Crédit Agricole S.A. financial results at an all-time high

Crédit Agricole S.A. net income

Underlying net income Group share¹ was €5.9 billion, an increase of +11% over 2022 and in line with the “Ambitions 2025” strategic Medium-Term Plan. This increase in income was driven by revenue growth in all business lines and control of recurring expenses and the cost of risk.

¹ Excluding specific items

Crédit Agricole S.A. revenues

Crédit Agricole S.A. underlying revenues amounted to €24,563 million, an increase of +9.5% compared to 2022. This growth was driven by all the business lines, which recorded brisk business throughout the year, despite Assurances having been heavily impacted by weather-related claims in the fourth quarter.

² Under IFRS 4 from 2017 to 2022 and IFRS 17 since the first quarter of 2023

Crédit Agricole S.A. cost/income ratio

The underlying cost/income ratio excluding SRF was 55.4% for the 2023 financial year, an improvement of 0.3 percentage points compared with that of 2022 (proforma IFRS 17³) and below the Medium-Term Plan threshold of 58%. It also remains below that of a sample of nine European banks.

³ Under IFRS 4 from 2017 to 2022 and IFRS 17 since 2023
⁴ Arithmetic mean of nine large European banks: Société Générale, BNP Paribas, Santander, UniCredit, Deutsche Bank, Standard Chartered, HSBC, Barclays, ING and UBS
⁵ Underlying excluding Single Resolution Fund

Crédit Agricole S.A. cost of risk/outstandings

The cost of risk reached -€1,693m, posting a moderate increase over the period (+9.2% compared to 2022), generally in line with the increase in outstanding loans, showing that the credit quality did not deteriorate over the year or over the fourth quarter. At 33 basis points, the cost of risk/outstandings was stable in the fourth quarter compared to the third quarter of 2023 and the fourth quarter of 2022.

⁶ The cost of risk/outstandings is calculated by dividing the cost of risk recorded over the full year by the average outstandings at the beginning of the four quarters of the year.

Payment of the 2023 dividend of €1.05 per share

The Crédit Agricole S.A. Board of Directors will propose a dividend of €1.05 per share in respect of 2023 at its General Meeting of Shareholders on 22 May 2024.

Although identical at face value, the proposed dividend for 2023 is in fact an increase of almost 24% compared to the 85 cents paid with respect to 2022, excluding the 20 cents from the 2019 dividend.