Category: Asia

MIL-OSI: StarHub and Nokia upgrade fiber broadband network to deliver nationwide 10 Gbps services
Source: GlobeNewswire (MIL-OSI)

Press Release

StarHub and Nokia upgrade fiber broadband network to deliver nationwide 10 Gbps services
- Singapore’s first 10 Gbps nationwide broadband network utilizing Nokia’s XGS-PON technology.
- Empowers StarHub to offer enhanced services such as immersive gaming and advanced security solutions to its customers.
- The upgraded network supports the 10 Gbps Ready Nationwide Broadband Network as part of the Government’s Digital Connectivity Blueprint, a strategy to enhance the national economy and improve citizen well-being via next-generation digital infrastructure.
5 February 2025
Singapore – Nokia today announced that StarHub has successfully completed its nationwide rollout of its XGS-PON network, connecting hundreds of thousands of homes across Singapore to 10 Gbps internet speeds. For consumer enthusiasts, the upgraded broadband network provides immediate access to additional broadband capacity needed to support bandwidth-hungry applications such as AI, immersive gaming and advanced security. It will also enable StarHub to offer new premium services that unlock additional revenue streams.

StarHub will use Nokia’s Altiplano Access Controller to automate and improve network utilization. Leveraging AI-driven operations (AIOps) to drive better network decisions, Nokia’s Altiplano Access Controller enables StarHub to detect network anomalies faster, anticipate service-affecting issues before they occur, and improve network utilization. Advanced analytics and trained AI agents such as the ONT Health Monitor application can help increase efficiencies and drive higher levels of automation across network and service operations.

As the first operator to launch XGS-PON services in Singapore in February 2023, StarHub also becomes the first in the world to completely migrate to a nationwide software-defined access network using Nokia Altiplano solution, enhancing network utilization through AI and automation. The speedy rollout of the deployment and migration aligns with the vision of Singaporean Government to accelerate 10Gbps PON subscriptions in support of the Digital Connectivity Blueprint.

Lee Yeu Ching, VP of Fixed and Media Networks at StarHub, said: “We have set ambitious goals to advance our network, aiming to enhance user experience and operational efficiency. Nokia, our longstanding partner, has played a vital role in the successful completion of this crucial initiative. Nokia products and services have helped us seamlessly and rapidly transition to XGS-PON, enabling faster uptake of 10Gbps services to support Singapore’s national digital transformation plan. This milestone also signifies a meaningful achievement in StarHub’s Cloud Infinity Strategy. We are now looking forward to providing not only faster internet access, but also enhanced user experience for advance applications such as Augmented/Virtual Reality and Metaverse, among others.”

Ming Kin Ngiam, Head of SEA South for Network Infrastructure Sales at Nokia, said: “We are entering the Fiber for Everything era. Technological advancements such as next-gen PON and automation empower operators to maximize the potential of their fiber networks, introduce new services, and expedite monetization. StarHub is establishing a new standard in network modernization with their comprehensive XGS-PON and SDAN network solutions. We are looking forward to further strengthening our partnership with StarHub to drive AI/ML automation and service innovations.”

Resources and additional information
Product page: Altiplano Access Controller
Product page: Altiplano Application Marketplace
Product page: Lightspan FX fiber access nodes
Whitepaper: Autonomous networks by Appledore and StarHub

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Media inquiries
Nokia Communications, Asia Pacific
Email: cordia.so@nokia.com

Nokia Press Office
Email: Press.Services@nokia.com

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The MIL Network –
February 5, 2025
MIL-OSI United Nations: Far North Cameroon: IOM Provides Shelter And Essential Household Items For Flood Victims
Source: International Organization for Migration (IOM)

Maroua, October 10th, 2024 – “After the floods on the Dougmo site not far from Tildé, where we have been living for 3 years, my house was completely destroyed by the waters and I moved to this new site, not far from Tildé”. Such is the statement made by Alhadji Alifa, 68, a victim of the floods in Cameroon’s Far North region on the night of 09th to October 10th, 2024. Like him, some 459,000 other people in the departments of Mayo-Danay and Logone et Chari were flood victims, according to OCHA, (OCHA Cameroon Far North Situation Report #49 Oct 2024). In order to save their lives, they had to move in search of a flood-sheltered site. As a result, they settled in various neighboring localities least affected by the floods in the departments of Mayo Danay and Logone et Chari.

As part of its response to the urgent needs of these flood victims, the Mission of the International Organization for Migration (IOM) in Cameroon has granted 300 emergency shelters and 330 kits of essential household items to flood-affected people and vulnerable host communities. The handover activity was carried out as part of the project “Supporting displaced and crisis-affected populations in the Far North, Northwest and SouthWest regions of Cameroon, for the restoration and strengthening of resilience within the framework of NEXUS, Humanitarian, Development and Peace”. This project is part of the “NEXUS, Humanitarian, Development and Peace” program, funded by the Japanese people through the Embassy of Japan in Cameroon, and the “Vital assistance to displaced populations in the Far North and South West regions of Cameroon in the form of shelter, non-food items

(NFI) and rent money” project, funded by the Central Emergency Respond Fund (CERF), with operational support from the Association des “Animateurs et Encadreurs pour le Développement Communautaire (AAEDC) and the Association de Serbowel Facilitateur pour les Humanitaires (ASFH)”.

A total of 300 households, including 2015 individuals, benefited from this assistance. A salutary action much appreciated by the beneficiaries. “When we first arrived, we were living in straw shelters that we had built ourselves. But we were still not protected from bad weather, and every time it rained, our huts were flooded with water. But thank God IOM came and built us shelters out of tarpaulin and wood. Today we have a place to sleep”, says Alhadji Alifa.

For her part, Falmata Alifa – a 75-year-old widow also affected by the disaster – was delighted to have received

“With which she was “able to build the shelter in which she and her family are currently staying”. Falmata Alifa is also pleased to have received “buckets, cans, mats, pots and pans, blankets, mosquito nets and soap”. “All this came at a time when I needed it most, as all the belongings I had before this situation were destroyed along with my house in the devastating flood,” she added. This activity is in line with objectives 1 and 2 of IOM’s Strategy 2024 – 2028, namely “Saving lives and protecting migrants” and “Finding solutions to displacement”.

****

For further information, please contact:
- Pierre Aristide NKENGUE, OIM Cameroun, Tél. : +237 694 81 49 88, E-mail : pnkengue@iom.int
- Gisèle MASSINA, OIM Cameroun, Tél. : +237 6 99 07 21 64, gmassina@iom.int
MIL OSI United Nations News –
February 5, 2025
MIL-OSI Russia: Developers from 13 countries have registered to participate in the fifth stream of the “Academy of Innovators”

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Registration of participants in the fifth stream of the “Academy of Innovators” has ended in the capital. Experts have selected 100 of the most promising solutions for further development. Among them are a training platform based on artificial intelligence, a monitoring system for the oil industry and dental equipment. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

“About seven thousand people applied to participate in the new stream – 2.5 times more than last time. 60 percent of them are Muscovites. Developers from St. Petersburg, Kazan, Nizhny Novgorod, Chelyabinsk, Sochi and 185 other cities in Russia also presented their projects,” the deputy mayor said.

The program also attracted the interest of innovators from 12 friendly countries, including Belarus, Kazakhstan, Nigeria, Vietnam and Algeria.

The most popular areas were information technology, education, e-commerce, medicine and industry. For example, a student of the First Moscow State Medical University named after I.M. Sechenov created a portable scanner for diagnosing diseases in the oral cavity.

A team from Nigeria has developed an interactive platform that allows learning materials to be tailored to each user. Artificial intelligence analyzes students’ preferences and progress and suggests relevant content.

A student at the National Research University Higher School of Economics proposed a project to create applications and websites with augmented reality. The solution is aimed at parks and museums and allows visitors to be interested in interactive navigation, quests and games.

This time, the program participants also included the creators of a digital platform for printing various patterns and prints on fabric, a handbook for pregnant women with AI recommendations, and developments in the field of ceramic 3D printing.

The fifth stream of the “Innovators Academy” will begin on February 7. The educational program will include lectures, master classes and consultations. Together with experts, teams will finalize their product and present it to potential customers and investors.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

https: //vv.mos.ru/nevs/ite/149708073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI NGOs: A Glass Act: Fighting plastic pollution one bottle at a time

Source: Greenpeace Statement –

Photo from: Hospitality Innovations by Quorate’s Facebook page

In the hospitality and food and beverage (F&B) sector, plastic pollution has long been a problem. From disposable cutlery to single-use plastic bottles, the industry’s convenience-driven operations often come at a heavy cost to the environment, generating 289,700 tons of waste annually.

But Hospitality Innovations by Quorate Inc. (HIQ), one of Greenpeace’s Champions of Change, is proving that real, sustainable solutions are not just possible–they are transformative.

“We have been helping hotels and restaurants particularly to eliminate single-use plastics,” said Rob Boreham, Managing Director of HIQ. Their work is both practical and pioneering. For example, hotels wanting to transition away from plastic water bottles can now replace them with glass bottles. HIQ provides the bottles and the equipment necessary to make the shift seamless.

Photo from: Hospitality Innovations by Quorate’s Facebook page

This seemingly small change has a ripple effect. Imagine the sheer volume of plastic bottles discarded daily in hotels alone. By switching to glass, hotels reduce their environmental footprint, set an example for sustainability in the industry, and provide guests with a guilt-free, eco-conscious experience. To quote their Facebook slogan, “Sustainability starts by removing plastic bottles.”

HIQ takes sustainability further by advocating for systemic change and supporting a strong Global Plastics Treaty. They recognize that plastic pollution isn’t just a waste management issue, it’s a supply chain problem.

Rob said, “With the Global Plastics Treaty, it’s looking at the end-to-end supply chain for plastics. It’s not just looking at waste management. It’s looking at the producers and options to reduce the demand from the supply side.” This view aligns with the vision of an ambitious Global Plastics Treaty, emphasizing the need for upstream solutions to curb plastic pollution before it even begins.

Accountability in action

Being part of Greenpaece’s Champion of Change initiative isn’t just a badge of honor for HIQ, it’s a responsibility. Rob said, “We’re very proud to be part of Champions of Change. It represents what we’ve been trying to achieve. It gives us accountability as well. Push for the reduction of plastics and removal of plastics.”

Photo by: Rico Ibarra / Greenpeace

Plastic pollution is worsening each day. The hospitality and F&B sector has a unique opportunity to lead by example, and pioneers like HIQ show that progress is possible as long as there’s vision, will, and action.

But for solutions like these to flourish, we need systemic change. The Global Plastics Treaty is our once-in-a-lifetime chance to finally turn off the plastic tap by providing a framework to reduce plastic production, transition to a slow, circular, reuse-based economy, and hold corporations accountable.

Just like HIQ, you too can become Champions of Change! Urge the Philippine government to support a strong Global Plastics Treaty by signing the petition: act.gp/plasticstreatynow

###

Champions of Change is a growing global collective of forward-thinking businesses committed to transitioning towards a plastic-free future.

Support a strong Plastics Treaty!

Help build a plastic-free future.

SIGN THE PETITION

MIL OSI NGO –

February 5, 2025
MIL-OSI Banking: Deputy Secretary-General of ASEAN for ASEAN Socio-Cultural Community receives Courtesy Call from the Ambassador of Peru to ASEAN

Source: ASEAN

Deputy Secretary-General of ASEAN for ASEAN Socio-Cultural Community, H.E. San Lwin, met today with the Ambassador of Peru to ASEAN, H.E. Luis Raul Tsuboyama Galvan, at the ASEAN Headquarters/ASEAN Secretariat. They exchanged views on the ASEAN-Peru Development Partnership and discussed ways to enhance cooperation following the adoption of the ASEAN-Peru Development Partnership: Practical Cooperation Areas (PCA) 2025-2029, including potential activities, projects, and initiatives for its implementation.

The post Deputy Secretary-General of ASEAN for ASEAN Socio-Cultural Community receives Courtesy Call from the Ambassador of Peru to ASEAN appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 5, 2025
MIL-OSI Economics: Bring Home the Sonic Soundscape, Experience Exceptional Audio on Samsung TVs & Soundbars with Dolby Atmos

Source: Samsung

GURUGRAM, India – 05, February 2025: Samsung, India’s largest consumer electronics brand, today unveiled an innovative, original series titled ‘Foley – Sound Meets Story’ taking audiences to a cinematic journey through the art and science of immersive audio. This video series has been produced in collaboration with Dolby, and marks a significant step for Samsung in redefining its presence in the premium audio hardware segment. The collaboration combines the rich auditory expertise of Dolby with Samsung’s cutting-edge technology in TVs & Soundbars.

‘Foley – Sound Meets Story’ is a series with five episodes, and each episode is inspired by one of the five elements – fire, water, wind, jungle, and food. With insights from professional Foley artists, each episode showcases the artistry behind crafting soundscapes that embody the essence of these elements in Dolby Atmos®. The series delves into the role of Dolby Atmos in delivering an audio experience with sounds that can be heard and felt all around, before finally highlighting the Samsung hardware that brings these sounds to life with exceptional clarity and depth for consumers. Consumers will experience these immersive Dolby Atmos soundscapes firsthand at over 5,000 Samsung stores across India, supported by well-trained Samsung retail staff. This multi-faceted approach brings the series to life both on and offline, emphasizing Dolby and Samsung’s commitment to providing a truly elevated audio experience.

“At Samsung, innovation lies at the heart of everything we do. Our collaboration with Dolby on this exclusive series reflects our commitment to deliver immersive and professional-grade audio experiences to our consumers. By blending Dolby’s expertise in sound with Samsung TVs & Soundbars, we aim to redefine how Indian audiences perceive and interact with sound technology, creating unforgettable sensory experiences in their homes.” said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.

Sameer Seth, Director Marketing – India, Dolby Laboratories said, “Dolby Atmos is at the forefront of transforming entertainment with its immersive, theatre-quality sound. ‘Foley – Sound Meets Story’ shot at Annapurna Studios, is a sincere effort that brings out the story of the Foley artist on what goes in creating these sound effects brought to life in Dolby Atmos. We are excited to work with Samsung to deliver several lifelike soundscapes for consumers to experience through their Dolby Atmos enabled Samsung TV and soundbar.

Each episode of ‘Foley – Sound Meets Story’ highlights the crucial role of Dolby Atmos in designing an immersive soundscape, ultimately showcasing the hardware that brings these audio experiences to life for consumers.‘Foley – Sound Meets Story’ series is designed to leave a lasting impression on consumers and enhancing Samsung brand in the competitive audio market.

MIL OSI Economics –

February 5, 2025

MIL-OSI Economics: Take my money: OCR crypto stealers in Google Play and App Store

Source: Securelist – Kaspersky

Headline: Take my money: OCR crypto stealers in Google Play and App Store

In March 2023, researchers at ESET discovered malware implants embedded into various messaging app mods. Some of these scanned users’ image galleries in search of crypto wallet access recovery phrases. The search employed an OCR model which selected images on the victim’s device to exfiltrate and send to the C2 server. The campaign, which targeted Android and Windows users, saw the malware spread through unofficial sources. In late 2024, we discovered a new malware campaign we dubbed “SparkCat”, whose operators used similar tactics while attacking Android and iOS users through both official and unofficial app stores. Our conclusions in a nutshell:

We found Android and iOS apps, some available in Google Play and the App Store, which were embedded with a malicious SDK/framework for stealing recovery phrases for crypto wallets. The infected apps in Google Play had been downloaded more than 242,000 times. This was the first time a stealer had been found in Apple’s App Store.
The Android malware module would decrypt and launch an OCR plug-in built with Google’s ML Kit library, and use that to recognize text it found in images inside the gallery. Images that matched keywords received from the C2 were sent to the server. The iOS-specific malicious module had a similar design and also relied on Google’s ML Kit library for OCR.
The malware, which we dubbed “SparkCat”, used an unidentified protocol implemented in Rust, a language untypical of mobile apps, to communicate with the C2.
Judging by timestamps in malware files and creation dates of configuration files in GitLab repositories, SparkCat has been active since March 2024.

A malware SDK in Google Play apps

The first app to arouse our suspicion was a food delivery app in the UAE and Indonesia, named “ComeCome” (APK name: com.bintiger.mall.android), which was available in Google Play at the time of the research, with more than 10,000 downloads.

The onCreate method in the Application subclass, which is one of the app’s entry points, was overridden in version 2.0.0 (f99252b23f42b9b054b7233930532fcd). This method initializes an SDK component named “Spark”. It was originally obfuscated, so we statically deobfuscated it before analyzing.

Suspicious SDK being called

Spark is written in Java. When initialized, it downloads a JSON configuration file from a GitLab URL embedded in the malware body. The JSON is decoded with base64 and then decrypted with AES-128 in CBC mode.

The config from GitLab being decrypted

If the SDK fails to retrieve a configuration, the default settings are used.

We managed to download the following config from GitLab:

{ “http”: [“https://api.aliyung.org”], “rust”: [“api.aliyung.com:18883”], “tfm”: 1 }

{

“http”: [“https://api.aliyung.org”],

“rust”: [“api.aliyung.com:18883”],

“tfm”: 1

}

The “http” and “rust” fields contain SDK-specific C2 addresses, and the tfm flag is used to select a C2. With tfm equal to 1, “rust” will be used as the C2, and “http” if tfm has any other value.

Spark uses POST requests to communicate with the “http” server. It encrypts data with AES-256 in CBC mode before sending and decrypts server responses with AES-128 in CBC mode. In both cases, the keys are hard-coded constants.

The process of sending data to “rust” consists of three stages:

Data is encrypted with AES-256 in CBC mode using the same key as in the case of the “http” server.
The malware generates a JSON, where is the data upload path and is the encrypted data from the previous stage.

{ “path”: “upload@<path>“, “method”: “POST”, “contentType”: “application/json”, “data”: “<data>” }</data></path>

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{

 “path”: “upload@“,

 “method”: “POST”,

 “contentType”: “application/json”,

 “data”: ““

}
The JSON is sent to the server with the help of the native libmodsvmp.so library via the unidentified protocol over TCP sockets. Written in Rust, the library disguises itself as a popular Android obfuscator.

Static analysis of the library wasn’t easy, as Rust uses a non-standard calling convention and the file had no function names in it. We managed to reconstruct the interaction pattern after running a dynamic analysis with Frida. Before sending data to the server, the library generates a 32-byte key for the AES-GCM-SIV cipher. With this key, it encrypts the data, pre-compressed with ZSTD. The algorithm’s nonce value is not generated and set to “unique nonce” (sic) in the code.

Extending the AES key using the hard-coded nonce value

The AES key is encrypted with RSA and is then also sent to the server. The public key for this RSA encryption is passed when calling a native method from the malicious SDK, in PEM format. The message is padded with 224 random bytes prior to AES key encryption. Upon receiving the request, the attackers’ server decrypts the AES key with a private RSA key, decodes the data it received, and then compresses the response with ZSTD and encrypts it with the AES-GCM-SIV algorithm. After being decrypted in the native library, the server response is passed to the SDK where it undergoes base64 decoding and decryption according to the same principle used for communication with the “http” server. See below for an example of communication between the malware module and the “rust” server.

An example of communication with the “rust” server

Once a configuration has been downloaded, Spark decrypts a payload from assets and executes it in a separate thread. It uses XOR with a 16-byte key for a cipher.

A payload being decrypted

The payload (c84784a5a0ee6fedc2abe1545f933655) is a wrapper for the TextRecognizer interface in Google’s ML Kit library. It loads different OCR models depending on the system language to recognize Latin, Korean, Chinese or Japanese characters in images. The SDK then uploads device information to /api/e/d/u on the C2 server. The server responds with an object that controls further malware activities. The object is a JSON file, its structure shown below. The uploadSwitch flag allows the malware to keep running (value 1).

{ “code”: 0, “message”: “success”, “data”: { “uploadSwitch”: 1, “pw”: 0, “rs”: “” } }

{

“code”: 0,

“message”: “success”,

“data”: {

“uploadSwitch”: 1,

“pw”: 0,

“rs”: “”

}

The SDK then registers an application activity lifecycle callback. Whenever the user initiates a chat with the support team, implemented with the legitimate third-party Easemob HelpDesk SDK, the handler requests access to the device’s image gallery. If the pw flag in the aforementioned object is equal to 1, the module will keep requesting access if denied. The reasoning behind the SDK’s request seems sound at first: users may attach images when contacting support.

The reason given when requesting read access to the gallery

If access is granted, the SDK runs its main functionality. This starts with sending a request to /api/e/config/rekognition on the C2 and getting parameters for processing OCR results in a response.

{ “code”: 0, “message”: “success”, “data”: { “letterMax”: 34, “letterMin”: 2, “enable”: 1, “wordlistMatchMin”: 9, “interval”: 100, “lang”: 1, “wordMin”: 12, “wordMax”: 34 } }

{

“code”: 0,

“message”: “success”,

“data”: {

“letterMax”: 34,

“letterMin”: 2,

“enable”: 1,

“wordlistMatchMin”: 9,

“interval”: 100,

“lang”: 1,

“wordMin”: 12,

“wordMax”: 34

}

These parameters are used by processor classes that filter images by OCR-recognized words. The malware also requests a list of keywords at /api/e/config/keyword for KeywordsProcessor, which uses these to select images to upload to the C2 server.

Searching for keywords among OCR image processing results

Besides KeywordsProcessor, the malware contains two further processors: DictProcessor and WordNumProcessor. The former filters images using localized dictionaries stored decrypted inside rapp.binary in the assets, and the latter filters words by length. The letterMin and letterMax parameters for each process define the permitted range of word length. For DictProcessor, wordlistMatchMin sets a minimum threshold for dictionary word matches in an image. For WordNumProcessor, wordMin and wordMax define the acceptable range for the total number of recognized words. The rs field in the response to the request for registering an infected device controls which processor will be used.

Images that match the search criteria are downloaded from the device in three steps. First, a request containing the image’s MD5 hash is sent to /api/e/img/uploadedCheck on the C2. Next, the image is uploaded to either Amazon’s cloud storage or to file@/api/res/send on the “rust” server. After that, a link to the image is uploaded to /api/e/img/rekognition on the C2. So, the SDK, designed for analytics as suggested by the package name com.spark.stat, is actually malware that selectively steals gallery content.

Uploading an image link

We asked ourselves what kind of images the attackers were looking for. To find out, we requested from the C2 servers a list of keywords for OCR-based search. In each case, we received words in Chinese, Japanese, Korean, English, Czech, French, Italian, Polish and Portuguese. The terms all indicated that the attackers were financially motivated, specifically targeting recovery phrases also known as “mnemonics” that can be used to regain access to cryptocurrency wallets.

{ “code”: 0, “message”: “success”, “data”: { “keywords”: [“助记词”, “助記詞”, “ニーモニック”, “기억코드”, “Mnemonic”, “Mnemotecnia”, “Mnémonique”, “Mnemonico”, “Mnemotechnika”, “Mnemônico”, “클립보드로복사”, “복구”, “단어”, “문구”, “계정”, “Phrase”] } }

{

“code”: 0,

“message”: “success”,

“data”: {

“keywords”: [“助记词”, “助記詞”, “ニーモニック”, “기억코드”, “Mnemonic”,

“Mnemotecnia”, “Mnémonique”, “Mnemonico”, “Mnemotechnika”, “Mnemônico”,

“클립보드로복사”, “복구”, “단어”, “문구”, “계정”, “Phrase”]

}

Unfortunately, ComeCome was not the only app we found embedded with malicious content. We discovered a number of additional, unrelated apps covering a variety of subjects. Combined, these apps had been installed over 242,000 times at the time of writing this, and some of them remained accessible on Google Play. A full inventory can be found under the Indicators of Compromise section. We alerted Google to the presence of infected apps in its store.

Popular apps containing the malicious payload

Furthermore, our telemetry showed that malicious apps were also being spread through unofficial channels.

SDK features could vary slightly from app to app. Whereas the malware in ComeCome only requested permissions when the user opened the support chat, in some other cases, launching the core functionality acted as the trigger.

One small detail…

As we analyzed the trojanized Android apps, we noticed how the SDK set deviceType to “android” in device information it was sending to the C2, which suggested that a similar Trojan existed for other platforms.

Collecting information about an infected Android device

A subsequent investigation uncovered malicious apps in App Store infected with a framework that contained the same Trojan. For instance, ComeCome for iOS was infected in the same way as its Android version. This is the first known case of an app infected with OCR spyware being found in Apple’s official app marketplace.

The ComeCome page in the App Store

Negative user feedback about ComeCome

Malicious frameworks in App Store apps

We detected a series of apps embedded with a malicious framework in the App Store. We cannot confirm with certainty whether the infection was a result of a supply chain attack or deliberate action by the developers. Some of the apps, such as food delivery services, appeared to be legitimate, whereas others apparently had been built to lure victims. For example, we saw several similar AI-featured “messaging apps” by the same developer:

Messaging apps in the App Store designed to lure victims

Besides the malicious framework itself, some of the infected apps contained a modify_gzip.rb script in the root folder. It was apparently used by the developers to embed the framework in the app:

The contents of modify_gzip.rb

The framework itself is written in Objective-C and obfuscated with HikariLLVM. In the apps we detected, it had one of three names:

GZIP;
googleappsdk;
stat.

As with the Android-specific version, the iOS malware utilized the ML Kit interface, which provided access to a Google OCR model trained to recognize text and a Rust library that implemented a custom C2 communication protocol. However, in this case, it was embedded directly into the malicious executable. Unlike the Android version, the iOS framework retained debugging symbols, which allowed us to identify several unique details:

The lines reveal the paths on the framework creators’ device where the project was stored, including the user names:
- /Users/qiongwu/: the project author’s home directory
- /Users/quiwengjing/: the Rust library creator’s home directory
The C2-rust communication module was named im_net_sys. Besides the client, it contains code that the attackers’ server presumably uses to communicate with victims.
The project’s original name is GZIP.

Project details from code lines in the malicious framework

The framework contains several malicious classes. The following are of particular interest:

MMMaker: downloads a configuration and gathers information about the device.
ApiMgr: sends device data.
PhotoMgr: searches for photos containing keywords on the device and uploads them to the server.
MMCore: stores information about the C2 session.
MMLocationMgr: collects the current location of the device. It sent no data during our testing, so the exact purpose of this class remained unclear.

Certain classes, such as MMMaker, could be missing or bear a different name in earlier versions of the framework, but this didn’t change the malware’s core functionality.

Obfuscation significantly complicates the static analysis of samples, as strings are encrypted and the program’s control flow is obscured. To quickly decrypt the strings of interest, we opted for dynamic analysis. We ran the application under Frida and captured a dump of the _data section where these strings were stored. What caught our attention was the fact that the app bundleID was among the decrypted data:

com.lc.btdj: the ComeCome bundleID as used in the +[MMCore config] selector

As it turned out, the framework also stored other app bundle identifiers used in the +[MMCore config] selector. Our takeaways are as follows:

The Trojan can behave differently depending on the app it is running in.
There are more potentially infected apps than we originally thought.

For the full list of bundle IDs we collected from decrypted strings in various framework samples, see the IoC section. Some of the apps associated with these IDs had been removed from the App Store at the time of the investigation, whereas others were still there and contained malicious code. Some of the IDs on the list referred to apps that did not contain the malicious framework at the time of this investigation.

As with the Android-specific version, the Trojan implements three modes of filtering OCR output: keywords, word length, and localized dictionaries stored in encrypted form right inside the framework, in a “wordlists” folder. Unfortunately, we were unable to ascertain that the malware indeed made use of the last method. None of the samples we analyzed contained links to the dictionaries or accessed them while running.

Sending selected photos containing keywords is a key step in the malicious framework’s operation. Similar to the Android app, the Trojan requests permission to access the gallery only when launching the View Controller responsible for displaying the support chat. At the initialization stage, the Trojan, depending on the application it is running in, replaces the viewDidLoad or viewWillAppear method in the relevant controller with its own wrapper that calls the method +[PhotoMgr startTask:]. The latter then checks if the application has access to the gallery and requests it if needed. Next, if access is granted, PhotoMgr searches for photos that match sending criteria among those that are available and have not been processed before.

