Credit Agricole Sa · EURONEXT:ACA
Credit Agricole Sa — Q1 2024 Earnings Presentation
22 slides from Credit Agricole Sa's earnings presentation, May 3, 2024
Slide 1: 2024 First Quarter Results
2024 FIRST QUARTER RESULTS WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY
Slide 2: Philippe Brassac: First Quarter 2024 Results
Agir chaque jour dans l’intérêt de nos clients et de la société PHILIPPE BRASSAC FIRST QUARTER 2024 RESULTS “For the third time in a row, the financial ambitions of our Medium-Term Plan will be achieved one year ahead of schedule, i.e. by the end of 2024”
Slide 3: A distinctive model based on global relationships
A DISTINCTIVE MODEL BASED ON GLOBAL RELATIONSHIPS A development model based on global customer ...and innovative world-leading business lines to serve relationships, for each of our domestic markets... them (example for individual customers) LARGE CUSTOMERS SPECIALISED FINANCIAL SERVICES ASSET GATHE
Slide 4: The Group is continuing its development
THE GROUP IS CONTINUING ITS DEVELOPMENT +11.2% Net income Group share Net income Group share Q1 Crédit Agricole Group Crédit Agricole S.A. Crédit Agricole S.A. revenues (1) (in €bn) 6.8 €2.4bn €1.9bn 6.2 5.9 +42.8% Q1/Q1 +55.2% Q1/Q1 +6.1% excl. SRF +13.3% excl. SRF 5.5 5.1 Revenues 4.8 4.9 4.9 Reve
Slide 5: Outlook for 2024 results
OUTLOOK FOR 2024 RESULTS A YEAR AHEAD OF THE AMBITIONS 2025 MTP Underlying net income Group share of Crédit Agricole S.A. vs MTP target €bn > €6bn > €6bn €5.4bn > €5bn €4.6bn > €3.2bn (1) €4.2bn 2016 2019 MTP 2020 2021 MTP 2022 2024e MTP 2025 1. Proforma the capital simplification operation (Eurêka)
Slide 6: Results serving our customers and society
RESULTS SERVING OUR CUSTOMERS AND SOCIETY • Borrowers: #1 home lender in France • €494bn in home loans outstanding at end-March 2024 (market share: 32.6% at end-2023) • A protective fixed-rate model A protective model for all • Promoting home ownership (interest-free loan market share: 42%) Customer
Slide 7: In support of the energy transition
IN SUPPORT OF THE ENERGY TRANSITION A transition plan based on three complementary and well-structured priorities: 1 Ramping up the roll-out of renewable and low-carbon 2 As a universal bank, supporting a transition for 3 Organising our own exit from energy by focusing our the financing of carbon en
Slide 8: Jérôme Grivet: A record first quarter
Agir chaque jour dans l’intérêt de nos clients et de la société Jérôme Grivet FIRST QUARTER 2024 RESULTS “A record first quarter”. 8 FIRST QUARTER 2024 RESULTS
Slide 9: Key figures
KEY FIGURES CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. 1ST QUARTER 2024 1ST QUARTER 2024 Net income Group Net income Group 1 903 m€ share 2 384 m€ share +42,8% T1/T1 (+6.1% excl. SRF) +55,2% T1/T1 (+13.3% excl. SRF) stated stated Revenues 9 525 m€ Revenues 6 806 m€ stated +6,7% T1/T1 stated +11,2% T
Slide 10: End of the Single Resolution Fund build-up period
END OF THE SINGLE RESOLUTION FUND BUILD-UP PERIOD CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP €4.9bn €3.9bn in contributions to the SRF, €3.3bn €4.8bn in contributions to the SRF, Impact on Impact on between 2025 and 2023 between 2025 and 2023 expenses expenses i.e. 7% of deposits in Europe (€77Bn) i
Slide 11: Continued development of universal banking
ACTIVITY CONTINUED DEVELOPMENT OF UNIVERSAL BANKING Change March 24/March 23 +512,000 gross New customers +67,000 net France (RB + LCL): 758 (+3.7%) Continued development of customer-focused universal On-balance sheet Italy: 65 (+5.8%) deposits in retail banking model banking (€bn) Total: 824 (+3.9%
