Performance

Crédit Agricole S.A. exceeded financial targets a year ahead of schedule

Crédit Agricole S.A.’s 2024 results far exceeded the financial targets set in the “Ambitions 2025” plan, a year ahead of schedule. This performance is the result of dynamic activity across all business lines, as well as the external growth operations set out in the plan, once again confirming the growth potential driven by our development model.

Crédit Agricole S.A. net income

Underlying net income Group share2 was €7.2 billion, an increase of +11.6% over 2023 and exceeding the “Ambitions 2025” plan target (net income Group share > €6 billion). This increase in income was driven by revenue growth in all business lines and the controlled increase of recurring expenses and cost of risk.

Underlying net income Group share1 (in €bn)

  • 2024: €7.2bn
  • 2023: €5.9bn
  • 2022: €5.5bn
1 Excluding specific items.

Crédit Agricole S.A. revenues

Crédit Agricole S.A. underlying revenues amounted to €27,151 million, an increase of +10.5% compared with 2023. This growth was driven by dynamic activity across all business lines, and the strong performance of the Asset Gathering and Large Customers business lines offsetting the squeeze on margins in the Retail Banking and Specialised Financial Services business lines.

Underlying revenues2 (in €bn)

Revenues have been growing steadily and dynamically for 10 years.

  • 2024: 27.2
  • 2023: 24.6
  • 2022: 23.7
  • 2021: 22.7
  • 2020: 20.8
  • 2019: 20.3
  • 2018: 19.7
  • 2017: 18.8
  • 2016: 17.5
  • 2015: 16.7

Average annual growth rate: +5.6%

2 Under IFRS 4 from 2017 to 2022 and IFRS 17 since the first quarter of 2023.
3 AAGR: Average annual growth rate

Crédit Agricole S.A. cost/income ratio

The underlying cost/income ratio excluding SRF was 54.4% for the 2024 financial year, an improvement of -1.0 percentage point compared with 2023 (proforma IFRS 174) and below the Medium-Term Plan threshold of 58%. Since 2015, operational efficiency has continuously improved.

Crédit Agricole S.A. cost/income ratio (underlying excluding SRF)

  • 2024: 54.4%
  • 2023: 55.4%
  • 2022: 58.2%
  • 2021: 57.8%
  • 2020: 59.6%
  • 2019: 61.0%
  • 2018: 62.1%
  • 2017: 62.8%
  • 2016: 64.9%
  • 2015: 69.4%

Medium-Term Plan target < 58%
An improvement of -15 percentage points between 2015 and 2024

4 Under IFRS 4 from 2017 to 2022 and IFRS 17 since 2023.

Crédit Agricole S.A. cost of risk/outstandings

The underlying cost of risk reached -€1,830m, posting a moderate increase over the period (+8.1% compared with 2023). The increase was more marked in the fourth quarter due to the increase in prudent additions on performing loans and an exceptional legal provision, with no deterioration in credit quality over the year. At 34 basis points, the cost of risk/outstandings remains below our average cycle assumption.

Cost of risk measured in basis points5 

  • 2024: 34 bp
  • 2023: 33 bp
  • 2022: 32 bp

 

5 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.

See also “Risk management, a key point in a context of high global volatility” (Chapter 5).

Payment of the 2024 dividend of €1.10 per share

The Crédit Agricole S.A. Board of Directors will propose a dividend of €1.10 per share in respect of 2024 at its General Meeting of Shareholders on 14 May 2025.

The proposed dividend for 2024 is up +5% compared with 2023, continuing the trend of dividend growth, with it tripling in 10 years.

Dividend for the year (in €)

  • 2024: 1.10 subject to approval at the General Meeting of 14 May 2025
  • 2023: 1.05
  • 2022: 1.05, including 0.20 for the 2019 catch-up
  • 2021: 1.05, including 0.20 for the 2019 catch-up
  • 2020: 0.80, including 0.30 for the 2019 catch-up
  • 2019: 0.70, unpaid
  • 2018: 0.69
  • 2017: 0.63
  • 2016: 0.60
  • 2015: 0.60
  • 2014: 0.35

The dividend increased by 3.1 between 2014 and 2024.

14.0% return on equity6 6 Underlying RoTE (return on tangible equity) for Crédit Agricole S.A.