The code snippet of the malicious wrapper around the viewDidLoad method that determines which application the Trojan is running in

Although it took several attempts, we managed to make the app upload a picture to Amazon’s cloud and then send information about it to the attackers’ server. The app was using HTTPS to communicate with the server, not the custom “rust” protocol:

The communication with the C2 and upload to AWS

The data being sent looks as follows:

POST /api/e/img/uploadedCheck { “imgSign”: , “orgId”: <implantid>, “deviceId”: <deviceuuid> }</deviceuuid></implantid>

POST /api/e/img/uploadedCheck

{

“imgSign”: imgMD5>,

“orgId”: implantId>,

“deviceId”: deviceUUID>

}

POST api/e/img/rekognition { “imgUrl”: “https://dmbucket102.s3.ap-northeast- 1.amazonaws.com/”<app_name>_<device_uuid>“/photo_”<timestamp>“.jpg”, “deviceName”: “ios”, “appName”: <appname>, “deviceUUID”: <deviceuuid>, “imgSign”: , “imgSize”: , “orgId”:<implantid>, “deviceChannel”: <iphonemodel>, “keyword”:<keywordsfoundonpicture>, “reksign”:<processor type> }</processor></keywordsfoundonpicture></iphonemodel></implantid></deviceuuid></appname></timestamp></device_uuid></app_name>

POST api/e/img/rekognition

{

“imgUrl”: “https://dmbucket102.s3.ap-northeast-

1.amazonaws.com/”app_name>_device_uuid>“/photo_”timestamp>“.jpg”,

“deviceName”: “ios”,

“appName”: appName>,

“deviceUUID”: deviceUUID>,

“imgSign”: imgMD5>,

“imgSize”: imgSize>,

“orgId”:implantId>,

“deviceChannel”: iphoneModel>,

“keyword”:keywordsFoundOnPicture>,

“reksign”:processor type>

}

The oldest version of the malicious framework we were investigating was built on March 15, 2024. While it doesn’t differ significantly from newer versions, this one contains more unencrypted strings, including API endpoints and a single, hardcoded C2 address. Server responses are received in plaintext.

URLs hard-coded into the oldest version of the malicious framework

File creation date in the app

Campaign features

While analyzing the Android apps, we found that the word processor code contained comments in Chinese. Error descriptions returned by the C2 server in response to malformed requests were also in Chinese. These, along with the name of the framework developer’s home directory which we obtained while analyzing the iOS-specific version suggest that the creator of the malicious module speaks fluent Chinese. That being said, we have insufficient data to attribute the campaign to a known cybercrime gang.

Our investigation revealed that the attackers were targeting crypto wallet recovery phrases, which were sufficient for gaining full control over a victim’s crypto wallet to steal the funds. It must be noted that the malware is flexible enough to steal not just these phrases but also other sensitive data from the gallery, such as messages or passwords that might have been captured in screenshots. Multiple OCR results processing modes mitigate the effects of model errors that could affect the recognition of access recovery phrase images if only keyword processing were used.

Our analysis of the malicious Rust code inside the iOS frameworks revealed client code for communicating with the “rust” server and server-side encryption components. This suggests that the attackers’ servers likely also use Rust for protocol handling.

Server-side private RSA key import

We believe that this campaign is targeting, at a minimum, Android and iOS users in Europe and Asia, as indicated by the following:

The keywords used were in various languages native to those who live in European and Asian countries.
The dictionaries inside assets were localized in the same way as the keywords.
Some of the apps apparently operate in several countries. Some food delivery apps support signing up with a phone number from the UAE, Kazakhstan, China, Indonesia, Zimbabwe and other countries.

We suspect that mobile users in other regions besides Europe and Asia may have been targeted by this malicious campaign as well.

One of the first malicious modules that we started our investigation with was named “Spark”. The bundle ID of the malicious framework itself, “bigCat.GZIPApp”, caught our attention when we analyzed the iOS-specific Trojan. Hence the name, “SparkCat”. The following are some of the characteristics of this malware:

Cross-platform compatibility;
The use of the Rust programming language, which is rarely found in mobile apps;
Official app marketplaces as a propagation vector;
Stealth, with C2 domains often mimicking legitimate services and malicious frameworks disguised as system packages;
Obfuscation, which hinders analysis and detection.

Conclusion

Unfortunately, despite rigorous screening by the official marketplaces and general awareness of OCR-based crypto wallet theft scams, the infected apps still found their way into Google Play and the App Store. What makes this Trojan particularly dangerous is that there’s no indication of a malicious implant hidden within the app. The permissions that it requests may look like they are needed for its core functionality or appear harmless at first glance. The malware also runs quite stealthily. This case once again shatters the myth that iOS is somehow impervious to threats posed by malicious apps targeting Android. Here are some tips that can help you avoid becoming a victim of this malware:

If you have one of the infected apps installed on your device, remove it and avoid reinstalling until a fix is released.
Avoid storing screenshots with sensitive information, such as crypto wallets recovery phrases, in the gallery. You can store passwords, confidential documents and other sensitive information in special apps.
Use a robust security product on all your devices.

Our security products return the following verdicts when detecting malware associated with this campaign:

HEUR:Trojan.IphoneOS.SparkCat.*
HEUR:Trojan.AndroidOS.SparkCat.*

Indicators of compromise

Infected Android apps
0ff6a5a204c60ae5e2c919ac39898d4f
21bf5e05e53c0904b577b9d00588e0e7
a4a6d233c677deb862d284e1453eeafb
66b819e02776cb0b0f668d8f4f9a71fd
f28f4fd4a72f7aab8430f8bc91e8acba
51cb671292eeea2cb2a9cc35f2913aa3
00ed27c35b2c53d853fafe71e63339ed
7ac98ca66ed2f131049a41f4447702cd
6a49749e64eb735be32544eab5a6452d
10c9dcabf0a7ed8b8404cd6b56012ae4
24db4778e905f12f011d13c7fb6cebde
4ee16c54b6c4299a5dfbc8cf91913ea3
a8cd933b1cb4a6cae3f486303b8ab20a
ee714946a8af117338b08550febcd0a9
0b4ae281936676451407959ec1745d93
f99252b23f42b9b054b7233930532fcd
21bf5e05e53c0904b577b9d00588e0e7
eea5800f12dd841b73e92d15e48b2b71

iOS framework MD5s:
35fce37ae2b84a69ceb7bbd51163ca8a
cd6b80de848893722fa11133cbacd052
6a9c0474cc5e0b8a9b1e3baed5a26893
bbcbf5f3119648466c1300c3c51a1c77
fe175909ac6f3c1cce3bc8161808d8b7
31ebf99e55617a6ca5ab8e77dfd75456
02646d3192e3826dd3a71be43d8d2a9e
1e14de6de709e4bf0e954100f8b4796b
54ac7ae8ace37904dcd61f74a7ff0d42
caf92da1d0ff6f8251991d38a840fb4a

Trojan configuration in GitLab
hxxps://gitlab[.]com/group6815923/ai/-/raw/main/rel.json
hxxps://gitlab[.]com/group6815923/kz/-/raw/main/rel.json

C2
api.firebaseo[.]com
api.aliyung[.]com
api.aliyung[.]org
uploads.99ai[.]world
socket.99ai[.]world
api.googleapps[.]top

Photo storage
hxxps://dmbucket102.s3.ap-northeast-1.amazonaws[.]com

Names of Infected Android APKs from Google Play
com.crownplay.vanity.address
com.atvnewsonline.app
com.bintiger.mall.android
com.websea.exchange
org.safew.messenger
org.safew.messenger.store
com.tonghui.paybank
com.bs.feifubao
com.sapp.chatai
com.sapp.starcoin

BundleIDs encrypted inside the iOS frameworks
im.pop.app.iOS.Messenger
com.hkatv.ios
com.atvnewsonline.app
io.zorixchange
com.yykc.vpnjsq
com.llyy.au
com.star.har91vnlive
com.jhgj.jinhulalaab
com.qingwa.qingwa888lalaaa
com.blockchain.uttool
com.wukongwaimai.client
com.unicornsoft.unicornhttpsforios
staffs.mil.CoinPark
com.lc.btdj
com.baijia.waimai
com.ctc.jirepaidui
com.ai.gbet
app.nicegram
com.blockchain.ogiut
com.blockchain.98ut
com.dream.towncn
com.mjb.Hardwood.Test
com.galaxy666888.ios
njiujiu.vpntest
com.qqt.jykj
com.ai.sport
com.feidu.pay
app.ikun277.test
com.usdtone.usdtoneApp2
com.cgapp2.wallet0
com.bbydqb
com.yz.Byteswap.native
jiujiu.vpntest
com.wetink.chat
com.websea.exchange
com.customize.authenticator
im.token.app
com.mjb.WorldMiner.new
com.kh-super.ios.superapp
com.thedgptai.event
com.yz.Eternal.new
xyz.starohm.chat
com.crownplay.luckyaddress1

MIL OSI Economics –

February 5, 2025

MIL-OSI China: ‘Ne Zha’ sequel sets box office record for Chinese animation

Source: China State Council Information Office 3

A poster for “Ne Zha 2.” [Image courtesy of Coloroom Pictures]

Fantasy feature “Ne Zha 2” has become the top-grossing domestic animated feature of all time in a milestone for Chinese cinema.

As of Wednesday, “Ne Zha 2,” has earned over 5.05 billion yuan (about 705 million U.S. dollars) since it premiered just eight days ago on Jan. 29, according to data from ticketing app Beacon.

It is remarkable that the previous high was set by the same film series, with the first “Ne Zha” installation raking in nearly 5.04 billion yuan in 2019.

As ticket sales continue to climb, the sequel could reach a total box office revenue of 6 billion yuan, which would be a record for Chinese film, Beacon projects.

The franchise takes its name from a mythological character in the Ming Dynasty (1368-1644) novel “Fengshen Yanyi,” or “The Investiture of the Gods.” This character, Ne Zha, is also depicted as a demon-slaying hero in the 16th-century Chinese classic “Journey to the West.”

While rooted in Chinese mythology, “Ne Zha 2” — directed by Yang Yu, who goes by the nickname Jiaozi — takes bold creative strides by focusing on Ne Zha’s struggles and growth.

The film reimagines classic elements of Chinese mythology, preserving cultural authenticity while offering fresh interpretations with themes such as personal identity, self-fulfillment, family and friendship, which resonate widely with audiences and evoke a strong sense of empathy.

“As I was watching, I burst out in both laughter and tears. It’s hilarious at the beginning, but deeply touching when the mother and son are separated,” said Zhang Bohan, a film enthusiast from Beijing, commenting on “Ne Zha 2.”

The visuals of “Ne Zha 2” surpass the film’s predecessor, with over 1,900 special effects shots offering an even more immersive cinematic experience. Ne Zha’s costumes, Taiyi Zhenren’s magical artifacts, the architecture of the underwater Dragon Palace, and the scene design of Kunlun Wonderland — every detail of the film highlights the unique charm of traditional Chinese culture.

Impressing audiences with its stunning visuals and engaging storyline, “Ne Zha 2” is rated above 95 percent of animations on Douban, a popular Chinese film review platform.

The film’s domestic box office success has further fueled expectations for its overseas performance, thanks to its fusion of traditional Chinese culture, cutting-edge special effects and modern values.

According to its overseas release schedule, “Ne Zha 2” will be screened in countries such as the United States, Canada, Australia, New Zealand, South Africa, Egypt, Singapore, Japan and the Republic of Korea.

Gou Qiangshi, an associate professor at Chengdu University’s College of Chinese & ASEAN Arts, has noted that Chinese literary classics are a major source of inspiration for domestic animated films. The key to bringing new life to these classics is their creative adaptation to align with contemporary narrative arts.

In recent years, domestic animated films that celebrate traditional Chinese culture have received increased attention, entering a period of rapid development. Films like “Chang’an,” “White Snake” and “Ne Zha” have sparked widespread interest, leading a fresh wave of cinema trends.

MIL OSI China News –

February 5, 2025
MIL-OSI China: Xi Jinping and his four-decade bond with Iowan friends

Source: People’s Republic of China – State Council News

BEIJING, Feb. 5 — China and the United States, sharing extensive common interests and broad space for cooperation, can become partners and friends.

This goodwill message, along with Chinese New Year greetings, was sent by Chinese President Xi Jinping to his friends in the U.S. state of Iowa ahead of this year’s Spring Festival.

He was replying to 58 Iowans who sent him a greeting card and recalled in it the Chinese leader’s first visit to Iowa in 1985. Among them are Xi’s longtime friends Luca Berrone, Gary Dvorchak and Sarah Lande.

Nearly four decades ago, Xi traveled to the United States for the first time. During that visit, he met these ordinary Americans. Since then, a special bond has been formed that lasts to this day.

CURIOUS YOUNG MAN

In the spring of 1985, Xi, then an official of Zhengding County, Hebei Province, led a five-member delegation to Iowa, known as “the world’s food capital,” to learn about crop production and livestock farming.

During the visit, he spent three days in Muscatine, a city in rural eastern Iowa along the Mississippi River, where he stayed with local hosts Thomas and Eleanor Dvorchak. The homestay left a lasting impression.

Recalling the trip decades later, Xi said he still remembered where he stayed: 2911 Bonnie Drive. “That was my first face-to-face contact with the Americans,” Xi said. “The days I spent with them are unforgettable.”

Xi and his delegation were warmly received in Muscatine. “On our first night, our hostess asked what time we would wake up the next morning and what we would like to eat,” recalled Xia Wenyi, the delegation’s translator.

Xi responded that he was happy to eat whatever the family typically had. According to Xia’s recollection, Xi said, “We want to experience and understand the daily life of an everyday American family.”

Hostess Eleanor prepared a big breakfast with coffee and tea every day during Xi’s stay. Xi slept in the Star Trek-themed bedroom belonging to the Dvorchaks’ son, Gary, who was then away at university.

“Everything, no matter what, was very acceptable to him — he was humble,” Eleanor recounted.

Xi’s visit came after China and the United States had spent years working to restore relations in the late 1970s. In 1983, then Iowa Governor Terry Branstad signed a sister-state agreement with Hebei and led a 50-member delegation to the provincial capital of Shijiazhuang in 1984, which, as he recalled, led to Xi’s trip in 1985.

“We wanted to treat them as we were treated in Hebei. So we went all out,” recalled Branstad, who served as U.S. ambassador to China from 2017 to 2020.

Xi’s itinerary in Muscatine included tours to farms and food processing plants, interviews with local media, a “Welcome to Muscatine” luncheon and a boat excursion on the Mississippi River.

It was Xi’s first sighting of the Mississippi River. “When I was young, I had read the novels of Mark Twain, and I had long wanted to see for myself the picturesque scenery of the Mississippi,” Xi said when he revisited Iowa back in 2012.

“He was curious about everything and asked questions about everything,” recalled Sarah Lande, one of the Muscatine tour coordinators. Local newspaper Muscatine Journal also reported on how Xi engaged with residents, answering “a variety of questions about China and its people.” Xi was also given a key to the city.

In 2023, reminiscing about this experience, Xi said, “I have found that although our two countries are different in history, culture and social system and have embarked on different development paths, our two peoples are both kind, friendly, hardworking and down-to-earth.”

LASTING CONNECTIONS

Xi has said on several occasions that the foundation of China-U.S. relations was laid by the people of both sides. Xi has stayed in touch with old friends in Iowa through reunions, letters and shared memories.

In 2012, Xi visited Iowa once again as China’s vice president. He made sure to add Muscatine to his jam-packed itinerary so he could reunite with the old friends. They chatted over tea at Lande’s home, gathering around a couch in the living room. Their hour-long meeting was filled with laughter.

Thomas and Eleanor Dvorchak, who had moved to Florida, made a special trip back. Xi recognized the couple the moment he saw them and shared his memories of his stay at the Dvorchaks.

“You were the first group of Americans I came into contact with,” Xi told his Iowa friends. “To me, you are America.”

Lande compiled their stories into a memoir titled Old Friends: The Xi Jinping-Iowa Story, which was published in 2018. Upon learning about Lande’s book project, Xi sent some of his own photos.

Another reunion of these old friends occurred in 2023 when Xi visited San Francisco for the APEC leaders’ meeting. When Xi saw Gary, son of the Dvorchaks, he said, “I stayed in your room and remember the sweatshirts and ball gear there.”

“There was genuine happiness, so you could see the smile on his face. He was really enjoying it,” Gary said of the reunion.

Gary first met Xi in person in 2015 when the Chinese president hosted the Dvorchak family for a private dinner in Beijing. During the gathering, Gary’s parents presented Xi with a photo album titled “Commemorating 30 Years of Friendship,” featuring photos from 1985 and 2012.

When Gary’s father, Thomas Dvorchak, passed away in 2024, Xi conveyed his condolences, expressing that he had always valued the genuine friendship.

The Dvorchaks’ Iowa home, where Xi once stayed, has been turned into a museum and renamed the Sino-U.S. Friendship House. Gary noted that visitors can appreciate how much the friendship has grown over the years.

“For America and China to be friends as countries, it is important for people to understand each other,” he said.

THE YOUTH AND TOMORROW

For the Chinese leader, the future of China-U.S. relations depends on the youth. For years, Xi has worked to foster friendly exchanges between young people in China and the United States.

During his 2023 visit to San Francisco, Xi announced an initiative to invite 50,000 young Americans to China for exchange and study programs over a five-year span.

Shortly after, Lande, who maintained correspondence with Xi, wrote to him, expressing hope that Muscatine High School students could join the program.

With Xi’s support, over 20 Muscatine students visited Beijing, Shanghai, Hebei and other places in China in January 2024, becoming the first group of American students to participate in the program.

After their visit, the students, delighted by their experiences, wrote a letter to Xi. In a reply, Xi told them he felt happy for them. He encouraged more young Americans to visit China to get a first-hand experience of the real China and foster genuine friendships with their Chinese counterparts.

In April, another group of Muscatine students arrived in Hebei. They made a special trip to Zhengding County to visit the place where Xi once worked.

Lucas Berrone, board of directors of Iowa Sister States, escorted the students on the trip. Berrone met Xi in 1985. He mapped out a two-week itinerary for Xi’s first Iowa tour and spent hours driving the delegation to farms and plants. Their friendship has endured over the decades.

Berrone sees these exchange trips as an opportunity to introduce a new generation to the friendship between China and the United States. He is hopeful about “passing the torch” to the younger generation.

Joseph McNeely, a student from Muscatine who traveled to China thanks to the exchange program, expressed his gratitude to Berrone: “Thank you for continuing the friendship between you and President Xi and for helping this trip come to light.”

McNeely made some Chinese friends from Shijiazhuang Foreign Language School during the trip. As a symbol of friendship, they planted a tree in Hebei.

This year, during the Chinese Spring Festival, Berrone hosted Chinese students from Shijiazhuang Foreign Language School in Iowa. The students were on vacation, touring the United States and making new friends in Muscatine.

As he had many times before, Berrone shared his story of hosting Xi and other Chinese delegates in Iowa 40 years ago. “Their stay, even though brief, made the connection with the families opening up their homes and their hearts.”

“That connection was the first building brick of a relationship that has lasted 40 years and continues to grow as a wonderful friendship and an inspiring story for relations between China and the United States,” Berrone added.

MIL OSI China News –

February 5, 2025
MIL-OSI Asia-Pac: New Industrialisation project backed

Source: Hong Kong Information Services

The Innovation & Technology Commission (ITC) today announced that the New Industrialisation Vetting Committee has approved its first application under the New Industrialisation Acceleration Scheme (NIAS), awarding funding of around $200 million to Jean-Marie Pharmacal Company, a subsidiary of the Jacobson Group.

The firm is involved in the life and health technology sector and plans to set up smart production lines for sterilised eye drops, oral solid doses and oral liquid doses. The total cost of the project is estimated at around $600 million.

Additionally, the ITC said the number of new smart production lines supported by the vetting committee under the New Industrialisation Funding Scheme (NIFS) now exceeds 100. The total cost for these projects is estimated at $1.3 billion, with $930 million coming from private investments.

The sectors involved are food manufacturing and processing; textiles and clothing; construction materials; medical devices; nanofibre materials; new energy; pharmaceuticals, including Chinese medicines; electronics; printing; and product accessories.

Secretary for Innovation, Technology & Industry Prof Sun Dong said: “The Government proactively engages in innovation and technology (I&T) industry development. By launching the NIFS and the NIAS, we aim to promote new industrialisation and secure room for high-quality development in Hong Kong.

“We are glad to see that enterprises are actively participating in the two funding schemes, making use of I&T to achieve smart production and enhance competitiveness.

“The Government will continue to assist more enterprises to set up new smart production facilities in Hong Kong and support local enterprises in technology upgrade and achieving new industrialisation, so as to foster the development of Hong Kong’s manufacturing industry and diversified economy.”

Launched in September 2024, the $10 billion NIAS provides funding support for eligible enterprises to set up new smart production facilities in Hong Kong. The sectors covered include life and health technology, artificial intelligence and data science, advanced manufacturing, and new energy technologies.

Meanwhile, the NIFS subsidises manufacturers to set up new smart production lines in the city.

Both schemes award grants on a 1 (Government) to 2 (enterprise) matching basis.

MIL OSI Asia Pacific News –

February 5, 2025

MIL-OSI: Credit Agricole SA : CONTINUED STRONG EARNINGS MOMENTUM IN 2024

Source: GlobeNewswire (MIL-OSI)

CONTINUED STRONG EARNINGS MOMENTUM IN 2024
CASA AND CAG STATED AND UNDERLYING DATA Q4-2024

	CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying		Stated	Underlying
Revenues		€7,092m +17.4% Q4/Q4	€7,116m +18.2% Q4/Q4		€9,817m +11.9% Q4/Q4	€9,840m +13.4% Q4/Q4
Expenses		-€3,917m +5.6% Q4/Q4	-€3,878m +4.4% Q4/Q4		-€5,863m +3.2% Q4/Q4	-€5,824m +2.4% Q4/Q4
Gross Operating Income		€3,175m +36.2% Q4/Q4	€3,238m +40.4% Q4/Q4		€3,954m +28.0% Q4/Q4	€4,017m +34.3% Q4/Q4
Cost of risk		-€594m +35.0% Q4/Q4	-€594m +35.0% Q4/Q4		-€867m +13.9% Q4/Q4	-€867m +13.9% Q4/Q4
Net income group share		€1,689m +26.6% Q4/Q4	€1,730m +32.8% Q4/Q4		€2,149m +24.6% Q4/Q4	€2,190m +33.7% Q4/Q4
C/I ratio		55.2% -6.2 pp Q4/Q4	54.5% -7.2 pp Q4/Q4		59.7% -5.1 pp Q4/Q4	59.2% -6.4 pp Q4/Q4
ALL OF THE FINANCIAL TARGETS OF THE 2025 AMBITIONS PLAN EXCEEDED AS OF 2024 STRONG INCREASE IN QUARTERLY AND FULL-YEAR EARNINGS Record quarterly and full-year revenues, fuelled by the excellent performance by Asset Gathering and Large Customers High profitability: low cost/income ratio (increase in recurring expenses contained at +3.0% Q4/Q4) and 14.0% return on tangible equity in 2024 Cost of risk rose in Q4-24, driven by provisions for performing loans related to model effects at Crédit Agricole CIB and Crédit Agricole Personal Finance & Mobility (CAPFM) PROPOSED 2024 DIVIDEND INCREASE TO €1.10 PER SHARE (+5% VS. 2023) STRONG ACTIVITY IN ALL BUSINESS LINES Robust growth in retail banking and consumer finance driven by multiple factors: continued upturn in the home loan business in France (up +18%), higher corporate loan production, thriving international lending business, consumer finance stability at a high level and confirmed stabilisation of the deposit mix in France Record CIB, asset management and insurance business, reflected in the record level in insurance revenues with contributions from all activities, high net inflows and record level of assets under management, as well as a new quarterly and full-year record reached by CIB CAPITAL OPERATIONS AND STRATEGIC PROJECTS Instruments finalised to acquire an additional 5.2% in Banco BPM Signing of an agreement for the acquisition of Santander’s 30.5% stake in CACEIS Acquisition of aixigo, European leader in Wealth Tech Finalization of the acquisition of 50% of GAC Leasing in China by CAPFM SOLID CAPITAL AND LIQUIDITY POSITIONS Crédit Agricole S.A.’s phased-in CET1 at 11.7% and Group phased-in CET1 at 17.2% CONTINUED SUPPORT FOR THE ENERGY TRANSITION Phased withdrawal from fossil energies and reallocation of investments to renewable energy Decarbonisation pathways in line with targets (oil & gas, power and automotive)

At the meeting of the Board of Directors of Crédit Agricole S.A. on 4 february 2025, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of 500 million euros in line with the operations announced in August 2023 and in November 2022. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

« The Group’s excellent results illustrate our overall capacity to support all our customers in a global and loyal relationship over the long term. Three-quarters of these results are retained to serve the development of the economy. I would like to thank all of our employees who work every day with professionalism and commitment. »

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

« Driven by its unique Group model based on utility and universality, the Crédit Agricole Group reports excellent results in 2024. Crédit Agricole S.A. has once again exceeded all the financial objectives of its strategic plan, one year ahead of schedule. »

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.4% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. During 2024, the Group added +1 900,000 new customers in Retail Banking and grew its customer base by +214,000 customers. More specifically, over the year, the Group gained +1 500,000 new customers for Retail Banking in France and +400,000 new International Retail Banking customers (Italy and Poland). The customer base also grew (+126,000 and +88,000 customers, respectively).

At 31 December 2024, retail banking on-balance sheet deposits totalled €837 billion, up +1.8% year-on-year in France and Italy (+0.5% for Regional Banks and LCL and +1.7% in Italy). Outstanding loans totalled €880 billion, up +0.4% year-on-year in France and Italy (+0.3% for Regional Banks and LCL and +1.7% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +1% for the Regional Banks and +11% for LCL compared to the third quarter of 2024, and +7.8% and +59% respectively compared to the fourth quarter of 2023. Although high, home loan production by CA Italia was down -6.3% compared with an already high Q4 2023. The property and casualty insurance equipment rate¹ rose to 43.9% for the Regional Banks (+0.8 percentage points compared with the third quarter of 2023), 27.9% for LCL (+0.4 percentage point) and 20.0% for CA Italia (+1.2 percentage point).

In asset management, inflows remained strong at +€20.5 billion, fuelled by strong medium/long-term assets, excluding JVs (+€17.9 billion) and at the JVs. In insurance, savings/retirement gross inflows rose to a record €8.3 billion over the quarter (+17% year-on-year), with the unit-linked rate in production staying at a high 37.4%. Net inflows were positive at +€2.4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.7 million contracts at end-December 2024, +5.3% year-on-year). Assets under management totalled €2,867 billion, up +12.1% in the year for all three segments: asset management rose 10% over the year to €2,240 billion; life insurance was up +5.1% to €347.3 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased 46.9% year-on-year to €279 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

Business in the SFS division was stable. At CAPFM, consumer finance outstandings increased to €119.3 billion, up +5.6% compared with the end of December 2023, buoyed by car loans, which accounted for 53%² of total outstandings. New loan production decreased slightly, by -2.9% compared with the same period in 2023, mainly due to the Chinese market. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +7.2% vs. December 2023 to 20.3%, with a particularly strong contribution from property leasing and renewable energy financing.

Large Customers again posted record results for both the quarter and the full year in Corporate and Investment Banking. Capital Markets and Investment Banking held up well with a strong performance by the repo and securitisation businesses, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,291 billion and assets under administration of €3,397 billion (+12.1% and +3%, respectively, compared with the end of December 2023), with good sales momentum and positive market effects over the quarter.