Slide 12: Record high results, strong growth in GOI excluding SRF
GROUPE CRÉDIT AGRICOLE RESULTS RECORD HIGH RESULTS, STRONG GROWTH IN GOI EXCLUDING SRF Change in income by business line Q1/Q1 (€m) Change in income by type Q1/Q1 (€m) Increase in net income Increase in GOI excl. SRF +6.1% excl. SRF +8.0% End of the SRF build-up period Cost of €20.9bn Loans loss 25
Slide 13: Performance driven by all business lines
CRÉDIT AGRICOLE S.A. PERFORMANCE DRIVEN BY ALL BUSINESS LINES Change in revenues by business line Q1/Q1 (€m) +11,2% +10,5% +685 m€ +644 m€ 6 806 6 797 +146 +106 +175 +215 6 153 6 121 +44 France: Impact of strong fee and valuation of Consolidation commission BBPM shares CIB: historic of Strong income
Slide 14: Business line development support, positive jaws effect
CRÉDIT AGRICOLE S.A. EXPENSES BUSINESS LINE DEVELOPMENT SUPPORT, POSITIVE JAWS EFFECT Change in expenses excluding SRF by business line Breakdown of change by type (€m) Q1/Q1 (€m) +10,2% +9,6% +341 m€ +321 m€ 3 669 3 649 + 83 + 25 + 17 + 176 3 328 3 328 + 39 +341 Increase in expenses excluding scope
Slide 15: Historic high net income, strong growth in GOI excluding SRF
CRÉDIT AGRICOLE S.A. NET INCOME HISTORIC HIGH NET INCOME, STRONG GROWTH IN GOI EXCLUDING SRF 3m/3m change in net income Group share by By income statement line (€m) business line (€m) Increase in net income excl. +55,2% +54,7% Increase in GOI excl. SRF SRF +677 m€ +684 m€ +12.3% +13.3% +513 1 933 1
Slide 16: First Quarter 2024 Results
16 FIRST QUARTER 2024 RESULTS
Slide 17: Retail Banking
RETAIL BANKING Regional Banks LCL Italy International • Customer capture: +306k new • Customer capture: +83k new • Customer capture: +50k new customers • Loans outstanding +4.7% year- customers in Q1-24 customers in Q1-24 in Q1-24 on-year • Loans outstanding: up in all • Loans outstanding: up (+1.5%
Slide 18: Asset Gathering
ASSET GATHERING Insurance Asset management Wealth management • Savings/retirement: record gross inflows (€8.6bn) • High level of inflows (€16.6bn), balanced by large • Outstandings: €133.2bn, a good level of of high quality (UL rate 39.1%); outstandings €335bn customer segments inflows and a favoura
Slide 19: Large Customers
CRÉDIT AGRICOLE S.A. LARGE CUSTOMERS Corporate and investment banking Asset servicing • Assets under custody and under administration up sharply, driven • Capital markets and investment banking: good performance for capital markets by the consolidation of ISB assets, business momentum and a positive
Slide 20: Specialised Financial Services
CRÉDIT AGRICOLE S.A. SPECIALISED FINANCIAL SERVICES Consumer finance Leasing and factoring • Leasing: production of equipment leasing up and outstandings up (+9.1% year- • Assets under management up over the quarter and the year (+8.4% year- on-year) in France and internationally on-year); productio
Slide 21: Net zero trajectories in line at end-2023 with 2030 targets
GROUPE CRÉDIT AGRICOLE NET ZERO TRAJECTORIES IN LINE AT END-2023 WITH 2030 TARGETS Trajectories announced in 2022 New commitments made in 2023 Oil & Gas Electricity (2) Automotive Aviation Shipping -63% -17% -13% -25% -36% Emissions financed Intensity of emissions financed Intensity of emissions fin
Slide 22: Accelerating financing for renewable energy projects in Europe
Gemini (2) ACCELERATING FINANCING FOR Wind 600 MW – 2024 RENEWABLE ENERGY PROJECTS IN EUROPE Soleia 59 (1) Pompey (2) Le Treport (2) Moray West (2) Solar 6.50 MW – 2025 Wind 242 MW – 2026–2028 Wind 496 MW – 2025–2026 Wind 882 MW – 2025 Pegase 268 (1) Homsea II (2) Saint Nazaire (2) Solar 17 MW – 202