Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile-de-France (CAF) H2 2024 earnings summary

Executive summary

• Net client growth of 90,700 in 2024, with strong momentum in the second half, especially in daily banking services (+17%) and insurance (+33% net subscriptions).

• Credit outstandings rose 2.2% year-over-year, driven by both individual and corporate demand recovery in the second half.

• Net income fell 21.4% year-over-year to €191.9M, impacted by the reversal in savings trends and higher interest rates.

• Liquidity remains balanced, supporting continued client and regional project financing.

Financial highlights

• Consolidated net banking income declined 5.1% year-over-year to €966.2M.

• Operating expenses increased 2.2%, contained by the end of FRU/FGDR contributions.

• Gross operating income dropped 17% to €320.3M.

• Cost of risk stable at 15bp of credit outstandings; impaired loan ratio improved by 0.3pt to 1.0%.

• Equity increased 5.8% to €8,199M; total assets up 4.8% to €75,869M.

Outlook and guidance

• Solid CET1 ratio of 23.6% at year-end, well above regulatory requirements, positions the bank to support the regional economy amid macroeconomic uncertainty.

• Proposed dividend of €2.58 per CCI, yielding 3.9% on year-end price.