RESULTS 1ST QUARTER 2025
WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY
3 1ST QUARTER 2025 RESULTS
Key messages and figures
INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT
Record quarterly revenues and high ROTE
Cost/income ratio managed and stable cost of risk
Increase in pre-tax income; result affected by the additional corporate tax charge
Solvency ratios benefiting, as expected, from a positive CRR3 effect
Strategic operations: creation of the GAC Sofinco Leasing joint venture, conclusion of the partnership between Amundi and Victory Capital, investment in the share capital of Banco BPM increased to 19.8%
Crédit Agricole S.A.
€7.3bnRevenues Q1-2025
+6.6% Q1/Q1
Crédit Agricole S.A.
55.0%Cost/income ratio
Q1-2025
Crédit Agricole S.A.
€2.9bnPre-tax income Q1-2025
+4.6% Q1/Q1
Crédit Agricole S.A.
15.9%ROTE(1)
Stable Q1/Q1
Crédit Agricole S.A.
12.1%Phased-in CET1
March 2025
1. ROTE calculated on the basis of an annualised net income Group share and IFRIC costs and additional corporate tax charge linearised over the year
4 1ST QUARTER 2025 RESULTS
KEY FIGURES
CRÉDIT AGRICOLE GROUP
1st QUARTER 2025
Revenues
€10,048m+5.5% Q1/Q1
Gross operating
income
€4,056m+3.0% Q1/Q1
Pre-tax income
€3,399m+1.6% Q1/Q1
Net Income Group
Share (1)
€2,165m-9.2% Q1/Q1
Revenues
Gross operating
income
Pre-tax inome
Net Income Group
share (1)
1st QUARTER 2025
CRÉDIT AGRICOLE S.A.
€7,256m
+6.6% Q1/Q1
€3,266m
+4.1% Q1/Q1
€2,900m
+4.6% Q1/Q1
€1,824m
-4.2% Q1/Q1
Cost/income 59.6%
ratio +1.0 pp 3M/3M
27 bp
stable Q1/Q4
CoR/outstandings
4 rolling quarters
CET 1
Phased-in
17.6%
+0.4 pp March/Dec
€487bn
+3% March/Dec
Liquidity
reserves
Cost/income
ratio
55.0%+1.1 pp 3M/3M
34 bpstable Q1/Q4
CoR/outstandings
4 rolling quarters
CET 1
Phased-in
12.1%+0.4 pp March/Dec
15.9%
-0.1 pp Q1/Q1
ROTE(2)
(1) Additional Corporate tax charge in Q1-25 of -€207m for Crédit Agricole Group and of -€123m for Crédit Agricole S.A, corresponding to an estimation of -€330m for Crédit Agricole Group and of -€200m for Crédit Agricole S.A. in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result) (2) ROTE calculated on the basis of an annualised net income Group share and IFRIC costs and additional corporate tax charge linearised over the year.
5 1ST QUARTER 2025 RESULTS
6 1ST QUARTER 2025 RESULTS
Crédit Agricole S.A. Q1-25 summary
ACTIVITY
EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISIONCRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A.
Change March 25/March 24
A new record achieved in CIB
Record net inflows (MLT) and assets under management
Historical premiums in insurance driven by all activities.
Loan production in France recovered compared with the low point in early 2024 without confirming the end-of-year momentum
Consumer finance decreased, affected by a decline in car financing activity
International loan activity at good level
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)
+550 000
France (CR + LCL): 771 (+1.6%)
Italy: 64 (-2.1%)
Total: 835 (+1.3%)
France (CR + LCL): 820 (+1.0%)
I taly: 61 (+1.6%)
Total: 881 (+1.0%)
44.2% (+0.8 pp) Regional Banks
28.0% (+0.2 pp) LCL
20.3% (+1.0 pp) CA Italy
Wealth management: 278 (+41.3%)
Life insurance: 352 (+5.2%)
Asset management: 2,247 (+6.2%)
Total: 2,878 (+8.7%)
Car, home, health, legal, all mobile phones or personal accident insurance.
CA Auto Bank, automotive JVs and automotive activities of other entities.