Each of the Group’s business lines posted strong activity (see Infra).

Roll-out of strategic plan

Crédit Agricole S.A.’s model offers constantly renewed potential for organic growth. This model is based on three pillars: customer acquisition, customer equipment and the development of new offers. Gross customer capture amounts to 1.9 million new customers on average since 2022, which marked the roll-out of the Horizon 2025 plan. Customer equipment is growing steadily across our various offers. The bank’s market share in household loans stood structurally at 30%³ helping to drive the market shares for our other offerings. These currently stand at 28% in asset management,³ 27% in payment services,³ 23% in individual death and disability insurance,⁴ 19% in creditor insurance,⁴ 15% in life insurance,⁴ 7% in property and casualty insurance,⁴ and 4% in property services.⁴ Lastly, in line with our universal banking model, we are steadily expanding our customer offers: the new CA Transitions et Energies (CATE) and CA Santé et Territoires (CAST) business lines have been rolled out for the large-scale financing of renewable energy projects as well as the production and supply of electricity, and to offer solutions to improve access to healthcare and support for the elderly.

This model is complemented by a steady stream of self-financed acquisitions and partnerships, through the consolidation of Crédit Agricole S.A.’s business lines in their markets to build the universal bank. Following on from acquisitions in the period 2019 to 2021 for a total of €3.3 billion, all of which were successful with some €1.3 billion⁵ in revenues generated, and a cost/income ratio of 52%, acquisitions and partnerships during the period covered by the Medium-Term Plan were in five main areas of development. The total investment was €7.2 billion⁶ (against €1.4 billion in disposals),⁷ generating around €3 billion in revenues.

First of all, transactions to consolidate our business lines and strengthen our expertise were carried out in France and Europe, in particular: Private Banking through the transaction under way with Degroof Petercam, and a 70% stake in the capital of Wealth Dynamix⁸; Asset Servicing with the creation of Uptevia⁹, a common company with BNP Paribas, the acquisition of RBC Investor Services’ European businesses and the purchase of Santander’s minority interest in CACEIS; and Asset Management with the acquisitions of Alpha Associates¹⁰ and aixigo¹¹; and finally, Leasing and factoring activity accelerate its development in Germany with the acquisition of Merca Leasing¹². Crédit Agricole S.A. is also structuring its property services through the acquisition of property management business of Casino (Sudeco), and more recently the ones of Nexity.

At the same time, the bank has expanded its distribution networks through new partnerships, notably by taking a stake in Banco BPM; signing a new distribution agreement between Crédit Agricole Assurances and Banco BPM for non-life and creditor insurance in Italy; partnership in automobile insurance with Mobilize Financial Services, subsidiary of Renault¹³; and entering into a distribution agreement between Amundi US and Victory Capital¹⁴.

In addition, Specialised Financial Services division developed a comprehensive mobility with: the joint venture Leasys, created with Stellantis to become the European leader in long-term car rental; 100% of CA Auto Bank was acquired, in order to develop partnerships with smaller manufacturers and with independent distributors; six European subsidiaries of ALD and LeasePlan were acquired; and lastly, CA Mobility Services was formed, to create 20 service offers by 2026, mainly through the acquisition of a minority stake in WATEA¹⁵, the creation of a joint venture with Opteven¹⁶, the acquisition of a stake in HiFlow¹⁷, and the commercial partnership with FATEC¹⁸. More recently, Credit Agricole Personal Finance & Mobility strengthens its partnership with the car manufacturer GAC with, on the one hand a financial partnership aimed at entrusting CA Auto Bank the financing of vehicules from the Chinese manufacturer in Europe, and on the other end, the acquisition of 50% of the capital of GAC Leasing in order to offer from 2025 financial and operational leasing on the Chinese market.

In addition, Crédit Agricole S.A. has acquired a stake in Worklife¹⁹ and formed a partnership with Wordline²⁰ as part of its drive to accelerate digitisation and innovation. In January 2024, Crédit Agricole S.A. announced its acquisition of a 7% non-controlling interest in Worldline.

Lastly, to support the transitions in the new CATE and CAST business lines, Crédit Agricole S.A. acquired minority stakes of 40% in R3 (energy transition consultancy) and 43% in Selfee (energy production and supply), and become a reference shareholder in the capital of Office Santé²¹ and Cette Famille²². In addition, Crédit Agricole Assurances acquired majority stakes of 93% in Omedys²³ and 86% in Medicalib²³.

These two pillars of Crédit Agricole S.A.’s universal banking model ensure steady, high growth in revenues and high profitability. Revenues have grown every year between 2015 and 2024 regardless of the environment at an average annual rate of +5.6%. Operational efficiency has also steadily improved with the cost/income ratio falling -15 percentage points in the period 2015 to 2024. Profitability has also risen significantly over the past 10 years. ROTE was 14% at the end of 2024, the highest since 2015, offering even more attractive shareholder remuneration: the dividend per share has tripled in the 10-year period.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing²⁴ by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024.

Investments by Crédit Agricole Assurances²⁵ and Amundi Transition Energétique in low-carbon energy totalled €6 billion at 31 December 2024. What is more, Crédit Agricole Assurances hit its target of 14 GW of renewable energy production capacity financed one year ahead of schedule.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Crédit Agricole CIB’s green loan portfolio²⁶ grew by +75% between the end of 2022 and December 2024, and represented €21.7 billion at 31 December 2024. The Group also continues to encourage low-carbon mobility. 37% of new vehicles financed by CAPFM in 2024 were electric or hybrid vehicles. The target for the end of 2025 is 50%.

In addition, the Group is continuing on its pathway to exit the financing of carbon-based energies and is disclosing progress at end 2024 in three sectors, in line with their 2030 targets (vs. a 2020 baseline). Financed emissions in the oil and gas sector were reduced by -70% at end 2024 working towards a target of -75% by the end of 2030. The intensity of financed emissions in the power sector²⁷ was down by -29% at end 2024, for a target of -58% by the end of 2030, and by -21% in the automotive sector, for a target of -50% by 2030.

The Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in outstandings in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. At the same time, large-scale financing of low-carbon energies, with outstandings of €26.3 billion, will increase their relative share of the energy mix financed from 54% in 2020 to 82% by the end of 2024.

Group results

In the fourth quarter of 2024, Crédit Agricole Group’s stated net income Group share came to €2,149 million, up +24.6% compared with the fourth quarter of 2023.

Specific items in the fourth quarter of 2024 had a negative net impact of -€42 million on the net income Group share of the Crédit Agricole Group. These items comprise the following recurring accounting items: recurring accounting volatility items, namely the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for -€19 million in net income Group share from Capital Markets and Investment Banking, and the hedging of the loan book in Large Customers for +€1 million in net income Group share. In addition to these recurring items, there were other items specific to this quarter: ISB integration costs of
-€15 million in the net income Group share of Large Customers and the Degroof Petercam integration costs of
-€9 million in the net income Group share of Asset Gathering.

Specific items for the fourth quarter of 2023 had a combined impact of +€86 million on net income Group share and included +€69 million in recurring accounting items and +€17 million in non-recurring items. The recurring items mainly corresponded to the reversal of the Home Purchase Saving Plans provision of +€64 million (+€5 million for LCL, +€4 million for the Corporate Centre and +€55 million for the Regional Banks); the other recurring items (+€5 million) are split between the issuer spread portion of the FVA²⁸ and secured lending (+€4 million) and loan book hedging (+€1 million). The non-recurring items related to the ongoing reorganisation of the Mobility activities²⁹ in the SFS division (+€18 million).

Excluding these specific items, Crédit Agricole Group’s underlying net income Group share³⁰ amounted to €2,190 million, up +33.7% compared to fourth quarter 2023.

Crédit Agricole Group – Stated and underlying results, Q4-24 and Q4-23

€m	Q4-24 stated	Specific items	Q4-24 underlying	Q4-23 stated	Specific items	Q4-23 underlying	∆ Q4/Q4 stated	∆ Q4/Q4 underlying

Revenues	9,817	(24)	9,840	8,769	93	8,677	+11.9%	+13.4%
Operating expenses excl.SRF	(5,863)	(39)	(5,824)	(5,682)	4	(5,686)	+3.2%	+2.4%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,954	(63)	4,017	3,088	97	2,991	+28.0%	+34.3%
Cost of risk	(867)	0	(867)	(762)	–	(762)	+13.9%	+13.9%
Equity-accounted entities	80	–	80	73	–	73	+9.9%	+9.9%
Net income on other assets	(20)	(1)	(19)	(19)	–	(19)	+7.5%	+2.2%
Change in value of goodwill	4	–	4	2	12	(9)	+60.4%	n.m.
Income before tax	3,150	(64)	3,214	2,382	109	2,274	+32.2%	+41.4%
Tax	(784)	16	(799)	(455)	(23)	(432)	+72.4%	+85.1%
Net income from discont’d or held-for-sale ope.	–	–	–	(10)	–	(10)	(100.0%)	(100.0%)
Net income	2,366	(48)	2,414	1,918	86	1,832	+23.4%	+31.8%
Non controlling interests	(217)	7	(224)	(194)	–	(194)	+12.2%	+15.6%
Net income Group Share	2,149	(42)	2,190	1,724	86	1,638	+24.6%	+33.7%
Cost/Income ratio excl.SRF (%)	59.7%		59.2%	64.8%		65.5%	-5.1 pp	-6.4 pp

In the fourth quarter of 2024, underlying revenues amounted to €9,840 million, up +13.4% compared to the fourth quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect. In addition, International Retail Banking revenues were stable. Underlying operating expenses were up +2.4% in fourth quarter 2024, totalling €5,824 million. Overall, the Group saw its underlying cost/income ratio reach 59.2% in the fourth quarter of 2024, a -6.4 percentage point improvement. As a result, the underlying gross operating income came to €4,017 million, up +34.3% compared to the fourth quarter 2023.

The underlying cost of credit risk stood at -€867 million, an increase of +13.9% compared to fourth quarter 2023. This figure comprises an amount of -€363 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€489 million for the cost of proven risk (stage 3). There was also an addition of
-€16 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). The cost of risk/outstandings³¹reached 27 basis points over a four rolling quarter period and 29 basis points on an annualised quarterly basis³².

Underlying pre-tax income stood at €3,214 million, a year-on-year increase of +41.4% compared to fourth quarter 2023. This includes the contribution from equity-accounted entities for €80 million (up +9.9%) and net income on other assets, which came to -€19 million over this quarter. The underlying tax charge was up +85.1% over the period, with the tax rate this quarter rising by +6.0 percentage points to 25.5%. Underlying net income before non-controlling interests was up +31.8% to €2,414 million. Non-controlling interests rose +15.6%. Lastly, underlying net income Group share was €2,190 million, +33.7% higher than in the fourth quarter of 2023.

Crédit Agricole Group – Stated and underlying results 2024 and 2023

En m€	2024 stated	Specific items	2024 underlying	2023 stated	Specific items	2023 underlying	∆ 2024/2023 stated	∆ 2024/2023 underlying

Revenues	38,060	93	37,967	36,492	851	35,641	+4.3%	+6.5%
Operating expenses excl.SRF	(22,729)	(123)	(22,606)	(21,464)	(14)	(21,450)	+5.9%	+5.4%
SRF	–	–	–	(620)	–	(620)	(100.0%)	(100.0%)
Gross operating income	15,332	(30)	15,362	14,408	837	13,572	+6.4%	+13.2%
Cost of risk	(3,191)	(20)	(3,171)	(2,941)	(84)	(2,856)	+8.5%	+11.0%
Equity-accounted entities	283	(0)	283	263	(39)	302	+7.6%	(6.1%)
Net income on other assets	(39)	(24)	(15)	88	89	(1)	n.m.	x 18.9
Change in value of goodwill	4	–	4	2	12	(9)	+60.4%	n.m.
Income before tax	12,388	(74)	12,462	11,821	814	11,007	+4.8%	+13.2%
Tax	(2,888)	12	(2,900)	(2,748)	(203)	(2,545)	+5.1%	+13.9%
Net income from discont’d or held-for-sale ope.	–	–	–	(3)	–	(3)	(100.0%)	(100.0%)
Net income	9,500	(62)	9,562	9,071	611	8,459	+4.7%	+13.0%
Non controlling interests	(860)	23	(883)	(813)	(0)	(813)	+5.8%	+8.7%
Net income Group Share	8,640	(39)	8,679	8,258	611	7,647	+4.6%	+13.5%
Cost/Income ratio excl.SRF (%)	59.7%		59.5%	58.8%		60.2%	+0.9 pp	-0.6 pp

For full-year 2024, stated net income Group share amounted to €8,640 million, compared with €8,258 million for full-year 2023, an increase of +4.6%.

Specific items for full-year 2024 include the specific items of the Regional Banks (+€47 million in reversals of Home Purchase Savings Plan provisions) and Crédit Agricole S.A. specific items, which are detailed in the Crédit Agricole S.A. section.

Excluding specific items, underlying net income Group share reached €8,679 million, up +13.5% compared with full-year 2023.

Underlying revenues totalled €37,967 million, up +6.5% compared with full-year 2023, driven by all business lines (excluding Corporate Centre).

Underlying operating expenses amounted to -€22,606 million, up +5.4% excluding SRF compared to full-year 2023, mainly due to higher compensation in an inflationary environment, support for business development, IT expenditure and scope effects as detailed for each division. The underlying cost/income ratio for full-year 2024 was 59.5%, a -0.6 percentage point improvement compared to full-year 2023 excluding SRF. The SRF stood at
-€620 million in 2023.

Underlying gross operating income totalled €15,362 million, up +13.2% compared to full-year 2023.

The underlying cost of risk for full-year 2024 rose to -€3,171 million (of which -€540 million in cost of risk on performing loans (stages 1 and 2), -€2,637 million in cost of proven risk, and +€6 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +11.0% compared to full-year 2023.

As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (45% of gross outstandings) and corporates (33% of gross outstandings). Loan loss reserves amounted to €21.3 billion at the end of December 2024 (€11.7 billion for Regional Banks), 42.2% of which represented provisioning of performing loans (47.3% for Regional Banks). The prudent management of these loan loss reserves meant that the Crédit Agricole Group’s overall coverage ratio for doubtful loans at the end of December 2024 was 84.9%.

Underlying net income on other assets stood at -€15 million for full-year 2024 versus -€1 million for full-year 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +13.2% to €12,462 million. The tax charge was -€2,900 million, up +13.9%, with an underlying effective tax rate of 23.8%, stable compared to full-year 2023. Underlying net income before non-controlling interests was therefore up by +13.0%. Non-controlling interests amounted to -€883 million for full-year 2024, up +8.7%.

Underlying net income Group share for full-year 2024 thus stood at €8,679 million, up 13.5% compared to full-year 2023.

Regional banks

Gross customer capture stands at +273,000 new customers and the customer base grew by +10,000 new customers over the same period. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stands at 22.7% (at the end of September 2024, source Banque de France). Loan production was up +7.4% compared to the fourth quarter of 2023, reflecting the +7.8% rise in home loans and specialised markets. Home loan production has been gradually recovering since the beginning of the year. The average production rate for home loans stood at 3.35%³³ over October and November 2024, -12 basis points lower than in the third quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+16 basis points compared to the fourth quarter of 2023). Outstanding loans totalled €648 billion at the end of December 2024, stable year-on-year across all markets but up slightly by +0.2% over the quarter.
Customer assets were up +2.6% year-on-year to reach €910.9 billion at the end of December 2024. This growth was driven both by on-balance sheet deposits, which reached €605.9 billion (+1.7% year-on-year), and off-balance sheet deposits, which reached €305 billion (+4.4% year-on-year) benefiting from strong inflows in life insurance. The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.5% and +0.1%, respectively, from end-September 2024. The market share of balance sheet collection is up compared to last year and stands at 20.3% (Source Banque de France, data at the end of September 2024, i.e. +0.4 percentage points compared to September 2023). The equipment rate for property and casualty insurance³⁴ was 43.9% at the end of December 2024 and continues to rise (up +0.8 percentage point compared to the end of December 2023). In terms of payment instruments, the number of cards rose by +1.6% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.6 percentage points year-on-year to account for 16.4% of total cards.
In the fourth quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend³⁵ stood at €3,247 million, up +0.7% compared to the fourth quarter of 2023, notably impacted by a base effect of +€73.6 million related to the reversal of the Home Purchase Savings Plan provision in the fourth quarter of 2023³⁶. Excluding this item, revenues were up +3.1% compared to the fourth quarter of 2023, the rise in the net interest margin (+9.8% excluding Home Purchase Savings³⁶) and good momentum of fee and commission income (+1.6%) in insurance, account management and payment instruments offsetting the drop in portfolio revenues (-10.0%). Operating expenses were stable (+0.7%), below inflation. Gross operating income was up +0.8% year-on-year (+11.6% excluding the Home Purchase Savings Plan base effect³⁶). The cost of risk was down -24.6% compared with the fourth quarter of 2023 to -€242 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 20 basis points (a -1 basis point drop compared to third quarter 2024).
The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend³⁵ amounted to €419 million, up +19.9% compared to the fourth quarter 2023 (+42.1% excluding the base effect³⁶).
The Regional Banks’ contribution to net income Group share was €403 million in the fourth quarter of 2024, up +20.3% compared to the fourth quarter of 2023.
In full-year 2024, revenues including the SAS Rue La Boétie dividend were up +1.9% compared to the same period in 2023. Operating expenses rose by +1.4%, resulting in a rise in gross operating income of +2.7%. Finally, with a cost of risk up +14.0%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,470 million, up +2.5% compared to full-year 2023 (+5.5% excluding the Home Purchase Savings Plan base effect³⁶).The Regional Banks’ contribution to the results of Crédit Agricole Group in full-year 2024 amounted to €1,423 million in stated net income Group share (-18.9% compared to the same period in 2023), with revenues of €13,110 million (-1.1%), expenses of -€9,956 (+2.6%) and a cost of risk of -€1,319 million (+14.5%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 4 February 2025 to examine the financial statements for the fourth quarter of 2024.

Crédit Agricole S.A. – Stated and underlying results, Q4-24 and Q4-23

€m	Q4-24 stated	Specific items	Q4-24 underlying	Q4-23 stated	Specific items	Q4-23 underlying	∆ Q4/Q4 stated	∆ Q4/Q4 underlying

Revenues	7,092	(24)	7,116	6,040	19	6,021	+17.4%	+18.2%
Operating expenses excl.SRF	(3,917)	(39)	(3,878)	(3,710)	4	(3,714)	+5.6%	+4.4%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,175	(63)	3,238	2,330	24	2,307	+36.2%	+40.4%
Cost of risk	(594)	0	(594)	(440)	–	(440)	+35.0%	+35.0%
Equity-accounted entities	62	–	62	61	–	61	+2.4%	+2.4%
Net income on other assets	(9)	(1)	(8)	(17)	–	(17)	(45.9%)	(51.9%)
Change in value of goodwill	–	–	–	2	12	(9)	n.m.	(100.0%)
Income before tax	2,634	(64)	2,698	1,937	35	1,902	+36.0%	+41.9%
Tax	(681)	16	(697)	(369)	(4)	(365)	+84.7%	+91.0%
Net income from discont’d or held-for-sale ope.	–	–	–	(10)	–	(10)	n.m.	n.m.
Net income	1,953	(48)	2,001	1,558	32	1,527	+25.3%	+31.1%
Non controlling interests	(264)	7	(271)	(224)	(0)	(224)	+17.8%	+21.1%
Net income Group Share	1,689	(41)	1,730	1,334	31	1,303	+26.6%	+32.8%
Earnings per share (€)	0.52	(0.01)	0.54	0.41	0.01	0.40	+26.8%	+33.4%
Cost/Income ratio excl. SRF (%)	55.2%		54.5%	61.4%		61.7%	-6.2 pp	-7.2 pp

In the fourth quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,689 million, up +26.6% compared to the fourth quarter of 2023, having benefited from non-recurring items related to reversals of Home Purchase Savings Plan and Cheque Image Exchange fine provisions and from the end of the reorganisation of the Mobility activities (see below). This was an excellent result for the fourth quarter of 2024, based on high revenues (exceeding €7 billion) and a cost/income ratio kept at a low level.

Specific items for this quarter had a cumulative impact of -€41 million on net income Group share, and included the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA and secured lending for -€19 million in net income Group share in the Large Customers segment, and the hedging of the loan book in the Large Customers segment for +€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: Degroof Petercam integration costs of -€8 million in the net income Group share in Asset Gathering; ISB integration costs for -€15 million in the net income Group share in Large Customers.

Specific items for the fourth quarter 2023 had a cumulative impact of +€31 million on net income Group share, and included recurring accounting items for +€14 million and non-recurring items for +€17 million. The recurring items mainly corresponded to the reversal of the Home Purchase Savings Plans provision of +€8 million (+€4 million for LCL and +€4 million for the Corporate Centre); the other recurring items – the issuer spread portion of the FVA and secured lending (+€4 million) and loan book hedging (+€1 million) – offset each other. The non-recurring items related to the ongoing reorganisation of the Mobility activities in the SFS division (+€17 million).

Excluding specific items, underlying net income Group share³⁷ stood at €1,730 million in the fourth quarter of 2024, up +32.8% compared to the fourth quarter of 2023.

In the fourth quarter of 2024, underlying revenues were at a high level, standing at €7,116 million. They were up sharply by +18.2% compared to the fourth quarter of 2023. This growth was driven by growth in the Asset Gathering division (+31.6%) which in turn was driven by the rise in outstandings across all business lines, including the integration of Degroof Petercam³⁸. There was a positive base effect relating to very high weather-related claims in the fourth quarter of 2023. Large Customer division revenues (+10.6%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking in the fourth quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+4.0%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+0.8%) was driven by the rise in fee and commission income which offset the drop in NIM, and International Retail Banking revenues (-0.5%) were stable. Corporate Centre revenues were up +€362 million, positively impacted by the dividend and the revaluation of the equity interest in Banco BPM of +€294 million.

Underlying operating expenses totalled -€3,878 million in the fourth quarter of 2024, an increase of +4.4% compared to the fourth quarter of 2023, reflecting the support given to business line development. The -€164 million year-on-year rise in expenses was mainly due to a -€132 million scope effect³⁹.

The underlying cost/income ratio in fourth quarter 2024 stood at 54.5%, a decrease of -7.2 percentage points compared to fourth quarter 2023.

Underlying gross operating income in the fourth quarter of 2024 stood at €3,238 million, an increase of +40.4% compared to the fourth quarter of 2023.

As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (44% of Crédit Agricole S.A. gross outstandings). The Non-Performing Loans ratio was down
-0.2 point from the previous quarter and remains low at 2.3%. The coverage ratio⁴⁰ was high at 74.1%, up +2.7 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., relatively unchanged from end September 2024. Of those loan loss reserves, 35.8% were for performing loans (percentage up +1.5% from the previous quarter).

The underlying cost of risk showed a net addition of -€594 million, up +35.0% from the fourth quarter of 2023, including a -€278 million addition for performing loans (stages 1 and 2) (versus a reversal of -€1 million in the fourth quarter of 2023) and -€297 million in provisioning for proven risks (stage 3) (versus -€373 million in the fourth quarter of 2023). Also note a provision of -€18 million for other items (legal provisions), primarily for the SFS business line (-€30 million in legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (an increase from end-December 2023, unchanged from September 2024), 13% from LCL (22% at end-September 2023), 17% from International Retail Banking (23% at end-December 2023), 16% from Large Customers (9% at end-December 2023) and 1% from the Corporate Centre (3% at end-December 2023). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated relative to the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). In the fourth quarter of 2024, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period⁴¹ and 44 basis points on an annualised quarterly basis⁴² (a deterioration of 1 basis point and 10 basis points, respectively, versus the fourth quarter of 2023 for both bases).

The underlying contribution from equity-accounted entities amounted to €62 million in the fourth quarter of 2024, up +2.4% compared to the fourth quarter of 2023, mainly due to the growth of equity-accounted entities in the personal finance and mobility business line.

Underlying income⁴³before tax, discontinued operations and non-controlling interests was up +41.9% to €2,698 million. The underlying effective tax rate stood at 26.4%, up +6.7 percentage points on fourth quarter 2023. The underlying tax charge was -€697 million, a +91% increase chiefly due to a positive base effect. Underlying net income before non-controlling interests was up +31.1% to €2,001 million. Non-controlling interests amounted to -€271 million in the fourth quarter of 2024, an increase of +21.1%.

Underlying earnings per share in fourth quarter 2024 came to €0.54, up +33.4% compared to fourth quarter 2023.

Crédit Agricole S.A. – Stated and underlying results, 2024 and 2023

En m€	2024 stated		Specific items	2024 underlying	2023 stated	Specific items	2023 underlying	∆ 2024/2023 stated	∆ 2024/2023 underlying

Revenues		_27,181	₃₀	_27,151	_25,180	₆₁₇	_24,563	_+7.9%	_+10.5%
Operating expenses excl.SRF		_(14,895)	₍₁₂₃₎	_(14,772)	_(13,632)	₍₁₄₎	_(13,618)	_+9.3%	_+8.5%
SRF		_–	_–	_–	₍₅₀₉₎	_–	₍₅₀₉₎	_(100.0%)	_(100.0%)
Gross operating income		_12,286	₍₉₄₎	_12,379	_11,039	₆₀₃	_10,436	_+11.3%	_+18.6%
Cost of risk		_(1,850)	₍₂₀₎	_(1,830)	_(1,777)	₍₈₄₎	_(1,693)	_+4.1%	_+8.1%
Equity-accounted entities		₁₉₄	₍₀₎	₁₉₄	₁₉₇	₍₃₉₎	₂₃₅	_(1.5%)	_(17.6%)
Net income on other assets		₍₄₎	₍₂₄₎	₂₀	₈₅	₈₉	₍₄₎	_n.m.	_n.m.
Change in value of goodwill		_–	_–	_–	₂	₁₂	₍₉₎	_(100.0%)	_(100.0%)
Income before tax		_10,625	₍₁₃₈₎	_10,763	_9,546	₅₈₀	_8,966	_+11.3%	_+20.0%
Tax		_(2,472)	₂₈	_(2,500)	_(2,201)	₍₁₅₃₎	_(2,047)	_+12.3%	_+22.1%
Net income from discont’d or held-for-sale ope.		_–	_–	_–	₍₃₎	_–	₍₃₎	_n.m.	_n.m.
Net income		_8,153	₍₁₀₉₎	_8,263	_7,343	₄₂₇	_6,916	_+11.0%	_+19.5%
Non controlling interests		_(1,067)	₂₄	_(1,090)	₍₉₉₅₎	₍₂₎	₍₉₉₂₎	_+7.3%	_+9.9%
Net income Group Share		_7,087	₍₈₆₎	_7,172	_6,348	₄₂₅	_5,923	_+11.6%	_+21.1%
Earnings per share (€)		_2.11	_(0.03)	_2.14	_1.94	_0.14	_1.80	_+8.5%	_+18.5%
Cost/Income ratio excl.SRF (%)		_54.8%		_54.4%	_54.1%		_55.4%	_{+0.7 pp}	_{-1.0 pp}

Over year 2024, stated net income Group share amounted to €7,087 million, versus €6,348 million for full-year 2023, an increase of +11.6%.

Specific items for 2024 had a negative impact of -€86 million on stated net income Group share and comprise +€21 million in recurring accounting items and -€107 million in non-recurring items. The recurring items mainly correspond to the reversals of and additions to the Home Purchase Savings Plans provisions for +€1 million net, as well as the accounting volatility items of the Large Customers division (the DVA for +€15 million and loan book hedging for +€6 million). Non-recurring items relate to the integration and acquisition costs of Degroof Petercam (-€35 million) within the Asset Gathering division, the costs of integrating ISB (-€52 million) within the Large Customers division and an additional provision for risk in Ukraine (-€20 million) within the International Retail Banking division.

Excluding specific items, underlying net income Group share reached €7,172 million, up +21.1% compared to full-year 2023.

