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Market Closed – Euronext Paris
11:35:23 2024-07-31 am EDT |
02:03:14 am |
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14.03 EUR |
+0.75% |
14.10 |
+0.48% |
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August 01, 2024 at 01:13 am EDT
RESULTS FOR
THE 2ND QUARTER
AND 1ST HALF 2024
WORKING EVERY DAY IN YOUR INTEREST
AND FOR SOCIETY
Working every day in the interest of
our customers and society
Philippe Brassac
RESULTS FOR THE 2ND QUARTER AND 1ST HALF 2024
SECOND QUARTER AND FIRST HALF 2024 RESULTS
STRONG GROWTH IN H1 RESULTS CONFIRMING THE 2024 TRAJECTORY
Stated
net income Group share Crédit Agricole Group
Outlook for 2024 results
a year ahead of the Ambitions 2025 MTP
Underlying net income Group share of Crédit Agricole S.A. vs MTP target
€4.4bn
+6.3% H1/H1
Stated
net income Group share
Crédit Agricole S.A.
€3.7bn
+14.2% H1/H1
€5.4bn >€5bn
€4.6bn >€4.2bn
|
2016 |
2019 |
MTP 2020 |
2021 |
MTP 2022 |
2024e |
MTP 2025 |
SECOND QUARTER AND FIRST HALF 2024 RESULTS
UNIVERSAL BANKING: CONTINUED GROWTH IN PERFORMANCE
- Excellent quarterly results driven by steadily increasing revenues
- C/I ratio maintained at a low level
- RoTE at a record high in the first half of the year
- Solid capital and liquidity positions
Crédit Agricole S.A.
€1.8bn
Net income Group
share Q2-2024
-10.4% Q2/Q2 (stated)
+0.2% Q2/Q2
Q2-23: Base effect linked to the reorganisation of the Mobility activities
(+€140 million in net income Group share)
Q2-24: Timing difference of the contribution to the Italian guarantee fund (DGS) recognised in Q2 vs Q4 in 2023
(-€30 million in net income Group share)
Crédit Agricole S.A. Crédit Agricole S.A. Crédit Agricole S.A.
|
53.4% |
15.5% |
11.6% |
|
Underlying |
Underlying RoTE |
Phased-in CET1 |
|
cost/income ratio |
||
|
H1 2024 |
H1 2024 |
June 2024 |
SECOND QUARTER AND FIRST HALF 2024 RESULTS
STEADY GROWTH IN QUARTERLY REVENUES
+6.7%
Underlying revenues of Crédit Agricole S.A.
6.2 6.3
5.8
5.1 5.2 5.2
4.6
|
Q2-17 |
Q2-18 |
Q2-19 |
Q2-20 |
Q2-21 |
Q2-22 |
Q2-23 |
Q2-24 |
|
482,000 |
RB: +0.7 pp; 43.5% |
€2,763bn |
€873bn |
Partnerships |
Acquisitions |
|
LCL: +0.4 pp; 27.8% |
+11.7% Q2/Q2 |
+0.4% Q2/Q2 |
|||
|
new customers |
CA Italia: +1.8 pp; 19.7% |
Assets under management |
Retail banking loans |
||
|
in Q2-24(2) |
Change in the equipment rate for Property and |
(Wealth management, life |
outstanding |
||
|
Casualty Insurance (vs Q2-23) |
|||||
|
insurance, asset management) |
(France and Italy) |
||||
- Implementation of IFRS 17 since 2023
- Customer capture
SECOND QUARTER AND FIRST HALF 2024 RESULTS
SECOND QUARTER AND FIRST HALF 2024 RESULTS
Working every day in the interest of
our customers and society
Jérôme Grivet
RESULTS FOR THE 2ND QUARTER AND 1ST HALF 2024
“Continued growth in H1 results; very good quarterly results driven by high revenues.”
