Crédit Agricole (ACA) Q4 2024 Fixed Income earnings summary

Executive summary

• Achieved €8.6 billion net income for the group in 2024, the second-best result ever, and a record on an underlying basis, surpassing all 2025 strategic plan targets a year early.

• CASA net income reached €7.2 billion underlying, 20% above the €6 billion target, with return on tangible equity at 14%, well above the 12% target.

Financial highlights

• Group revenues hit a record €38.1 billion, with strong growth across all business lines and geographies, and significant revenue diversification since 2017.

• Q4 home loan production volumes increased by 18% year-over-year, with robust activity in retail banking, consumer finance, CIB, asset management, and insurance.

• Asset management AUM reached €2,240 billion, and CIB posted record revenues for both the quarter and full year.

• Q4 revenues approached €10 billion, with asset gathering and positive market effects driving outstandings to record levels.

• Gross operating income rose by 6.4% in 2024, supporting a 5% increase in net income to €8.64 billion.

Outlook and guidance

• All 2025 strategic plan financial targets exceeded in 2024; new medium-term plan expected to be announced in Q4 2024, likely with a 2028 horizon.

• Net interest margin expected to remain stable or slightly decrease in 2025, with overall group revenues projected to continue increasing due to strong fee and commission income and diversified business lines.