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Crédit Agricole: in Italy aggregate profit up 9% to 1,218 billion in 9 months and 142 new customers

In the third quarter alone, 40 new customers were acquired. Residential mortgage disbursements increased by 10%, while new medium-long term financing to businesses increased by 59%

Crédit Agricole: in Italy aggregate profit up 9% to 1,218 billion in 9 months and 142 new customers

Nine solid months for Crédit Agricole in Italy which in the period January-September recorded a raggregate net result of 1,218 billion euros, up 9% compared to the same period of the previous year. Under the leadership of Giampiero Maioli, CEO of Crédit Agricole Italia and senior country officer, the various business lines have "further increased their synergic coordination", explains the bank, recording a growth in total financing the economy equal to approximately 100 billion euros and a total collection equal to 337 billion euros.

In this context, it should be remembered that for Crédit Agricole, Italy represents the second domestic market and the bank is present with approximately 16.100 employees and approximately 6 million customers. 

The accounts of Crédit Agricole Italia

Speaking of the alone Crédit Agricole Italy,'statutory net profit consolidated rose by 6% compared to the first 9 months of 2023, reaching 659 million euros. proceeds instead increased by 0,9%, with the interest margin which “is stable”, while the commission sector marked a growth of 4%. 

Moving forward with the data, the trend of the operating charges (-0,6%) is "driven – as stated in the note from Crédit Agricole – by the rationalisation measures of the cost base". revenue and cost dynamics generated a 2,5% increase in operating profit, while the cost/income stood at 49,4%. The cost of credit was 36 basis points, down from 49 points in December 2023. 

As for the incidence of non-performing loans, the gross NPL ratio fell to 2,8% (from 3,3% at the end of 2023) and net NPL to 1,4% (from 1,6%). The Cet1 “fully loaded” finally stood at 13,2%.

Crédit Agricole Italia: 40 new customers in the third quarter

From a business perspective, the bank highlights its significant commercial dynamism with the acquisition of over 40 thousand customers in the third quarter of 2024, which bring the total for the year to 142 thousand (+9% y/y) with the significant contribution of the digital channel (44%), significantly increasing compared to the data of the last two years (36% Dec-23, 30% Dec-22). The growth of Wealth Management products also continues with placements reaching 9,8 billion euros during the first nine months of 2024 (+64% y/y), exceeding the entire amount placed in 2023. 

Financing and Mortgages

I new financing to customers have grown both in the annual comparison (+3,5%) and towards the end of the previous year (+0,8%), while medium-long term loans to companies mark +59% y/y. “It is worth noting – we read in the note – the good performance of the credit stock of the Agri-Agro sector which remains positive (+0,6% y/y), in contrast to the decline of the system (-2,8% y/y). 

The bank also carried out new MLT disbursements equal to approximately 950 million euros in the third quarter alone, bringing the total annual disbursement to approximately 3 billion euros. With the aim of accompanying the improvement of companies' ESG positioning, approximately 800 million euros were disbursed in the period on operations to support the transition of companies.

Finally, residential mortgage disbursements are growing by 10% year on year, in the face of "a still weak market context, even if recovering", underlines Crédit Agricole. Operations aimed at purchasing homes in energy class A and B have recorded a progression (+91% y/y), bringing the share of total mortgages issued to 26% (vs. 15% in 2023).

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