Credit Agricole Sa · EURONEXT:ACA
Credit Agricole Sa — Q2 2024 Earnings Presentation
20 slides from Credit Agricole Sa's earnings presentation, Aug 1, 2024
Slide 1: Results for the 2nd Quarter and 1st Half 2024
RESULTS FOR THE 2ND QUARTER AND 1ST HALF 2024 WORKING EVERY DAY IN YOUR INTEREST AND FOR SOCIETY
Slide 2: Working every day in the interest of our customers and society
Working every day in the interest of our customers and society Philippe Brassac RESULTS FOR THE 2ND QUARTER AND 1ST HALF 2024 2 SECOND QUARTER AND FIRST HALF 2024 RESULTS
Slide 3: Strong growth in H1 results confirming the 2024 trajectory
STRONG GROWTH IN H1 RESULTS CONFIRMING THE 2024 TRAJECTORY Outlook for 2024 results Stated net income Group share a year ahead of the Ambitions 2025 MTP Crédit Agricole Group Underlying net income Group share of Crédit Agricole S.A. vs MTP target €4.4bn €bn +6.3% H1/H1 >€6bn >€6bn €5.4bn >€5bn State
Slide 4: Universal banking: continued growth in performance
UNIVERSAL BANKING: CONTINUED GROWTH IN PERFORMANCE • Excellent quarterly results driven by steadily increasing revenues • C/I ratio maintained at a low level • RoTE at a record high in the first half of the year • Solid capital and liquidity positions Crédit Agricole S.A. Q2-23: Base effect linked C
Slide 5: Steady growth in quarterly revenues
STEADY GROWTH IN QUARTERLY REVENUES +6.7% Underlying revenues of Crédit Agricole S.A. 6,8 6.8 (in €bn)(1) 6,2 6,3 6.3 6.2 5,8 5.8 5,1 5.1 5.2 5,2 5.2 5,2 4,6 4.6 T2-17 Q2-17 T2-18 Q2-18 T2-19 Q2-19 T2-20 Q2-20 T2-21 Q2-21 T2-22 Q2-22 T2-23 Q2-23 T2-24 Q2-24 RB: +0.7 pp; 43.5% €2,763bn €873bn Partner
Slide 6: Dual growth potential
DUAL GROWTH POTENTIAL 6 SECOND QUARTER AND FIRST HALF 2024 RESULTS
Slide 7: Jérôme Grivet
Working every day in the interest of our customers and society Jérôme Grivet RESULTS FOR THE 2ND QUARTER AND 1ST HALF 2024 “Continued growth in H1 results; very good quarterly results driven by high revenues.” 7 SECOND QUARTER AND FIRST HALF 2024 RESULTS
Slide 8: Continued performance of the universal banking model
CONTINUED PERFORMANCE OF THE UNIVERSAL BANKING MODEL • Excellent half-yearly results for the Crédit Agricole Group • Very good half-yearly results for Crédit Agricole S.A., confirming the target of €6 billion in 2024 • Crédit Agricole S.A.’s quarterly results stable after restatement for exceptional
Slide 9: Strong activity in all business lines
ACTIVITY STRONG ACTIVITY IN ALL BUSINESS LINES Change June 24/June 23 New customers +482,000 gross Solid performance in retail banking and consumer (Q2-24) finance On-balance France (RB + LCL): 767 (+4.6%) sheet deposits in • Very good customer acquisition retail banking Italy: 65 (+2.5%) (€bn) Tota
Slide 10: Crédit Agricole Group net income: high level of net income
CRÉDIT AGRICOLE GROUP NET INCOME HIGH LEVEL OF NET INCOME H1/H1 change in Net income Group share by business line (€m) By income statement line (€m) Underlying +10% GOI +€692m 4,412 4,389 3,941 4,389 4,150 3,941 Base effect: reorganisation of the Mobility activities (+€140m in Q2-23 Net income Group
Slide 11: Crédit Agricole S.A. revenues: high level, sharply up in underlying vision
CRÉDIT AGRICOLE S.A. REVENUES HIGH LEVEL OF REVENUES, SHARPLY UP IN UNDERLYING VISION Q2/Q2 change in revenues, by business line (€m) Q2 underlying revenues (€bn) +1.8% +6.7% Steady increase since 2017 +€120m +€425m +318 +66 +211 6,796 6,754 6,676 (273) (201) 6.8 Q2 6,329 6.3 Q2/Q2 dividend 6.2 Fran
Slide 12: Expenses: support for business lines' development, low cost/income ratio
CRÉDIT AGRICOLE S.A. EXPENSES SUPPORT FOR BUSINESS LINES’ DEVELOPMENT, LOW COST/INCOME RATIO AT 53.4% Q2/Q2 change in expenses, by business line (€m) Breakdown by nature of costs (€m) +12.6% +12.4% Underlying Q2/Q2 expenses excluding +5,7% +€406m +€395m +156 scope effect, +€181m +30 3,621 3,591 excl
Slide 13: Crédit Agricole S.A. net income: very good quarterly results
CRÉDIT AGRICOLE S.A. NET INCOME VERY GOOD QUARTERLY RESULTS Q2/Q2 change in Net income Group share by business line (€m) By income statement line (€m) Underlying GOI +2.8% -10.4% -1.5% excluding DGS +€88m Underlying Net +0.2% -€212m -€27m income Group share excluding DGS +€3m +72 +425 2,040 +60 +26
Slide 14: Very strong capital and liquidity positions
CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. FINANCIAL POSITION VERY STRONG CAPITAL AND LIQUIDITY POSITIONS Solvency Liquidity position CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. Liquidity reserves €478bn +0.4% June/March CET1 17.3% 11.6% Phased-in -0.2 pp vs Q1-24 -0.2 pp vs Q1-24 +7.6 pp vs SREP req
Slide 15: Second quarter and first half 2024 results
15 SECOND QUARTER AND FIRST HALF 2024 RESULTS
Slide 16: Key figures
KEY FIGURES CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. 1ST HALF 2024 2ND QUARTER 2024 1ST HALF 2024 2ND QUARTER 2024 Net income Net income Group share €4,412m €2,028m Group share €3,731m €1,828m stated +6.3% H1/H1 -18.3% Q2/Q2 Stated +14.2% H1/H1 -10.4% Q2/Q2 +0.2 Q2/Q2(2) Revenues €19,031m €9,507m
Slide 17: Retail banking
RETAIL BANKING Regional Banks LCL Italy International • Customer capture: +278K new • Customer capture: +72K new • Customer capture: +48K new • Loans outstanding(4): +5.6% year- customers in Q2-24 customers in Q2-24 customers in Q2-24 on-year(5) • Loan outstandings: stable across • Loans outstanding
Slide 18: Asset gathering
ASSET GATHERING Insurance Asset management Wealth management • Savings/retirement: gross inflows up to • Record level of assets under management, • Degroof Petercam: acquisition of 65% of the capital on 3 €8.1bn (+23.1% Q2/Q2), UL rate at 32.2%; €2,156bn (+9.9% June/June) June and successful takeove
Slide 19: Large customers
LARGE CUSTOMERS Corporate and investment banking Asset servicing • Capital markets and investment banking: continued strong performance of • Assets under custody and under administration rose sharply year-on- Capital Markets; good level of activity in investment banking, supported by year, driven by
Slide 20: Specialised financial services
SPECIALISED FINANCIAL SERVICES Personal Finance and Mobility Leasing and factoring • Production down, related to GAC Sofinco in China • Leasing: production up +38.6% Q2/Q2, driven by equipment leasing and renewable energy financing in France; continued favourable trends in • Managed loans up over th