Underlying revenues were up +10.5% year-on-year, driven by all business lines. Underlying operating expenses excluding SRF were +8.5% higher than in 2023, essentially reflecting the development of the Group’s business lines and the integration of scope effects, partially offset by the end of the SRF⁴⁴ building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, a decrease of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €12,379 million, up +18.6% compared to full-year 2023. The underlying cost of risk increased by +8.1% over the period to
-€1,830 million, versus -€1,693 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €194 million, down -17.6% over the period.

Underlying earnings per share stood at €2.14 per share for full-year 2024, up 18.5% from full-year 2023.

Underlying RoTE⁴⁵, which is calculated on the basis of an annualised Underlying Net Income Group Share⁴⁶ and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 14.0% in 2024, up +1.4 percentage point compared to 2023.

Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

Activity of the Asset Gathering division

In the fourth quarter of 2024, assets under management in the Asset Gathering division (AG) stood at

€2,867 billion, up +€58 billion over the quarter (or +2.1%), mainly due to a positive market effect and strong net inflows in the three business lines – Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +12.1%.

Insurance activity (Crédit Agricole Assurances) was very dynamic with total premium income of €10.9 billion – a record level for a fourth quarter – up +14.2% compared to the fourth quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total for the year, overall premium income also stood to a record €43.6 billion, up +17.2% vs. 2023.

In Savings/Retirement, fourth-quarter premium income stood at €8.3 billion, up +17.3% compared to the fourth quarter of 2023. Business was driven by euro payment bonus campaigns in France, launched during the first quarter, which boosted gross euro inflows, as well as by a confirmed upturn in international business. Unit-linked contracts accounted for 37.4% of gross inflows⁴⁷, down -12.8 percentage points over the year, reflecting the reduced appeal of unit-linked bond products. The quarter’s net inflows⁴⁷ totalled +€2.4 billion (up +€0.8 billion compared to the third quarter of 2024), comprised of +€1.4 billion net inflows from unit-linked contracts and +€1.1 billion from euro funds. In total, Savings/Retirement premium income amounted to €32.1 billion, up +21.5% compared to the end of December 2023.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €347.3 billion (up +€17.0 billion year-on-year, or +5.1%). The growth of assets under management was supported by positive market effects and positive net inflows. Unit-linked contracts accounted for 30.0% of outstandings, up +1.1 percentage point compared to the end of December 2023.

The profit sharing rate on Predica’s euro-denominated life insurance policies in 2024 remained stable compared to 2023.⁴⁸ The Policy Participation Reserve (PPE⁴⁹) amounted to €7.5 billion at 31 December 2024, representing 3.3% of total euro outstandings.

In property and casualty insurance, premium income rose to €1.2 billion in the fourth quarter of 2024, up +9.9%⁵⁰ compared to the fourth quarter of 2023. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of close to €16.7 million⁵¹ policies at the end of December 2024 (an increase of +5.3% over the year). The combined ratio at end-December 2024 was 94.4%,⁵² an improvement of -2.7 percentage points year-on-year, related to a positive base effect due to lower claims in the fourth quarter of 2024 compared with the same period one year earlier, which was impacted by fierce storms. In total, at the end of December 2024, premium income stood at €6.2 billion, an increase of +8.2% compared to full-year 2023.

In death & disability/creditor/group insurance, premium income for the fourth quarter of 2024 stood at €1.3 billion, up +1.4% compared to the fourth quarter of 2023. The strong performance in individual death and disability insurance and group insurance (+9.9% and +22.1%, respectively, compared to fourth quarter 2023) offset a decline in creditor insurance of -4.9% in both consumer finance and mortgage lending. In total, at the end of December 2024, premium income from personal protection insurance stood at €5.3 billion, an increase of +4.6% compared to 2023.

In Asset Management (Amundi), assets under management by Amundi increased by +2.2% and +10.0% respectively over the quarter and the year, reaching a new record of €2,240 billion at the end of December 2024, benefiting from the positive market effect, but also from a high level of inflows over the quarter and year.

Over the quarter, net inflows amounted to +€20.5 billion, the highest level since 2021, driven by medium-long-term assets ⁵³ (+€17.9 billion) in active management and, as in previous quarters, in ETFs. Third-party distributors also posted record inflows in 2024, which were well diversified and positive in all asset classes.

The Retail segment recorded record net inflows in 2024 from third-party distributors, well diversified across all asset classes, and positive inflows from partner networks in France. The institutional segment continued to record solid commercial momentum, with net inflows driven by medium/long-term assets in the institutional and sovereign segments, and by treasury products in the corporate segment. Finally, JVs continue to benefit from the dynamic inflows of SBI MF in India. Thus, the increase in assets under management of +€48.5 billion over the quarter is linked to a good level of activity (net inflows of +€20.5 billion) and a positive market and foreign exchange effect of +€28.1 billion. In 2024, the increase in assets under management of +€203 billion is linked to record net inflows of +€55.4 billion, doubling compared to 2023, a favorable market effect of +€140.1 billion and a scope effect of +€7.9 billion in connection with the integration of Alpha Associate since the second quarter of 2024.

In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of December 2024, and were up +1.9% compared to September 2024 and +46,9% compared to December 2023.

For Indosuez Wealth Management assets under management at the end of December stood at €215 billion⁵⁴, up +2.6% compared to the end of September 2024, thanks to a good level of activity with net inflows of +€1.9 billion and a favourable market effect of +€3.7 billion. Compared to the end of December 2023, assets under management were up by +€87 billion (or +68.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). Also of note over the quarter was the continued integration of Degroof Petercam with several capital reorganisations in France and in Luxembourg, and the effective mergers of legal entities planned for Q3 2025. In 2025, Wealth Management projects in the region of €70-80 million in additional integration costs for Degroof Petercam.

Results of the Asset Gathering division

In the fourth quarter of 2024, the Asset Gathering division generated €2,045 million in revenues, up +31.6% compared to the fourth quarter of 2023, driven by all the division’s business lines. Expenses increased +28% to -€930 million and gross operating income came to €1,116 million, +34.7% compared to fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 45.5%, down -1.3 percentage points compared to the same period in 2023. Taxes amounted to -€315 million, up +82.3%, notably related to the scope of insurance activities. Net income Group share for Asset Gathering division was €695 million in the fourth quarter of 2024, up +27.4% compared to the same period in 2023.

In full-year 2024, Asset Gathering generated €7,648 million in revenues, up +14.4% compared to the end of December 2023, driven by very high level of revenues in all three business lines – in Insurance, Asset Management and Wealth Management. Expenses excluding SRF increased +17.1%.to -€3,365 million, while gross operating income came to €4,284 million (up +12.5% compared to end-December 2023). As a result, the cost/income ratio excluding SRF stood at 44%, up +1.0 percentage points compared to the end of December 2023. The tax charge was -€973 million in 2024, up +11.7% on 2023. Finally, Asset Gathering net income Group share came to €2,875 million, up +13.1% compared to 2023, up in the three activities of the Asset Gathering division.

At end-December 2024, the Asset Gathering, contributed 38% to the underlying net income Group share of the Crédit Agricole S.A. core businesses and 28% to underlying revenues (excluding the Corporate Centre division).

As at 31 December 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.9 billion for Wealth Management. The division’s risk-weighted assets amounted to €57.5 billion, including €34.5 billion for Insurance, €13.7 billion for Asset Management and €9.4 billion for Wealth Management.

Underlying RoNE (return on normalised equity) stood at 26.9% at the end of December 2024.

Insurance results

In the fourth quarter of 2024, insurance revenues reached €715 million, up sharply by +37.1% compared to the fourth quarter of 2023, benefiting from a favorable base effect (fourth quarter 2023 having been impacted by the high claims rate related to storms Ciaran and Domingos), dynamic activity and growth in assets under management. Revenues for the quarter include €540 million from savings/retirement⁵⁵, €93 million from personal protection⁵⁶ and €141 million from property and casualty insurance⁵⁷.

The CSM (Contractual Service Margin) stood at €25.2 billion at 31 December 2024, up 5.8% year-on-year, benefiting from the positive impact of the revaluation of the stock and the contribution of new business exceeding the CSM allocation. The CSM allocation factor was 7.7% in 2024. Non-attributable expenses for the quarter amounted to -€77 million, up +2.7% vs. the fourth quarter of 2023. As a result, gross operating income reached €638 million, up +42.9% compared to the same period in 2023. Taxes amounted to -€218 million, compared with -€79 million in the fourth quarter of 2023, in connection with the increase in the tax rate to 34.5% (+16.7 percentage points compared to the fourth quarter of 2023). This change is linked in particular to an upward reassessment of the tax rate including a decrease in the valuation of assets at a reduced rate. Non-controlling interests amounted to €3 million compared to €-32 million in the fourth quarter of 2023, impacted by the inclusion of accounting items related to the redemption of RT1 instruments. Net income Group share was €418 million, up +24.5% compared to the fourth quarter of 2023.

Full year 2024 insurance revenues reached €2,845 million, up +11.9% compared to 2023, in line with dynamic activity, the increase in outstandings, as well as the lower claims experience in 2024 compared to 2023. Non-attributable expenses amounted to -€341 million, up +9.3%. The cost/income ratio is thus 12%, below the target ceiling set by the Medium-Term Plan of 15%. Gross operating income was €2,504 million (+12.2% compared to 2023). The tax expense was -€572 million, up +16.6% compared to 2023, in line with the lower contribution of reduced tax rate operations to the overall tax rate. As a result, net income Group share reached €1,884 million, up +14% compared to 2023.

Insurance contributed 25% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 10% to their underlying revenues.

Crédit Agricole Assurances remains solid with a prudential Solvency 2 ratio superior to 200% as of 31 December 2024.

Asset Management results

In the fourth quarter of 2024, revenues reached €901 million, up +14.5% compared to the fourth quarter of 2023, mainly driven by management and technology revenues. Net management fees posted sustained growth of +13.5% compared to the fourth quarter of 2023, linked to the good level of activity and the increase in average assets under management. Performance fees were also up +67.6% compared to the fourth quarter of 2023, benefiting from the good performance of active strategies, particularly rates and credit. Amundi Technology’s revenues continued their sustained growth and increased by +47,1% compared to the fourth quarter of 2023, amplified this quarter by the first consolidation of aixigo, a European leader in Wealth Tech, whose acquisition was finalized in November 2024. Operating expenses amounted to €-506 million, up +16.2% compared to the fourth quarter of 2024, mainly explained by the effect of the first consolidation of Alpha Associates and aixigo, the acceleration of strategic investments, the growth of variable compensation revenues related to operational performance and acquisition-related integration costs.⁵⁸ Restated for integration costs, the increase in expenses remains lower than the increase in revenues, thus generating a positive jaws effect. Gross operating income was €395 million, up +12.5% compared to the fourth quarter of 2023, reflecting double-digit revenue growth. The contribution of associates, including the contribution of Amundi’s Asian joint ventures, amounted to €29 million, up +1.8% compared to the fourth quarter of 2023. The tax expense amounted to -€80 million (down -9.6%). Net income before deduction of minority interests amounted to €341 million, up +18% compared to the same period in 2023. As a result, net income Group share was €226 million, +16.2% compared to the fourth quarter of 2023.

In 2024, net banking income reached €3,406 million, up +9.1% in asset management, reflecting growth in management revenues, linked to the growth in average assets under management and the very good performance of active and passive management. Amundi Technology’s revenues also grew strongly, amplified by the acquisition of aixigo in the fourth quarter of 2024. Operating expenses excluding SRF amounted to -€1,890 million, an increase of +8.8%, explained by the first consolidation of Alpha Associates and aixigo, investments in growth areas, the increase in provisions for variable compensation in line with operational performance and integration costs⁵⁸.The cost/income ratio excluding SRF stood at 55.5%, stable compared to 2023 (-0.2 percentage points). Thus, gross operating income increased by +9.7% compared to 2023, reflecting the increase in revenues. Profit from associates increased by +20.9%, mainly driven by the JV in India, which contributed more than €100 million for the first time to this result. In the end, net income Group share was €849 million, up +11.7% compared to 2023.

Wealth Management results⁵⁹

In the fourth quarter of 2024, net banking income from wealth management amounted to €430 million, up +73.9% compared to the fourth quarter of 2023, benefiting from the impact of the integration of Degroof Petercam in June 2024.⁶⁰ Excluding this effect, revenues were supported by the good momentum of management fees in connection with the increase in outstandings, offsetting the anticipated decrease in the net interest margin on deposits. Expenses for the quarter amounted to -€347 million, up +60.4% compared to the fourth quarter of 2023, impacted by a Degroof Petercam⁶⁰ and -€12.8 million in integration costs. Restated for these impacts, the evolution of expenses is slightly lower than in the fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 80.8%, down -6.8 percentage points compared to the same period in 2023. Restated for integration and acquisition costs, the cost/income ratio was 77.8%. Gross operating income reached €82 million, up sharply (x 2.7) compared to the fourth quarter of 2023. The cost of risk for the quarter remained moderate at -€3 million, in line with the fourth quarter of 2023 (-€5 million). Net income Group share reached €51 million, up sharply (x 3.3) compared to the fourth quarter of 2023. Restated for integration and acquisition costs⁶¹, net income Group share for the fourth quarter of 2024 amounted to €60 million.

For the full year 2024, net banking income from the wealth management business amounted to €1,397 million, up +36.6% compared to the end of December 2023, benefiting in particular from the integration of Degroof Petercam in June 2024⁶². Expenses excluding SRF were up +37.5% due to a Degroof Petercam⁶² scope effect and -€26.4 million in integration costs. Restated for these impacts, 2024 expenses are up slightly by +2.8% compared to 2023. Gross operating income increased by +35.0% to €264 million. The cost of risk at the end of 2024 was -€15 million, up -€11 million compared to the end of December 2023, related to the consideration of litigation and the provisioning of various cases. Net income on other assets amounted to -€23 million, mainly corresponding to acquisition costs for Degroof Petercam⁶³, restated for specific items. Net income Group share for 2024 was €142 million, up 11.1% compared to 2023. Restated for integration and acquisition costs⁶³, 2024 net income Group share amounted to €177 million.

Wealth Management contributed 2% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 5% of their underlying revenues.

As of 31 December 2024, the equity allocated to Wealth Management amounted to €0.9 billion; risk weighted assets are €9.4 billion.

Activity of the Large Customers division

Once again in Q4 2024, Corporate and Investment Banking (CIB) posted an excellent performance across all its businesses (best fourth quarter and best year in terms of revenues). Asset servicing also recorded strong business momentum during the period.

Corporate and Investment Banking’s fourth-quarter underlying revenues rose sharply to €1,596 million, an increase of +9.9% compared with the fourth quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +4.4% year-on-year to €898 million. This was mainly due to the strong performance recorded by Commercial Banking (+4.0% versus the fourth quarter of 2023), driven by good momentum in Corporate activities, especially in the Telecom sector, and strong revenues from asset financing and project financing, especially in Green energy and Aerospace. Capital Markets and Investment Banking also grew its revenues to €699 million, an increase of +18.0% compared with the fourth quarter of 2023. Growth was fuelled by the high revenues maintained by Capital Markets (+17.0% versus the fourth quarter of 2023), driven by the Repo and Securitisation businesses, and the strong performance recorded by Investment Banking (with growth of +23.0% compared with the fourth quarter of 2023) thanks to the strong performance of Structured Equities.

In total, Corporate and Investment Banking’s underlying revenue rose a steep +6.5% year-on-year to €6,540 million, driven by growth in its two business lines. Revenues from Financing activities were up +5.7% compared to the total for 2023, at €3,355 million. Capital Markets and Investment Banking also grew its revenues by +7.3% compared with the end of December 2023, to total €3,185 million.

Financing activities consolidated its leading position in syndicated loans (#1 in France⁶⁴ and #2 in EMEA⁶⁴). Crédit Agricole CIB reaffirmed its strong position in bond issues (#4 All bonds in EUR Worldwide⁶⁴) and was ranked #2 in Green, Social & Sustainable bonds in EUR.⁶⁵ Average regulatory VaR stood at €9.5 million in the fourth quarter of 2024, down from the €10.1 million recorded in the third quarter of 2024, reflecting changes in positions and the financial markets. It remained at a level that reflected prudent risk management.

In Asset Servicing, buoyant sales and favourable market conditions boosted growth in assets over the year, which offset the planned withdrawal of ISB customers. The fourth quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) client portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Client migration is now practically complete. On 19 December 2024, Crédit Agricole S.A. announced the signature of an agreement to acquire Santander’s 30.5% non-controlling stake in CACEIS, with the aim of full ownership.

Assets under custody increased by +4.5% at end-December 2024 compared with end September 2024, and by +12.1% compared with end December 2023, to reach €5,291 billion. Assets under administration also increased by +0.3% this quarter and were up +3.0% year-on-year, totalling €3,397 billion at end December 2024.

Results of the Large Customers division

In the fourth quarter of 2024, stated revenues of the Large Customers division once again reached a record level, with €2,108 million, up +8.9% compared with the fourth quarter of 2023, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased (+7.4%) compared with the fourth quarter of 2023, due to IT investments and business development. As a result, the division’s gross operating income was up +11.6% compared with the fourth quarter of 2023 to €810 million. The division recorded an overall net provision for cost of risk of -€93 million in the fourth quarter of 2024, compared with additions of -€39 million in the fourth quarter of 2023. Stated pre-tax income totalled €723 million, an increase over the period (+4.7%). The tax charge was -€166 million. Lastly, stated Net income Group share came to €512 million in the fourth quarter of 2024, compared with stated income of €525 million in Q4 2023.

Over full-year 2024, stated revenues of the Large Customers division was a record high of €8,651 million, up +11.2% compared with the 2023 total. At -€5,039 million, operating expenses excluding SRF rose +11.8% compared with the same period in 2023, due mainly to IT investments and business development. Expenses for the year include ISB integration costs of -€97 million. Gross operating income stood at €3,612 million for full-year 2024, representing an increase of +22.0% compared to 2023. Over the period, the cost of risk recorded a net addition of -€117 million, compared to an addition of -€120 million in the same period in 2023. The business line’s contribution to stated Net income Group share was €2,448 million, a strong increase of +21.7% compared to full-year 2023.

The business line contributed 32% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 31% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the division was €14 billion and its risk-weighted assets were €147.8 billion.

Underlying RoNE (return on normalised equity) stood at 17.7% at the end of December 2024.

Corporate and Investment Banking results

In the fourth quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,573 million, up +7.7% from the fourth quarter of 2023. This was a record fourth quarter for Corporate and Investment Banking. The specific items had an impact of -€23.7 million in the fourth quarter of 2024 (compared to +€7.8 million in the fourth quarter of 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for -€25.6 million (compared to +€6.0 million in the fourth quarter of 2023) and loan book hedging totalling +€1.9 million (compared to +€1.8 million in the fourth quarter of 2023).

Operating expenses rose by +6.3% to -€902 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.7% compared to the fourth quarter of 2023, taking it to a high level of +€671 million. The cost/income ratio was 57.4%, a slight change of -0.8 percentage point over the period. The cost of risk recorded a net addition of -€86 million, higher than the fourth quarter 2023 (-€32 million). This level of allocations is driven by model effects. The overall level remains low with a cost of risk/outstandings of 7 basis points⁶⁶. Lastly, pre-tax income in the fourth quarter of 2024 stood at €586 million, versus €580 million in the fourth quarter of 2023 (up +1.0%). The tax charge stood at -€139 million. Lastly, stated net income Group share was down -7.1% at €437 million in the fourth quarter of 2024.

In 2024, stated revenues were up +7.6% to a record level of €6,568 million for the year, with balanced growth between Corporate and Investment Banking and on a very good level recorded for full-year 2023. The specific items over the period had an impact of +€28.5 million (compared to -€38.9 million in 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for +€20.2 million (compared to -€14.6 million in 2023) and loan book hedging totalling +€8.2 million, (compared to -€24.3 million in 2023).

Operating expenses excluding SRF rose +5.4%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. The cost/income ratio of 53.7% remained contained and below the MTP target. As a result, gross operating income of €3,040 million was up sharply (+22.3% compared with full-year 2023.) The cost of risk recorded a net addition of -€93 million for 2024, compared to a net addition of -€111 million for 2023. The income tax charge stood at -€748 million, up +29.4%. Lastly, stated net income Group share totalled €2,152 million for 2024, an increase of +22.7% over the period.

Risk weighted assets at the end of December 2024 amounted to €136.9 billion, up by +€8.3 billion compared to the end of September 2024, notably due to an unfavourable foreign exchange impact and rating.

Asset servicing results

In the fourth quarter of 2024, the revenues of Asset Servicing were up +12.7% compared to the fourth quarter of 2023, totalling €535 million. This rise was driven by high fee and commission income, itself driven by the increase in assets and by the favourable trend in net interest margin. Operating expenses rose by +9.8% to -€396 million, including -€2.7 million in scope effects linked to the consolidation of the remaining ISB entities and -€26.6 million in ISB integration costs restated as specific items (-€24.9 million in integration costs in the fourth quarter of 2023). Excluding these effects, the increase in expenses was +9.3% compared to the third quarter of 2023, linked to IT expenses and business growth. As a result, gross operating income was up by +21.7% to €139 million in the fourth quarter of 2024. Thus, the cost/income ratio stood at 74%, down -1.9 percentage point. Excluding ISB integration costs, it stood at 69.0%. Net income thus totalled €110 million, up +36.9% compared with the fourth quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to net income Group share totalled €75 million in the fourth quarter of 2024, up +36.4% compared with the fourth quarter of 2023.

In 2024, revenues totalled €2,083 million, up +24.2% compared to the same period in 2023, buoyed by the integration of ISB, strong commercial momentum and a favourable trend in the interest margin over the period. Costs excluding SRF increased by +30.1% and stood at €1,511 million. They included a scope effect of -€207 million over the first six months of 2024 and -€97 million in ISB integration costs. Gross operating income was up +20.4% compared to full year 2023. The cost/income ratio stood at 72.6%, up 3.3 points compared to 2023. Excluding ISB integration costs, the cost/income ratio stood at 67.9%. Net income thus rose by +15.8%. The overall contribution of the business line to net income Group share at the end of December 2024 was €296 million, representing a +15.1% increase compared to full year 2023.

Specialised financial services activity

The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.7 billion in the fourth quarter of 2024. This represents a decrease, mainly due to the Chinese market, of -2.9% compared to fourth quarter 2023. The share of automotive financing⁶⁷ in quarterly new business production stood at 50.2% this quarter. The average customer rate for production was up +5 basis points from the third quarter of 2024. CAPFM’s assets under management stood at €119.3 billion at the end of December 2024, up +5.6% compared to the end of December 2023, driven by all activities (Automotive +8.2%⁶⁸ with Crédit Agricole Auto Bank and Leasys, LCL and Regional Banks +5.3%; Other entities +3.2%). Lastly, consolidated outstandings totalled €69.1 billion at the end of December 2024, up +3.3% compared to the fourth quarter of 2023.

In January 2025, CAPFM announced the finalisation of the acquisition of 50% of GAC Leasing.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +15.7% compared to the fourth quarter of 2023. It was driven by property leasing and renewable energy financing. Leasing outstandings rose +7.2% year-on-year, both in France (+5.9%) and internationally (+12.3%), to reach €20.3 billion at the end of December 2024 (of which €16.0 billion in France and €4.3 billion internationally). Commercial factoring production was up sharply, recording a twofold increase compared to the fourth quarter of 2023. It was driven by the signing of significant contracts both in France, where production increased by +32.5% in the fourth quarter of 2024 compared to the fourth quarter of 2023, and internationally, where production was multiplied by a factor of 3.5 in the fourth quarter of 2024 compared to the fourth quarter of 2023. Factoring outstandings at end-December 2024 were up +3.7% compared to end-December 2023, and factored revenues were up by +6.9% compared to the same period in 2023.

Specialised financial services’ results

The revenues of the Specialised Financial Services division were €915 million in the fourth quarter of 2024, up +4.0% compared to the fourth quarter of 2023. Expenses amounted to -€447 million, down -0.5% versus fourth quarter 2023 and down -1.4% excluding the base effect⁶⁹ related to the reorganisation of the Mobility activities at CAPFM in the fourth quarter of 2023. The cost/income ratio stood at 48.8%, up -2.2 percentage points compared to the same period in 2023. Gross operating income thus came to €468 million, up +8.6% compared to the fourth quarter of 2023. Cost of risk amounted to -€306 million, up +66.2% compared to the fourth quarter of 2023, with this quarter including model revisions at CAPFM, essentially leading to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. Net income from equity-accounted entities rose +8.4% compared to the fourth quarter of 2023 to €43 million, with this quarter including around €14 million in non-recurring items. The change in value of goodwill was €0 million vs. €12 million in the fourth quarter of 2023, and excluding the base effect⁶⁹ related to the reorganisation of Mobility activities at CAPFM, there was no change. The division’s Net income Group share amounted to €124 million, down -43.1% compared to the same period in 2023, and down -8.4% excluding the base effect⁶⁹ related to the reorganisation of Mobility activities at CAPFM and excluding provisions for legal risks and model revisions in Q4-24 at CAPFM.

Over 2024, revenues for the Specialised Financial Services division fell by -2.2%, but rose by +6.8% excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM, compared to 2023. This favourable trend was driven by a good performance in CAL&F (+6.8%) and by higher revenues for CAPFM excluding the base effect⁷⁰ (+6.8%), benefiting from the scope effects linked to the strategic pivot around Mobility at CAPFM, which led to the 100% consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and of ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Costs excluding SRF increased by +6.4% compared to 2023. Expenses excluding SRF, the base effect⁷⁰ and scope effects rose by +2.3%. The cost/income ratio stood at 50.6%, or +4.1 percentage points versus the same period in 2023; excluding the base effect⁷⁰, the change was +0.3 percentage points. Cost of risk increased by +10.1% compared to 2023, to -€958 million, and increased by +21.9% excluding the base effect⁷⁰.This rise notably includes the impact of scope effects as well as -€50 million due to model revisions and a -€30 million provision for legal risk of which UK car loans in the fourth quarter of 2024 at CAPFM. The contribution from equity-accounted entities was down -3.3% versus the same period in 2023, and down -25.5% excluding the base effect⁷⁰, due to the full consolidation of Crédit Agricole Auto Bank in the second quarter of 2023, which was previously accounted for using the equity method. Net income on other assets amounted to -€12 million at the end of December 2024, compared to €71 million at the end of December 2023 and -€18 million excluding the base effect⁷⁰. The change in value of goodwill was €0 million for 2024 vs. €12 million for 2023, and excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM, there was no change. Net income Group share thus came to €625 million, down -26.6% compared to 2023, and down -7.5% excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM.

The business line contributed 8% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 13% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the division was €7.2 billion and its risk-weighted assets were €76.2 billion.

The underlying RoNE (return on normalised equity) stood at 8.1% for the 12 months of 2024.

Personal Finance and Mobility results

CAPFM revenues reached €722 million in the fourth quarter of 2024, up +4.5% compared to the fourth quarter of 2023, with a positive price effect thanks in particular to the production margin rate, which improved by +75 basis points in the fourth quarter of 2024 compared to the fourth quarter of 2023 (up +31 basis points compared to the third quarter of 2024), and with around €30 million in non-recurring items in the fourth quarter of 2024. Expenses were down by -0.7% and stood at -€347 million. They were down by -1.9% excluding the base effect⁷¹ related to the reorganisation of the Mobility activities compared to the same period in 2023. Gross operating income stood at €375 million, up +9.9%. The cost/income ratio stood at 48.1%, or -2.5 percentage points versus the same period in 2023 and -3.2 percentage points excluding the base effect⁷¹ related to the reorganisation of the Mobility activities. Cost of risk increased by +68.4% to -€286 million compared to the fourth quarter of 2023, with this quarter including model revisions leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The cost of risk/outstandings thus stood at 127 basis points⁷², a deterioration of +6 basis points compared to the fourth quarter of 2023. The Non Performing Loans ratio was 4.7% at the end of December 2024, up +0.2 percentage point compared to the end of September 2024, while the coverage ratio reached 73.2%, down -1.0 percentage point compared to the end of September 2024. The contribution from equity-accounted entities rose by +9.7% compared to the same period in 2023. Excluding the base effect⁷¹ related to the reorganisation of the Mobility activities, the change in value of goodwill is zero, it stood at €12 million in the fourth quarter of 2023. As a result, net income Group share totalled €74 million in the fourth quarter of 2024, i.e. -56.2% compared to the same period the previous year. Excluding the base effect⁷¹ and excluding the legal provisions and model revisions, net income Group share was down -11.7%.

