MILAN (ITALPRESS) – Figures for the first nine months 2024 of the Crédit Agricole Group in Italy have been released, recording an aggregate net result of €1.218 billion (+9% y/y).
Under the leadership of Giampiero Maioli, Chief Executive Officer of Crèdit Agricole Italy and Senior Country Officer, the different business lines further increased their synergistic coordination, registering a growth in total lending to the economy of about €100 billion and Total Deposits of €337 billion.
Numbers once again on the rise for a Group that in our country, its second domestic market, is present with about 16,100 employees and about 6 million customers. In addition to Crèdit Agricole Italia, the Group consists of Corporate and Investment Banking (CACIB), and Specialized Financial Services (Agos, CA Auto Bank), Leasing (Crédit Agricole Leasing, part of Crèdit Agricole Italia) and Factoring (CA Factor) companies, Asset Management and Asset Services (Amundi, CACEIS), Insurance (Crédit Agricole Vita, Crèdit Agricole Assicurazioni, Crédit Agricole Creditor Insurance) and Wealth Management (CA Indosuez Wealth Management in Italy and CA Indosuez Fiduciaria).
Crèdit Agricole Italia also presented its results for the nine months 2024, confirming its ability to generate consistent profitability on an ongoing basis. Consolidated net income stands at 659 million euros (+6% y/y).
Significant commercial dynamism with the acquisition of more than 40 thousand customers in Q3 2024, bringing the total for the year to 142 thousand (+9% y/y) with the relevant contribution of the digital channel (44%), a significant increase compared to the figures of the last two years (36% Dec-23, 30% Dec-22). Continued strong momentum in Wealth Management products with placements reaching €9.8 billion in the first nine months of 2024 (+64% y/y), exceeding the entire amount placed in 2023.
The focus on customer satisfaction is confirmed, evidenced by the consolidation of the first place among universal banks in Italy for Customer Recommendation Index – CRI. A level of excellence achieved since 2023 and confirmed by the surveys carried out in the third quarter.
Financial support to families and businesses continues. Strong increase in new loans to customers, up both in year-on-year comparison (+3.5%) and compared to the end of the previous year (+0.8%), and in medium- to long-term loans to businesses (+59% y/y). Worth noting is the good performance of the Agri-Agro sector’s stock of loans, which remains positive (+0.6% y/y), bucking the trend of the system-wide decline (-2.8% y/y). The Bank’s support to territory and companies is also evidenced by new MLT disbursements of around €950 million in the third quarter alone, bringing the annual total disbursed to around €3 billion. With the aim of accompanying the improvement of companies’ ESG positioning, some EUR 800 million was disbursed on operations to support business transition during the period.
Residential mortgage disbursements are up +10% y/y against a still weak, though recovering, market environment. Transactions aimed at the purchase of energy class A and B homes show solid progression (+91% y/y), bringing the share of total Mortgage disbursements to 26% (vs. 15% in 2023). In this field, the bank launched Mutuo Full Digital, an innovation that makes it possible to apply for a mortgage directly from APP and track its progress.
Capitalization continues to remain at solid levels. The Common Equity Tier 1 Fully Loaded stands at 13.2 percent and the Total Capital Ratio at 18.0 percent, maintaining a large buffer against the minimum requirements assigned by the ECB for 2024. Moody’s confirmed Crèdit Agricole Italia’s rating at Baa1 with stable outlook, at the highest level in the Italian banking system.
In recent weeks the Italian Village ecosystem has grown further with the opening in Catania of the new Le Village by CA Sicilia location. Today the network has five active Villages on the Italian territory, capable of accelerating more than 180 startups and supporting more than 80 partner companies in their innovation journey.
Of great importance have been the initiatives put in place for colleagues and the younger generation. In line with the “People Project,” the hiring of new resources continued, 70% of which involved young people up to 35 years old. The Group also renewed its achievement of the Gender Equality Certification, a fundamental national reference that confirms its commitment to issues and values related to diversity and inclusion.
Not the least of these are initiatives for the implementation of its sustainability strategy and for issues of inclusion, education and culture. Thanks to the partnership with AgoràHD by Harley&Dikkinson, Crédit Agricole Italia as partner bank and financial advisor to the City of Parma in the “Parma Carbon Neutral 2030” project even more effectively supports its customers in home upgrading or renovation through a dedicated service. The Group continued to promote art through major initiatives such as the opening in Milan of the exhibition “Da Arturo Martini ad Andy Warhol. The Twentieth Century in the Crèdit Agricole Collections,” which is part of the broader plan to enhance the artistic heritage already materialized during the year through the opening of the Digital Gallery (https://www.credit-agricole.it/galleria) and the permanent open-air exhibition of sculptures in the CA Green Life park.
The Crédit Agricole Group as a whole achieved an underlying net profit in the first nine months of 2024 of €7.148 billion (+7.9%), with revenues of €28.127 billion.
– Crèdit Agricole Italy press office photo –
(ITALPRESS).
