Q3 2025 Credit Agricole SA Earnings Call (English, French) Transcript
Key Points
- Credit Agricole SA (CRARF) reported a strong net income of EUR1.8 billion for Q3 2025, marking a 10.2% increase over the quarter.
- The company achieved a high ROTE ratio of 15.4%, indicating strong profitability.
- Customer acquisition was robust, with 522,000 new customers in Q3, totaling over 1.5 million new customers in the first nine months of 2025.
- The solvency ratio at the CASA level was high at 11.7%, with a group level solvency of 17.6%.
- Asset management saw strong inflows, with AUM reaching EUR2,317 billion, driven by positive market effects and joint ventures.
- The cost of risk increased this quarter, with a slight deterioration in international subsidies.
- There was a negative impact on net interest income in LCL due to a base effect from last year's equity investment revaluation.
- The company faced restructuring costs at Amundi, impacting pre-tax income.
- Consumer credit earnings showed signs of weakness, particularly in China and Leases.
- A significant negative impact on P&L is expected in Q4 due to the equity accounting of Banco BPM, although it will not affect cash or solvency.
Good afternoon, ladies and gentlemen. This is the conference operator. Welcome, and thank you for joining the Crédit Agricole third-quarter 2025 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Ms. Clotilde L'Angevin, Deputy General Manager of Crédit Agricole S.A., in charge of Finance and Steering Division. Please go ahead, madam.
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Thank you very much. Hello, everybody. Welcome. So a few comments on these Q3 results, which are very strong. So we have very high net income this quarter at EUR1.8 billion, an increase by 10.2% over the quarter. Part of this increase is linked to the completion of the acquisition of Santander's 30.5% stake in CACEIS this quarter, with a retroactive cancellation of the minority interest already paid over the years for EUR79 million.
But if you exclude this impact, net income grew by 3
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