In 2024, CAPFM’s revenues totalled €2,764 million, down -4.3% compared with 2023, but up +6.8% excluding the base effect related to the reorganisation of the Mobility activities⁷³. Revenues benefited from scope effects related to the strategic pivot around Mobility that had resulted in the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023, the acquisition of ALD and LeasePlan activities in six European countries, and the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Expenses excluding SRF stood at -€1,382 million, an increase of +7.0% on 2023. Expenses excluding SRF, excluding the base effect⁷³ and scope effects, were up +1.7%. Gross operating income therefore came in at €1,382 million, which was a drop of -12.8% but an increase of +6.4% excluding the base effect⁷³. The cost/income ratio stood at 50.0%, or +5.3 percentage points versus the same period in 2023; excluding the base effect⁷³, the change was +0.7 percentage points. Cost of risk increased by +8.6% compared with 2023, to -€877 million, and rose +21.3% when the base effect⁷³ is excluded. This rise notably includes the impact of scope effects as well as a model revision leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The contribution from equity-accounted entities was down -0.8% versus the same period in 2023, and down -22.9% excluding the base effect⁷³ related to the scope effects of Crédit Agricole Auto Bank, which was fully consolidated in the second quarter of 2023 having previously been accounted for using the equity method. Net income on other assets was down -€82.1 million between 2024 and 2023. However, excluding the base effect⁷³, it was up +€7 million. The change in value of goodwill was €0 million for 2024 against €12 million for 2023, and excluding the base effect⁷³ related to the reorganisation of the Mobility activities, there was no change. As a result, net income Group share stood at €422 million for 2024, a decline of -37.5% from the same period one year earlier. Excluding the base effect⁷³, net income Group share was down -15.4% from the same period in 2023.

Leasing & Factoring results

CAL&F’s revenues totalled €193 million, up +1.9% compared with the fourth quarter of 2023. This increase was driven by factoring, which benefited from positive volume effects (increase in factored revenues). Expenses remained stable with an increase of +0.4%, while the cost/income ratio stood at 51.7%, an improvement of -0.8 percentage points from the fourth quarter of 2023. Gross operating income rose +3.5% to €93 million, with a positive jaws effect of +1.5 percentage points. Cost of risk totalled -€20 million, up +40.1% compared to the same period in 2023. This rise was mainly due to the small business and SME markets. Cost of risk/outstandings stood at 24 basis points⁷², up +4 basis points compared to fourth quarter 2023. As a result, net income Group share was €50 million, up +1.7% compared with the fourth quarter of 2023.

In 2024, revenues totalled €756 million, an increase of +6.8% compared to 2023. Costs excluding SRF increased by +4.3% to €398 million. Gross operating income rose significantly, +15.1% compared to 2023, to €358 million. The underlying cost/income ratio excluding SRF amounted to 52.6%, an improvement of -1.2 percentage points compared to 2023. The cost of risk increased by +29.7%, compared to the same period in 2023, to -€81 million. Net income Group share was €203 million, up +15.0% compared to the year 2023.

Crédit Agricole S.A. Retail Banking activity

Activity in Crédit Agricole S.A.’s Retail Banking business was solid during the quarter, with an increasing number of customers taking out insurance policies. Home loan production in France is steadily recovering, while continuing to rise for corporate loans. Outside France, loan activity was dynamic.

Retail banking activity in France

In the fourth quarter of 2024, activity remained strong with the upturn in mortgage lending and non-remunerated demand deposits which rose over the quarter. Customer acquisition is dynamic, with 60,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.4 percentage points to stand at 27.9% at end-December 2024.

Loan production totalled €8.5 billion, representing a year-on-year increase of +34.2%. The fourth quarter of 2024 confirmed the recovery in home loan production (+59.3% compared to the fourth quarter of 2023 and +10.6% compared to the third quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.24%, down -14 basis points from the third quarter of 2024 and -92 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+28.9% year on year) and the small business market (+19.3% year on year) but slowed for the consumer segment (-8.2%), in a challenging economic environment.

Outstanding loans stood at €171 billion at end-December 2024, representing a +1.1% increase quarter-on-quarter and year-on-year (of which +1.3% for home loans, +0.8% for loans to professionals, +0.7% for loans to corporate). Customer assets totalled €255.0 billion at end-December 2024, up +3.0% year on year, driven by non-remunerated deposits and off-balance sheet funds. Customer assets also rose +0.7% during the quarter, thanks to the increase in demand deposit volumes (+1.1% compared with end-September 2024) in a still-uncertain environment, as well as term deposits (+1.2% compared with end-September 2024). Off-balance sheet deposits benefited from a positive year-on-year market effect across all segments and positive net inflows in life insurance.

Retail banking activity in Italy

In the fourth quarter of 2024, CA Italia posted gross customer capture of 45,000.

Loan outstandings at CA Italia stood at €62.1 billion at end-December 2024⁷⁴, up +1.7% compared with end-December 2023. This was despite the downturn in the Italian market⁷⁵, driven by the retail segment, which posted an increase in outstandings of 3.2%, and the corporate segment, which recorded an increase in outstandings of 3.6%. Loan production, buoyed by the solid momentum in all markets, rose +4.5% compared with the fourth quarter of 2023. Home loan production was good but nevertheless recorded a decline compared to a very high fourth quarter in 2023 (-6.3%). The loan stock rate fell by -20 bp on the third quarter of 2024, but was down less sharply than market rates.

Customer assets at end-December 2024 totalled €120 billion, up +3.6% compared with end-December 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.5%, while the cost of ressources decreased. Lastly, off-balance sheet deposits rose +7.7%, benefiting from a market effect and positive net inflows.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile devices or personal accident insurance increased to 20.0%, up 1.2 percentage points compared with the fourth quarter of 2023.

Crédit Agricole Group activity in Italy⁷⁶

The Group’s business lines in Italy continued to grow throughout 2024. They served 6.1 million customers at end-December 2024, and the Group’s market share stood at 5%⁷⁷ in Italy at end-2024.

Crédit Agricole Italia has the best NPS among commercial banks.⁷⁸ The Group’s business lines were ranked 2^nd in consumer finance⁷⁹, 3^rd in asset management⁸⁰, and 4^th in life bancassurance⁸¹.

Loans outstanding stood at €102 billion at end-December 2024 (+2% versus end-December 2023). Total customer assets stood at €340 billion at end-December 2024 (+2.7% compared to end-December 2023).

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were stable at -0.2% at current exchange rates at end-December 2024 compared with end-December 2023 (+5.2% at constant exchange rates). Customer assets rose by +1.2% over the same period at current exchange rates (+8,9% at constant exchange rates).

In Poland in particular, loan outstandings increased by +3.8% versus December 2023 (+2.1% at constant exchange rates) and customer assets by +7.5% (+9.3% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +9% compared with the fourth quarter of 2023 at current exchange rates (+6.3% at constant exchange rates).

In Egypt, loan outstandings fell -16.4% between end-December 2024 and end-December 2023 (+29.3% at constant exchange rates). Over the same period, inflows fell by -26.8% but were still up +13.2% at constant exchange rates.

The surplus of deposits over loans in Poland and Egypt amounted to €2.4 billion at 31 December 2024, and totalled €4.1 billion including Ukraine.

French retail banking results

In the fourth quarter of 2024, LCL’s revenues stood at €960 million, stable (+0.1%) compared with the fourth quarter of 2023 (+0.8% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 2023⁸²). The increase in fee and commission income (+8.4% Q4/Q4) was driven by all activities (excluding securities management), but mainly by strong momentum in cash flow and card premiums. NIM was down -7.7% Q4/Q4 (-6.6% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 2023⁸²). This quarter, the net interest margin was boosted by higher lending yields (stock repricing +18 bp Q4/Q4 and +5 bp Q4/Q3) making it possible to offset the increased cost of resources and a lower contribution from macro-hedging.

Expenses were down by -1.1% and stood at -€647 million, benefiting in particular from a positive base effect (non-recurring items recorded in Q4 2023 including provisions on HR, property and IT components) making it possible to offset continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio stood at 67.4%, down 0.8 percentage point compared to fourth quarter 2023. Gross operating income rose by +2.7% to €313 million.

The cost of risk was down -19.3% compared with the fourth quarter of 2023 to -€78 million (including -€42 million in cost of risk on performing loans, -€36 million in proven risk), cost of risk/outstandings remained stable at 22 basis points, in a context of a deterioration for SMEs and small businesses. The coverage ratio stood at 62.6% at end-December 2024 (+2.8 percentage point compared with end-September 2024). The non-performing loans ratio was 2.0% at end December 2024, -0.1 percentage point compared to end September 2024. As a result, net income Group share increased by +13.1% compared with the fourth quarter of 2024 (+16.3% excluding the Home Purchase Saving Plan base effect⁸²).

For the year 2024, LCL revenues were up +0.6% compared to 2023, totalling €3,872 million (+2.6% excluding the Home Purchase Saving Plan base effect⁸³). The net interest margin was down -1.6% (+1.3% excluding the Home Purchase Saving Plan base effect⁸³), benefiting from gradual loan repricing, making it possible to offset the increased cost of resources. Fee and commission income was up +2.7% compared to 2024 (+3.9% excluding the Cheque Image base effect⁸⁴ in 2023), particularly on life insurance segments supported by the increase in assets in a positive market context, on non-life insurance linked to property and casualty insurance, and on payment instruments and account management. Costs excluding SRF were up +2.2% due to continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio excluding SRF stood at 63.2% (+1.0 percentage point compared with 2023). Gross operating income grew by +1.0% year on year. Cost of risk increased by +24.0%, impacted by the rise in proven risk on the corporate market, including corporate-specific files and on the retail market (small businesses and consumer finance). All in all, the business line’s contribution to net income Group share stood at €790 million, down -5.4% (+1.8% excluding the Home Purchase Saving Plan base effect and Cheque Image fine reversal)

In all, the business line contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in 2024 and 14% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the business line stood at €5.4 billion and risk-weighted assets amounted to €56.8 billion. LCL’s underlying return on normalised equity (RoNE) stood at 13.7% in 2024.

International Retail Banking results⁸⁵

In the fourth quarter of 2024, revenues for International Retail Banking totalled
€969 million, stable (-0.5% at current exchange rates, +2.8% at constant exchange rates) compared with the fourth quarter of 2023. Operating expenses were under control at €568 million, down -9.5% (-8.3% at constant exchange rates). Gross operating income consequently totalled €401 million, up +15.7% (+24.6% at constant exchange rates) for the period. Cost of risk amounted to -€100 million, down -2.5% compared with the fourth quarter of 2023 (-0.5% at constant exchange rates).

All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €158 million in the fourth quarter of 2024, up +54% (+68.6% at constant exchange rates).

For full-year 2024, International Retail Banking revenues rose by +2.8% to €4,059 million (+1.0% at constant exchange rates). Expenses excluding SRF were under control at -€2,148 million, an increase of +1.4% on 2023. Gross operating income totalled €1,911 million, up +6.7% (+5.3% at constant exchange rates). The cost of risk fell by -32.5% (-21.2% at constant exchange rates) -€313 million compared to 2023. All in all, net income Group share of International Retail Banking was €836 million, compared with €703 million in 2023.

In full-year 2024 the International Retail Banking business line contributed 11% to the underlying net income Group share of Crédit Agricole S.A’s core businesses. (excluding the Corporate Centre) and 15% to underlying revenues excluding the Corporate Centre.

As at 31 December 2024, the capital allocated to International Retail Banking was €4.5 billion and risk-weighted assets totalled €46.9 billion.

Results in Italy

In fourth quarter 2024, Crédit Agricole Italia’s revenues stood at €733 million, up +2.7% from fourth quarter 2023. The net interest margin was relatively stable from fourth quarter 2023 (-0.2% compared to fourth quarter 2023) and fee and commission income (-0.1%) benefited from the strong momentum of fee and commission income on assets under management (+18.8% compared to fourth quarter 2023). Operating expenses, excluding DGS, were stable at +0.8% compared to the fourth quarter of 2023.

Cost of risk amounted to -€76 million in the fourth quarter of 2024, down -21.2% from the fourth quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁸⁶ stood at 40 basis points, an improvement of four basis points compared with the third quarter of 2024. The Non Performing Loans ratio improved compared with the third quarter of 2024 to stand at 2.9%, while the coverage ratio was 75.1% (+1.5 percentage points compared with the third quarter of 2024). Net income Group share for CA Italia was €112 million, up +74.3% compared to the fourth quarter of 2023.

In full-year 2024, revenues for Crédit Agricole Italia rose by +1.3% to €3,056 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,602 million, up +0.1% compared with full-year 2023. Gross operating income stood at €1,396 million, a slight increase of +6.1% compared to 2023. The cost of risk amounted to -€246 million, down -25.5% compared to 2023. As a result, the net income Group share of CA Italia totalled €608 million, an increase of +12.7% compared to 2023.

CA Italy’s underlying RoNE (return on normalised equity) was 20,8% at 31 December 2024.

Results for Crédit Agricole Group in Italy⁸⁷

For full-year 2024, the underlying net income Group share of entities in Italy was €1,254 million, up 20% compared to 2023. This reflects the ongoing momentum of the various business lines, particularly Retail Banking, Asset Gathering, and Large Customers. The breakdown by business line is as follows: Retail Banking 49%; Specialised Financial Services 18%; Asset Gathering and Insurance 21%; and Large Customers 12%. Lastly, Italy’s contribution to the net income Group share of Crédit Agricole S.A. in full-year 2024 was 16%.

International Retail Banking results – excluding Italy

In the fourth quarter of 2024, revenues for International Retail Banking excluding Italy totalled €236 million, up -9.3% (+3.3% at constant exchange rates) compared to the fourth quarter of 2023. Revenues in Poland were up +2.5% on the fourth quarter of 2023 (+0.1% at constant exchange rates), boosted by a higher net interest margin. Revenues in Egypt fell (-21.5% compared with the fourth quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound) but were particularly buoyant at constant exchange rates (+25%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €126 million, down -1.3% compared with the fourth quarter of 2023 (+5.1% at constant exchange rates). Gross operating income amounted to €110 million, a decrease of -17.1% (+1.9% at constant exchange rates) compared with the fourth quarter of 2023. The cost of risk was stable at -€24 million, versus -€6 million in fourth quarter 2023. Furthermore, at end December 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 151% respectively. In Ukraine, the local coverage ratio remains prudent (409%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €46 million, up 20.2% compared with the fourth quarter of 2023 at current exchange rates (+56.4% at constant exchange rates).

In full-year 2024, revenues for International Retail Banking excluding Italy totalled €1,003 million, up +7.7% (+19.0% at constant exchange rates) compared to 2023, driven by the increase in the net interest margin. Revenues in Poland increased dynamically by +21% compared to 2023 (+15% at constant exchange rates) driven by net interest margin and commissions. Revenues in Egypt decreased slightly by -3% at current exchange rates compared to 2023, taking into account the evolution of exchange rates (in a context of devaluation of the EGP currency) but remain very well oriented at constant exchange rates (+43% compared to 2023), benefiting from a strong increase in the interest margin. Operating expenses amounted to -€488 million, up +6.9% compared with 2023 (+10.6% at constant exchange rates). The cost/income ratio at end-December 2024 was 48.6% (an improvement of 0.4 points on the cost/income ratio at end-December 2023). Thanks to strong growth in revenues, gross operating income came to €515 million, up 8.5% (+28.1% at constant exchange rates) from 2023. Cost of risk amounted to -€67 million, down -50.0% (-49.1% at constant exchange rates) compared to 2023. All in all, International Retail Banking excluding Italy contributed €228 million to net income Group share.

The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 29.5% at 31 December 2024.

At 31 December 2024, the entire Retail Banking business line contributed 21% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the division’s equity amounted to €9.9 billion. Its risk-weighted assets totalled €103.7 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was +€18 million in the fourth quarter of 2024, up +€236 million compared with the fourth quarter of 2023. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€26 million) and other items (+€44 million).
The contribution of the “structural” component (-€26 million) was up by +€193 million compared with the fourth quarter of 2023 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€354 million in the fourth quarter of 2024, down -€116 million, mainly due to a negative corporate income tax catch-up effect of -€91 million.
The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). They contributed +€315 million in the fourth quarter 2024, up +€297 million from the fourth quarter of 2023. This was due to the negative impact of the revaluation of Banco BPM shares for +234 million in revenues (+€271m in the fourth quarter of 2024 compared to +€37m in the fourth quarter of 2023), as well as an interim dividend of +€60 in revenues.
Group support functions. Their contribution amounted to +€12 million this quarter (+€12 million compared with the fourth quarter of 2023).

The contribution of “other items” was up +€43 million compared with the fourth quarter of 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was -€198 million in revenues and +€198 million in expenses.

Over 2024, the underlying net income Group share of the Corporate Centre division was -€488 million, up +€105 million compared with 2023. The structural component contributed -€539 million, and other items of the division recorded a positive contribution of +€51 million over the year.
The “structural” component contribution was up €160 million compared with 2023 and can be broken down into three types of activities:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€1,120 million in 2024, down -€202 million compared to 2023, including a base effect of -€171 million related the reversal of the provision for Home Purchase Saving Plans recognised in the third quarter of 2023 as well as -€42 million relating to the reversal of the Cheque Image Exchange fine in the second quarter of 2023;
Business lines not attached to the core businesses, such as CACIF (private equity) and CA Immobilier and BforBank: their contribution, which stood at +€549 million in 2024, was up +€343 on 2023. This increase was primarily due to the end of the SRF building-up period (+€77 million) and the impact of the valuation and dividend of Banco BPM shares for +€387 million;
The Group’s support functions: their contribution for 2024 was +€32 million, up +€19 million compared to 2023.

The contribution of “other items” was down -€55 million compared to 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the year, the impact of internal margins was -€832 million in revenues and +€832 million in expenses.

At 31 December 2024, risk-weighted assets stood at €30.0 billion.

Financial strength

Crédit Agricole Group

At 31 December 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.2%, a decrease of -0.2 percentage point compared to end-September 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.4 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.1%.
During the fourth quarter 2024:

The CET1 ratio benefited from an impact of +25 basis points related to retained earnings.
Changes in risk weighted assets related to business line organic growth impacted the Group’s CET1 ratio by -28 basis points (see below), mainly due to a rating effect of -15 basis points.
Methodology, M&A and other effects had a negative impact of -14 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.

The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 20.9% at end-December 2024.
The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-September 2024, well above the regulatory requirement of 3.5%.
Risk-weighted assets for the Crédit Agricole Group amounted to €653 billion, up +€17.5 billion compared with 30 September 2024. The change can be broken down by business line as follows: Retail Banking +6.9 billion (including +4.1 billion in negative rating effects on LCL and the Regional Banks, Asset Gathering -1.3 billion, Specialised Financial Services +4.3 billion, Large Customers +7.3 billion (impacted by foreign exchange and negative rating effects) and Corporate Centre +0.3 billion.

Maximum Distributable Amount (MDA and L-MDA) trigger thresholds

The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.

The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1 capital, Tier 1 capital and total equity.

At 31 December 2024, Crédit Agricole Group posted a buffer of 666 basis points above the MDA trigger, i.e. €44 billion in CET1 capital.

Failure to comply with the leverage ratio buffer requirement would result in a restriction of distributions and the calculation of a maximum distributable amount (L-MDA).

At 31 December 2024, Crédit Agricole Group posted a buffer of 197 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. At the Crédit Agricole Group level, it is the distance to the L-MDA trigger that determines the distance to distribution restriction.

At 31 December 2024, Crédit Agricole S.A. posted a buffer of 296 basis points above the MDA trigger, i.e. 12 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

TLAC

Crédit Agricole Group must comply with the following TLAC ratio requirements at all times:

a TLAC ratio above 18% of risk-weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, Crédit Agricole Group must adhere to a TLAC ratio of above 22.3%;
a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

At 31 December 2024, Crédit Agricole Group’s TLAC ratio stood at 26.9% of RWA and 8.0% of leverage ratio exposure, excluding eligible senior preferred debt⁸⁸, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk-weighted assets, decreased by 40 basis points over the quarter, due to risk-weighted assets increasing more rapidly than equity and eligible items over the period. Expressed as a percentage of leverage exposure (LRE), the TLAC ratio was down 20 basis points compared with September 2024.

The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 460 basis points higher, i.e. €30 billion, than the current requirement of 22.3% of RWA.

At end-December 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €2.5 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €34.5 billion.

MREL

The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 31 December 2024, Crédit Agricole Group has to meet a minimum total MREL requirement of:

22.01% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a total MREL ratio of above 26.3%;
6.25% of the LRE.

At 31 December 2024, the Crédit Agricole Group had a total MREL ratio of 32.4% of RWA and 9.7% of leverage exposure, well above the requirement.

An additional subordination requirement (“subordinated MREL”) is also determined by the resolution authorities and expressed as a percentage of RWA and LRE. At 31 December 2024, this subordinated MREL requirement for the Crédit Agricole Group was:

18.25% of RWA, plus a combined capital buffer requirement. Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a subordinated MREL ratio of above 22.6%;
6.25% of leverage exposure.

At 31 December 2024, Crédit Agricole Group had a subordinated MREL ratio of 26.9% of RWA and 8.0% of leverage exposure, well above the requirement.

The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowest of the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.

At 31 December 2024, Crédit Agricole Group had a buffer of 430 basis points above the M-MDA trigger, i.e. €28 billion in CET1 capital; the distance to the M-MDA trigger corresponds to the distance between the subordinated MREL ratio and the corresponding requirement.

Crédit Agricole S.A.

At 31 December 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with a phased-in Common Equity Tier 1 (CET1) ratio of 11.7%, stable compared to end-September 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.0 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.6%.
During the fourth quarter 2024:

The CET1 ratio benefited this quarter from a positive impact of +19 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons (impact of +38 basis points) and of the distribution of 50% of earnings, i.e. a provision for dividends of 27 euro cents per share in third quarter 2024 (-20 basis points).
Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by -12 basis points, of which a rating effect of -10 basis points in Corporate and Investment Banking and French Retail Banking.
- Methodology, M&A and other effects had a negative impact of -13 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.
The phased-in leverage ratio was 3.9% at end-December 2024, up +0.1 percentage point compared to end-September 2024 and above the 3% requirement.

The phased-in Tier 1 ratio stood at 13.4% and the phased-in total ratio at 17.4% this quarter.
Risk weighted assets for Crédit Agricole S.A. amounted to 415 billion at end of December 2024, up by +€12.9 billion compared to 30 September 2024. The change can be broken down by core business line as follows:

The Retail Banking divisions showed an increase of +€2.1 billion, particularly in France, with a rating effect at LCL of +€1.9 billion.
Asset Gathering posted a decrease of -€1.2 billion essentially for Insurance due to the impact of the interim dividend.
Specialised Financial Services increased by +€4.3 billion, due to the Basel 4 impact of consolidation of leasing activities
Large Customers recorded an increase in risk-weighted assets of +€7.4 billion over the quarter, mainly as a result of the growth of the Corporate and Investment Banking business lines, and negative foreign exchange effects (+€2.7 billion) and ratings (+€1.5 billion).
The Corporate Centre divisions posted an increase in risk-weighted assets of +€0.4 billion.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

Preliminary presentation information:

At 31 December 2024, changes have been made to the liquidity balance sheet:

In assets, the section “Cash and Central Bank deposits (including mandatory reserves)”, eligible to LCR, was reduced to “Central Bank deposits (without Cash and mandatory reserves)”, for consistency with the presentation of Liquidity reserves, which exclude Cash and mandatory reserves. The latter have been reclassified under stable application of funds for the surplus of stable funding resources over stable application of funds, in the section “Net working capital” (see Infra). This methodological change had a negative impact on the indicator of €16 billion;
In assets, the sections “Interbank assets” and “Reverse repos (net) and other ST” in the banking book have been merged into a single section called “Treasury assets”;
In liabilities, the “Customer-related funds” section now only contains customer deposits eligible for the Stable Resources Position indicator⁸⁹, and bonds issued by Group entities through its retail networks as well as national or supranational borrowings are now listed in the “LT debt” section (formerly called “MLT market funds”);
The sections “Tangible and intangible assets” previously in assets and “Equity and similar” previously in liabilities are netted in a single section called “Net working capital” in liabilities. The later now also includes the difference between accrued liabilities and accrued interests, which were historically included in the section “Reverse repos and other ST”. This reclassification had a positive impact on the surplus of stable funding resources over stable application of funds of €3 billion.

In addition, the following changes have been made to the breakdown of long-term debt (considered within the meaning of banking activities) from the 31 December 2024:

Senior Preferred bonds issued by Group entities through its retail networks are classified within other debt with the same ranking issued on the market;
National or supranational borrowings are classified as senior secured debt.

Comments on the liquidity position:

Diversified and granular customer deposits has increased by +2% over the quarter (€1,152 billion at 31 December 2024). The stabilisation of the breakdown in deposits continues this quarter in France.

The Group’s liquidity reserves, at market value and after haircuts⁹⁰, amounted to €473 billion at 31 December 2024, up +€7 billion compared to 30 September 2024.

Liquidity reserves (without Cash and Central Bank deposits) covered more than twice the short term debt net of treasury assets.

This increase in liquidity reserves is notably explained by:

The increase in the securities portfolio (HQLA and non-HQLA) for +€24 billion, due to the subscription of additional securities (instead of Central Banks deposits, Cf. Infra) and to the change in haircuts to better reflect the economic reality of central bank value;
The decrease of collateral already pledged to Central Banks and unencumbered for -€12 billion since additional private non-financial corporate claims (ACC Corpo) are no longer eligible to ECB funding from Q4.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €139 billion.

Standing at €1,685 billion at 31 December 2024, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €177 billion, down -€12 billion compared with end-September 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €305 billion at 31 December 2024, up from pro-forma end-September 2024.

This included:

Senior secured debt of €84 billion;
Senior preferred debt of €159 billion, up +€10 billion, of which €7.5 billion due to the consolidation of CAPFM’s car lease subsidiaries in compliance with CRR3 regulation;
Senior non-preferred debt of €37 billion;
And Tier 2 securities of €25 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

At 31 December 2024, the end of month LCR ratios were 127% for Crédit Agricole Group (representing a surplus of €66 billion) and 131% for Crédit Agricole S.A. (representing a surplus of €64 billion). They were higher than the Medium-Term Plan target (around 110%). The LCR ratio was lower in December given higher one-month net outflows weighing on the denominator of the ratio.

In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

At 31 December 2024, the Group’s main issuers raised the equivalent of €32.7 billion⁹¹in medium-to-long-term debt on the market, 81% of which was issued by Crédit Agricole S.A.

In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

Crédit Agricole Assurances issued €750 million in Tier 2 10-year bullet subordinated and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September;
Crédit Agricole Personal Finance & Mobility issued:
- €2 billion equivalent in EMTN issuances and €0.9 billion in securitisations through Crédit Agricole Auto Bank (CAAB);
- €0.7 billion in securitisations through Agos;
Crédit Agricole Italia issued two senior secured debt issuances for a total of €1.5 billion, of which €500 million in Green Bond format;
Crédit Agricole next bank (Switzerland) issued three tranches in senior secured format for a total of 300 million Swiss francs, of which 100 million Swiss francs in Green Bond format

At 31 December 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion through the market⁹²^,⁹³.

