- Credit Agricole’s net income for Q2 2024 was €1.83 billion, beating the estimate of €1.64 billion, but it was down 10% from the previous year.
- Large Customers net income was €694 million, up 12% year-over-year, surpassing the estimate of €549.7 million.
- Asset Gathering net income rose to €736 million, an increase of 8.9% from last year, exceeding the estimate of €682.3 million.
- Specialized Financial Services net income decreased by 38% year-over-year to €187 million, but still beat the estimate of €150 million.
- French Retail Banking net income was €220 million, down 14% from last year, but above the estimate of €204.3 million.
- International Retail Banking net income climbed 16% to €228 million, surpassing the estimate of €204.1 million.
- Total revenue for Credit Agricole was €6.80 billion, up 1.8% year-over-year, and above the estimated €6.48 billion.
- CIB and Asset Servicing revenue grew by 17% year-over-year to €2.22 billion, exceeding the estimate of €2.05 billion.
- Asset Gathering revenue was €1.94 billion, a 12% increase from last year, above the estimate of €1.8 billion.
- Specialized Financial Services revenue dropped 23% year-over-year to €889 million, but was above the estimate of €855.7 million.
- French Retail Banking revenue increased by 2.1% year-over-year to €979 million, surpassing the estimate of €958.9 million.
- International Retail Banking revenue rose 4.6% to €1.03 billion, slightly above the estimate of €1.01 billion.
- Operating expenses reached €3.62 billion, up 13% from last year, and higher than the estimate of €3.52 billion.
- Provision for loan losses was €424 million, down 21% year-over-year, and better than the estimate of €489.9 million.
- The CET1 ratio fully-loaded was stable at 11.5%, matching the estimate.
- The cost/income ratio excluding SRF was 53.3%, compared to 48.2% last year.
- Credit Agricole still anticipates FY24 net income group share to be above €6 billion.
A look at Credit Agricole Sa Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 5 | |
| Dividend | 5 | |
| Growth | 4 | |
| Resilience | 2 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 4.0 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on Smartkarma Smart Scores, Credit Agricole S.A. shows a positive long-term outlook. With high scores in Value and Dividend factors, the company is positioned well in terms of financial performance and returns to investors. Additionally, a strong score in Growth suggests potential for expansion and development. Although the Resilience score is lower, indicating some vulnerability to economic challenges, the Momentum score signifies positive market trends. Overall, Credit Agricole S.A. appears to have a solid foundation and promising prospects.
Credit Agricole S.A., the lead bank of the Credit Agricole Group, plays a crucial role in coordinating the Group’s operations and ensuring the financial health of its regional entities. The company specializes in designing and managing financial products distributed mainly through its regional branches. With a focus on value, dividends, growth, and market momentum, Credit Agricole S.A. stands out as a key player in the financial sector with a potentially bright future ahead.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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