SECOND QUARTER AND FIRST HALF 2024 RESULTS
CONTINUED PERFORMANCE OF THE UNIVERSAL BANKING MODEL
- Excellent half-yearly results for the Crédit Agricole Group
- Very good half-yearly results for Crédit Agricole S.A., confirming the target of €6 billion in 2024
- Crédit Agricole S.A.’s quarterly results stable after restatement for exceptional items in 2023 and excluding the DGS contribution
Crédit Agricole Group
€4.4bn
Net income Group
share H1-2024
+6.3% H1/H1
Crédit Agricole S.A.
€3.7bn
Net income Group
share H1-2024
+14.2% H1/H1
Crédit Agricole S.A.
€1.8bn
Net income Group
share Q2-2024
-10.4% Q2/Q2 +0.2% Q2/Q2(1)
1. Growth in Underlying Net Income Group Share and excluding the effect of the timing difference of the contribution to the deposit guarantee fund in Italy (DGS) recognised in Q2 (vs. Q4 in 2023), for an impact of €30m on Net income Group share
SECOND QUARTER AND FIRST HALF 2024 RESULTS
(+8.2%)
ACTIVITY
STRONG ACTIVITY IN ALL BUSINESS LINES
Solid performance in retail banking and consumer finance
- Very good customer acquisition
- Increase in inflows this quarter in France and Italy
- Stabilisation of the home loan activity in France and slight increase in new corporate loan production
- Continued growth in international loan activity
- Consumer finance activity stable at a high level
Strong activity in CIB, asset management and insurance
- High gross inflows in life Insurance and continued steady growth in property and casualty and personal insurance premium income
- High asset inflows and record level of assets under management
- High level of activity in CIB, record half-year
- Car, home, health, legal, all mobile phone/laptop or personal accident insurance.
- CA Auto Bank, automotive JV and auto activity of the other entities.
New customers (Q2-24)
On-balance sheet deposits in retail banking (€bn)
Loans outstanding retail banking
(€bn)
Property and casualty insurance equipment rate(1)
Assets under management (€bn)
Consumer finance outstandings (€bn)
Change June 24/June 23
+482,000 gross
France (RB + LCL): 767 (+4.6%)
Italy: 65 (+2.5%)
Total: 832 (+4.4%)
France (RB + LCL): 812 (+0.3%)
Italy: 61 (+2.2%)
Total: 873 (+0.4%)
43.5% (+0.7 pp) Regional Banks
27.8% (+0.4 pp) LCL
19.7% (+1.8 pp) CA Italia
Wealth management: 269 (+44.6%)
Life insurance: 338 (+3.6%)
Asset management: 2,156 (+9.9%)
Total: 2,763 (+11.7%)
Total: 116
Of which Automotive(2): 53% (stable)
#2 Syndicated loans in France and EMEA
#3 All Bonds in EUR Worldwide
Source: Refinitiv
SECOND QUARTER AND FIRST HALF 2024 RESULTS
NET INCOME
HIGH LEVEL OF NET INCOME
H1/H1 change in Net income Group share by business line (€m)
Base effect: reorganisation
of the Mobility activities (+€140m in Q2-23 Net income Group share)
By income statement line (€m)
Underlying +10%
GOI +€692m
3,941
|
Cost of risk/ |
25 bp(1) |
|
outstandings |
|
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NPL ratio |
2.2% |
|
Stable vs Q1 |
|
CRÉDIT AGRICOLE GROUP
4,389
|
€21.2bn |
Loans loss |
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reserves |
|
|
82.3% |
Coverage ratio |
|
+1.1 pp vs Q1 |
|
SFS: Specialised Financial Services
1. 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.
SECOND QUARTER AND FIRST HALF 2024 RESULTS
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Crédit Agricole SA published this content on
01 August 2024 and is solely responsible for the information contained therein. Distributed by
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01 August 2024 05:12:26 UTC.
DurationAuto.2 months3 months6 months9 months1 year2 years5 years10 yearsMax.
PeriodDayWeek
More charts
Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows:
– retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network);
– finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.;
– asset management, insurance and private banking (25.9%);
– specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France).
At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits.
NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).
More about the company
Sell
Buy
Last Close Price
14.03EUR
Average target price
15.98EUR
Spread / Average Target
+13.93%
Consensus 
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