Stated net income in Credit Agricole Group in H1 2024 amounted to €4,412m ($4.8bn), compared with €4,150m in H1 2023, an increase of 6.3%.

Excluding specific items, underlying net income for Credit Agricole Group amounted to €4,389m in H1 2024, up 11.4% compared to H1 2023.

Furthermore, in wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) totalled €269bn at the end of June 2024, and were up 36.6% compared to March 2024 and 44.6% compared to June 2023.

Indosuez Wealth Management had assets under management of €204.9bn at the end H1 2024, up 53.9%, or €71.8bn, compared to the end of March 2024 due to a positive market effect of €1.3bn, positive net inflows of €1.2bn and a scope effect of €69.2bn following the integration of Degroof Petercam this quarter.

Assets under management are at their highest level ever, and rose compared to the end of June 2023 in asset management (€2,156bn, or 9.9%), life insurance
(€338bn, or 3.6%) and wealth management, which benefits from the integration of Degroof Petercam (IWM and LCL €269bn, or 44.6%).

However, the highlight was large customers, with record revenues in corporate and investment banking (better second quarter and better half-year), capital markets and investment banking driven by primary credit and by financing activities benefiting from growth in commercial banking.

Dominique Lefebvre, chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole Board of Directors, said: "These results once more prove the capacity of our universal banking model to deliver a solid and regular performance. Overall, they embody our usefulness for our clients."

Philippe Brassac, chief executive officer of Crédit Agricole, added: "Very good quarterly and half-year results, confirming the target for 2024 net income group share reaching 2025 Ambitions a year in advance."

"Credit Agricole beats estimates and records in H1 2024" was originally created and published by Private Banker International, a GlobalData owned brand.

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