Crédit Agricole in Italy ushered in 2024 with financial results encouraging, closing the first semester with a aggregate net profit of 818 million euros, growing by 11% compared to the same period last year. Of this amount, 659 million are attributable to the Crédit Agricole group. Consolidated net profit stood at 444 million euros, with an increase of 10% compared to the previous half-year. THE revenues increased by 2,7% and the interest margin saw an increase of 1,2% compared to last year, remaining stable compared to the previous quarter, confirming the resilience and effectiveness of the strategies adopted by the institute.
The financial results
In the first six months of 2024, the group recorded net operating income equal to 1.573 million euros, with an increase of 2,7% compared to the same half of last year. This improvement was mainly supported by an increase in net commissions, which reached 639 million euros, marking a growth of 5,2%. The "management, intermediation and consultancy" component contributed significantly to this result, with a leap of 12,5% compared to the previous half-year, thanks to the dynamism of the markets and the excellent performance of the Wealth Management products.
Despite the positive performance, i revenues from financial activities decreased slightly to 17 million euros, compared to 20 million in the same period of 2023. operating charges fell by 1,1%, reaching 761 million euros, mainly thanks to the reduction of expense administrative (-5,1%). In response to these expenses, the contribution to the Interbank Deposit Protection Fund (Fitd), equal to 58 million euros, was brought forward compared to the previous quarter, due to new regulatory changes.
The result of operation management it rose to 754 million euros, an increase of 4,3% compared to last year. If systemic charges are excluded, operating profit increased by 6,4% to 812 million euros. The value adjustments on credits, equal to 117 million euros, showed a significant decrease of 18%.
Balance sheet
On the front patrimonial, Crédit Agricole Italia maintained a solid position. At the end of June 2024, the total masses, which include loans, direct deposits and managed savings, reached 192 billion euros. Loans to customers remained stable at 64 billion euros, while the collection managed it grew to 51,3 billion euros (+2,6%) thanks above all to the performance of the Funds and Asset Management. There direct collection reached 77,2 billion euros, marking an increase of 1,4%, higher than the average market growth.
La credit quality saw improvement with one reduction of non-performing loans net at 941 million euros (-10,6% compared to the end of 2023). The ratios of non-performing loans to loans saw a contraction, with the gross NPL ratio at 3% and the net NPL ratio at 1,5%. The coverage rate of non-performing loans rose to 52,2%.
The bank maintained a strong liquidity position with a Liquidity Coverage Ratio (Lcr) of 216% and a Net Stable Funding Ratio (NSFR) greater than 100%. The Common Equity Tier 1 Ratio Fully Loaded is at 13,3%, and the Total Capital Ratio al 17,9%.
A semester of growth and news on the mortgage front
Crédit Agricole Italia has demonstrated a strong commitment to support companies e families during the first half of 2024, with positive results in all main business lines. The bank has acquired 100 thousand new customers (+18% compared to last year), with a growing adoption of digital channels, which now represent 44% of the total. The provision of residential mortgages saw an increase of 22% thanks to the “CA Greenback Mortgage” promotional campaign. Disbursements to businesses increased by 38%, while the Agri-Agro sector showed growth of 1%, contrary to the negative market trend. There managed collection rose to over 51 billion euros (+2,6%), ei Wealth Management products saw a notable increase of 76%. Crédit Agricole Italia continues to support the transition energy, with subsidized rates for high-efficiency properties and a 3 billion euro ceiling dedicated to the digital and energy transition of businesses. Furthermore, the bank has strengthened the digitization with the upcoming launch of the "Full Digital Mortgage", which will allow you to manage the entire application process via app.