Crédit Agricole S.A. (CRARF) Q4 2024 Earnings Call Transcript

Crédit Agricole S.A. (OTCPK:CRARF) Q4 2024 Earnings Conference Call February 5, 2025 5:00 AM ET

Company Participants

Jerome Grivet - Deputy Chief Executive Officer

Conference Call Participants

Tarik El Mejjad - Bank of America
Giulia Aurora Miotto - Morgan Stanley
Delphine Lee - JPMorgan
Kirishanthan Vijayarajah - HSBC
Flora Bocahut - Barclays
Pierre Chedeville - CIC
Alberto Artoni - Intesa Sanpaolo
Sharath Kumar - Deutsche Bank
Matthew Clark - Mediobanca

Jerome Grivet

Good morning, everyone. Thank you for the -- for attending our call. Very happy to present these results for 2024 and for the last quarter of 2024, which are absolutely excellent results.

Let me start directly on Page 4 of the presentation, and let me start by comparing our results for '24 with the target that we had initially set for 2025 in the course of our latest medium-term plan. As we have stated several times since the beginning of last year, we are indeed meeting as soon as 2024 all targets that we had initially set for 2025. And I should say that it's the habit because it's the third time in a row that we managed to meet our profitability targets one year ahead of schedule.

But actually, we are talking about meeting the targets, and I should also insist on the fact that we are by far exceeding the different targets. It's the case for the net profit, which is 20% above the target. It's the case for the return on tangible equity, which is 2 percentage points above the target. And it's also the case for the cost/income ratio, which is far below the ceiling that we had set at 58%. So, it's definitely a very strong performance posted by the group globally, but especially by Crédit Agricole S.A. for the quarter and for the full year '24.