FX.co ★ Credit Agricole Group Q1 Results Climb; Expects To Reach FY25 Target A Year Ahead

The French banking corporation, Credit Agricole Group, has reported a significant increase of 42.8% in its first-quarter net income Group share, bringing it to a total of 2.384 billion euros. This is a substantial leap from last year's 1.669 billion euros.

The Group's underlying net income share also experienced an increase, up by 40.8% from last year, totaling 2.383 billion euros.

For Credit Agricole S.A., the company's stated net income Group share saw a 55.2% increase during the first quarter of this year to 1.903 billion euros, up from last year's first-quarter figures. Also, this sector's underlying net income Group share increased by 54.7%, reaching 1.933 billion euros.

Regarding the Group's first-quarter revenue, a boost of 6.7% brought it to 9.525 billion euros, up from 8.927 billion euros during the previous year. The underlying revenues for the same period were 9.475 billion euros, a 5.8% increase from last year's 8.959 billion euros.

For Credit Agricole S.A., revenues saw an 11.2% growth from last year, totaling 6.806 billion euros. Underlying revenues for this period also saw a 10.5% increase to 6.797 billion euros.

Considering future prospects, the Chief Executive Officer of Credit Agricole S.A., Philippe Brassac, stated that the financial goals of the Group's Medium Term Ambitions 2025 Plan should be achieved by the end of 2024, a year earlier than expected. Furthermore, the underlying net income Group share is anticipated to exceed 6 billion euros in 2024.