The bank raised the equivalent of €24.1 billion, of which €7.3 billion in senior non-preferred debt and €3.1 billion in Tier 2 debt, as well as €7.2 billion in senior preferred debt and €6.5 billion in senior secured debt at end-December. The financing comprised a variety of formats and currencies, including:

€6.3 billion⁹⁴^,⁹⁵;
6.35 billion⁹⁶ US dollars (€5.8 billion equivalent);
1.1 billion pounds sterling (€1.3 billion equivalent);
230 billion Japanese yen (€1.4 billion equivalent);
0.8 billion Swiss francs (€0.8 billion equivalent);
1.75 billion Australian dollars (€1.1 billion equivalent);
7 billion renminbi (€0.9 billion equivalent).

At end-December, Crédit Agricole S.A. had issued 64%⁹⁷^,⁹⁸ of its funding plan in currencies other than the euro.

In addition, on 2 January 2024, Crédit Agricole S.A. issued a PerpNC6 AT1 bond for €1.25 billion at an initial rate of 6.5% and, on 24 September 2024, a PerpNC10 AT1 bond for $1.25 billion at an initial rate of 6.7%.

The 2025 MLT market funding programme was set at €20 billion, with equilibrium between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

The programme was 30% completed at 31 January 2025, with:

€0.5 billion in senior secured debt;
€0.3 billion equivalent in senior preferred debt;
€4.6 billion equivalent in senior non-preferred debt;
€0.7 billion equivalent in Tier 2 debt.

Economic and financial environment

2024 retrospective

Continuing trend of disinflation and monetary easing

The global context remained contentious and eruptive, marked by significant geopolitical tensions and ongoing open conflicts such as the wars in Ukraine and the Middle East, which began in February 2022 and October 2023, respectively. On their emergence, these conflicts had caused tensions for upstream prices, particularly for grain, gas and maritime transport. These sharp price increases combined with sources of inflation arising from the post-Covid recovery: pressure on demand (recovering strongly) and supply (tight), problems or disruptions in supply, slow return of the participation rate on the labour market to its pre-pandemic level (labour shortage, wage pressures).
This combination of shocks resulted in a sudden upturn in global inflation, which peaked at 10.3% in October 2022 (an annual average of 8.7% in 2022 after 3.8% in 2021). This high inflation and the need to anchor inflation expectations quickly, to avoid price-wage spirals and persisting very high levels of inflation, resulted in sharp monetary tightening. The Federal Reserve and the ECB also began, in March and July 2022, respectively, a powerful rate hike cycle (increases of 525 and 450 base points (bp), respectively, in around 15 months). Thanks to the resorption of shocks upstream, the normalisation of the labour markets and the effects of monetary tightening, disinflation occurred from 2023 (average global inflation at 6.9%); global growth held up well overall.
2024 was marked by widespread continued disinflation (average global inflation at 5%, 4.5% year-on-year in December), despite the resilience of services prices being almost as widespread. After having kept their policy rates at high levels for some time, the major central banks started to make cuts in the summer. While the ECB reduced its deposit rate by 150 bp (to 3% for a refinancing rate of 3.15% in December 2024), the Fed reduced the federal funds target rate by 100 bp (upper bound at 4.50% in December 2024). Widely anticipated, this monetary easing provided support to still robust global growth (recession was avoided despite the high inflation followed by much stricter financial conditions) but for which the overall resilience still masks very mixed performances.
Overall resilient growth masking mixed performances

In the US, the economy once again demonstrated its robustness in 2024, with growth that continued to exceed expectations, coming in at an annual average of 2.8% (after 2.9% in 2023). Despite some pockets of weakness (households with low incomes, negative net equity, small businesses, vulnerable workers more exposed to high interest rates), the monetary and financial tightening did not have a widespread depressive effect thanks to an overall strengthening of balance sheets (corporate and household) after the financial crisis. While the employment market showed signs of a slowdown, this was more of a normalisation following a period of overheating rather than a deep deterioration. The unemployment rate rose only slightly, (4.1% at end-December 2024 vs 3.8% one year earlier). Lastly, confirming that the last mile of disinflation is the hardest, year-on-year inflation climbed very slowly from September to reach 2.9% in December.
In China, the property market has not yet stabilised and support measures (lowering mortgage rates, lowering reserve requirement rates to free up liquidity, creating support funds to buy back certain vacant properties or properties under construction) have not generated the confidence boost expected. Households have preferred to maintain their precautionary savings, to the detriment of consumption, and weak domestic demand has continued to feed strong deflationary pressure. Thanks to better-than-expected growth in the last quarter (5.4% year-on-year), average annual growth reached the government target of “around 5%”. However, inflation (0.2% in 2024) remained far below the Central Bank’s 3% target.
In France, growth came in at 1.1% in 2024, as in 2023. However, inflation dropped sharply, with an annual average of 2%, after 4.9% in 2023. This disinflation led to increased purchasing power for households, although this did not translate into a sharp rise in consumption. The savings rate for households therefore increased to 18%, as an annual average, compared to below 17% in 2023 and 14% before the health crisis (2015-2019). Employment proved very resilient in 2024 and the unemployment rate showed only a slight increase (7.4%). As the previous tightening of financial terms continued to weigh heavily on private investment, domestic demand decelerated and growth was driven by foreign trade and the public sector. While public consumer spending drove growth, on the other side of the coin, the public deficit significantly increased and should reach around 6.2% of GDP (after 5.5% in 2023).

In Italy, the slowdown in activity continued in 2024, with growth limited to 0.5%. The disinflation process that began at the end of 2023 continued (average annual inflation of 1.1%) but was not enough to significantly boost the economy. A buoyant employment market (with an unemployment rate of 6.7%, down one point on 2023), low inflation and slight wage increases enabled an upturn in purchasing power after two years of decline. Despite this support, growth in household consumption remained moderate and the savings rate stabilised after its drop in 2023. Investment growth stagnated, driven solely by projects linked to the stimulus package, while productive investment declined sharply, particularly in the third quarter. Continued restrictive financing terms and insufficient demand, both domestically and internationally, have hampered supply, particularly in industry, which saw a marked drop. The construction sector, supported in the first six months by the delayed effect of the Super Bonus, then slowed.

Financial markets

Disinflation did not drive inflation rates to the targets set by the major central banks, but within their “comfort zones” and enabled them, during the summer, to ease their monetary policy. However, firstly, the “last mile” of disinflation has proved harder than the markets had anticipated and, secondly, the US election revived hopes of stronger growth but fears of higher inflation in the US. Consequently, investors have had to temper their hopes for monetary easing and bond rate cuts, particularly in the US.

On the other side of the Atlantic, while two-year US Treasury yields fell back very slightly during the year (around 4.25% in December 2024), longer-term rates (US 10-year Treasuries) picked up by almost 65 bp (to almost 4.60%). In the eurozone, with a fairly depressed growth outlook and modest inflation, 2-year and 10-year swap rates fell by around 65 bp and 15 bp, respectively, over the year (to 2.20% and 2.35%). The trend in sovereign spreads reflected the relative economic, as well as political, performance of the economies. Whilst difficulties piled up in Germany, the European periphery enjoyed political stability and/or better economic growth. While the Bund rate (German 10-year rate) gained 30 bp over the year (to 2.35%, i.e. the 10-year swap rate level, having been nearly 50 bp below this level at the end of December 2023), peripheral spreads tightened. In France, political instability and concerns about the trajectory of French debt prompted the spread to widen. At the end of 2024, the Spanish, Italian and French 10-year yield spreads against the Bund were around 120, 70 and 80 bp, respectively, (i.e. variations of -25 bp, -50 bp and +30 bp over the year). France’s spread is now higher than Spain’s.

In 2024, US economic performance far outstripped that of other major regions, notably Europe. Whilst US equity markets were again buoyed by the performance of the “Magnificent Seven” and the expected benefits of the US election, Europe suffered for a variety of reasons (depressed manufacturing sector, high energy costs, excessive regulation, Chinese competition, technology gap, political concerns in France and Germany etc.). Between the start and end of 2024, the S&P index rose by 24%, the Eurostoxx 50 was up 8% and the CAC was down 2%. Lastly, although stable on average over the year (at US$1.08), the euro fell against the dollar by 5.5% between January and December 2024.

2025 Outlook

A highly conditional scenario

More than ever, the outlook is dependent on the future course of US geopolitics and economic policy. The assumptions made about the scale and timing of the measures to be taken by the new administration suggest that, in the US, the economy is likely to remain resilient, but also that inflation will pick up, monetary easing will be modest and long-term interest rates will come under upwards pressure. Moreover, these measures are only one explanation for the eurozone’s expected sluggish recovery, below potential.
Outlining the US (and, by extension, global) scenario obviously involves making assumptions about both the scale of the measures likely to be implemented and their timing, depending on whether they fall under the purview of the President or require the approval of Congress. As far as tariffs are concerned, the US President’s threats seem to be tantamount to extreme pressure tactics. They call for an intermediate scenario consisting of substantial increases, but not as high as campaign proposals. Trade tariffs would likely rise to an average of 40% for China, from the second quarter of 2025, and to an average of 6% for the rest of the world, phased in over the second half of 2025. An aggressive fiscal policy, favouring tax cuts and maintaining extremely high deficits, would be implemented later. Its effects could be seen from 2026 onwards. In terms of immigration, restrictions could be applied from the start of the presidential term. They would be followed by a very sharp slowdown in immigration flows and, while deportations are to be expected, they would be selective as opposed to a massive and indiscriminate deportation of millions of people. Lastly, deregulation, from which the energy and finance sectors are likely to benefit the most, would have rather positive effects throughout the presidential term of office.

In the US, these policy guidelines should, on the whole, favour growth. If the expected positive effect of an aggressive fiscal policy and deregulation exceeds the negative impact of tariffs and immigration restrictions, growth will follow. Given the resilience of the US economy, whose growth is still expected to outperform forecasts to settle at around 2.8% in 2024, this suggests that growth will remain strong, albeit slightly weaker. Due to a number of vulnerabilities (low-income households and small businesses are more exposed to high interest rates), our scenario assumes a slowdown to 1.9% in 2025, before a recovery to 2.2% in 2026, a trend that is likely to be accompanied by an upturn in inflation. The end of the disinflationary path to the 2% target is, in fact, the most arduous, and tariffs could result in price pressure ranging between 25 to 30 basis points. Headline inflation could therefore fall back to around 2% next spring, before rising to around 2.5% by the end of 2025 and then remain stable in 2026. The potential for monetary policy easing will be very limited.

In the eurozone, growth is likely to be sluggish, with the economy still not meeting its growth potential and below the pace enjoyed by the US. Although the upturn in household consumption points to slightly stronger growth, the latest data regarding investment does not augur well for a marked acceleration. Falling inflation boosts purchasing power, as well as a rebuilding of real wealth, implying less saving, and lower interest rates help to restore property purchasing power. The ingredients are there for a continued recovery in household spending, albeit only at a very moderate pace, however, as fiscal consolidation and global uncertainty are likely to encourage a continued high savings rate. Our scenario therefore assumes a modest acceleration in consumption to 1.1% in 2025 and 1.2% in 2026, after 0.7% in 2024. After a sharp fall in 2024, investment in 2025 is likely to continue to be penalised by the delay in passing on the interest rate cuts and, above all, by weak domestic demand and growing uncertainty about foreign demand. Investment is expected to grow by just 1.5%, before firming slightly in 2026 (2%). The Trump administration’s policies are likely to have a moderately negative impact on growth in the eurozone, in the short term primarily due to uncertainty. Les politiques de l’administration Trump auraient un impact modérément négatif sur la croissance de la zone euro, dont le canal le plus important à court terme serait l’incertitude. In addition, the monetary and fiscal policy mix remains unfavourable to growth, with the central bank policy rate returning to neutral by mid-2025, while the reduction in the ECB’s balance sheet continues to reflect a restrictive stance. Our forecasts therefore place growth on a relatively soft acceleration trend, rising from 0.7% in 2024 to 1% in 2025, then 1.2% in 2026: growth potential would be attained, but the output gap, which is slightly negative, would not yet be closed, as the growth gap with the US economy would widen.
In France, in 2025, assuming that a 2025 finance act is adopted at the beginning of the year (probably at the end of the first quarter) and that the recovery in public finances is weaker than forecast by the former Barnier government’s draft bill, growth would fall to 0.8%. Economic activity would be curbed, especially at the start of the year, by the uncertainty surrounding national politics and international trade policies. Households and businesses are likely to adopt a more wait-and-see attitude to consumption, investment and hiring. Household consumption is nevertheless set to rise as a result of the ongoing disinflation process, with inflation easing to 2.1% on an annual average basis (CPI), but only slightly. The household savings rate is not expected to fall until the second half of the year and will remain very high, while the unemployment rate is set to rise moderately. Private investment, meanwhile, is expected to remain stable, with an upturn postponed until 2026. Foreign trade is no longer expected to contribute to growth, as imports and exports are expected to grow at more or less the same rate. A slight re-stocking phenomenon is set to support growth, but budgetary efforts are likely to weaken. The public deficit is, however, only expected to fall slightly, to 6% of GDP. In Italy, a slight improvement is expected in 2025, with GDP growth forecast at 0.6%. Although a weakening labour market and slightly higher inflation are expected, consumption should become the main driver of the economy. Productive investment could benefit from a more favourable monetary environment. The construction sector will continue to be weakened by the after-effects of the boom of previous years, despite partial support from projects under the stimulus package.

Regarding emerging countries, were it not for the difficulties associated with “Trump 2.0”, the situation would be improving, with lower US central bank policy rates conducive to global monetary easing, easing of downwards pressure on emerging currencies and, more generally, on external financing for emerging countries, with domestic growth buoyed by falling inflation and interest rate cuts and exports to developed countries (primarily the US) still buoyant. However, the effects of these supporting factors are at risk of being undermined by the probable repercussions of the measures taken by the new US administration. In addition to trade tariffs that are likely to make emerging country exports more expensive and more limited, there will be less monetary accommodation in the US and a probable reduction in US military and financial support for Ukraine, fuelling geopolitical uncertainty in Europe. It will therefore be preferable to be a large country with a low level of openness, such as India, Indonesia or Brazil, a commodity-exporting country or an economy that is well integrated with China, which is preparing for the Trump storm.

In China, the last Politburo meeting concluded in December with a commitment by the authorities to implement a “more proactive” fiscal policy and a “sufficiently accommodating” monetary policy, in order to boost domestic demand and stabilise the property and equity markets. A period of trade tensions is looming and, apart from restrictions on exports of critical products (including rare earths), the means of retaliation are limited. It is difficult to respond by boosting the competitiveness of exports (the yuan is already historically low) or by reciprocally raising tariffs, which would risk penalising already very fragile domestic consumption. The authorities’ plans to provide more vocal support for domestic demand are commendable, but the effectiveness of this strategy will depend on household confidence. The upturn cannot be ordered by decree, and our scenario continues to predict a slowdown in growth in 2025.

The market’s hopes of a sharp monetary easing have been refuted and are absolutely no longer on the agenda, especially in the US.

In an economy that is expected to remain robust, with inflation holding above 2% and which could pick up again, the easing would be modest. After a total reduction of 100 basis points in 2024 (bp), the Fed could ease by a further 50 bp in total, taking the Fed funds rate (upper limit of the target range) to 4.00% in the first half of 2025, before pausing for a prolonged period. With inflation on target and no recession in sight, the ECB is likely to continue moderate easing via its central bank policy rates, while extending its quantitative tightening. After its four 25 bp cuts in 2024, the ECB is expected to cut rates by 25 bp at its meetings in January, March and April, then maintain its deposit rate at 2.25%, i.e. very slightly below the neutral rate estimate (2.50%).
Everything points to a scenario of rising long-term interest rates. In the US, given the economic scenario (limited slowdown in growth and moderation in inflation concentrated at the beginning of the period) and modest monetary easing followed by an earlier pause, interest rates could fall slightly in the first half of 2025 before picking up. The new forecasts look to a ten-year Treasury rate nearing 4.50% at the end of 2025, then rising to around 5.00% at the end of 2026.

In the eurozone, a number of factors lead to a scenario of rising sovereign interest rates: excessive monetary easing expectations by the markets, the correction of which could lead to a rise in swap rates, an increase in the volume of government securities linked to the ECB’s balance sheet reduction (Quantitative Tightening) as well as still-high net national issuance and the extension of the rise in US bond yields to their European equivalents. Whilst the German economy (where early elections will be held in February) continues to suffer, and the political situation in France is not any clearer, “peripheral” countries have seen their sound economic results (notably Spain) and their political stability (this applies to Italy and Spain) rewarded by a significant tightening of their spreads against the German 10-year rate in 2024. They should benefit from the same supportive factors in 2025. Our scenario therefore assumes German, French and Italian ten-year interest rates of 2.55%, 3.15% and 3.55%, respectively, at the end of 2025.

Lastly, on the dollar front, a number of positive factors, including the increased attractiveness of the dollar in terms of yield, seem to have already been largely incorporated into its price. As a result, our scenario assumes that the greenback will remain close to its recent highs throughout 2025, without exceeding them for any long period.

Appendix 1 – Specific items, Crédit Agricole Group and Crédit Agricole S.A.

Crédit Agricole Group – Specific items

	Q4-24		Q4-23		2024		2023
€m	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income

DVA (LC)	(26)	(19)	6	4	20	15	(15)	(11)
Loan portfolio hedges (LC)	2	1	2	1	8	6	(24)	(18)
Home Purchase Savings Plans (LCL)	–	–	6	5	1	1	58	43
Home Purchase Savings Plans (CC)	–	–	5	4	(0)	(0)	236	175
Home Purchase Savings Plans (RB)	–	–	74	55	63	47	192	142
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	300	214
Check Image Exchange penalty (CC)	–	–	–	–	–	–	42	42
Check Image Exchange penalty (LCL)	–	–	–	–	–	–	21	21
Check Image Exchange penalty (RB)	–	–	–	–	–	–	42	42
_{Total impact on revenues}	₍₂₄₎	₍₁₈₎	₉₃	₆₉	₉₃	₆₉	₈₅₁	₆₅₀
_{Degroof Petercam integration costs (AG)}	₍₁₃₎	₍₁₀₎	_–	_–	₍₂₆₎	₍₁₉₎	_–	_–
_{ISB integration costs (LC)}	₍₂₇₎	₍₁₅₎	_–	_–	₍₉₇₎	₍₅₂₎	_–	_–
_{Mobility activities}_{reorganisation (}_SFS)	_–	_–	₄	₃	_–	_–	₍₁₄₎	₍₁₀₎
_{Total impact on operating expenses}	₍₃₉₎	₍₂₅₎	₄	₃	₍₁₂₃₎	₍₇₂₎	₍₁₄₎	₍₁₀₎
Mobility activities reorganisation (SFS)	–	–	–	–	–		(85)	(61)
Provision for risk Ukraine (IRB)	–	–	–	–	(20)	(20)	–	–
Total impact on cost of credit risk	–	–	–	–	(20)	(20)	(85)	(61)
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	–	–	–		(39)	(39)
ISB integration costs (LC)	(2)	–	–	–	(2)	–	–	–
Degroof Petercam acquisition costs (AG)	1	1	–	–	(22)	(16)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	89	57
Total impact Net income on other assets	(1)	1	–	–	(24)	(16)	89	57
Mobility activities reorganisation (SFS)	–	–	12	12	–	–	12	12
Total impact on change of value of goodwill	–	–	12	12	–	–	12	12
Mobility activities reorganisation (SFS)	–	–	–	3	–	–	–	3
Total impact on tax	–	–	–	3	–	–	–	3

Total impact of specific items	(64)	(42)	109	86	(74)	(39)	814	611
Asset gathering	(12)	(9)	–	–	(49)	(36)	–	–
French Retail banking	–	–	80	59	65	48	312	248
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	16	17	–	–	263	176
Large customers	(52)	(33)	8	6	(70)	(31)	(39)	(29)
Corporate centre	–	–	5	4	(0)	(0)	277	216

* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific items

Q4-24

Q4-23

2024

2023

€m

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

DVA (LC)

(26)

(19)

(15)

(11)

Loan portfolio hedges (LC)

(24)

(18)

Home Purchase Savings Plans (LCL)

–

Home Purchase Savings Plans (CC)

–

(2)

(1)

236

175

Mobility activities reorganisation (SFS)

–

300

214

Check Image Exchange penalty (CC)

–

Check Image Exchange penalty (LCL)

–

Total impact on revenues

₍₂₄₎

₍₁₇₎

₁₉

₁₄

₃₀

₂₁

₆₁₇

₄₆₄

_{Degroof Petercam integration costs (AG)}

₍₁₃₎

₍₉₎

_–

₍₂₆₎

₍₁₉₎

_–

_{ISB integration costs (LC)}

₍₂₇₎

₍₁₅₎

_–

₍₉₇₎

₍₅₂₎

_–

_{Mobility activities reorganisation (SFS)}

_–

₄

₃

_–

₍₁₄₎

₍₁₀₎

Total impact on expenses

₍₃₉₎

₍₂₅₎

₄

₃

₍₁₂₃₎

₍₇₁₎

₍₁₄₎

₍₁₀₎

Provision for risk Ukraine (IRB)

–

(20)

–

Mobility activities reorganisation (SFS)

–

(85)

(61)

Total impact on cost of credit risk

–

(20)

(85)

(61)

Mobility activities reorganisation (SFS)

–

(39)

Total impact equity-accounted entities

–

(39)

ISB integration costs (LC)

(2)

–

(2)

–

Degroof Petercam acquisition costs (AG)

–

(22)

(16)

–

Mobility activities reorganisation (SFS)

–

Total impact Net income on other assets

(1)

–

(24)

(16)

Mobility activities reorganisation (SFS)

–

Total impact on change of value of goodwill

–

Mobility activities reorganisation (SFS)

–

Total impact on tax

–

Total impact of specific items

(64)

(41)

(138)

(86)

580

425

Asset gathering

(12)

(9)

–

(49)

(35)

–

French Retail banking

–

International Retail banking

–

(20)

–

Specialised financial services

–

263

176

Large customers

(52)

(32)

(70)

(32)

(39)

(28)

Corporate centre

–

(2)

(1)

277

216

* Impact before tax and before minority interests

Appendix 2 – Crédit Agricole Group: income statement by business line

Crédit Agricole Group – Results by business line, Q4-23 and Q4-24

	Q4-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,276	960	993	2,037	915	2,108	(472)	9,817
Operating expenses excl. SRF	(2,503)	(647)	(588)	(930)	(447)	(1,298)	549	(5,863)
SRF	–	–	–	–	–	–	–	–
Gross operating income	773	313	405	1,107	468	810	77	3,954
Cost of risk	(263)	(78)	(97)	(11)	(306)	(93)	(19)	(867)
Equity-accounted entities	1	–	–	29	43	7	–	80
Net income on other assets	(2)	1	0	(0)	(9)	(1)	(10)	(20)
Income before tax	513	236	308	1,125	196	724	48	3,150
Tax	(110)	(44)	(100)	(313)	(49)	(166)	(2)	(784)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	404	192	207	813	147	557	46	2,366
Non controlling interests	(1)	(0)	(31)	(117)	(24)	(34)	(11)	(217)
Net income Group Share	403	192	177	696	124	523	35	2,149

	Q4-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,227	959	1,000	1,550	880	1,936	(782)	8,769
Operating expenses excl. SRF	(2,485)	(654)	(646)	(726)	(449)	(1,209)	488	(5,682)
SRF	–	–	–	–	–	–	–	–
Gross operating income	742	305	353	824	431	727	(294)	3,088
Cost of risk	(321)	(96)	(98)	(4)	(184)	(39)	(20)	(762)
Equity-accounted entities	(0)	–	(0)	29	40	5	–	73
Net income on other assets	(1)	0	2	(5)	(11)	(1)	(4)	(19)
Income before tax	420	209	258	843	288	692	(328)	2,382
Tax	(85)	(39)	(104)	(172)	(53)	(130)	128	(455)
Net income from discont’d or held-for-sale ope.	(0)	–	(10)	–	–	–	–	(10)
Net income	336	170	144	671	235	562	(200)	1,918
Non controlling interests	0	0	(24)	(123)	(18)	(25)	(4)	(194)
Net income Group Share	336	170	120	548	217	537	(204)	1,724

Crédit Agricole Group – Results by business line, 2024 et 2023

	2024 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	13,110	3,872	4,153	7,633	3,520	8,652	(2,879)	38,060
Operating expenses excl. SRF	(9,956)	(2,448)	(2,225)	(3,365)	(1,780)	(5,039)	2,084	(22,729)
SRF	–	–	–	–	–	–	–	–
Gross operating income	3,155	1,424	1,928	4,268	1,740	3,613	(795)	15,332
Cost of risk	(1,319)	(373)	(316)	(29)	(958)	(117)	(79)	(3,191)
Equity-accounted entities	8	–	–	123	125	27	–	283
Net income on other assets	1	5	0	(23)	(12)	1	(13)	(39)
Income before tax	1,849	1,056	1,612	4,339	895	3,523	(887)	12,388
Tax	(423)	(229)	(536)	(970)	(187)	(883)	341	(2,888)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	1,425	827	1,076	3,369	708	2,641	(546)	9,500
Non controlling interests	(2)	(0)	(160)	(481)	(82)	(139)	4	(860)
Net income Group Share	1,423	827	916	2,889	625	2,502	(542)	8,640

	2023 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	13,259	3,850	4,040	6,693	3,597	7,780	(2,728)	36,492
Operating expenses excl. SRF	(9,702)	(2,396)	(2,189)	(2,874)	(1,673)	(4,507)	1,877	(21,464)
SRF	(111)	(44)	(40)	(6)	(29)	(312)	(77)	(620)
Gross operating income	3,446	1,410	1,811	3,813	1,896	2,961	(928)	14,408
Cost of risk	(1,152)	(301)	(463)	(5)	(871)	(120)	(28)	(2,941)
Equity-accounted entities	9	–	1	102	130	21	–	263
Net income on other assets	5	21	3	(10)	71	2	(5)	88
Income before tax	2,308	1,130	1,353	3,900	1,237	2,865	(971)	11,821
Tax	(551)	(256)	(425)	(868)	(306)	(691)	350	(2,748)
Net income from discont’d or held-for-sale ope.	(0)	–	(3)	1	(0)	–	–	(3)
Net income	1,756	874	924	3,033	931	2,174	(621)	9,071
Non controlling interests	(0)	(0)	(145)	(466)	(79)	(118)	(4)	(813)
Net income Group Share	1,756	874	780	2,566	851	2,056	(625)	8,258

Appendix 3 – Crédit Agricole S.A.: Results by business line

Crédit Agricole S.A. – Results by business line, Q4-24 et Q4-23

	Q4-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	2,045	2,108	915	960	969	95	7,092
Operating expenses excl. SRF	(930)	(1,298)	(447)	(647)	(568)	(28)	(3,917)
SRF	–	–	–	–	–	–	–
Gross operating income	1,116	810	468	313	401	67	3,175
Cost of risk	(11)	(93)	(306)	(78)	(100)	(6)	(594)
Equity-accounted entities	29	7	43	–	–	(17)	62
Net income on other assets	(0)	(1)	(9)	1	0	(0)	(9)
Income before tax	1,133	723	196	236	302	44	2,634
Tax	(315)	(166)	(49)	(44)	(101)	(7)	(681)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–
Net income	819	557	147	192	201	37	1,953
Non controlling interests	(124)	(45)	(24)	(9)	(43)	(19)	(264)
Net income Group Share	695	512	124	183	158	18	1,689