Consumer finance outstandings
(€bn)
Total: 120 (+5.3%)
Of which Automotive(2): 54% (+1,0 pp)
#1 Syndicated loans in France
#2 Syndicated loans in EMEA
#2 All bonds in EUR worldwide Source: Refinitiv
7 1ST QUARTER 2025 RESULTS
REVENUES
RECORD REVENUES REGISTERING STRONG GROWTHQ1/Q1 change in revenues, by business line (€m)
+6.6%
+€451m
+269
(22)
6,806
CIB: A record quarter
CAPFM:
Positive price effect
Impact of BBPM shares valuation
Strong momentum over all business lines
Integration of Degroof Petercam (+€164m)
Adverse base effect (exceptional foreign exchange activity in Egypt)
+142 +22 +40
7,256
Q1-24 Asset gathering Large customers SFS Retail banking Corporate centre Q1-25
AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre
8 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Q1 revenues (billions of euros)
+5.6% CAGR
7.3
6.8
5.9
6.1
5.5
5.2
4.7
4.9 4.9
Q1-17 Q1-18 Q1-19 Q1-20 Q1-21 Q1-22 Q1-23 Q1-24 Q1-25
Implementation of IFRS 17 since 2023
EXPENSES
SUPPORT FOR BUSINESS LINES' DEVELOPMENT, LOW COST/INCOME RATIO AT 55.0%CRÉDIT AGRICOLE S.A.
Q1/Q1 change in expenses, by business line (€m) Breakdown by nature of costs (€m)
+138
+322
+8.8%
+€322m
3,669
+182 +63 +20 +32 +25
3,991
+72
Increase in expenses in relation to strong revenue performance
Integration of Degroof Petercam
(+€115m)
Acceleration of investments in France
Tax base effect
+39
-31
Q1-24 Asset gathering Large customers SFS Retail banking Corporate centre Q1-25
Q1/Q1 expenses Scope effect
and integration costs
IFRIC Impact
AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre
Provision for variable compensation (+€26m)
9 1ST QUARTER 2025 RESULTS
+105
Staff costs IT investments
Others
CRÉDIT AGRICOLE GROUP
CRÉDIT AGRICOLE S.A.
RISKS
STABLE COST OF RISKCrédit Agricole S.A. cost of risk (€m)
Cost of risk by business line
Cost of risk/outstandings(1) (bp)
CC 3%
IRB 20%
-6%
-8%
LC
SFS 55%
LC
SFS 60%
LCL 22%
LCL 30%
5%
IRB 16%
CC
+ 3.4%
400
413
400
5
12
384
424
433
491
7
38
388
594
18
278
297
413
2
411
0
Crédit Agricole Group
25 25 26 27 27
Crédit Agricole S.A.
33 32 32 34 34
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
-31
-37
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Q1-24 Q1-25
Cost of risk/outstandings
34 bp(1)
30 bp(2)
€9.4bn
Loans loss reserves
NPL Ratio
2.3%
Stable vs Q4-24
74.9%
+0.8 pp vs Q4-24
Coverage ratio
Crédit Agricole S.A.
Cost of risk/outstandings
27 bp(1)
24 bp(2)
€21.4bn
Loans loss reserves
NPL Ratio
2.1%
Stable vs Q4-24
84.9% Coverage
Stable vs Q4-24 ratio
Crédit Agricole Group
AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; IRB: International Retail banking; CC: Corporate Centre
Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year.
Annualised CoR/outstandings: cost of risk for the quarter multiplied by four divided by the outstandings at the start of the current quarter.
10 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE GROUP
CRÉDIT AGRICOLE S.A.
RISKS
COST OF RISK BY BUSINESS LINECost of risk/outstandings(1) (bp)
130
117
114
112
CAPFM: slightly deteriorated, mainly on the international subsidiaries
127
55
50
CA Italia: continuous improvement in asset quality and coverage ratio
21
19
22
20
23
21
22
20
20
21
Retail banking in France: stable risk, remaining high for professionals
5
2
8
1
7
Financing activities: remain at a low level; net reversal this quarter,
mainly due to synthetic securitisations
Q1-24
Q2-24
Q3-24
Q4-24
Q1-25
CAPFM
44
40
39
CA Italia LCL
Regional Banks
Financing activities
1. Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year.
