Half Year 2024 Credit Agricole SA Earnings Call (English, French) Transcript
Key Points
- Credit Agricole SA (CRARF) reported a net profit of EUR 3.7 billion for the first half of 2024, up 14% year-over-year.
- The company achieved a return on tangible equity of 15.5%, significantly above its medium-term target of 12%.
- The CET1 ratio remains strong at 11.6%, well above the target of 11%.
- The cost-income ratio improved to 53.2% for the quarter, indicating efficient cost management.
- The insurance and asset management segments showed strong performance, with record levels of assets under management and significant growth in life insurance flows.
- Net profit for Q2 2024 was EUR 1.8 billion, down 10% compared to Q2 2023.
- The CET1 ratio decreased by 20 basis points compared to the end of March 2024.
- The cost base increased by 12.5% year-over-year, driven by scope effects and regulatory contributions.
- The home loan activity in France remains at a low level, despite signs of stabilization.
- The company faces potential new bank levies in Italy, which could impact profitability.
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Good afternoon or should I say, hello. It's more simple considering the time at which we are talking. Hello, everyone. Happy to present these results for the second quarter and for the first half of 2024 for Credit Agricole SA. Just to put it in a nutshell, and we are going to start directly on page 4.
We are posting indeed for the quarter and for the first half of the year, very good results. For the first half, you see the figure here of EUR3.7 billion of net profit and EUR1.8 billion for the quarter, which is apparently down 10% as compared to Q2 '23. But and of course, we'll dig a little bit into these numbers later on.
But if you restate the basis for 2023 from exceptional elements and if you read across the numbers of 2024 which includes some -- also exceptional elements. All in all, it's the stability of the net profit at Credit Agricole SA for the quarter at the high level of EUR1.8 billion. Therefore, we -- as we did already in the last
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