	Q4-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,555	1,935	880	959	974	(262)	6,040
Operating expenses excl. SRF	(726)	(1,209)	(449)	(654)	(627)	(44)	(3,710)
SRF	–	–	–	–	–	–	–
Gross operating income	828	726	431	305	347	(306)	2,330
Cost of risk	(4)	(39)	(184)	(96)	(102)	(14)	(440)
Equity-accounted entities	29	5	40	–	(0)	(12)	61
Net income on other assets	(5)	(1)	(11)	0	2	(3)	(17)
Income before tax	848	691	288	209	246	(345)	1,937
Tax	(173)	(129)	(53)	(39)	(103)	128	(369)
Net income from discont’d or held-for-sale ope.	–	–	–	–	(10)	–	(10)
Net income	675	562	235	170	134	(217)	1,558
Non controlling interests	(130)	(37)	(18)	(8)	(31)	(1)	(224)
Net income Group Share	546	525	217	162	103	(218)	1,334

Crédit Agricole S.A. – Results by business line, 2024 et 2023

	2024 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	7,648	8,651	3,520	3,872	4,059	(570)	27,181
Operating expenses excl. SRF	(3,365)	(5,039)	(1,780)	(2,448)	(2,148)	(116)	(14,895)
SRF	–	–	–	–	–	–	–
Gross operating income	4,284	3,612	1,740	1,424	1,911	(685)	12,286
Cost of risk	(29)	(117)	(958)	(373)	(313)	(59)	(1,850)
Equity-accounted entities	123	27	125	–	–	(82)	194
Net income on other assets	(23)	1	(12)	5	0	23	(4)
Income before tax	–	–	–	–	–	–	–
Tax	4,355	3,523	895	1,056	1,599	(803)	10,625
Net income from discont’d or held-for-sale ope.	(973)	(883)	(187)	(229)	(535)	336	(2,472)
Net income	–	–	–	–	–	–	–
Non controlling interests	3,381	2,640	708	827	1,063	(466)	8,153
Net income Group Share	(506)	(192)	(82)	(37)	(227)	(22)	(1,067)
Revenues	2,875	2,448	625	790	836	(488)	7,087

	2023 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	6,688	7,779	3,597	3,850	3,949	(683)	25,180
Operating expenses excl. SRF	(2,874)	(4,507)	(1,673)	(2,396)	(2,118)	(64)	(13,632)
SRF	(6)	(312)	(29)	(44)	(40)	(77)	(509)
Gross operating income	3,808	2,960	1,896	1,410	1,791	(825)	11,039
Cost of risk	(5)	(120)	(870)	(301)	(464)	(17)	(1,777)
Equity-accounted entities	102	21	130	–	1	(58)	197
Net income on other assets	(10)	2	71	21	3	(3)	85
Income before tax	–	–	12	–	–	(9)	2
Tax	3,894	2,864	1,237	1,130	1,332	(911)	9,546
Net income from discont’d or held-for-sale ope.	(872)	(690)	(306)	(256)	(422)	346	(2,201)
Net income	1	–	(0)	–	(3)	–	(3)
Non controlling interests	3,024	2,174	931	874	906	(565)	7,343
Net income Group Share	(483)	(162)	(79)	(39)	(204)	(28)	(995)
Revenues	2,541	2,011	852	835	703	(593)	6,348

Appendix 4 – Data per share

Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

(€m)

Q4-2024
Q4-2023

2024
2023

Net income Group share – stated

1,689
1,334

7,087
6,348
– Interests on AT1, including issuance costs, before tax

(112)
(87)

(463)
(458)
– Foreign exchange impact on reimbursed AT1

–
–

(266)
–
NIGS attributable to ordinary shares – stated

[A]
1,577
1,247

6,358
5,890
Average number shares in issue, excluding treasury shares (m)

[B]
3,025
3,032

3,015
3,031
Net earnings per share – stated

[A]/[B]
0.52 €
0.41 €

2.11 €
1.94 €
Underlying net income Group share (NIGS)

1,730
1,303

7,172
5,923
Underlying NIGS attributable to ordinary shares

[C]
1,618
1,216

6,443
5,465
Net earnings per share – underlying

[C]/[B]
0.54 €
0.40 €

2.14 €
1.80 €

(€m)

31/12/2024
31/12/2023
Shareholder’s equity Group share

74,710
71,086
– AT1 issuances

(7,218)
(7,220)
– Unrealised gains and losses on OCI – Group share

1,256
1,074
– Payout assumption on annual results*

(3,327)
(3,181)
Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]

65,421
61,760
– Goodwill & intangibles** – Group share

(17,851)
(17,347)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]

47,569
44,413
Total shares in issue, excluding treasury shares (period end, m)

[F]

3,025
3,029

NBV per share, after deduction of dividend to pay (€)

Dividend to pay (€)

TNBV per share, after deduction of dividend to pay (€)

TNBV per sh., before deduct. of divid. to pay (€)

€21.6	20,4 €
€1.10	1,05 €
€15.7	14,7 €
€16.8	15,7 €

20,4 €

1,05 €

14,7 €

15,7 €

€20.4

€1.05

€14.7

€15.7

* dividend proposed to the Board meeting to be paid
** including goodwill in the equity-accounted entities

(€m)

2024
2023
Net income Group share – stated

[K]

7,087
6,348
Impairment of intangible assets

[L]

0
0
Stated NIGS annualised

[N] = ([K]-[L]-[M])*4/4+[M]

7,087
6,348
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

[O]

-729
-458
Stated result adjusted

[P] = [N]+[O]

6,358
5,890
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3)

[J]

46,125
43,281
Stated ROTE adjusted (%)

= [P] / [J]

13.8%
13.6%
Underlying Net income Group share

[Q]

7,172
5,923
Underlying NIGS annualised

[R] = ([Q]-[M])*4/4+[M]

7,172
5,923
Underlying NIGS adjusted

[S] = [R]+[O]

6,443
5,465
Underlying ROTE adjusted(%)

= [S] / [J]

14.0%
12.6%
*** including assumption of dividend for the current exercise

0.0%

(1) Underlying: see appendixes for more details on specific items
(2) Underlying ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
(3) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2023 and 31/12/2024 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁹⁹

NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers’ exposure to losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French law by Order 2020-1636 of 21 December 2020.

The MREL ratio corresponds to an equity and eligible liabilities buffer required to absorb losses in the event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of equity and eligible liabilities expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure (LRE). Are eligible for the numerator of the total MREL ratio the Group’s regulatory equity, as well as eligible liabilities issued by the corporate centre and the Crédit Agricole network affiliated entities, i.e. subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group. Agricole. The TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicable since 27 June 2019.

The Group’s regulatory equity as well as subordinated notes and eligible senior non-preferred debt with residual maturities of more than one year issued by Crédit Agricole S.A. are eligible for the numerator of the TLAC ratio.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Underlying Net income Group share
The underlying net income Group share represents the stated net income Group share from which specific items have been deducted (i.e., non-recurring or exceptional items) to facilitate the understanding of the company’s actual earnings.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the fourth quarter and the full year 2024 comprises this press release and the presentation and the attached appendices which are available on the website: https://www.credit-agricole.com/en/finance/finance/financial-publications.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability

The figures presented for the twelve-month period ending 31 December 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

At 30 June 2024, Indosuez Wealth Management had completed the acquisition of Degroof Petercam and now holds 65% of Banque Degroof Petercam alongside with CLdN Cobelfret, its historical shareholder, which would maintain a 20% stake in capital. As of 30 September 2024, Indosuez Wealth Management’s stake in Degroof Petercam has increased to 76%.

At 30 June 2024, Amundi had completed the acquisition of Alpha Associates, an independent asset manager offering multi-management investment solutions in private assets.

As of December 31, 2024, Amundi finalized the acquisition of aixigo, a European Wealth Tech player, to complete the ALTO platform’s offering.

As of December 31, 2024, Crédit Agricole S.A. has entered into financial instruments for 5.2% of Banco BPM’s share capital.

Financial Agenda

30 April 2025                Publication of the 2025 first quarter results
14 May 2025                General Meeting
31 July 2025                Publication of the 2025 second quarter and the first half-year results
30 October 2025                Publication of the 2025 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors	+ 33 1 43 23 04 31	investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Credit investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com – www.creditagricole.info

1 Car, home, health, legal, all mobile phones or personal accident insurance.
2 CA Auto Bank, automotive JVs and automotive activities of other entities
3 2024 market shares: CRCA and LCL household loans (source: Banque de France and internal); French UCITS (all customer segments); payments (in No. of transactions; source: Banque de France and internal)
4 2023 market shares: insurance (Argus de l’Assurance and France Assureurs); property services
5 Economic outlook to 2025
6 Purchase price of transactions carried out since 2022. Includes shares acquired in Banco BPM and Worldline
7 Disposal of Crédit du Maroc, La Médicale, Crédit Agricole Serbia and others
8 Indosuez Wealth management acquires a 70% stake in Wealth Dynamix, a fintech specialising in client relationship management for private banks, wealth management and asset management actors across the world.
9 Creation of Uptevia, held in equal shares by CACEIS and BNPP, wich brings together the activities for the issuers of the two banks.
10 Independent asset manager offering private markets multi-manager investment solutions.
11 Technology company of high value-added modular service for distributors of savings solutions.
12 Acquisition of Merca Leasing, independent leasing company in Germany
13 Commercial partnership for automobile insurance between Mobilize Financial Services, subsidiary of Renault Group, specialised in services facilitating access to automobiles, and Pacifica, Property and Casualty subsidiary of Credit Agricole Assurances
14 Merge between Amundi and Victory Capital, acquisition of a participation of 26.1% in Victory Capital, and signature of distribution and services agreement lasting 15 years.
15 Digital fleet management tool on monthly subscription
16 Extended warranty
17 Delivery of single vehicule
18 Agreement allowing CA Autobank, Drivalia, Agilauto and Leasys to offer fatec fllet management services to their customers in France
19 Employee benefits management tool
20 Creation of a joint venture to develop innovative commercial offers.
21 Leader in design, construction, and daily support for multidisciplinary collective primary care structures
22 Credit Agricole Santé et Territoires and 10 regional banks enter the capital of Cette Famille, major player in inclusive housing for seniors in France.
23 Omedys, specialist in assisted telemedicine, Medicalib, home care expert
24 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
25 Listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly
26 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
27 Scope of power sector: CACIB and Unifergie (Crédit Agricole Transitions & Energies)
28 DVA (Debt Valuation Adjustment)
29Specific (one-off) items had impacted the fourth quarter of 2023 for the SFS division and for CACF as follows: +€17m in net income Group share, of which +€4m on operating expenses, +€12m on badwill and +€1m on tax.
30 See Appendixes for more details on specific items.
31 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
32 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
33 Average rate of loans to monthly production for October and November 2024.
34 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
35 SAS Rue La Boétie dividend paid annually in Q2
36 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q4-23 totalling +€73.6m in revenues and +€54.6m in net income Group share.

37 Underlying, excluding specific items.
38 Scope effect of Degroof Petercam revenues: +€158 million in the fourth quarter of 2024.
39 Scope effect in expenses in the fourth quarter of 2024: Degroof Petercam for -€120 million and miscellaneous others.

40 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
41 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
42 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
43 See Appendixes for more details on specific items.
44 SRF costs amounted to -€509 million over full-year 2023

45 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
46 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts to linearise them over the year
47 In local standards
48 Can reach up to 3.85% for the Anaé policy with a UL rate > 50% and benefiting from management fees of 0.5%
49 Scope “Life France”
50 Property and casualty insurance premium income includes a scope: effect linked to the initial consolidation of CATU in Q2-24 (a property and casualty insurance entity in Poland): 9.4% Q4/Q4 increase in premium income at constant scope

51 Scope: property and casualty in France and abroad
52 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 96.4% (-4.3 pp over the year)
53 Excl. JVs
54 Excluding assets under custody for institutional clients
55 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
56 Amount of allocation of CSM and RA
57 Net of cost of reinsurance, excluding financial results
58 Integration costs related to the acquisition of aixigo and the partnership with Victory Capital, which are expected to be completed towards the end of Q1 25, were recorded as operating expenses in the fourth quarter of 2024 for a total of -€14 million.
59 Indosuez Wealth Management scope
60 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €158m and expenses of -€120m (excluding integration costs partly borne by Degroof Petercam)
61 In Q4 24: -€12.8 million of integration costs (impacting the operating expenses line); and +€0.8 million in acquisition costs (impacting the line gains and losses on other assets)
62 2024 Degroof Petercam data included in the results of the Wealth Management business: NBI of €347 million and expenses of -€259 million (excluding integration costs partially borne by Degroof Petercam)
63 In 2024: -€26.4 million in integration costs (impacting the operating expenses line); and -€22.2 million in acquisition costs (impacting the line gains and losses on other assets)
64 Refinitiv LSEG
65 Bloomberg in EUR
66 Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
67 CA Auto Bank, automotive JVs and auto activities of other entities
68 CA Auto Bank and automotive JVs
69 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
70 12M-23 base effect linked to the reorganisation of Mobility activities (revenues €300m, expenses -€14m, cost of risk -€85m, equity-accounted entities -€39m, income on other assets €89m, Change in the value of goodwill +€12m, corporate tax €87m, net income Group share €176m)
71 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
72 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
7312M-23 base effect related to the reorganisation of the Mobility activities (Revenues €300m, Expenses -€14m, Cost of risk -€85m, Equity-accounted entities -€39m, GPAI €89m, Changes in value of goodwill +€12m, Corporate income tax €87m and Net income Group share €176m)
74 Net of POCI outstandings
75 Source: Abi Monthly Outlook, January 2024: -1.0% Dec./Dec. for all loans
76 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
77 In number of branches
78 Net Promoter Score; source: Doxa survey, October 2023.
79 Assofin publication, 30/04/2024 (excluding credit cards).
80 Assets under management Source: Assogestioni, 31/05/2024
81 Production. Source: IAMA, 30/04/2024
82 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q4-23 of +€6.1 million in revenues and +€4.5 million in net income Group share versus 0 in Q4 2024.
83 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in 2023 of +€57.9 million in revenues and +€41.2 million in net income Group share versus €3.1 million in revenues and +€2.2 million in net income Group share in 2024.
84 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
85 At 31 December 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

86 Over a rolling four quarter period.
87 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
88 As part of its annual resolvability assessment, Crédit Agricole Group has chosen in 2024 to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements over the resolvability period that will begin during 2025.
89 Which excludes some client deposits from the asset custody business in coherence with the internal management.
90Securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
91 Gross amount before buy-backs and amortisations
92 Gross amount before buy-backs and amortisations
93 Excl. AT1 issuances
94 Gross amount before buy-backs and amortisations
95 Excl. senior secured debt
96 Gross amount before buy-backs and amortisations
97 Gross amount before buy-backs and amortisations
98 Excl. AT1 issuances
99 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

EN_CASA_PR_2024-Q4

The MIL Network –

February 5, 2025

MIL-OSI Economics: Alternative payments account for over half of total e-commerce payments in Australia, reveals GlobalData

Source: GlobalData

Alternative payments account for over half of total e-commerce payments in Australia, reveals GlobalData

Posted in Banking

Alternative payment methods such as mobile and digital wallets and buy now pay later (BNPL) solutions have reshaped Australia’s e-commerce landscape, overtaking traditional cash and card payments. With a 53% market share in 2024, these digital solutions are driving seamless transactions, fuelling online sales, and reinforcing the sector’s robust growth trajectory, reveals GlobalData, a leading data and analytics company.

GlobalData’s E-Commerce Analytics reveals that Australian e-commerce market is expected to register a compound annual growth rate (CAGR) of 6.5% from AUD77.2 billion ($51.3 billion) in 2024 to AUD105.8 billion ($70.3 billion) in 2029, as consumers increasingly shift from offline to online purchases.

Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “E-commerce sales in Australia have experienced consistent growth in recent years. This growth can be attributed to the availability of secure online payment tools, an increasing number of online shoppers, and the rise of online merchants and payment options. Furthermore, the popularity of online shopping events like Black Friday, Cyber Monday, and Afterpay Day has further fuelled the expansion of e-commerce.”

According to Australia Post, 7.6 million households in Australia made online purchases during November to December 2024, representing a growth rate of 2.4% compared to same period last year. Additionally, the availability of secure payment solutions, such as Mastercard Identity Check, and appealing BNPL options like Afterpay have encouraged consumers to shop online.

GlobalData’s 2024 Financial Services Consumer Survey* reveals that alternative payment solutions dominate e-commerce market in Australia with a combined market share of 53% in 2024.

Gupta explains: “This is a trend that is prevalent in many Asian markets. PayPal is the most preferred payment option, followed by other brands such as Apple Pay. The rising popularity of BNPL solutions is also contributing to the overall ecommerce payments with the most prominent BNPL brands being Afterpay, Zip, and Klarna.”

Payment cards are the second most preferred payment method, with debit, credit and charge, and prepaid cards collectively accounting for 38.7% share in 2024. This can be attributed to the value-added benefits offered on payment cards, including interest free instalment payments, reward programs, cashback, and discounts.

Cash accounted for a share of just 3.1% of e-commerce payments, reflecting the strong use of electronic payment methods in the country.

Gupta concludes: “The uptrend in e-commerce sales is likely to continue over the next few years supported by evolving consumer preferences, improving payment infrastructure, and proliferation of alternative payment solutions. Subsequently, Australia’s e-commerce sales are anticipated to register a growth rate of 8% to reach AUD83.4 billion ($55.4 billion) in 2025.”

*GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

MIL OSI Economics –

February 5, 2025
MIL-OSI Economics: Secretary-General of ASEAN attends Interface between High-Level Task Force on the ASEAN Community’s Post 2025 Vision with various pillars of ASEAN Community

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the interface with the Chair of the High-Level Task Force on ASEAN Economic Integration (HLTF-EI), Co-Chairs of the Ad-Hoc Working Group to Develop the ASCC Post-2025 Strategic Plan (ASCC AHWG), Chair of ASEAN Connectivity Coordinating Committee (ACCC) as well as the Chair of the Senior Officials’ Meeting Responsible for Information and Media (SOMRI), during the 21st High-Level Task Force on the ASEAN Community’s Post 2025 Vision (HLTF-AVC), co-chaired by Malaysia and the Philippines, in Manila, the Philippines.

The post Secretary-General of ASEAN attends Interface between High-Level Task Force on the ASEAN Community’s Post 2025 Vision with various pillars of ASEAN Community appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 5, 2025
MIL-OSI Asia-Pac: Sports park stress test smooth

Source: Hong Kong Information Services

Police have reported that another large-scale stress test, held tonight with 50,000 spectators attending the Hong Kong Premier League U22 football match, ran smoothly at Kai Tak Sports Park’s Main Stadium.

The exercise was conducted to assess the operational readiness of the Main Stadium and its surrounding facilities for sports events with maximum attendance.

Similar to the previous large-scale stress tests, the drill was co-ordinated by the force’s Exercise Team, covering five major testing and evaluation areas: security screening and ticket checks; venue signage and designated seating arrangements; inter-agency co-ordination in response to emergencies; various crowd management measures; and passenger flow management by public transport operators.

During the exercise, the Fire Services Department simulated two fire incidents of varying scales, aiming to test the communication and response capabilities of Fire Services personnel in co-ordination with Police, venue security and other emergency response teams. Police also simulated an emergency incident involving public safety and security to test the response of all stakeholders.

The stress test was scheduled for a weekday evening, with a slight overlap between the entry time and rush hour after work. Meanwhile, the exercise concluded at a later time, with most participants choosing to leave the park immediately afterwards, thereby increasing the pressure on the transport system.

Police implemented new crowd management measures, such as using large display panels along the exit routes to MTR stations to convey crowd management information, playing music and deploying police officers to provide real-time information on the spot to help participants leave safely.

In the exercise, the public transport system and surrounding facilities were able to divert the large passenger flows within a short period of time, allowing participants to enter and leave the venue in an orderly manner.

The Main Stadium’s retractable roof was opened for the first time during the stress test, aligning the testing time and mode more closely to the actual conditions of sports events, and the volume of noise during the test was found to be within the acceptable sound level.

A total of 50,000 civil servants, government employees and members of community groups simulated crowd flows during the test.

MIL OSI Asia Pacific News –

February 5, 2025
MIL-OSI Security: Australia, Japan, Philippines, and United States Conduct Multilateral Maritime Cooperative Activity

Source: United States INDO PACIFIC COMMAND

The combined armed and defense forces of Australia, Japan, the Philippines, and the United States, demonstrating a collective commitment to strengthen regional and international cooperation in support of a free and open Indo-Pacific, will conduct a Multilateral Maritime Cooperative Activity within the Philippines’ Exclusive Economic Zone, Feb. 5, 2025.

MIL Security OSI –

February 5, 2025

MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 05, 2025

Source: Reserve Bank of India

Tenor	1-day
Notified Amount (in ₹ crore)	25,000
Total amount of bids received (in ₹ crore)	21,180
Amount allotted (in ₹ crore)	21,180
Cut off Rate (%)	6.51
Weighted Average Rate (%)	6.52
Partial Allotment Percentage of bids received at cut off rate (%)	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2077

MIL OSI Economics –

February 5, 2025

MIL-Evening Report: In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue

Source: The Conversation (Au and NZ) – By Melissa Conley Tyler, Honorary Fellow, Asia Institute, The University of Melbourne

One of the executive orders US President Donald Trump signed the day he was inaugurated was a 90-day pause in US foreign development assistance.

The US Agency for International Development, USAID, was ordered to halt funding. Programs worldwide were issued with stop-work orders.

All of a sudden, more than US$60 billion (around A$95 billion) of programs for the world’s most vulnerable people just stopped.

So what happened? The world became less fair, and US soft power fizzled.

What’s happened so far?

We know this decision will cause deaths.

Stop-work orders were delivered to programs that provide AIDS medication to patients. If you stop this, people die.

Charities, many of which work on a shoestring, had no choice but immediately to lay off staff.

Food and vaccines already in warehouses couldn’t be distributed.

Programs providing landmine clearing and counterterrorism training ceased.

Belatedly, the US walked this back to some extent by saying life-saving humanitarian programs would be exempted.

But it doesn’t appear to have slowed the pace of layoffs, partly because of confusion.

With USAID staff now either sacked, placed on forced leave or told to stay home – and the agency’s website taken down – USAID is essentially no longer operational.

Agents from Elon Musk’s Department of Government Efficiency have raided the offices of USAID and assumed control, with Musk posting on his X social network that “USAID is a criminal organization” and “it’s time for it to die”.

Some of the people affected have gone public, including Australian organisations on behalf of their partners.

But most in the sector can’t speak up if they hope for funding in the future. So the true extent of the impacts, including their knock-on effects, is likely much larger than has been publicly reported so far.

A more unequal and unstable world

With the halt in aid for the poorest, the world just became more unequal.

Before this week, the US was the world’s largest aid donor.

USAID was established by then-US president John F. Kennedy in 1961. Its programs focused on improving global health, alleviating poverty and providing emergency relief in response to natural disasters or conflict, as well as enhancing education and strengthening democratic institutions abroad.

The countries that were receiving the most USAID assistance in 2023 were Ukraine, Ethiopia, Jordan, Afghanistan and Somalia.

In the Indo-Pacific, the Lowy Institute’s aid maps show that the Pacific received US$249 million (about A$470 million) and SouthEast Asia received US$1 billion (almost A$1.6 billion) in US overseas development assistance annually in the most recent data.

This funded 2,352 projects, including peacebuilding in Papua New Guinea, malaria control in Myanmar, early childhood development in Laos, and programs to improve the education, food security and health of school-age children across the region.

All of these programs are now being reviewed to ensure they are “fully aligned with the foreign policy of the President of the United States”.

Based on the first Trump administration, there seems no chance that programs on climate, gender equality, abortion and equity inclusion will be reinstated after the 90-day assessment period. Losing funds for climate adaptation and mitigation is a huge issue for the Pacific Islands.

Assistance for survivors of gender-based violence, employment for people with disabilities and support for LGBTQIA+ youth will likely lose funding.

In communities that received significant USAID funding, the sudden cut in programs and loss of community organisations will damage the fabric of society.

An unequal world is a less stable one. Australia’s peak body for the non-government aid sector, the Australian Council for International Development, says the suspension of USAID programs “will work against efforts to build peace, safety, and economic stability for the world”.

A power that’s no longer super

Thinking of the impact on the US interests, there has been an enormous hit to US soft power from an entire pillar of US foreign policy suddenly disappearing.

This is underlined by the fact the cuts apply equally to ally, partner and adversary nations alike.

In the Pacific, the Biden Administration made a real effort to increase US presence, opening embassies and announcing USAID programs.

All of this has now been squandered by withdrawing from this space. I am aware of a project for which China has come in to provide funding where US funding has gone. It is a spectacular setback for the US.

What is most extraordinary is that this is self-inflicted damage. There were alternatives, such as continuing business as usual during a 90-day period of review, then giving notice to some programs that they would be discontinued.

The performative and haphazard way in which the policy has been implemented suggests an administration that doesn’t care much about the world outside its borders and is more concerned about ideological battles within.

Researcher Cameron Hill describes Trump as linking foreign aid “to the symbols and slogans of his domestic political coalition”. This is likely to continue beyond the demise of USAID to other agencies involved in foreign assistance, such as development finance.

Australia needs to help fill the gap

What does this mean for Australia? As a middle power, it has an opportunity to step up – and work with other development partners such as Japan, Korea, India, Indonesia, Canada and European donors in the face of a genuine emergency.

For the Australian government this might mean an emergency increase in development funding or freeing up existing funding to keep the lights on.

Australia will undoubtedly now need to step up on climate programs in the Pacific if US funding doesn’t return. Australia could seek to convene an urgent meeting through the Pacific Islands Forum to discuss.

The first fortnight of the Trump administration has had global impact well beyond US politics. On the most important issue for the majority of the world – development – the US decided to withdraw, destroying in a few days what have taken decades to build.

Melissa Conley Tyler is Executive Director at the Asia-Pacific Development, Diplomacy & Defence Dialogue (AP4D), an initiative funded by the foreign affairs and defence portfolios and hosted by the Australian Council for International Development.

– ref. In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue – https://theconversation.com/in-freezing-foreign-aid-the-us-leaves-people-to-die-and-allows-china-to-come-to-the-rescue-249024

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI Security: US and Philippines Commemorate the 80th Anniversary of the Cabanatuan Raid

Source: United States INDO PACIFIC COMMAND

CABANATUAN CITY, Philippines –

On Feb. 1, 2025, American and Filipino dignitaries, military leaders, and local officials gathered at the Cabanatuan American Memorial to honor the 80th anniversary of the Cabanatuan Raid. This daring World War II rescue mission saved 511 Allied prisoners of war. The event commemorated the courage, sacrifice, and partnership that defined this historic operation.

The Cabanatuan Raid, also known as “The Great Raid,” demonstrated the unmatched coordination and bravery of the United States Army 6th Ranger Battalion, Filipino guerrillas and local resistance fighters. Conducted on Jan. 30, 1945, this was the first combat mission for the 6th Ranger Battalion after rigorous training under Lt. Col. Henry Mucci and led by Capt. Robert Prince.

“The raid on Cabanatuan was a resounding success. Over 500 Allied prisoners were liberated, brought back from the brink of death to the embrace of freedom. It was a victory not just for the soldiers rescued but for the ideals of liberty and human dignity that our nations hold dear,” said Ambassador MaryKay L. Carlson, U.S. Ambassador to the Philippines. “This was not just a military operation; it was a testament to the strength of the partnership between U.S. and Philippine forces, a symbol of hope in the darkest days of war, and a powerful reminder of the human cost of conflict.”

The ceremony included a wreath-laying to pay tribute to those who sacrificed their lives, a historical account delivered by Dr. Mike Krivdo, U.S. Army Pacific historian, and remarks from representatives of the 2nd Battalion, 75th Ranger Regiment, the modern-day successors of the 6th Ranger Battalion.

