(MT Newswires) -- Crédit Agricole's deputy chief executive Jérôme Grivet reports that the bank has seen a record performance in the fixed income bond market. Since 2021, it has moved from fifth to second place worldwide in euro bond issuance. Recurring costs rose by only 3.7% over the quarter and around 4% over the year, despite high inflation in France and Europe.
Crédit Agricole has exceeded its profit target for 2025, recording a net profit of €6.3 billion from 2023. The bank remains committed to achieving a net profit of at least €6 billion by 2025, despite a likely increase in risk-related costs.
It points out that Crédit Agricole has a low exposure to commercial property risk, with the majority of its property portfolio made up of loans to individuals in France and Europe.
He adds that the French bank's expansion in Italy has had a positive impact on margins, even against a backdrop of rising interest rates.
Despite a slight fall of 3% in revenues from bond trading, Crédit Agricole saw strong activity in 2023, with an overall increase in revenues of 9%. Jérôme Grivet points out that the bank generates most of its revenues in this sector by helping its corporate clients to issue bonds, rather than by engaging in speculative trading activities. This strategy has enabled Crédit Agricole to strengthen its relationships and reputation with its corporate clients.

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