Crédit Agricole (ACA) Q1 2025 earnings summary

Executive summary

• Record revenues in Q1 2025, with group revenue up 5.5% year-over-year to over €10 billion and Crédit Agricole S.A. up 6.6% to €7.3 billion, driven by Asset Gathering and Large Customers divisions.

• High profitability maintained with ROTE near 16%, despite a significant exceptional corporate tax charge impacting net income.

• Net income Group share declined by 4.2% for Crédit Agricole S.A. and 9.2% for the Group compared to Q1 2024, mainly due to higher taxation.

• Solvency ratios improved, with CET1 at 12.1% for Crédit Agricole S.A. and 17.6% for the Group, well above regulatory requirements.

• Continued strategic initiatives, including joint ventures, partnerships, and increased stake in Banco BPM to 19.8%.

Financial highlights

• Crédit Agricole S.A. Q1 2025 revenues: €7,256m (+6.6% YoY); pre-tax income: €2.9bn (+4.6%); net income Group share: €1,824m (-4.2% YoY); EPS: €0.56 (+11.4% YoY).

• Crédit Agricole Group Q1 2025 revenues: €10,048m (+5.5% YoY); pre-tax income: €3.4bn (+1.6%); net income Group share: €2,165m (-9.2% YoY).

• Cost/income ratio: 55.0% for Crédit Agricole S.A. (+1.1pp YoY); Group: 59.6% (+1.0pp YoY), both highly competitive.

• Exceptional corporate tax charge of €-123m for Crédit Agricole S.A. and €-207m for the Group in Q1 2025.

• Record premium income at Crédit Agricole Assurances, nearly €15 billion, up over 20% year-over-year; Amundi achieved record assets under management at €2.25 trillion.

Outlook and guidance

• Solvency ratios benefit from CRR3, with phased-in CET1 at 12.1% for Crédit Agricole S.A. and 17.6% for the Group, well above regulatory requirements.

• Net interest income in French retail expected to inflect positively during 2025, contingent on rates, deposit mix, and loan pricing.

• Dividend of €1.10 per share proposed, with ex-dividend date 26 May 2025; 50% payout ratio likely to be maintained.

• 2025 MLT market funding programme set at €20bn, 56% completed by end-March.

• Economic scenario anticipates modest activity and gradual inflation decline in France, Italy, and the Eurozone.