France · Delayed Price · Currency is EUR Crédit Agricole Earnings Call Transcripts
Fiscal Year 2025
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Strong annual results with revenue and net income growth, robust capital and liquidity, and record insurance and asset management inflows. Cost of risk slightly increased due to one-offs, but outlook remains confident for medium-term targets.
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Net income group share was stable at €7.1 billion, with strong revenue growth, robust capital and liquidity, and a 13.5% ROTE. Q4 was impacted by Banco BPM consolidation and auto sector headwinds, but outlook for 2026 is positive with expected margin recovery and recurring contributions from Banco BPM.
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Ambitious 2028 targets include 60 million customers, 60% of revenues outside France, and a cost-income ratio below 55%. Growth will be driven by digital expansion, sustainability, and operational efficiency, with a focus on organic growth and prudent capital management.
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Q3 net income rose 10.2% to €1.8bn, with strong revenue growth, robust capital and liquidity, and solid performance across all business lines. Asset management, insurance, and CIB posted record results, while cost of risk and tax charges were well managed.
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Record Q2 net income rose 30.7% to €2.4bn, driven by Amundi U.S. deconsolidation, with strong growth across all business lines and robust capital ratios. Outlook remains positive, with stable cost-to-income and prudent guidance for 2025.
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Record revenues and strong operating performance were offset by a French tax surcharge, leading to a 4% decline in net profit year-over-year. CET1 ratios improved, and strategic investments progressed, while cost and risk metrics remained stable.
Fiscal Year 2024
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2024 net income reached €8.6 billion, exceeding all 2025 targets, with record revenues and strong performance across all business lines. CET1 ratio remains robust at 17.2%, and a new medium-term plan is expected in Q4 2024.
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Record 2024 results exceeded all 2025 targets, with strong revenue, profit, and ROTE. Retail, insurance, and asset management posted robust growth, while capital and liquidity ratios remain well above requirements. Outlook for 2025 is confident, with continued focus on bolt-on M&A and stable payout policy.
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Q3 results show stable net income and strong asset quality, with revenues up 4.1% year-over-year excluding one-offs. CET1 ratio remains robust at 17.4%, and guidance for €6bn net income in 2024 is confirmed. Funding and liquidity positions are strong, with continued leadership in ESG bonds.
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Net profit for the first nine months reached €5.4 billion, with Q3 restated profit up 8.2% year-over-year. Strong growth in asset gathering and large customer segments, stable cost of risk, and robust capital and liquidity positions support early achievement of 2025 targets.
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Net profit for H1 2024 rose 14% to €3.7bn, with strong revenue growth, robust capital, and high liquidity. All major business lines performed well, and the group is on track to exceed its €6bn net profit target for 2024, a year ahead of plan.