercadio@credit-agricole-sa.fr |
| |
|
|
| |
|
|
| |
|
|
See all our press releases at: www.credit-agricole.com –
www.creditagricole.info
1 Car, home, health, legal, all mobile phones or
personal accident insurance.
2 CA Auto Bank, automotive JVs and
automotive activities of other entities
3 2024 market shares: CRCA and LCL household loans
(source: Banque de France and internal); French UCITS (all customer
segments); payments (in No. of transactions; source: Banque de
France and internal)
4 2023 market shares: insurance (Argus de l’Assurance
and France Assureurs); property services
5 Economic outlook to 2025
6 Purchase price of transactions carried out since
2022. Includes shares acquired in Banco BPM and
Worldline
7 Disposal of Crédit du Maroc, La Médicale, Crédit
Agricole Serbia and others
8 Indosuez Wealth management acquires a 70% stake in
Wealth Dynamix, a fintech specialising in client relationship
management for private banks, wealth management and asset
management actors across the world.
9 Creation of Uptevia, held in equal shares by CACEIS
and BNPP, wich brings together the activities for the issuers of
the two banks.
10 Independent asset manager offering private markets
multi-manager investment solutions.
11 Technology company of high value-added modular
service for distributors of savings solutions.
12 Acquisition of Merca Leasing, independent leasing
company in Germany
13 Commercial partnership for automobile insurance
between Mobilize Financial Services, subsidiary of Renault Group,
specialised in services facilitating access to automobiles, and
Pacifica, Property and Casualty subsidiary of Credit Agricole
Assurances
14 Merge between Amundi and Victory Capital,
acquisition of a participation of 26.1% in Victory Capital, and
signature of distribution and services agreement lasting 15
years.
15 Digital fleet management tool on monthly
subscription
16 Extended warranty
17 Delivery of single vehicule
18 Agreement allowing CA Autobank, Drivalia, Agilauto
and Leasys to offer fatec fllet management services to their
customers in France
19 Employee benefits management tool
20 Creation of a joint venture to develop innovative
commercial offers.
21 Leader in design, construction, and daily support
for multidisciplinary collective primary care structures
22 Credit Agricole Santé et Territoires and 10
regional banks enter the capital of Cette Famille, major player in
inclusive housing for seniors in France.
23
Omedys,
specialist in assisted telemedicine, Medicalib, home care
expert
24 Low-carbon energy outstandings made up of renewable
energy produced by the clients of all
Crédit Agricole Group entities, including nuclear energy
outstandings for Crédit Agricole CIB.
25 Listed investments managed directly, listed
investments managed under mandate and unlisted investments managed
directly
26 Crédit Agricole CIB green asset
portfolio, in line with the eligibility criteria of the Group Green
Bond Framework published in November 2023.
27 Scope of power sector: CACIB and Unifergie (Crédit
Agricole Transitions & Energies)
28 DVA (Debt Valuation Adjustment)
29Specific (one-off) items had impacted the fourth
quarter of 2023 for the SFS division and for CACF as follows: +€17m
in net income Group share, of which +€4m on operating expenses,
+€12m on badwill and +€1m on tax.
30 See Appendixes for more details on specific
items.
31 The cost of risk/outstandings (in basis points) on
a four-quarter rolling basis is calculated on the cost of risk of
the past four quarters divided by the average outstandings at the
start of each of the four quarters
32 The cost of risk/outstandings (in basis points) on
an annualised basis is calculated on the cost of risk of the
quarter multiplied by four and divided by the outstandings at the
start of the quarter
33 Average rate of loans to monthly production for
October and November 2024.
34 Equipment rate – Home-Car-Health policies, Legal,
All Mobile/Portable or personal accident insurance
35 SAS Rue La Boétie dividend paid annually in
Q2
36 Home Purchase Savings Plan base effect (reversal of
the Home Purchase Savings Plan provision) in Q4-23 totalling
+€73.6m in revenues and +€54.6m in net income Group
share.
37 Underlying, excluding specific
items.
38 Scope effect of Degroof Petercam revenues:
+€158 million in the fourth quarter of 2024.
39 Scope effect in expenses in the fourth quarter of
2024: Degroof Petercam for -€120 million and
miscellaneous others.
40 Provisioning rate calculated
with outstandings in Stage 3 as denominator, and the sum of the
provisions recorded in Stages 1, 2 and 3 as numerator.
41 The cost of risk/outstandings (in basis points) on
a four-quarter rolling basis is calculated on the cost of risk of
the past four quarters divided by the average outstandings at the
start of each of the four quarters
42 The cost of risk/outstandings (in basis points) on
an annualised basis is calculated on the cost of risk of the
quarter multiplied by four and divided by the outstandings at the
start of the quarter
43
See
Appendixes for more details on specific items.
