Credit Agricole Group financial results for 2024

Excellent results for the Group’s universal banking model. In an uncertain environment, Crédit Agricole Group achieved stated net income of €8.6 billion in 2024, up +4.6% compared with 2023. For Crédit Agricole S.A., this figure was €7.1 billion, up +11.6%.

Stated revenues reached historic highs of €38.1 billion for Crédit Agricole Group and €27.2 billion for Crédit Agricole S.A., up +4.3% and +7.9% respectively compared with 2023. At 31 December, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group reached 17.2%, one of the best in Europe for the sector, well above regulatory requirements. The Group’s liquidity reserves totalled €473 billion. These results confirm 2024 projections, hitting Crédit Agricole S.A.’s Ambitions 2025 plan's targets a year ahead of schedule.

Continued growth and performance trends

Crédit Agricole S.A. achieved steady revenue growth averaging +5.6% since 2015, i.e. across the last three strategic plans. The same period has also seen a steady improvement in operating efficiency, with the cost/income ratio falling 15 percentage points to reach 54.4% in 2024, significantly below the strategic plan target of 58%.

A unique development model with dual growth potential

These results were made possible by the Group’s unique development model, based on usefulness and universality and offers dual growth potential. The first of these is linked to the capacity of the business lines to continually extend their range of services to best fulfil the ever-growing and ever-diversifying expectations of retail banking customers.

The Group thus secured 1.9 million new retail banking customers in 2024, including 400,000 outside of France (Italy and Portugal), thanks to the combined effect of ongoing customer acquisition and new offers.

The equipment rate for property and casualty insurance continued to improve, standing at 43.9% for the Regional Banks (+0.8 pp compared with Q4 2023), 27.9% for LCL (+0.4 pp) and 20% for CA Italia (+1.2 pp).

The year saw robust activity across all business lines. For example, loans outstanding in retail banking remained steady at €880 billion thanks to the continued upturn in home loans in France and to international credit business remaining brisk.

Assets under management stood at €2,867 billion, up +12.1% year on year for all three business segments (asset management, life insurance and wealth management).

In addition to organic growth, the Group benefits from momentum in its business lines, which are consolidators in their sectors by way of new partnerships and external growth. Growth initiatives include the Group’s focus on mobility in Europe and support for societal transitions.

3/4 of earnings retained for the benefit of the economy

Once again this year, the Crédit Agricole Group is retaining 3/4 of its earnings for the benefit of the economy, particularly to support the major societal transitions that have always been its growth levers.

For example, the Group’s energy transition plan includes three structured axes:

• Ramping up the roll-out of renewable and low-carbon energy by focusing financing on renewable and low-carbon energy projects;
• Supporting everyone’s transition, as a universal bank;
• Organising an exit from the financing of carbon energy.

Tangible results have already started to appear, with:

• +141% in low-carbon energy loans since 2020, with €26.3 billion at end-2024;
• +166% in investments in low-carbon energy between 2020 and 2024, with €6 billion at end-2024;
• +75% in green loans between 2022 and 2024, i.e. €21.7 billion at end-2024;
• -70% financed emissions in the oil and gas sector between 2020 and 2024.

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