CRARY - Crédit Agricole S.A. (CRARF) Q1 2024 Earnings Call Transcript

2024-05-03 12:55:18 ET

Crédit Agricole S.A. (CRARF)

Q1 2024 Earnings Conference Call

May 03, 2024 8:30 AM ET

Company Participants

Jerome Grivet – Deputy Chief Executive Officer

Jean-François Balaÿ – Deputy Chief Executive Officer

Conference Call Participants

Azzurra Guelfi – Citi

Giulia Aurora Miotto – Morgan Stanley

Guillaume Tiberghien – BNP Paribas

Stefan Stalmann – Autonomous Research

Jacques-Henri Gaulard – Kepler Cheuvreux

Sharath Kumar – Deutsche Bank

Pierre Chedeville – CIC

Sam Moran-Smyth – Barclays

Anke Reingen – RBC

Chris Hallam – Goldman Sachs

Presentation

Operator

Good afternoon. This is the conference operator. Welcome and thank you for joining the Crédit Agricole's First Quarter 2024 Results Conference Call. As a reminder, all participants are in listen-only mode. [Operator Instructions]

At this time, I would like to turn the Conference over to Mr. Jerome Grivet, Deputy Chief Executive Officer of Crédit Agricole S.A. in-charge of Steering and Control. Please go ahead, sir.

Jerome Grivet

Good afternoon everyone. It's a pleasure for me to present you these results today. Let me go directly with the presentation on Page 4 where we highlight the main messages of the quarter. The first point of course that we all have in mind is that we are posting the highest ever first quarter results. And the second element I also wanted to insist on is the fact that this very high level of results is both the result of course the end of the contribution to the single resolution fund but also – and this has been the case since now, many, many quarters, a further improvement in the operational parameters with an increase of the revenues and a very good cost control.

As a result of that, of course, we continue to have a very solid capital and liquidity position and we've been able to continue to develop our strategic operations over the quarter that is here a list of different operations that are mentioned on this page. And we've continued to work also, of course, in the energy transition program that we've been launching now two years ago. If I go on Page 5 where you have the main figures for the group and for Crédit Agricole S.A. I am not going to read all these numbers, of course, but just let me highlight a few of them.

When it comes to the group as a starter we can see that we have at the same time a high a significant evolution of the top line plus 6.7% a significant improvement of the gross operating income excluding the contribution to the single resolution fund plus 8% and more than 30% if we take into account the single resolution fund contribution last year. And in addition to that an improvement of the net income group share €2.4 billion plus 42%, 43% if we do not rule out the contribution to the SRF and plus 6% excluding this contribution....

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