11 1ST QUARTER 2025 RESULTS
RESULTS
INCREASED PRE-TAX INCOMEQ1/Q1 change in pre-tax income by business line (€m)
+4.6% | |
+3 | +€127m 2,900 |
(13) | 1,903 |
+86 +72
2,773
(21)
Q1-24 Asset gathering Large customers SFS Retail banking Corporate centre Q1-25
AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre
12 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Change in net income Group share by P&L line (€m)
Increase in GOI
-4.2%
€-80m
(13)
+22
1,824
(217)
Impact of corporate tax additional charge: -€123m
Q1-24
Revenues
Operating
expenses
Cost of risk
Tax
Other
Q1-25
+451
(322)
STRONG FINANCIAL POSITION - CRÉDIT AGRICOLE S.A.
GOOD LEVEL OF SOLVENCY RATIO (TARGET AT 11%)Change in phased-in CET1 ratio (bp)
+44 bp
+21 bp
IFRS 9 phasing
-5 bp
-30 bp
11.8%
Victory Capital partnership
Banco BPM investment increased to 19.8%
Exceeding of regulatory threshold
11.7%
12.1%
-9 bp
-10 bp
December 24 CRR3 Retained result Business lines
organic growth
Regulatory effects,
M&A and others
March 25 Finalized M&A
operations post Q1-25
Proforma
CET1
12.1%+0.4 pp vs Q4-24
+3.5 pp vs SREP requirement
€0.28/shareDIVIDEND
Leverage ratio
4.0%+0,1 pp vs Q4-24
+1.0 vs requirement
13 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Change in RWA by business line (€bn)
-2.5%
-€10 Bn
415
12
+ 1.4
+ 1.9
+ 0.1
-12.9
-0.2
-0.8
405
13
42
Insurance : Increase in the equity value (+€1.1bn)
CAPFM : GAC
Leasing integration (+€0.7bn)
CIB: growth in business lines, neutralized by synthetic securitization
56
362
336
Dec. 24
CRR3
RB
AG
SFS
LC
CC
Mar. 25
Credit risk
Operational risk
Market risk
AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre
STRONG FINANCIAL POSITION - CRÉDIT AGRICOLE GROUP
VERY HIGH CAPITALChange in phased-in CET1 ratio (bp)
+25 bp
+56 bp
-17bp
-17bp
IFRS 9 phasing -9 bp
Purchase of CASA shares -8 bp
December 24
CRR3
Retained result
Business lines organic growth
Regulatory effects, M&A and others
March 25
17.2%
17.6%
CET1
17.6%
+0.4 pp vs Q4-24
+7.8 pp vs SREP requirement
Leverage ratio
5.6%
+0.1 pp vs Q4-24
+2.1 pp vs requirement
14 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE GROUP
Change in RWA by business line (€bn)
-2.0%
-€12 Bn
653
12
+1.3
+1.4
+2.2
+1.4
641
13
-18.2
-0.8
66
84
575
544
Dec. 24
CRR3
Retail
Banking
AG
SFS
LC
CC
Mar. 25
Credit risk Operational risk Market risk
TLAC/RWA
MREL/RWA
28.5%
+1.6 pp vs Q4-24
+6.1 pp vs requirement
34.0%
+1.7 pp vs Q4-24
+7.7 pp vs requirement
AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC:
Corporate Centre
STRONG FINANCIAL POSITION - CRÉDIT AGRICOLE GROUP
STRONG LIQUIDITY POSITIONLiquidity reserves (€bn)
143 | ||||
138 | ||||
35 | 36 | |||
150 | 155 | |||
150 | 153 |
473 487
Eligible collateral already pledged to Central Banks and unencumbered (1)
Other non-HQLA securities (2) (3)
HQLA (High Quality Liquid Assets) securities portfolio
(2)
Central bank deposits (4)
31/12/2024 31/03/2025
As of 31/03/2025
LCR
(avg. 12M)
144%
139%
NSFR
>100%
>100%
CAG
CASA
€197bn
Stable Resources Position
CAG
15 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE GROUP
CRÉDIT AGRICOLE S.A.
