Financial results of Credit Aricole Group for the second quarter and first half of 2024

Crédit Agricole Group’s stated half-yearly net income was €4.4 billion, up by +6.3% compared with the first half of 2023. Crédit Agricole S.A.’s rose by +14.2% to €3.7 billion.

Crédit Agricole S.A.’s stated quarterly net income totalled €1.8 billion, among its record highs, a change of -10.4% due to a base effect linked to the reorganisation of the Mobility activities (+€140 million) in the second quarter of 2023 and the unusual recognition this quarter of the contribution to the Italian guarantee fund (-€30 million). Excluding these non-recurring items, Crédit Agricole S.A.’s net income proved stable (+0.2%).

These very good results, both quarterly and half-yearly, confirm the possibility that its full-year results for 2024 will be a year ahead of the schedule set out in Crédit Agricole S.A.’s Ambitions 2025 plan.

Strong activity in all business lines

Crédit Agricole S.A. has achieved steady growth in its quarterly revenues since 2017. It stood at €6.8 billion, up by +6.7% compared with the second quarter of 2023.

In the second quarter, 482,000 new retail banking customers were secured.

The equipment rate for property and casualty insurance continued to improve and at the end of June stood at 43.5% for the Regional Banks (+0.7 pp compared with June 2023), 27.8% for LCL (+0.4 pp) and 19.7% for CA Italia (+1.8 pp). Life insurance gross inflows stood at €8.1 billion, a year-on-year increase of +23.1%.

Loan outstandings in retail banking recorded a slight increase of +0.4% totalling €873 billion.

Consumer finance outstandings at Crédit Agricole Personal Finance & Mobility rose by +8.2%, driven by automotive activities, which account for 53% of total outstandings.

In asset management, assets under management reached a record €2,156 billion, driven in particular by strong inflows and a positive market and foreign exchange impact.

Corporate and investment banking posted a very strong performance with sustained activity both for capital markets and investment banking, driven by structured equities and the upturn in mergers/acquisitions, and for financing activities.

CACEIS recorded a high level of assets under custody (€4,966 billion) and assets under administration (€3,426 billion), benefiting in particular from the consolidation of the activities of Royal Bank of Canada Investor Services in Europe.

Dual growth potential of the universal banking model

These results reflect the strength of the Group’s model, which offers continued growth potential.

It rests on two complementary development drivers. On the one hand universal banking, which combines the expertise of our business lines with the proximity of our network of branches to serve and equip our customers while supporting major societal transitions.

On the other hand, the capacity of the business lines to develop organically and also by means of partnerships and acquisitions.

By way of an example, this quarter, Indosuez Wealth Management announced the completion of the acquisition of Degroof Petercam so as to create a European leader in wealth management. Furthermore, Amundi entered into an agreement with Victory Capital enabling it to strengthen its presence in the United States.

Still very high capital and liquidity positions

On 30 June, the Group’s solvency was among the best in Europe for the sector, with a phased-in Common Equity Tier 1 (CET1) ratio of 17.3%, i.e. 7.6 percentage points above regulatory requirements.

Liquidity reserves stood at €478 billion, up +€2 billion compared with 31 March 2024.

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