Stated net income in Credit Agricole Group in H1 2024 amounted to €4,412m ($4.8bn), compared with €4,150m in H1 2023, an increase of 6.3%.
Excluding specific items, underlying net income for Credit Agricole Group amounted to €4,389m in H1 2024, up 11.4% compared to H1 2023.
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Furthermore, in wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) totalled €269bn at the end of June 2024, and were up 36.6% compared to March 2024 and 44.6% compared to June 2023.
Indosuez Wealth Management had assets under management of €204.9bn at the end H1 2024, up 53.9%, or €71.8bn, compared to the end of March 2024 due to a positive market effect of €1.3bn, positive net inflows of €1.2bn and a scope effect of €69.2bn following the integration of Degroof Petercam this quarter.
Assets under management are at their highest level ever, and rose compared to the end of June 2023 in asset management (€2,156bn, or 9.9%), life insurance
(€338bn, or 3.6%) and wealth management, which benefits from the integration of Degroof Petercam (IWM and LCL €269bn, or 44.6%).
However, the highlight was large customers, with record revenues in corporate and investment banking (better second quarter and better half-year), capital markets and investment banking driven by primary credit and by financing activities benefiting from growth in commercial banking.
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By GlobalDataDominique Lefebvre, chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole Board of Directors, said: “These results once more prove the capacity of our universal banking model to deliver a solid and regular performance. Overall, they embody our usefulness for our clients.”
Philippe Brassac, chief executive officer of Crédit Agricole, added: “Very good quarterly and half-year results, confirming the target for 2024 net income group share reaching 2025 Ambitions a year in advance.”
