Oddo BHF maintains its 'outperform' rating on Crédit Agricole, with a price target raised from 15 to 16 euros, to take account of the favorable growth momentum, particularly in the savings businesses (insurance, Amundi, private banking).
The research house points out that on Friday, the banking group unveiled record net earnings, well ahead of expectations, for the first quarter, driven by higher revenues and cost control.
Crédit Agricole will continue to benefit from its excellent business mix, with attractive long-term growth potential, while the share is trading at 0.91 times tangible equity at the end of March, for a RoTE target of over 12% in 2025', the analyst believes.
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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%).
CRÉDIT AGRICOLE S.A. 
