Crédit Agricole reports strong Q3 2024 results

Crédit Agricole S.A. delivered robust financial results for the third quarter and the first nine months of 2024, confirming its income target for the year. The bank’s strong performance highlights its continued growth trajectory and reinforces its commitment to serving customers and driving economic support.

Key financial highlights:

• Specialised Financial Services (SFS) maintained strong activity levels with a rise in consumer finance outstandings at Crédit Agricole Personal Finance & Mobility (CAPFM), marking a 5.2% increase year-on-year, driven by automotive sector expansion. Leasing and factoring also demonstrated growth, with leasing outstandings reaching €20.1 billion, a notable 8.8% increase compared to September 2023.
• Revenues for Specialised Financial Services in Q3 2024 totalled €869 million, reflecting a slight decline of 1.6% compared to Q3 2023, while expenses increased by 3.1% year-on-year. Net income Group share for the division amounted to €172 million, down 15.6% from the previous year.
• The Group’s CAPFM segment reported commercial production stability with €11.6 billion in new business during Q3 2024, supported by automotive financing, which made up over 50% of production. CAPFM’s assets under management climbed by 5.2% to €116.8 billion.
• Recent strategic developments for CAPFM include a 50% acquisition of GAC Leasing, a European partnership with GAC Motor International, and collaborations with EDF and FATEC.

“The Group reports solid results this quarter. These results reinforce its desire to be useful to all its customers and to play a leading role in actively supporting the economy.”

“Quarter after quarter, the Group publishes high-level results confirming the outlook for a 2024 result that is one year ahead of Crédit Agricole S.A.’s Ambitions for 2025.”

Performance of key segments

CAPFM reported revenues of €678 million in Q3, marking a 4.2% decline compared to Q3 2023, though the average customer rate improved. Gross operating income reached €340 million, reflecting a 10% decrease year-on-year. The division’s net income Group share stood at €118 million, down 20.9% from the prior year but with an improved margin rate.

In the first nine months of 2024, CAPFM’s revenues totalled €2,042 million, down -7.1% compared with the first nine months of 2023, but up +7.6% excluding the base effect related to the reorganisation of Mobility activities. Revenues benefited from scope effects related to the strategic pivot around Mobility, leading to the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and the consolidation of the ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023.

Crédit Agricole Leasing & Factoring (CAL&F) saw Q3 revenues rise by 8.5% year-on-year, driven by increased leasing outstandings and solid commercial production. Net income Group share for this segment reached €54 million, slightly down by 1.8%.

On 31st October 2024, Crédit Agricole Leasing & Factoring announced that it had signed an agreement to acquire Merca Leasing in Germany.

For the first nine months of 2024, SFS recorded a revenue decline of 4.1%, though this figure represents a 7.8% increase excluding base effects from reorganisation in 2023. CAL&F recorded revenue growth of 8.5% over the same period, driven by volume increases in leasing and factoring.

Outlook

The Group reiterated its commitment to innovation and growth in key sectors such as mobility and renewable energy. Strategic investments and partnerships further bolster its position as a market leader. The equity allocated to the SFS division reached €6.8 billion, with risk-weighted assets amounting to €71.8 billion as of September 30, 2024.