44 SRF costs amounted to -€509 million over
full-year 2023
45 See Appendixes for details on
the calculation of the RoTE (return on tangible equity)
46 The annualised underlying net income Group share
corresponds to the annualisation of the underlying net income Group
share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC
impacts to linearise them over the year
47 In local standards
48 Can reach up to 3.85% for the Anaé policy with a UL
rate > 50% and benefiting from management fees of
0.5%
49 Scope “Life France”
50 Property and casualty insurance premium income
includes a scope: effect linked to the initial consolidation of
CATU in Q2-24 (a property and casualty insurance entity in Poland):
9.4% Q4/Q4 increase in premium income at constant scope
51 Scope: property and casualty in
France and abroad
52 Combined property & casualty ratio in France
(Pacifica) including discounting and excluding undiscounting, net
of reinsurance: (claims + operating expenses + fee and commission
income)/gross premiums earned. Undiscounted ratio: 96.4% (-4.3 pp
over the year)
53 Excl. JVs
54 Excluding assets under custody for institutional
clients
55 Amount of allocation of Contractual Service Margin
(CSM) and Risk Adjustment (RA) including funeral
guarantees
56 Amount of allocation of CSM and RA
57 Net of cost of reinsurance, excluding financial
results
58 Integration costs related to the acquisition of
aixigo and the partnership with Victory Capital, which are expected
to be completed towards the end of Q1 25, were recorded as
operating expenses in the fourth quarter of 2024 for a total of
-€14 million.
59 Indosuez Wealth Management scope
60 Degroof Petercam data for the quarter included in
Wealth Management results: Revenues of €158m and expenses of -€120m
(excluding integration costs partly borne by Degroof
Petercam)
61 In Q4 24: -€12.8 million of integration costs
(impacting the operating expenses line); and +€0.8 million in
acquisition costs (impacting the line gains and losses on other
assets)
62 2024 Degroof Petercam data included in the results
of the Wealth Management business: NBI of €347 million and expenses
of -€259 million (excluding integration costs partially borne by
Degroof Petercam)
63 In 2024: -€26.4 million in integration costs
(impacting the operating expenses line); and -€22.2 million in
acquisition costs (impacting the line gains and losses on other
assets)
64 Refinitiv LSEG
65 Bloomberg in EUR
66 Cost of risk for the last four quarters divided by
the average of the outstandings at the start of all four quarters
of the year
67 CA Auto Bank, automotive JVs and auto
activities of other entities
68 CA Auto Bank and automotive JVs
69 Q4-23 base effects related to the reorganisation of
the Mobility activities (Expenses +€4m, Changes in value of
goodwill +€12m, Corporate income tax +€1m and Net income Group
share +€17m)
70 12M-23 base effect linked to the reorganisation of
Mobility activities (revenues €300m, expenses -€14m, cost of risk
-€85m, equity-accounted entities -€39m, income on other assets
€89m, Change in the value of goodwill +€12m, corporate tax €87m,
net income Group share €176m)
71 Q4-23 base effects related to the reorganisation of
the Mobility activities (Expenses +€4m, Changes in value of
goodwill +€12m, Corporate income tax +€1m and Net income Group
share +€17m)
72 Cost of risk for the last four quarters as a
proportion of the average outstandings at the beginning of the
period for the last four quarters.
7312M-23 base effect related to the reorganisation of
the Mobility activities (Revenues €300m, Expenses -€14m, Cost of
risk -€85m, Equity-accounted entities -€39m, GPAI €89m, Changes in
value of goodwill +€12m, Corporate income tax €87m and Net income
Group share €176m)
74 Net of POCI outstandings
75 Source: Abi Monthly Outlook, January 2024: -1.0%
Dec./Dec. for all loans
76 At 31 December 2024, this scope corresponds to the
aggregation of all Group entities present in Italy: CA Italy,
CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA
Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS,
CALEF.
77 In number of branches
78 Net Promoter Score; source: Doxa survey, October
2023.
79 Assofin publication, 30/04/2024 (excluding credit
cards).
80 Assets under management Source: Assogestioni,
31/05/2024
81 Production. Source: IAMA, 30/04/2024
82 Home Purchase Saving Plan base effect (reversal of
the provision for Home Purchase Saving Plans) in Q4-23 of
+€6.1 million in revenues and +€4.5 million in net income
Group share versus 0 in Q4 2024.
83 Home Purchase Saving Plan base effect (reversal of
the provision for Home Purchase Saving Plans) in 2023 of
+€57.9 million in revenues and +€41.2 million in net
income Group share versus €3.1 million in revenues and
+€2.2 million in net income Group share in 2024.
84 Reversal of provision for Cheque Image Exchange
Provision of + €21m in Q2-23
85 At 31 December 2024 this scope includes the
entities CA Italy, CA Polska, CA Egypt and CA
Ukraine.
86 Over a rolling four quarter
period.
87 At 31 December 2024, this scope corresponds to the
aggregation of all Group entities present in Italy: CA Italy,
CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA
Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS,
CALEF.
88 As part of its annual resolvability assessment,
Crédit Agricole Group has chosen in 2024 to continue
waiving the possibility offered by Article 72ter(3) of the Capital
Requirements Regulation (CRR) to use senior preferred debt for
compliance with its TLAC requirements over the resolvability period
that will begin during 2025.
89 Which excludes some client deposits from the asset
custody business in coherence with the internal
management.
90Securities within liquidity reserves are valued
after discounting idiosyncratic stress (previously systemic stress)
to better reflect the economic reality of central bank
value.
91 Gross amount before buy-backs and
amortisations
92 Gross amount before buy-backs and
amortisations
93 Excl. AT1 issuances
94 Gross amount before buy-backs and
amortisations
95 Excl. senior secured debt
96 Gross amount before buy-backs and
amortisations
97 Gross amount before buy-backs and
amortisations
98 Excl. AT1 issuances
99 APMs are financial indicators not presented in the
financial statements or defined in accounting standards but used in
the context of financial communications, such as underlying net
income Group share or RoTE. They are used to facilitate the
understanding of the company’s actual performance. Each APM
indicator is matched in its definition to accounting data.
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