Crédit Agricole S.A.'s Ambitions 2025

Financial trajectory

“Ambitions 2025” targets ambitious growth in the net income and profitability of Crédit Agricole S.A. while confirming its financial strength as well as that of the Crédit Agricole Group. Against a backdrop of strong economic uncertainties, this plan is constructed on prudent assumptions and is counting on the development abilities of Crédit Agricole Group year after year.

Crédit Agricole S.A. financial targets

In 2021, Crédit Agricole S.A. achieved the financial targets set in the medium-term plan for 2022. In an extension of this winning strategy, “Ambitions 2025” is betting on continued growth in net income and on confirmation of its financial strength.

Financial indicators

Financial targets were set for the implementation of the “Ambitions 2025” Medium-Term Plan. They are designed to quantitatively reflect our ambitions, testify to the efforts of our employees and the work performed and objectively assess our level of success.

Crédit Agricole S.A.

    • 2020: €3.8bn

      2021: €5.4bn

      2022: €5.5bn

    • 2025: €6bn(1)


    • (1) based on the following 2021-2025 assumptions:

      • Revenues ~ +3.5% CAGR
      • Positive average jaws effect ~ +0.5 pp
      • Cost of risk, normalisation at ~ 40 bps
    • 2020: 9.3%

      2021: 13.1%

      2022: 12.6%

    • 2025: >12%


    • 2020: 59.6%

      2021: 57.8%

      2022: 58.2%

    • 2025: <60% every year


    • 2020: 13.1% (+5.2 pp vs. SREP)

      2021: 11.9% (+4.0 pp vs. SREP)

      2022: 11.2% (+3.3 pp vs SREP)

    • 2025: ~11%

    • 2020: 66%

      2021: 57%

      2022: 50%(1)

    • 2025: 50% in cash

    • (1)50% of the 2022 underlying net income Group share, i.e. €0.85 plus 2019 dividend catch-up (€0.20 out of €0.40)

Crédit Agricole Group

    • 2020: 17.2% (+8.3 pp vs. SREP)

      2021: 17.5% (+8.7 pp vs. SREP)

      2022: 17.6% (+8.7 pp vs. SREP)

    • 2025: ≥17%

    • 2020: 25.5% risk weighted assets (+6 pp vs. SREP)

      2021: 26.3% risk weighted assets (+4.8 pp vs. SREP)

      2022: 27.2% risk weighted assets (+5.6 pp vs. SREP)

    • 2025: ≥26%

    • 2020: €438bn

      2021: €465bn

      2022: €467bn

    • 2020: €265bn

      2021: €279bn

      2022: €213bn

    • 2025: €110-130bn

The distribution of value


Redistribution of financial flows

    • Gross salaries, incentive plans, profit sharing and amounts allocated to employee pensions.

      Impact on society

      For Crédit Agricole S.A., 72,000 employees inc., 3,583 trainees and 3,353 interns (average monthly FTE).

    • External service providers

      External operating expenses.

      The purchasing volume for the Group from VSBs/SMEs in 2022 was €2.5bn.

      Sponsorship and giving

      €33.2m in tax-deductible expenses for Crédit Agricole Group(1).

      Impact on society

      2,935 Crédit Agricole S.A. suppliers have an EcoVadis(2) rating as at 2 January 2023. The purchasing volume from the sheltered and disability-friendly sector represents €15.5m for the entire Group in France.

      Corporate philanthropy activities are directed both to the fight against poverty and exclusion and to cultural initiatives and environmental protection.

    • Corporate income tax, other taxes and duties, employer contributions and payroll taxes (excluding residual VAT, which is the cost for the Group of non-recoverable VAT).

      Impact on society

      Crédit Agricole is a major tax contributor in France with an income tax liability of €2,508m in 2022.

    • Allocations to and reversals of provisions for all risks during the financial year, as well as the corresponding losses not covered by provisions.

      Impact on society

      The cost of the credit risk reflects the bank’s ability to deliver responsible lending solutions adapted to each type of customer: €796bn in loans outstanding (Retail Banking in France).

    • Share of the net income of majority-controlled, but not wholly owned, subsidiaries attributable to the minority shareholders of these subsidiaries.

    • Depreciation charges, share of net gains and losses on other assets.

Net income

(1) FY 2021 for tax consolidated entities.

(2) EcoVadis is an independent third party specialised in assessing suppliers’ CSR performance.

(3) Subject to approval by shareholders at the Annual General Meetings of the Local Banks, Regional Banks and Crédit Agricole S.A.

(4) Subject to the approval of the General Meeting of 17 May 2023.

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