Fourth-quarter net income, group share, fell by 25.2% year-on-year to 1.33 billion euros, while analysts were expecting an average of 1.28 billion euros, according to a consensus provided by Crédit Agricole.
The Group's net banking income for the period came to 6.04 billion euros, up 1.2% but below analysts' expectations, who were expecting an average of 6.16 billion euros.
France's second-largest listed bank reported a 47% year-on-year fall in insurance sales, due to "high weather-related claims in the quarter".
On the Paris Bourse, Crédit Agricole's share price fell by
5,89
% à
12,252
euros to
10
h
08
the red lantern of the CAC 40, which gained
0,19
% at the same time. This was its biggest single-day decline since May 2023.
Crédit Agricole said that revenues from its corporate banking division rose by 8.5% in the fourth quarter, notably with the integration of the European activities of RBC Investor Services.
Net income from retail banking in France rose by 4.2%, driven by growth in net interest margin.
Crédit Agricole also reported a better-than-expected cost of credit risk in the fourth quarter, at 440 million euros, and announced a 24% increase in its dividend compared with 2022, to 1.05 euros per share.
With annual net income, group share, of 6.35 billion euros, a return on tangible equity (ROTE) of 12.6% and a cost/income ratio of 54.1%, the Group declared that by 2023 it had achieved all the financial targets it had set itself for 2025.
Crédit Agricole did not raise its medium-term targets.
(Mathieu Rosemain reports, written by Augustin Turpin and Blandine Hénault, edited by Kate Entringer)