| Excellent results for the Group’s universal banking model |
| This morning, the Group published excellent financial results for the first quarter of 2024 and confirmed that its full-year results for 2024 are expected to be a year ahead of the schedule set out in Crédit Agricole S.A.’s Ambitions 2025 Medium-Term Plan. |
| Crédit Agricole Group’s stated net income was €2.4 billion, up by +42.8% (+6.1% restated to account for the impact of the Single Resolution Fund - SRF - in the first quarter of 2024) compared with the first quarter of 2023. Crédit Agricole S.A.’s rose by +55.2% (+13.3% excluding the SRF) to €1.9 billion. |
| The SRF, a fund financed by contributions from credit institutions and certain investment companies from the 21 European banking union jurisdictions, saw its build-up period come to an end during the quarter. It finances resolution tools should a bank fail. Unlike in the first quarter of 2023, Crédit Agricole did not contribute to the fund this quarter. |
| Stated revenues continued to rise steadily during the quarter, reaching €9.5 billion for Crédit Agricole Group (+6.7%) and €6.8 billion for Crédit Agricole S.A. (+11.2%). |
| Continued growth |
| The Group secured 512,000 new retail banking customers during the quarter thanks to the combined effect of strong customer acquisition momentum and the ongoing development of services. Business was robust across all business lines. |
| Insurance gross inflows increased by +4.3% year on year to €8.6 billion and the property and casualty insurance portfolio expanded to 16 million policies. |
| Net inflows in asset management remained high at €16.6 billion and balanced by customer type, type of management and geographical area. Assets under management also benefited from a positive market effect, climbing by +9.4% year on year to a record high of €2,116 billion. |
| Specialised Financial Services saw high levels of activity, with consumer finance outstandings up by +8.4% year on year driven by automotive activities (53% of total outstandings). |
| The Large Customers division reported excellent results, driven in particular by corporate and investment banking and asset servicing. As a result, Crédit Agricole CIB was able to confirm its position as a market leader, particularly in syndicated loans, bond issues and green, social and sustainable bonds. CACEIS’s assets under custody and administration increased sharply - by +19.3% and +54.1% respectively year on year – thanks to the ongoing integration of RBC Investor Services (now CACEIS Investor Services Bank - ISB) and rising markets. |
| Still very high capital and liquidity positions |
| At 31 March, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was stable at 17.5%, one of the best percentages in Europe for the sector, well above regulatory requirements. The Group’s liquidity reserves totalled €476 billion. |
| Results serving our customers and society |
| Supporting and protecting its customers while contributing to economic and regional growth has always been what Crédit Agricole is about. |
| The Group is the leading home lender in France (one in three home loans) and remains committed to facilitating access to home ownership for its customers. At the end of March, outstanding property loans, primarily fixed rate, stood at €494 billion. |
| The Regional Banks and LCL continue to roll out interest-free solutions. With a 42% share, Crédit Agricole is the leading provider of interest-free loan schemes in France. To help their customers achieve better energy efficiency at home and reduce their bills, the retail banks in France are offering an interest-free green loan (known as an éco-PTZ) that has a 39% market share. |
| Its strong cooperative and mutualist model means that three quarters of Crédit Agricole’s net income is retained so it can be pumped back into the regions. With €872 billion of loans outstanding in retail banking, Crédit Agricole is the leading provider of financing to the economy. |
| Delivering in support of the energy transition |
| In support of a new low-carbon economy fuelled by renewable energy, the Group is rolling out a transition plan based on three complementary, ordered areas: |
- Focusing its financing on renewable and low-carbon energy projects to ramp up their roll-out;
- Supporting, as a universal bank, everyone’s transition, equipping all corporates and households;
- Organising its own exit from the financing of carbon energy.
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| The Group is taking dynamic action on the climate: an increase of +80% in low-carbon energy financing since 2020, a +14% increase in renewable energy production capacity funded by the CA Assurances group in 2023 and one in four new vehicles financed by CA Consumer Finance in 2023 is electrified. |
| The Group also continues to support its transitioning customers by way of the following solutions: J’écorénove mon logement, home eco-renovation website, so they can make their homes more energy efficient; Agilauto Partage car sharing, so they can reduce their travelling carbon footprint; and Carbioz, a transaction solution involving voluntary carbon credits produced by French farmers for economic players looking to promote collective carbon neutrality. |
| The Net Zero trajectories are in line with the 2030 targets. |
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