Customer deposits (€bn)
by nature
by type of customers
3%
17%
10%
€1,148bn
51%
22% €1,148bn
Stable vs. Dec 24
32%
65%
Sight deposits
Time deposits (incl. PEL)
Regulated passbooks (Livret A, LEP, LDD)
Individuals/SMEs - including 100% of regulated passbooks Corporates
Financial institutions Sovereign, Public sector
Stable, diversified and granular customer deposits
37m retail banking customers, o/w 28m individual customers in France
~60% (5) of guaranteed deposits in retail banking in France
Receivables eligible for central bank refinancing providing access to LCR compliant resources
Available securities, at market value after haircut
Of which €1bn eligible in Central Bank
Excluding cash (€3bn) & mandatory reserves (€11bn)
Customers (individuals, professionals, corporates) LCL and Regional Banks
CONTINUED SUPPORT OF TRANSITION
A transition plan based on three complementary and well-structured priorities:
Accelerating the development of renewable and low-carbon energy by focusing our financings on renewable and low-carbon energy projects
As a universal bank, supporting energy transition for all: the equipment of all corporates and households
Driving our exit path from the
financing of carbon-based energy
1 2 3
Low-carbon energy(1) financing
€26.3bn
As of 31/12/2024
+141%
2024/2020
Investments in low-carbon energy(2)
€6bn
As of 31/12/2024
+166%
2024/2020
Financing
the environmental transition(3)
€111.7bn
As of 31/12/2024
o/w
Energy-efficient buildings €86.7bn "Clean" transport €5.3bn
Exposure
to oil extraction
-56%
2024/2020
Target -25%
2025 vs 2020
Project finance exposure to hydrocarbon extraction(4)
US$0.96bnAs of 31/12/2024
-30%
2024/2020
Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
Portfolios of CAA (listed securities, listed securities under mandate, and unlisted securities) and of Amundi Transition Energétique.
Outstanding financing of Crédit Agricole Group, directly or through the EIB, according to the Group's internal sustainable assets framework. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).
16 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
INCOME STATEMENTQ1/Q1
Q1-25
M€
Revenues | 7,256 | +6.6% |
Operating expenses | (3,991) | +8.8% |
Gross operating income | 3,266 | +4.1% |
Cost of risk | (413) | +3.4% |
Equity-accounted entities | 47 | +9.2% |
Net income on other assets | 1 | n.m. |
Change in value of goodwill | - | n.m. |
Income before tax | 2,900 | 4.6% |
Tax | (827) | +35.5% |
Net income from discont'd or held-for-sale ope. | 0 | n.m. |
Non controling interests | (249) | -3.9% |
Net income Group Share stated 1,824 -4.2%
17 1ST QUARTER 2025 RESULTS
18 1ST QUARTER 2025 RESULTS
Crédit Agricole S.A. Business lines
AG - INSURANCE
CRÉDIT AGRICOLE S.A.
Savings/Retirement
Net inflows (€bn)
+4.0
Property and personal insurance (1)
1.4
1.3
1.3
1.2
6.7%
3.7
4.0
2.4
2.6
Premium income (€bn)
+2.4
+2.0
+1.0
+1.4
+1.5
+1.9
+1.1
Q1/Q1
Contribution to earnings (in €m)
Q1-25
∆ Q1/Q1
2.6
Revenues
727
+0.7%
+8.0% | Gross operating income | 632 | +0.1% |
Income before tax | 631 | +0.1% | |
+4.3% | Net income Group Share | 439 | (11.0%) |
(0.5)
Q1-24 Q4-24 Q1-25
Q1-24 Q4-24 Q1-25
Historical premium income in Q1-25 at €14.8bn (+21% Q1/Q1)
Savings/retirement: continuing success of bonus campaigns and digitisation of
customer journeys
Gross inflows: €10.8bn (+27% Q1/Q1) driven by strong growth in France (full effect of commercial events over the quarter); UL rate 34.3%
Outstandings (2): €352.4bn (+1% March/Dec.), driven by record quarterly net inflows and market effects; UL rate 30.0%
Property & casualty: performance driven by the increase in average premium (pricing revisions and evolution of the product mix), and portfolio growth of +5% year on year (>16.8 m contracts)
Personal insurance: excellent quarter in group insurance (+24%), due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty3; creditor activities (+2%) and individual death & disability insurance (+3%) are resilient
Death and disability, creditor, group insurance
Savings, retirement and funeral insurance.
The Agrica - Crédit Agricole Assurances - Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
Revenues(4) rose slightly Q1/Q1, boosted by Savings/Retirement (related to the increase in outstandings) and Property & casualty, offsetting a narrowing of the technical margins in creditor combined with methodological effects
CSM: €25.8bn (+2% March/Dec.); new business contribution higher than CSM allocation
Combined ratio(5) 93.2% (-0.6 pp year on year)
Pre-tax income up +2% excluding the effect of replacing Tier 1 debt with
Tier 2 debt in September 2024(6)
Cf. slide 58 for the split of activities in the revenues and slide 59 for proforma series for the split in 2024
Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp year-on-year)
The cost of Tier 1 debt is recorded as minority interest, while the cost of Tier 2 debt is deducted from revenues.
