Credit Agricole Group financial results for the 3rd quarter and first 9 months of 2024

Crédit Agricole Group's stated net income for the first 9 months of the year was €6.5 billion. Crédit Agricole S.A.'s stood at €5.4 billion, up +7.6%. Crédit Agricole S.A.'s quarterly stated net income was €1.67 billion. Excluding non-recurring items related to reversals of Home Purchase Savings Plan provisions in Q3-23, Crédit Agricole S.A.'s stated net income increased by +8.2% during the quarter.

These strong results confirm that the full-year results for 2024 are on track to be a year ahead of the schedule set out in Crédit Agricole S.A.'s Ambitions 2025 plan.

Strong activity in all business lines

Crédit Agricole S.A. has achieved steady growth in its quarterly revenues since 2017. It stood at €6.5 billion in the 3rd quarter of 2024 up by +7% compared with the same period of 2023.

In this quarter, the retail banks added 482,000 new customers, of which 99,000 were outside France (Italy and Poland).

The equipment rate for property and casualty insurance continued to improve, rising to 43.8% for the Regional Banks (+0.7 pp compared with the 3rd quarter of 2023), 27.9% for LCL (+0.3 pp) and 20% for CA Italy (+1.7 pp). Gross life insurance inflows stood at €7.2 billion, a year-on-year increase of +56%.

Outstanding retail banking loans recorded a slight increase of +0.4% year on year in France and Italy, reaching €876 billion. Home loans continued to recover in the 3rd quarter, rising by +17% for LCL compared with the same period of 2023. Momentum also continued in the corporate market (+16% year on year for LCL).

Consumer finance outstandings at CA Personal Finance & Mobility (CAPFM) rose by +5.2% versus the end of September 2023, driven by automotive activities, which account for 53% of total outstandings.

Leasing outstandings at Crédit Agricole Leasing & Factoring (CAL&F) rose by +8.8% to €20.1 billion.

In asset management, assets under management reached a record €2,192 billion thanks to an increase of +11.1%, driven in particular by strong inflows and a positive market and foreign exchange impact.

Corporate and investment banking produced some excellent results, with record revenues of €1.53 billion, up by +8.2% compared with the 3rd quarter of 2023. Capital markets and investment banking benefited from momentum in capital markets activities, while investment banking was driven by growth in commercial banking.

CACEIS posted a high level of assets under custody (€5,061 billion; +12.1% versus the end of September 2023) and assets under administration (€3,386 billion; +4.2%), having benefited during the quarter from strong commercial momentum and favourable market effects.

Pursuit of strategic projects

In electric mobility, for example, CAPFM announced that it had strengthened its long-term partnership with the Chinese manufacturer GAC by signing two major agreements aimed at accelerating its growth in China and supporting the launch of its electric vehicle range in Europe.

CAPFM also entered into a partnership with FATEC that will enable several of its companies to extend their fleet management services.

On the leasing front, CAL&F signed a binding agreement to purchase Merca Leasing, one of the leading independent leasing companies in Germany, thereby aligning with its European growth strategy.

Lastly, Crédit Agricole Immobilier finalised the purchase of Nexity's property management activities, thereby becoming the market leader in France.

Still very high capital and liquidity positions

On 30 September, the Group's solvency was among the best in Europe for the sector, with a phased-in Common Equity Tier 1 (CET1) ratio of 17.4%, i.e. 7.6 percentage points above regulatory requirements.

Liquidity reserves stood at €466 billion.

Continual mobilisation in the interest of customers and societal transitions

The Group is the number one French provider of home loans in France (one in three home loans) and the leading provider of interest-free loans. It remains committed to enabling customers to finance their home, offering interest-free loan supplements until the end of the year.

Emergency measures were taken to help the victims of adverse weather (Storm Kirk and Storm Leslie), in particular by providing them with immediate help and by facilitating their compensation claims.

A short-term cash solution was made available to farmers affected by weather or health crises. Agri-Viti interest-free booster loans have been in place since March 2024 to support facilities.

To combat the loss of purchasing power among its most vulnerable customers, Crédit Agricole introduced specific solutions and adjusted its pricing.

Crédit Agricole's efforts to support societal and environmental transitions took the form of concrete action. Examples include working with EDF ENR to install solar panels at commercial and industrial sites, rolling out electric charging stations with EDF and developing a transition solution and advisory offering through Crédit Agricole Transitions & Énergies.

To provide French people with better access to medical care, Crédit Agricole Santé & Territoires is seeking to become a major player in regional healthcare and has already completed three structural acquisitions: Office Santé (healthcare hubs/centres), Medicalib (healthcare professionals), Omedys (teleconsultations).

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