1ST QUARTER
2024 RESULTS
WORKING EVERY DAY IN THE INTEREST
OF OUR CUSTOMERS AND SOCIETY
Disclaimer
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2024 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/en/finance/finance/financial-publications.
This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.
The figures presented for the three-month period ending 31 March 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and has not been audited.
Note: the scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) filed with the AMF (the French Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
NOTE
The
Crédit Agricole Group scope of consolidation comprises:
the Regional Banks, the Local Banks, Crédit Agricole S.A. and their subsidiaries. This is the scope of consolidation that has been selected by the competent authorities to assess the
Group's position in the recent stress test exercises.
Crédit Agricole S.A.
is the listed entity, which notably owns
the subsidiaries of its business lines (Asset gathering, Large customers, Specialised financial services, French retail banking and International retail banking)
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1ST QUARTER 2024 RESULTS
Key messages and figures
3
1ST QUARTER 2024 RESULTS
THE GROUP CONTINUES TO GROW
- Outlook: 2024 results expected to reach 2025 Ambitions MTP target a year ahead
- Highest-everfirst quarter driven by the increase in GOI, excluding SRF, and the end of SRF building-up period
- Very solid capital and liquidity positions
- Progress of strategic operations (ISB(1), creation of JV with Worldline CAWL, Degroof Petercam, Alpha Associates, Victory Capital)
- Increased support for the energy transition
Crédit Agricole S.A.Crédit Agricole S.A.Crédit Agricole S.A.
€1.9bn | +12.3% | 53.7% | ||
NIGS Q1-2024 | Increase in GOI | Underlying | ||
+55.2% Q1/Q1 | excl. SRF | cost/income ratio(2) | ||
(+13.3% excl. SRF) | Q1/Q1 | Q1-2024 | ||
- RBC Investor Services in Europe has become CACEIS Investor Services Bank ("ISB") and has been consolidated since Q3-2023.
- Underlying data, detail of specific items available on page 38.
- Underlying ROTE calculated on the basis of underlying net income Group share and linearised IFRIC costs over the year
Crédit Agricole S.A.Crédit Agricole S.A.
16.3% | 11.8% |
Underlying ROTE(3) | Phased-in CET1 |
Q1-2024 | Q1-2024 |
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1ST QUARTER 2024 RESULTS
KEY FIGURES
CRÉDIT AGRICOLE GROUP
1ST QUARTER 2024
CRÉDIT AGRICOLE S.A.
1ST QUARTER 2024
Net income Group share
stated
Revenues
stated
GOI
stated
Cost / income | 58.8% |
ratio | |
-0.2 pp Q1/Q1 | |
underlying(1) | |
CET 1 | 17.5% |
Phased-in | Stable Q1/Q4 |
€2,384 m
+42.8% Q1/Q1 (+6.1% excl. SRF)
€9,525 m
+6.7% Q1/Q1
€3,936 m
+30.4% Q1/Q1 (+8.0% excl. SRF)
25 bp | CoR / |
outstandings | |
Stable Q1/Q4 | |
4 rolling quarters | |
€476bn | Liquidity |
reserves | |
+7.0% Q1/Q4 | |
31/03/2024 | |
Net income Group share
stated
Revenues
stated
GOI
stated
Cost/income | 53.7% |
ratio | |
-0.4 pp Q1/Q1 | |
underlying(1) | |
CET 1 | 11.8% |
Phased-in | Stable Q1/Q4 |
€1,903 m
+55.2% Q1/Q1 (+13.3% excl. SRF)
€6,806 m
+11.2% Q1/Q1
€3,137 m
+37.6% Q1/Q1 (+12.3% excl. SRF)
33 bp | CoR / |
outstandings | |
Stable Q1/Q4 | |
4 rolling quarters | |
16.3% | ROTE |
+1.9 pp Q1/Q1 | Underlying (2) |
- Underlying data, details of specific items available on page 38 and 67; Q1/Q1 variation excl. SRF
- Underlying ROTE calculated on the basis of underlying net income Group share and linearised IFRIC costs over the year
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1ST QUARTER 2024 RESULTS
OUTLOOK: 2024 RESULTS EXPECTED TO REACH 2025 AMBITIONS MTP TARGET A YEAR AHEAD
Crédit Agricole S.A. underlying NIGS vs MTP target
- Continued good business momentum (customer capture, equipment rate, off-balance sheet deposits) resulting in a rise in fees and commissions and in insurance revenues
- Integration of recent acquisitions, sources of synergies (ISB, Degroof Petercam, Alpha Associates)
- Continued growth of the mobility activity
- CIB benefiting from its better positioning with customers
- Structural operating efficiency and a healthy balance sheet
- Continued pressure on margins for French retail banking and consumer finance, NIM ceiling at CA Italia