19 1ST QUARTER 2025 RESULTS
AG - ASSET MANAGEMENT (AMUNDI)
Contribution to earnings (in €m) | Q1-25 | ∆ Q1/Q1 |
Revenues | 892 | +11.0% |
Operating expenses | (496) | +10.6% |
Gross operating income | 396 | +11.6% |
Equity-accounted entities | 28 | (3.9%) |
Income before tax | 419 | +9.3% |
Net income | 275 | (6.9%) |
Net income Group Share | 183 | (7.3%) |
Cost/Income ratio (%) | 55.6% | -0.2 pp |
Assets under management (in €bn)
6.2%
0.3%
372
- 24.0
362
332
+€31.1bn
1,137
1,162
1,186
647
706
700
2,116 2,240
+ 5.8 + 22.4 + 2.9
2,247
JVs
Institutionals
Retail
Mar. 24 Dec. 24 Retail Institutionals JVs Market/Forex
effect
Mar. 25
Record quarterly inflows of MLT assets at +€37bn
Continued dynamic in strategic areas: ETFs +€10bn, third-party distributors +€8bn, Asia +€8bn
Institutional investors: winning of a major ESG equity index mandate with People's Pension in the UK (+€21bn), seasonal outflows on treasury products for corporates
JV: good inflows in Korea, stabilisation in China, outflows in India related to the end of
the tax year and correction of local markets since Q4 2024
New record for assets under management: €2,247bn thanks to +€70bn of net inflows year on year, a strong negative foreign exchange impact (-€26bn) in Q1-25
Finalisation of partnership with Victory Capital announced on 1 April 2025
20 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Revenues: management fees +7.7% Q1/Q1 in a context of market appreciation; performance fees +30.7% (Q1-24 base low); technology revenues +46.2% with integration of aixigo and strong organic growth of activity (+21%)
Expenses: improvement in cost/income ratio, despite integration costs related to Victory(1) (54.8% excluding Victory integration costs); scope effect related to Alpha Associates and aixigo; excluding these elements, expenses rose by +6.3%
1. Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
AG - WEALTH MANAGEMENT (INDOSUEZ WEALTH MANAGEMENT)
CRÉDIT AGRICOLE S.A.
Assets under management (in €bn)
60.2%
Contribution to earnings (in €m)
Q1-25
∆ Q1/Q1
- 2.0
133
-0.7%
Revenues
439
+66.4%
15 + 0.8 213 Operating expenses (344) +60.7%
2
Gross operating income
95 +91.3%
Income before tax 89 x 2.3
Net income Group Share 58 x 2.3
Cost/Income ratio (%)
78.4%
-2.8 pp
Mar. 24 Dec. 24 Net Inflows Market/Forex
effect
Mar. 25
Activity remains buoyant
Positive inflows, driven by France and Luxembourg
Unfavourable market effect this quarter
Plan to acquire Thaler Bank in Switzerland announced on 4 April 2025
Breakdown of Indosuez Wealth Management and LCL Banque Privée AuM available in appendix.
Revenues benefiting from the integration of Degroof Petercam(1) and the very positive trend in transactional fee and commission income; good resilience of NIM
Expenses stable excluding scope effect (1) and integration costs(2); cost/income ratio of 75.5% excluding integration costs (2)
Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
Q1-25 integration costs: -€13m (impacting the operating expenses line)
21 1ST QUARTER 2025 RESULTS
LARGE CUSTOMERS - CORPORATE AND INVESTMENT BANKING
CRÉDIT AGRICOLE S.A.
Mkts
Fin
Investment banking
Capital markets
Structured finance
Commercial banking & other
1,758
Revenues (€m)
+9.4%
+1.7%
555
545
315
288
778
823
147
193
+7.3%
+31.6%
1,887
Var Q1/Q1
#2 - All Bonds in EUR Worldwide (2)
+5.9%
#2 - Syndicated loans in EMEA (2)
Contribution to earnings (in €m)
Revenues
Operating expenses Gross operating income Cost of risk
Income before tax
Net income Group Share
Cost/Income ratio (%)
Q1-25
1,887
(992)
895
24
919
648
52.6%
∆ Q1/Q1
+7.3%
+7.5%
+7.1%
(35.0%)
+5.3%
(0.5%)
+0.1 pp
Q1-24 Q1-25
Capital markets and investment banking: 10.0% Q1/Q1. Compared with a high baseline in Q1-24, further growth in revenues across all capital markets activities, buoyed by high volatility. A dynamic performance in structured equity activities in investment banking.
