CRARF - Crédit Agricole S.A. (CRARF) Q4 2023 Earnings Call Transcript
2024-02-08 16:38:04 ET
Crédit Agricole S.A. (CRARF)
Q4 2023 Earnings Conference Call
February 08, 2024, 08:00 AM ET
Company Participants
Jerome Grivet - Deputy CEO
Conference Call Participants
Giulia Aurora Miotto - Morgan Stanley
Delphine Lee - JPMorgan
Jacques-Henri Gaulard - Kepler Cheuvreux
Tarik El Mejjad - Bank of America
Chris Hallam - Goldman Sachs
Geoff Dawes - Societe Generale
Sam Moran-Smyth - Barclays
Stefan Stalmann - Autonomous Research
Guillaume Tiberghien - BNP Paribas
Anke Reingen - RBC
Pierre Chedeville - CIC
Alberto Artoni - Intesa Sanpaolo
Benoit Valleaux - ODDO BHF
Presentation
Operator
Good afternoon. This is the conference operator. Welcome and thank you for joining the Crédit Agricole's Fourth Quarter and Full Year 2023 Results Conference Call. As a reminder, all participants are in a 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 Credit Agriculture S.A., in-charge of Steering and Control. Please go ahead, sir.
Jerome Grivet
Good afternoon. Thank you very much. Thanks for attending this conference.
I want to start directly on the presentation on Page 4, if you want. And the first message I want to insist on is the fact that we are posting very good results for this year 2023, and indeed we are posting for Crédit Agricole S.A., a record level of net profit. This is leading us to propose to the General Assembly meeting a dividend for 2023 at €1.05 per share, which would be up 24% as compared to the 2022 dividend, excluding, of course, the part of this dividend that was linked to 2019.
The fourth quarter of the year was marked in the insurance activities by weather related claims, but nevertheless it was a good quarter with revenues, excluding insurance revenues, up more than 9%, a recurring cost base which is completely under control with an increase of 3.7% and a cost of risk which continues to be in line with what we've posted in the previous quarters.
Last point on this page, let me remind you that we've been organizing a dedicated workshop on climate strategy end of last year, and we continue to be dedicated to improve our policy regarding climate change and to deploy all the trajectories that we've published on different sectors.
If I go now to Page 5 with the P&L of Crédit Agricole S.A. to start with, what you can see is that for the full year the net profit is at €5.9 billion. On an underlying basis, it's up 11% as compared to 2022, and for the full year it is €6.3 billion, up close to 20% as compared to the stated net profit for 2022. Revenues are up nine and a half percent for the full year, cost base is increasing by 8.9%. So we have a positive Jaws for this full year, and thus we improve further the cost income ratio globally.
If I go now to the following page with the figures for Crédit Agricole group, again, what you can see is that for the full year we have a net profit of €8.3 billion on a stated basis, plus 3.3% and €7.6 billion minus 1.5% on an underlying basis. So again, a very high level of profit for the group globally....
Crédit Agricole S.A. (CRARF) Q4 2023 Earnings Call Transcript