- Integration costs in 2024 on acquisitions (Degroof Petercam ~ €50m, ISB: €80-100m)
1. Proforma of the capital simplification operation (Eurêka))
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1ST QUARTER 2024 RESULTS
STEPPING UP THE ENERGY TRANSITION
A transition plan based on three complementary and well-structured priorities:
Accelerating the development | 2 As a universal bank, | |
1 of renewable and low carbon | ||
energy by focusing our | supporting energy transition | |
for all: the equipment of all | ||
financings on renewable and | ||
corporates and households | ||
low-carbon energy projects | ||
3 Structuring our own exit trajectory from the financing of carbon-based energy
Low-carbon energy(1) | Installed renewable |
financing | energy(2) capacity |
+80% +14%
2023/2020 | 2023/2022 |
€19.7 bn | 13.5GW |
31/12/2023 | |
31/12/2023 | |
Green loans(3) | Share of electrified |
vehicles(4) |
+43% | 1/4 | |
March 24/Dec. 22 | ||
Among new vehicles | AgilAuto | |
€17.7bn | financed in 2023 | |
Partage | ||
31/03/2024 |
NET ZERO
TRAJECTORIES
IN LINE WITH 2030 TARGET
- Low-carbonenergy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for CACIB.
- CAA scope.
- CACIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
- Electric or hybrid
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1ST QUARTER 2024 RESULTS
CRÉDIT AGRICOLE GROUP
NET ZERO TRAJECTORIES IN LINE AT END-2023 WITH 2030 TARGETS
Trajectories announced in 2022
Oil & GasPower(2)Automotive
New commitments made in 2023
AviationShipping
-63% | -17% |
Financed emissions | Intensity of financed emissions |
2030 target | 2030 target |
-75%(1) | -58%(1) |
Commercial real estate | Cement(3) |
-5% | +3% |
Intensity of financed emissions | Intensity of financed emissions |
2030 target | 2030 target |
-40%(1) | -20%(1) |
-13%
Intensity of financed emissions
2030 target
-50%(1)
-25%
Intensity of financed
emissions
in 2030(1)
Steel
-26%
Intensity of financed
emissions
in 2030(1)
-36%
Intensity of financed
emissions
in 2030(1)
Exposure to hydrocarbon extraction
- Reference year 2020, except Aviation, reference year 2019; initial Oil & Gas commitment of -30% by 2030 announced in 2022.
- Scope: Crédit Agricole CIB and Unifergie (Crédit Agricole Transitions & Energies).
- For this small portfolio (<10 customers), the end of relationship with some relatively less carbon intensive customers led to an automatic increase in the intensity of the portfolio which does not reflect the reality of either the sector or our efforts.
- Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).
$1.06bn | End to financing of any |
Project finance exposure to | new fossil fuel extraction |
hydrocarbon extraction | projects |
31/12/2023(4) |
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1ST QUARTER 2024 RESULTS
Crédit Agricole S.A. Summary
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1ST QUARTER 2024 RESULTS
ACTIVITY
CONTINUED DEVELOPMENT OF UNIVERSAL BANKING
Continued development of universal Retail Banking model
- Strong momentum in customer capture
- Increase in retail banking inflows
- Strong insurance activity
- High and balanced asset management inflows
- Slowdown in production in the home loan market in France and Italy
Strong momentum of Large Customers division
- Record performance over the quarter in CIB
- Record level of assets under custody and under administration for CACEIS
- Car, home, health, legal, all mobile phones or personal accident insurance.
- CA Auto Bank, automotive JV and automotive activity of the other entities.
New customers
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 March 24/March 23
+512,000 gross
+67,000 net
France (CR + LCL): 758 (+3.7%)
Italy: 65 (+5.8%)
Total: 824 (+3.9%)
France (CR + LCL): 812 (+0.3%)
Italy: 60 (+1.5%)
Total: 872 (+1.2%)
43.4% (+0.5 pp) Regional Banks
27.8% (+0.4 pp) LCL
19.3% (+2.0 pp) CA Italia
Wealth management: 197 (+6.3%)
Life insurance: 335 (+3.2%)
Asset management: 2,116 (+9.4%)
Total: 2,648 (+8.8%)
Total: 114
Of which Automotive(2): 53% (stable)
- 2 Syndicated loans in France and EMEA
- 4 All Bonds in EUR Worldwide
Source: Refinitiv
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1ST QUARTER 2024 RESULTS
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Crédit Agricole SA published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 05:12:08 UTC.