Financing activities: +4.4% Q1/Q1, driven by a very positive performance of asset and project financing (Green energy and Aeronautics) and by transaction banking activities (Trade finance and Export finance).
Revenues: the best quarter ever
Expenses: increase due to IT investments and growth in business
lines
Cost of risk recorded net reversal this the quarter, notably in relation to synthetic securitisations
Bloomberg en EUR
Refinitiv LSEG
22 1ST QUARTER 2025 RESULTS
LARGE CUSTOMERS - ASSET SERVICING (CACEIS)
Assets under custody - AUC (€bn) Assets under administration - AUA
(€bn)
9,0%
4,7%
5 467
5 291
5 015
3 575
3 415
3 397
Mars 24 Déc. 24 Mars 25
Mars 24 Déc. 24 Mars 25
Assets under custody and administration increased over the quarter and over the year, benefiting from favourable markets and new customer acquisitions.
Settlement and delivery volumes: the upwards trend continued (+10% Q1/Q1), mainly driven by France and Luxembourg
1. ISB integration costs: -€9m on Q1-25 (-€20m in Q1-24)
23 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings (in €m)
Q1-25 ∆ Q1/Q1
Revenues
522
+2.7%
Operating expenses
(368) (1.6%)
Gross operating income
153
+14.6%
Cost of risk
1
n.m.
Equity-accounted entities
6
+39.0%
Income before tax
160
+19.1%
Net income Group Share
75
+6.0%
Cost/Income ratio (%)
70.6% -3.1 pp
Revenues up, driven by the favourable evolution of the NIM and fee and commission income on flow and transaction activities.
Expenses decreased Q1/Q1 due to lower ISB integration costs(1); excluding this effect, expenses increased slightly pending the acceleration of synergies.
SFS - PERSONAL FINANCE AND MOBILITY
Gross managed loans (€bn) Consolidated loans outstanding (€bn)
+5.6%
CA Group
+8.6%
(LCL & RBs)
114.4 119.3 120.7
∆ Mar./Mar.
+4.4%
Other
entities
12.0
12.5
CAPFM
Revenues | 683 | +2.0% |
Operating expenses | (370) | +4.3% |
Gross operating income | 313 | (0.5%) |
Cost of risk | (225) | +13.0% |
Equity-accounted entities | 38 | +18.1% |
Income before tax | 126 | (14.3%) |
Net income Group Share | 106 | +7.5% |
Cost/Income ratio (%) | 54.2% | +1.2 pp |
France
Automobile
(CA Auto Bank + partnerships auto)
Other entities
47.4
47.3
46.0
45.6
49.6
48.4
22.7
23.8
23.7
Mar. 24 Dec. 24 Mar. 25
Agos
+3.0%
17.7
Consolidated
loans Q1-25:
€68.7bn
26.5
CA Auto Bank
Production -6.4% Q1/TQ1 to €11.0bn, decrease related to the economic context adversely affecting the automotive market in Europe and China; car financing(1) represents 48.5% of total production in the quarter
Average customer production rate up slightly by +3 bp Q1/Q4
Assets under management increased across three sectors; the automotive sector benefited from the consolidation of GAC Leasing this quarter and the development of car rental activities; consolidated outstandings +0.8% March/March
CA Auto Bank, automotive JVs and auto activities of other entities
Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
Non-recurring items in Q1-25 of €12m
24 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings (in €m)
Q1-25 ∆ Q1/Q1
Revenues: positive price and volume effects Q1/Q1; increase in the production margin rate of +32 bp Q1/Q1 (and +9 bp Q1/Q4)
Expenses: increase related to employee expenses and IT expenses, compared with a low Q1-24
Cost of risk/outstandings(2) at 130 bp, a slight deterioration of +13 bp
Q1/Q1, mainly on the international subsidiaries
Equity-accounted entities: down -19.3% excluding non-recurring items(3) related to the Chinese market
SFS - LEASING & FACTORING
Leasing outstandings (in €bn)
+5,7%
∆ Mar./Mar.
