Q3 2024 Credit Agricole SA Earnings Call (English, French) Transcript
Key Points
- Credit Agricole SA (CRARF) reported a net profit of EUR 5.4 billion for the first nine months of 2024, with a third-quarter net profit of EUR 1.7 billion.
- The company's cost-income ratio remains strong at 54.4%, and its return on tangible equity is comfortably above the target at 14.5%.
- Credit Agricole SA (CRARF) attracted close to 500,000 new customers in its retail banks across Europe, with a net increase of over 100,000 customers.
- Amundi, a subsidiary of Credit Agricole SA (CRARF), reached a record level of assets under management, contributing to strong performance in asset management.
- The CET1 ratio for Credit Agricole SA (CRARF) increased by 10 basis points to 11.7%, indicating a strong capital position.
- The net profit for the third quarter was down 4.7% year-on-year, although it was up 8.2% when adjusted for specific provisions.
- The insurance segment experienced revenue volatility due to crop insurance impacts, raising concerns about future earnings stability.
- The cost of risk increased slightly in the retail banking activities in France, particularly among self-employed professionals.
- The specialized financial services division showed stable revenues, with ongoing challenges in passing increased refinancing rates to customers.
- The corporate tax surcharge in France is expected to impact profitability, with historical references suggesting a potential EUR 300 million extra charge.
Good morning. This is the conference operator. Welcome, and thank you for joining the Credit Agricole third quarter and first nine months of 2024 results presentation. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Jerome Grivet, Deputy Chief Executive Officer. Please go ahead, sir.
Thank you very much. Good morning, everyone, and I'm happy to share with you the results that we are publishing this morning. Again, we are publishing very good results on the third quarter of 2024 and to put it in a nutshell, they are very close to the results we've posted second quarter of the same year.
Net profit at Credit Agricole SA for the first nine months of the year stands at EUR5.4 billion, and it's EUR1.7 billion for the third quarter only. It's apparently down around 4.7% Q3-on-Q3, but restated from a reversal of home purchase savings plan provisions that we had booked and commented last year, actually, the net
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