Crédit Agricole (ACA) Q4 2024 Fixed Income earnings summary

Executive summary

• Net income for the group reached €8.6 billion in 2024, the second-best result after 2021, and a record on an underlying basis, surpassing all 2025 strategic plan targets a year early.

• Revenues hit a record €38.1 billion, with strong diversification by business line and geography since 2017.

• Robust activity across all business lines, especially in retail banking, consumer finance, CIB, asset management, and insurance, with several records set in Q4 and for the full year.

Financial highlights

• CASA underlying net income was €7.2 billion, 20% above the €6 billion target.

• Return on tangible equity reached 14% in 2024, exceeding the 12% target.

• Q4 home loan production volumes increased by 18% year-over-year.

• Asset management AUM reached €2,240 billion; CIB and insurance posted record revenues.

• Q4 revenues were nearly €10 billion, with asset gathering and positive market effects driving growth.

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

Outlook and guidance

• All 2025 strategic plan financial targets have been exceeded in 2024; new medium-term plan expected to be announced after new CEO takes office in May, likely by Q4 2024 with targets to 2028.

• Revenues expected to continue increasing in 2025, supported by strong fee and commission income and asset gathering.

• Net interest margin expected to be slightly down in 2025, but overall revenue growth anticipated.