19,4
4,0
4,3
4,4
+10,6%
15,4
16,0
16,1
+4,5%
20,3 20,5
International
Mar. 24 Dec. 24 Mar. 25
Leasing: production +3.0% Q1/Q1 driven by real estate leasing and renewable energy financing in France
Factoring: production down -5.1% Q1/Q1, mainly abroad -31.6% Q1/Q1 with a base effect in Germany; increased production in France +16.0% Q1/Q1 benefiting from significant deals; financed outstandings +14.4% March/March and factored revenues increased (+5.4% Q1/Q1)
25 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings (in €m)
Q1-25 ∆ Q1/Q1
Revenues
185
+4.8%
Operating expenses
(104)
+4.6%
Gross operating income
82
+5.0%
Cost of risk
(24)
+21.5%
Income before tax
56
(0.7%)
Net income Group Share
42
(3.7%)
Cost/Income ratio (%)
56.0% -0.1 pp
Revenues increased, driven by equipment leasing and factoring
Expenses increase in mechanism
Cost of risk up due to professional markets and SMEs; cost of risk/outstandings(1) at 25 bp, +3 bp vs Q1-24
1. Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
RB - LCL
Revenues | 963 | +1.0% |
Operating expenses | (625) | +3.8% |
Gross operating income | 338 | (3.9%) |
Cost of risk | (92) | (22.9%) |
Income before tax | 247 | +5.3% |
Net income Group Share | 129 | (25.6%) |
Cost/Income ratio (%) | 64.9% | +1.8 pp |
Loans outstanding (€bn) Customer assets (€bn)
+1.6%
168.1 170.7 170.7
∆ Mar./Mar.
+2.2%
250.8 255.0 256.5
∆ Mar./Mar.
24.4
31.3
8.6
24.6
31.9
8.9
24.7
31.9
8.5
+1.1%
+2.0%
(1.0%)
87.9
89.7
89.0
+1.2%
103.8
105.3
105.6
+1.7%
162.9
165.3
167.5
+2.8%
Mar. 24 Dec. 24 Mar. 25
Mar. 24 Dec. 24 Mar. 25
Customer capture: +67k customers in Q1-25
Loans outstanding increased year on year, stable over the quarter
Loan production(1) increased by +32% Q4/Q4, driven by home loans (+46% Q1/Q1; -34% Q1/Q4); production rate at 3.18% in Q1 on average, and continued improvement in the stock rate (+5 bp Q1/Q4 and +19 bp Q1/Q1); dynamic production continues in corporate loans (+49% Q1/Q1)
Customer assets increased year on year and in this quarter; off-balance sheet resources benefited from positive net inflows in life insurance and were affected by an unfavourable market effect over the quarter
Equipment rate in Home-Car-Health insurance(2): +0.2 pp March/March at 28.0%
See Appendix slide on page 64
Equipment rate - Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
26 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings (in €m)
Q1-25 ∆ Q1/Q1
Revenues growth: increase in fee and commission income (+3.6% Q1/Q1), mainly driven by insurance (life and non-life), offsetting the decrease in the NIM (-1.7% Q1/Q1); the NIM benefited from the progressive repricing of loans and the limited decrease in the cost of resources and refinancing, mitigating a less favourable contribution of macro-hedging
Expenses: increase due to the acceleration of investment (IT and
employee expenses)
Cost of risk/outstandings (3): 20 bp, remaining at a high level on professionals
3. Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
RB - CA ITALY
Loans outstanding* (€bn) Customer assets (€bn)
1.7%
1.6%
Revenues | 777 | +0.3% |
Operating expenses | (384) | +0.5% |
Gross operating income | 394 | +0.2% |
Cost of risk | (56) | (7.9%) |
Income before tax | 337 | +1.7% |
Net income Group Share | 178 | (0.8%) |
Cost/Income ratio (%) | 49.4% | +0.1 pp |
∆ Mars / Mars
116.3 120.0 118.2
62.1
60.1
61.1
50.8
54.0
54.1
6.5%
65.5
66.0
64.1
-2.1%
Mar. 24 Dec. 24 Mar. 25
* Net of POCI outstandings
Mar. 24 Dec. 24 Mar. 25
** Excluding assets under custody
Activity/Customer Capture: positive, with +53k new customers over the quarter and a property and casualty insurance equipment rate of over 20%(1); loan production increased (+19.2% Q1/Q1) in all markets
