French banking major Crédit Agricole Group seeks to nearly double its annual net profit to 4 billion (US$5.5 billion) by 2016.
While presenting its medium term plan for 2014-2016, the bank said it would focus on its three main businesses–retail banking, asset management and insurance — in its two core countries of France and Italy to improve profitability and increase dividends.
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The bank, which is France’s second-largest listed bank by assets, is also targeting a revenue increase of 3% on an annual basis between 2014 and 2016.
The bank also pledged to increase its dividend payout ratio to 50% in 2015 from 35% in 2013, with a cash component of about 50%.
"We’ve deeply transformed our group and we are focused on the essentials," CEO Jean-Paul Chifflet said. "We’ll keep doing what we know how to do well. We are not going to improvise."
Credit Agricole returned to an annual profit in 2013, posting net income of 2.51 billion, following two years of losses during the European sovereign-debt crisis.
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