Loans outstanding increased March/March in a stable market(2), driven by individuals (+3.0% March/March) and stable on corporates; the loan stock rate decreased (-34 bp Q1/Q4) due to the change in interest rates on the market
Customer assets: on-balance sheet deposits down March/March (continuing decrease in the cost of on-balance sheet deposits); off-balance sheet deposits increased March/March with positive net flows and market effect
Property and casualty insurance equipment rate of 20.3% in Q1-2025 (+1.0 pp Q1/Q1)
Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
27 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings (in €m)
Q1-25
∆ Q1/Q1
Revenues: the decrease in the NIM (-5.8% Q1/Q1) is offset by the increase in fee and commission income (+7.4% Q1/Q1), driven by fee and commission income on assets under management (+11.6% Q1/Q1)
Expenses under control
Cost of risk: continuous improvement in asset quality and coverage ratio
RB - OTHER IRB
Loans outstanding Poland, Egypt,
Ukraine (€bn)
+4.7%(1)
+5.8%
7.3
7.4
7.0
Mar. 24 Dec. 24 Mar. 25
Customer assets Poland, Egypt, Ukraine (€bn)
+11.5%(1) | (in €m) | ||
+11.1% | Revenues | 248 | (12.2%) |
12.1 12.0 | Operating expenses | (131) | +5.8% |
10.8
0.8
0.9
1.0
10.0
11.2
11.0
Mar. 24 Dec. 24 Mar. 25
CA Poland: +64k new customers during the quarter; loan production stable(1) Q1/Q1; loans outstanding +0.7%(1) Q1/Q1 driven by the retail segment; on-balance sheet deposits +13.8%(1) Q1/Q1
CA Egypt: dynamic commercial activity over all markets; loans outstanding
+27.8% (1) Q1/Q1; on-balance sheet deposits +12.5% (1)
Liquidity: still strong; net deposits/loans surplus +€3.9bn at 31 March 2025
28 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings
Q1-25
∆ Q1/Q1
Gross operating income
117
(26.3%)
Cost of risk
(10)
(51.8%)
Income before tax
107
(22.4%)
Net income Group Share
67
(12.4%)
Cost/Income ratio (%)
52.8%
+9.0 pp
CA Poland: revenues +5.3% Q1/Q1(1), with a rise in NIM; expenses
+7.7%(1) impacted by employee expenses and taxes; cost of risk improving; net income Group share increased
CA Egypt: revenues -13.2% Q1/Q1(1) (exceptional foreign exchange activity base effect of Q1-24), increase in NIM; expenses +17.9% Q1/Q1(1) affected by employee expenses and inflation; cost of risk at a low level and a steep drop in net income Group share
CA Ukraine: Positive net income Group share
1. Change excluding FX impact
CORPORATE CENTRE
Q1-24
Q2-24
Q3-24
Q4-24
18
Q1-25
( 78)
( 29)
( 54)
( 48)
-107
-102
-161
( 26)
44
( 161)
( 245)
-238
Other elements IFRIC21
Structural net income excl. IFRIC21
Structural net income Group share:
Favorable impact of the revaluation of Banco BPM shares, partly offset by the IFRIC tax accounting (in one go this quarter compared to two quarters in 2024)
Other elements of the division: negative effects related to a foreign exchange gain recorded in Q1 2024 (associated with an AT1 redemption) and ESTER/BOR volatility
Post-Q1 2025, Banco BPM's equity stake increased to 19.8%
29 1ST QUARTER 2025 RESULTS
CRÉDIT AGRICOLE S.A.
Contribution to earnings (in €m)
Q1-25 ∆ Q1/Q1
Revenues
(67)
+40
Operating expenses
(81)
(25)
Gross operating income
(148)
+15
Cost of risk
(21)
(10)
Equity-accounted entities
(22)
(2)
Net income Group share
(102)
+5
Of which structural net income :
(54)
+52
Balance sheet & holding Crédit Agricole S.A.
Other activities (CACIF, CA Immobilier, BforBank, CATE, etc.)
Support functions (CAPS, CAGIP, SCI)
(314)
(19)
252
+67
9
+4
Of which other elements of the division
(48)
(47)
30 1ST QUARTER 2025 RESULTS
Crédit Agricole Group Regional Banks
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Crédit Agricole SA published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 06:03 UTC.