Dr. Mike Krivdo provided historical context and noted, “In all the annals of military history, the Raid at Cabanatuan is on the short list to be studied by military leaders, exciting the imagination with its near flawless execution and impact. The Raid exemplified ingenuity, determination and collaboration.”

“It is a shining example of how U.S. and Filipino forces came together in wartime to overcome insurmountable odds for the most noble of causes. This legacy will forever inspire generations of Soldiers and leaders.”
The raid’s success was rooted in meticulous planning, precision, and an unbreakable commitment to never leave a fallen comrade. These ideals laid the foundation for the Ranger Creed, which was later written in 1974 by Command Sgt. Maj. Neal R. Gentry, the first command sergeant major of the reactivated 1st Ranger Battalion. Today, Rangers uphold these values in their missions worldwide.

“As we reflect on their heroism, let us also remember the lessons they left behind,” said Capt. David Bryan, a Ranger with 2nd Battalion, 75th Ranger Regiment. “The Raid at Cabanatuan teaches us that even in the face of overwhelming odds, unity and determination can achieve the extraordinary. It reminds us that the fight for justice and liberty is a collective effort, requiring the collaboration of nations, the strength of communities, and the resolve of individuals.”

The Cabanatuan Raid would not have been possible without the invaluable support of Filipino guerrillas, whose local knowledge and determination were crucial to the mission’s success. This partnership ensured the operation’s success and solidified a bond between the U.S. and the Philippines that remains strong today.

As the U.S. Army commemorates 80 years since the end of World War II, it remains focused on meeting the challenges of the 21st century. The Army’s presence in the Indo-Pacific remains vital, fostering peace and stability through strong alliances and unwavering readiness to address emerging threats. By honoring its past and strengthening its partnerships, the U.S. Army continues to serve as a powerful deterrent in one of the world’s most strategically significant regions.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: U.S. Army Japan Begins North Wind 25

Source: United States INDO PACIFIC COMMAND

CAMP MAKOMANAI, Japan –

U.S. Army Japan begins North Wind 25, a bilateral cold-weather field training exercise designed to enhance combat readiness and promote interoperability with the Japan Ground Self-Defense Force running through February 9, 2025, at Camp Makomanai and the Hokudai-en Hokkaido Large Training Area in Hokkaido, in northern Japan.

The exercise is comprised of approximately 190 U.S. Soldiers from the 1st Battalion, 5th Infantry Regiment and approximately 400 members of the 18th Infantry Regiment, 11th Brigade, Northern Army, Japan Ground Self Defense Force.

“The U.S.-Japan alliance, an alliance spanning 60 years, is the foundation of a regional peace and stability,” said Col. Matthew Hall, U.S. Army Japan Chief of Operations and Deputy Chief of Staff. “North Wind is an important piece out of many exercises that build and maintain a stronger alliance and stability in the region.”

North Wind 25 is a routine exercise that is conducted annually, to enhance bilateral tactical operations at the squad through company level and reaffirm the U.S. commitment to the defense of Japan against external aggression.

“Our training objectives are improving bilateral operational capability, tactical skills and interoperability in the Arctic environment,” said Major General Yoshiki Adachi, commanding general, 11th Brigade, Northern Army, Japan Ground Self Defense Force.

During the exercise, U.S. Soldiers and JGSDF members will exchange tactics, techniques, produces and fieldcraft for an extreme cold weather and develop cross country ski and snowshoe mobility and maneuver proficiency over uneven terrain and mountainous environment.

Bilateral training exercises like North Wind strengthen our relationships and increase interoperability with allies and partners through shared experiences and tough, realistic activities.This enduring alliance highlights not only the strength of our partnership, but also our continued ability to meet new challenges together.

JGSDF and the U.S Army are proud of their history of staying trained and ready.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: 31st MEU Embarks with the America Amphibious Ready Group

Source: United States INDO PACIFIC COMMAND

WHITE BEACH NAVAL FACILITY, Okinawa –

The Amphibious Ready Group-Marine Expeditionary Unit (ARG/MEU) forms a cohesive Navy and Marine Corps combined-arms team, ready to respond across a range of military operations. The Navy and Marine Corps team delivers decisive, integrated American naval power.

The America ARG is based out of Sasebo, Japan, and is comprised of the staff of Amphibious Squadron (PHIBRON) 11 and its three ships: the amphibious assault carrier USS America (LHA 6), the amphibious transport dock ship USS San Diego (LPD 22), and the amphibious dock landing ship USS Rushmore (LSD 47). The 31st MEU, headquartered out of Camp Hansen, Okinawa, Japan, consists of a command element, an aviation combat element with F-35B Lightning II aircraft, a combat logistics battalion and a ground combat element.

“We’re looking at a pretty large chunk of INDOPACOM’s ‘ready now’ combat power,” said U.S. Marine Corps Col. Chris Niedziocha, the commanding officer of the 31st Marine Expeditionary Unit. “Here in the first island chain, the ARG/MEU team competes every day with our opponent. It’s exhilarating to be this far forward, embarked aboard warships – deterring the adversary, reassuring our partners, and signaling resolve.”

The ARG/MEU, which consists of more than 5,000 Marines and Sailors, is underway conducting routine operations in U.S. 7th Fleet area of operations. U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed number fleet and routinely interacts and operates with allies and partners to preserve a free and open Indo-Pacific region.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Red Flag 25-1 Celebrates 50 Years of Excellence

Source: United States INDO PACIFIC COMMAND

NELLIS AIR FORCE BASE, Nev. –

Red Flag 25-1 takes flight at Nellis Air Force Base uniting U.S. forces with allies from the Royal Air Force and Royal Australian Air Force in a combined exercise to enhance combat readiness and strengthen partnerships.

This iteration of Red Flag marks 50 years of high-end training, highlighting Red Flag’s enduring legacy of preparing its participants to be combat-ready and mission-effective in the face of evolving threats.

For half a century, Red Flag has provided warfighters with realistic training to prepare for combat against evolving adversaries. What began in 1975 to address lessons learned in Vietnam has grown into an international training ground with participants from 29 nations honing their skills in joint and allied operations. This year, the RAF and RAAF bring critical expertise to the fight.

“Integrating combat capability is what Red Flag is all about and being ready for integrated combat operations with our Allies is key to success in any potential future conflict,” said Col. Eric Winterbottom, commander of the 414th Combat Training Squadron. “The Royal Air Force and Royal Australian Air Force bring not only advanced capabilities but also a wealth of operational experience that enriches everyone’s experience in this exercise. Red Flag is where we come together as one team to sharpen our edge, build trust, and prepare for tomorrow’s challenges today.”

Red Flag continues to focus on overcoming the complexities of Great Power Competition, with an emphasis on integrating air, space, and cyber capabilities to counter advanced threats. Training scenarios push participants to operate in contested and degraded environments, forcing rapid decision-making and teamwork under pressure. The RAF and RAAF play key roles in these scenarios, demonstrating their ability to seamlessly integrate with U.S. forces in highly dynamic combat situations.

With over 500,000 military personnel trained and more than 420,000 sorties flown since its inception, Red Flag’s legacy continues to evolve. Allied participation is a cornerstone of that legacy ensuring that joint and partner forces are ready to respond to threats anywhere in the world.

Red Flag 25-1 highlights the enduring importance of allied partnerships demonstrating that the U.S., RAF, and RAAF are stronger together in facing the challenges of the future.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: 3rd MLG CG Completes JGSDF, ROK Visits Ahead of Bilateral Exercises

Source: United States INDO PACIFIC COMMAND

CAMP KINSER, OKINAWA, Japan –

Brigadier General Kevin Collins, the commanding general of 3rd Marine Logistics Group, completed today a multinational visit of U.S., Japan Ground Self-Defense Force, and Republic of Korea self-defense and military commands ahead of scheduled bilateral exercises in Japan and Korea, Jan. 27 through Feb. 4, 2025.

With multiple bilateral exercises on the horizon for 3rd MLG, Collins and his command staff visited multiple units to better understand their capabilities and to discuss better integration with the MLG for upcoming bilateral exercises and preparedness training for any humanitarian assistance and disaster relief operations. As the logistics arm of III Marine Expeditionary Force, 3rd MLG’s understanding of the housing and distribution of allied forces’ equipment and how to further train the blending of respective countries’ logistics systems is crucial for supporting the Marine Corps mission in the Pacific, in either contested environments or areas impacted by natural disasters.

In Japan, Collins met with the director of logistics for the Western Army at Camp Kengun in Kumamoto, followed by a tour of the Kyushu District Depot and its Western Army Logistics Support Unit, visits timed concurrently with planning conferences about the upcoming exercise Resolute Dragon, a training evolution hosted by III MEF and the Western Army that rehearses operations over maritime terrain to strengthen bilateral command, control, and multi-domain maneuver capabilities. Additionally, he visited 3rd MLG Marines stationed at Marine Corps Air Station Iwakuni and Commander, Fleet Activities Yokosuka, as the MLG has personnel dispersed across mainland Japan and Okinawa as logistical liaisons at sister units. Further, he toured U.S. ordnance and other supply facilities at MCAS Iwakuni, the Kure Ammunition Depot, and Yokohama North Dock on CFAY.

In Korea, Collins met with both U.S. and ROK leadership at United States Forces Korea before visiting Marine Corps Forces, Korea, where they discussed the upcoming Korea Theater of Operations training package, which includes exercises Freedom Banner, Freedom Shield, and the Korean Marine Exchange Program. Freedom Banner is the maritime offload, dispersal, and retrograde of equipment in support of follow-on training events; Freedom Shield strengthens the combined defensive capabilities of both countries’ armed forces in a changing security environment; and KMEP focuses on bolstering ROK and U.S. Marine Corps interoperability as a unified, regional littoral force.

With these shared exercises ahead of 3rd MLG, such command visits and planning iterations further codifies the alliances built upon by previous training events. 3rd MLG is focused on enhancing cooperation with partner nations, strengthening partnerships, and demonstrating its role as a critical element in maintaining a ready and capable force to deter adversary actions to support a free and open Indo-Pacific region.

MIL Security OSI –

February 5, 2025
MIL-OSI Economics: Asian Impact 88: Climate Change Perceptions in Asia

Source: Asia Development Bank

The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

Headquarters

6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines

MIL OSI Economics –

February 5, 2025
MIL-OSI China: More tweaks ahead for property policy

Source: China State Council Information Office

Policy fine-tuning in real estate may be necessary in 2025 for China to more effectively address debt risks facing developers, a crucial link in ensuring a steady economic recovery and preventing systemic financial risks, economists and analysts said.

Possible measures include launching a systematic policy plan that details the roadmap for risk disposal, supports debt restructuring of qualified real estate enterprises and optimizes housing delivery efforts, they said.

“To resolve real estate market risks, it is necessary to gradually shift from simply safeguarding housing project deliveries to fully supporting qualified enterprises,” said Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.

Zhang said a “one company, one policy” risk resolution approach is necessary as some real estate enterprises have faced difficulties in getting finance and transferring funds across projects and regions, hampering the sustainable development of the property market.

For responsible, law-abiding developers, Zhang suggested taking a combination of measures to extend their debt maturities, reduce repayment obligations and enhance their capital via debt-to-equity swaps or new investments.

For the tiny proportion of smaller developers involved in illegal operations, bankruptcy liquidation in line with legal regulations is needed, said Zhang.

The Central Economic Work Conference in December decided to take the real estate sector as a crucial link in effectively preventing and defusing risks, calling for reversing the downturn of and stabilizing the property market.

China Real Estate Information Corp (CRIC) said capital market debt maturities of Chinese property developers are projected to reach 525.7 billion yuan ($72.5 billion) in 2025, 8.9 percent up from 2024. CRIC predicts that the third quarter will be a peak of debt repayments with maturities worth about 157.4 billion yuan.

Echoing Zhang’s views, a China Index Academy report suggested a systematic risk resolution plan for property developers, with efforts so far having primarily focused on safeguarding real estate projects.

“A comprehensive plan aimed at addressing risks facing developers should be established, detailing methods, principles, supportive policy measures and coordination mechanisms for risk disposal.”

To ensure that presold real estate projects have access to necessary funding, China introduced a real estate financing coordination mechanism last year.

Via the mechanism, Chinese banks had approved 5.6 trillion yuan worth of loans to property projects as of Jan 22, financing the delivery of 14 million homes, the National Financial Regulatory Administration said.

However, the total financing of 65 typical Chinese real estate enterprises in 2024 was 462.9 billion yuan, down 31 percent from 2023, according to CRIC.

Shi Lulu, director of Asia-Pacific corporate ratings at Fitch Ratings, said higher debt maturities, weakening sales, declining margins and reduced cash generation may continue in 2025 for many Chinese homebuilders.

The risk of sales failing to stabilize remains a key factor behind the negative ratings outlook or watch of some of Fitch’s rated Chinese homebuilder issuers, Shi said, though it is expected that the magnitude of negative rating actions will abate as State-owned developers have maintained access to the onshore bond market.

“The most critical debt chain in the real estate sector lies between developers and homebuyers, rather than developers and banks or developers and foreign bond investors,” said Lu Ting, chief China economist at Nomura.

Stressing the importance of rebuilding homebuyer confidence by ensuring that they will receive the homes they paid for, Lu said this does not always mean completing every building and requires active efforts by government departments.

MIL OSI China News –

February 5, 2025
MIL-OSI China: Mobile payments enhance tourism

Source: China State Council Information Office

A consumer scans an Alipay QR code to pay for the order at a self-service restaurant in Hangzhou, Zhejiang province. [Photo/Xinhua]

China’s convenient mobile payment services have bolstered tourism-related consumption and injected fresh momentum into the country’s economic recovery during the Spring Festival holiday, experts and industry insiders said.

They added that an increasing number of overseas travelers have come to experience Chinese culture and opted for online payment tools following the implementation of expanded visa-free entry and transit policies, and the country’s enhanced efforts to facilitate payments for foreigners.

Data from Alipay, the digital payment arm of Chinese financial technology company Ant Group, showed that spending made by inbound tourists on the platform surged 1.5 times from Jan 28 to Saturday, compared with the first five days of last year’s Spring Festival holiday.

The number of Chinese merchants using Alipay for foreign visitors witnessed a 100 percent increase during the period, while the expenditure from some overseas tourists, who can enjoy visa-free policies when visiting China, nearly tripled via Alipay over the previous Spring Festival.

Chinese cities with abundant intangible cultural heritage have been favored by foreign tourists. The top five cities that saw the highest expenditure from inbound travelers using Alipay for in-depth travel and consumption were Suzhou in Jiangsu province, Zhongshan, Foshan and Jiangmen in Guangdong province, and Xi’an in Shaanxi province.

Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation, said, “China’s mobile payment options, such as Alipay and WeChat Pay, have greatly simplified the payment process, improved transaction efficiency and provided consumers with a more convenient payment experience.”

Hong said the widespread use of digital payment methods and expanded visa-free policies have attracted a large number of inbound tourists, thus further propelling the development of the tourism industry, stimulating consumption demand — including catering, accommodation and transportation as well as injecting more vitality into the country’s economic growth.

China has been working to make mobile payment processes more accessible to foreigners. The State Council, China’s Cabinet, published a guideline in March aimed at improving payment services and enhancing payment convenience, so as to better meet the diversified payment needs of the elderly and foreign visitors.

Foreign travelers can now link their international bank cards such as Visa and Mastercard to mobile payment platforms like Alipay and WeChat Pay, greatly streamlining the payment processes. Alipay has also allowed foreigners to use their familiar e-wallets from their home country by scanning Alipay QR codes.

Chinese financial services provider UnionPay International in December introduced enhanced payment services for foreign visitors to the Chinese mainland in collaboration with WeChat Pay.

Travelers using any of eight overseas e-wallets, such as Bangkok Bank Mobile Banking and Naver Pay, which is frequently used in South Korea, can make payments on the Chinese mainland by scanning WeChat QR codes.

Pan Helin, a member of the Expert Committee for Information and Communication Economy, which operates under the Ministry of Industry and Information Technology, said innovative mobile payment tools have not only helped tackle payment difficulties faced by international travelers, but also boosted inbound tourism and the recovery of domestic consumption.

A slew of convenient measures optimizing mobile payments for foreigners have demonstrated the country’s resolve to expand high-standard opening-up, said Wang Pengbo, a senior analyst at market consultancy Botong Analysys.

MIL OSI China News –

February 5, 2025
MIL-OSI China: Anime meets tradition

Source: China State Council Information Office 3

Adorned with long white hair and a vibrant cosplay skirt, Miya (pseudonym), a 24-year-old from the Inner Mongolia autonomous region, joined thousands of anime fans and cosplayers at the first Beijing Animation Comic Carnival.

The carnival, held from Jan 31 to Feb 2 at the Capital International Exhibition Center of China in Beijing, brought together cosplayers and anime enthusiasts to celebrate the Chinese New Year, blending traditional customs with a modern twist.

Miya attended the event dressed as her favorite character, Firefly, from the strategic space adventure game Honkai: Star Rail, developed by Chinese game company miHoYo. Firefly is a warrior tasked with protecting her queen from a devastating insectoid threat.

“Firefly’s dedication to safeguarding others really resonates with me,” Miya said. “She embodies courage and a love for life — qualities I want to hold in my own life.”

Unlike other anime expos Miya had attended, which primarily showcased merchandise, the carnival featured snack stalls and interactive games inspired by Chinese New Year traditions, such as riddles and stamp-collecting challenges.

“The carnival created such a strong sense of community,” Miya said. “When I danced with fellow fans, it felt like stepping into the anime world, surrounded by an exciting atmosphere. Sharing those moments with them made the New Year holiday feel even more special.”

Some cosplayers chose to incorporate auspicious elements into their costumes to express good wishes for the New Year. One of them is Wyatt (pseudonym), a 24-year-old from Jiangxi province.

For Wyatt, attending the carnival enriched his New Year celebrations by combining the charm of anime culture with traditional festivities.

He cosplayed as Aventurine, also a character from Honkai: Star Rail, known for his wealth and good fortune. His costume featured motifs such as golden ingots, jade pendants, and auspicious cloud patterns — symbols of prosperity and good luck in Chinese culture.

“Cosplaying as Aventurine isn’t just about paying homage to the character; it also represents my hopes for a blessed New Year,” Wyatt explained. “This fusion allows me to express my passion for anime culture in a meaningful way while fully immersing myself in the joyous, vibrant spirit of the Spring Festival.”

Zhen Taiyue, 24, has been an anime fan since primary school. He noted that, beyond offline events like the carnival, anime enthusiasts have also brought the New Year celebrations online through various videos and music projects.

One of them is the annual online event Bainianji (meaning “celebration of the Chinese New Year”), produced by the video-sharing platform Bilibili.

The event showcases popular anime intellectual properties through videos, creating an online community where fans exchange New Year greetings via bullet comments.

According to Zhen, these activities offer young audiences an innovative way to celebrate — not just with family, but through shared passions.

“It’s a different kind of ‘family reunion’ — one that’s unique to young people, fostering a special sense of belonging,” he said.

Beyond the festivities

Liang Yuexi (pseudonym), born under the Chinese zodiac sign of the Snake, was a special guest at the carnival. She chose to spend her New Year holiday with her fans, dressed as Feng Baobao, a character from The Outcast, a Chinese metaphysical comic series first published in 2015.

For Liang, cosplay is a path to freedom and authenticity. “In daily life, we often play roles out of obligation. Cosplay lets me temporarily escape and embrace a persona I truly admire,” she said.

She explained that Feng Baobao’s simple, direct, and pure qualities resonate with her, making the portrayal feel natural.

“True cosplay is about embodying a character’s spirit, not just copying their appearance. It’s a form of deep empathy and liberation,” she said.

Liang took her love for cosplay a step further, turning it into a career. As an animation lecturer and cosplay-focused blogger, she believes comics have the power to ignite passion in young people.

“By faithfully recreating beloved characters, cosplay can inspire those who feel lost to rediscover their courage,” Liang said. “As a performer, I find great satisfaction in seeing how my hobby can empower others.”

Sa Laoshi (pseudonym) is also a special guest at the carnival. As a video blogger, he is dedicated to revitalizing the culture of Sanxingdui, an ancient archaeological site in Sichuan province, through cosplay.

To date, Sa has handcrafted six costumes, each with a unique meaning and name, reimagining the divine essence of the ancient Shu civilization, which thrived more than 3,000 years ago.

His creative work has earned him over 375,000 followers on Bilibili.

For Sa, cosplay is a way to promote cultural exchange. One of his most memorable experiences was attending a comic exhibition for the first time two years ago, where he encountered a foreign photographer eager to take photos of his costume.

“I noticed the photographer had been following me for a while, but I couldn’t speak English. He pointed at his camera, signaling that he wanted to take photos of me,” Sa recalled. “We hardly spoke, but I was thrilled that cosplay gave me the opportunity to introduce the beauty of Sanxingdui to friends around the world.”

MIL OSI China News –

February 5, 2025
MIL-OSI Economics: Secretary-General of ASEAN attends the 21st Meeting of High-Level Task Force on ASEAN Community’s Post-2025 Vision (HLTF-ACV)

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 21st High-Level Task Force on the ASEAN Community’s Post 2025 Vision (HLTF-AVC), co-chaired by Malaysia and the Philippines, in Manila, the Philippines. The HLTF-ACV discussed the draft Kuala Lumpur Declaration to adopt the ASEAN Community Vision 2045 and the Strategic Plans of the three Community Pillars and ASEAN Connectivity, as well as the way forward, with the view to ensuring that the draft ASEAN Community Vision 2045 and its Strategic Plans are adopted during the 46th ASEAN Summit in Malaysia later this year.

The post Secretary-General of ASEAN attends the 21st Meeting of High-Level Task Force on ASEAN Community’s Post-2025 Vision (HLTF-ACV) appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 5, 2025

MIL-OSI Economics: Money Market Operations as on February 04, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,70,710.87	6.32	0.01-6.80
I. Call Money	17,135.14	6.50	5.10-6.65
II. Triparty Repo	3,90,143.40	6.27	6.10-6.48
III. Market Repo	1,61,386.03	6.42	0.01-6.70
IV. Repo in Corporate Bond	2,046.30	6.73	6.70-6.80
B. Term Segment
I. Notice Money**	234.45	6.28	6.05-6.61
II. Term Money^@@	101.00	–	6.50-6.80
III. Triparty Repo	1,530.65	6.39	6.25-6.40
IV. Market Repo	485.07	6.70	6.55-6.75
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Tue, 04/02/2025	1	Wed, 05/02/2025	25,001.00	6.51
(b) Reverse Repo
3. MSF^#	Tue, 04/02/2025	1	Wed, 05/02/2025	378.00	6.75
4. SDF^Δ#	Tue, 04/02/2025	1	Wed, 05/02/2025	1,58,816.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-1,33,437.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 24/01/2025	14	Fri, 07/02/2025	1,62,096.00	6.51
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,556.71
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				1,71,652.71
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				38,215.71
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 04, 2025		8,84,724.53
(ii) Average daily cash reserve requirement for the fortnight ending		February 07, 2025		9,12,544.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		February 04, 2025		25,001.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 10, 2025		-40,102.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2076

MIL OSI Economics –

February 5, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Withdraws from Anti-American UN Organizations
Source: The White House
ENDING U.S. SUPPORT FOR RADICAL ANTI-AMERICAN UN ORGANIZATIONS: Today, President Donald J. Trump signed an Executive Order withdrawing the United States from the UN Human Rights Council (UNHRC) and prohibiting any future funding for the UN Relief and Works Agency for the Near East (UNRWA).
- The Executive Order also requires the Secretary of State to review and report to the President on which international organizations, conventions, or treaties promote radical or anti-American sentiment.
  
  The UN Educational, Science, and Cultural Organization (UNESCO), in particular, will undergo a review under an expedited timeline due to its history of anti-Israel bias.
- The Executive Order will prohibit the United States from providing any additional funding to UNRWA, which has consistently shown itself to be anti-Semitic and anti-Israel, as evidenced by the number of its staff members who took part in the horrific October 7^th terrorist attacks against Israel.
  
  UNRWA facilities have repeatedly been used by Hamas and other terrorist groups to store weapons and build tunnels.
STANDING UP FOR HUMAN RIGHTS: The UN Human Rights Council (UNHRC) has not fulfilled its purpose and continues to be used as a protective body for countries committing horrific human rights violations.
- The UNHRC has demonstrated consistent bias against Israel, focusing on it unfairly and disproportionately in council proceedings.
- In 2018, the year President Trump withdrew from the UNHRC in his first administration, the organization passed more resolutions condemning Israel than Syria, Iran, and North Korea combined.
BUILDING ON PAST SUCCESS: During his first administration, President Trump stopped funding the UN Relief and Works Agency (UNRWA) and withdrew the United States from the UN Human Rights Council (UNHRC) and the UN Educational, Science and Cultural Organization (UNESCO).
- President Trump in 2017: “The United Nations must reform if it is to be an effective partner in confronting threats to sovereignty, security, and prosperity.”
- After the U.S. withdrew from UNESCO, the organization took steps to improve its relationship with Israel.
- President Trump successfully stopped U.S. funding to UNRWA during his first administration. The Biden Administration initially resumed funding until being forced to confront UNRWA’s corruption after the October 7^th attacks, and President Trump is once again taking action to stand up for human rights by withdrawing the United States from this corrupt organization for good.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Cortez Masto Reintroduces Bipartisan Bill to Strengthen Public Safety in Indian Country
US Senate News:
Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.), John Hoeven (R-N.D.), Ruben Gallego (D-Ariz.), and Mike Rounds (R-S.D.) reintroduced their bipartisan Bridging Agency Data Gaps & Ensuring Safety (BADGES) for Native Communities Act to support the recruitment and retention of Bureau of Indian Affairs (BIA) law enforcement officers, bolster federal missing persons resources, and give Tribes and states tools to combat violence.

“It’s time that we passed this commonsense, bipartisan bill into law, and I’m committed to getting it done,” said Senator Cortez Masto. “The Bureau of Indian Affairs needs more resources to recruit and retain officers, solve missing persons cases, and combat crime in Indian Country. I urge my colleagues to work with me to move this critical bill forward.”

“Our legislation is a significant step toward enhancing resources for Tribal law enforcement,” said Senator Hoeven. “It authorizes the BIA to conduct background checks on law enforcement applicants, providing Tribes with the tools they need to address critical staffing shortages and infrastructure challenges. This not only strengthens public safety within Tribal communities but also ensures that offenders are held accountable, empowering Tribes to better protect their citizens and uphold justice.”

“Every Arizonan deserves to feel safe, and that includes those living on Tribal lands,” said Senator Gallego. “Too often, cases go unsolved or uninvestigated because Tribal law enforcement lack the staffing and resources they need. This commonsense, bipartisan bill will go a long way in addressing those needs, and I hope to see it signed into law this Congress.”

“Tribal officials in South Dakota have been dealing with public safety issues for several years, and they need more support,” said Senator Rounds. “Our legislation would give tribal leaders and law enforcement officers more tools to assist with investigating crimes, recruiting additional law enforcement personnel and keeping their communities safe.”

Senator Cortez Masto is a strong supporter of Tribal communities and passed two bipartisan bills, the Not Invisible Act and Savanna’s Act, to combat the missing and murdered Indigenous women (MMIW) crisis during President Trump’s first term. The commission created by the Not Invisible Act specifically called for passage of Cortez Masto’s BADGES for Native Communities Act to help law enforcement better serve Native communities. This legislation passed the Senate unanimously last year. The BADGES for Native Communities Act would:
- Increase Tribal access to the National Missing and Unidentified Persons System (NamUs) by requiring Tribal facilitators to conduct ongoing Tribal outreach and serve as a point of contact for Tribes and law enforcement agencies, as well as conduct training and information gathering to improve the resolution of missing persons cases.
- Require a comprehensive report on Tribal law enforcement needs.
- Allow the BIA to conduct its own background checks for law enforcement officer applicants in order to speed up and improve officer recruitment.
- Establish a grant program to help states, Tribes, and Tribal organizations coordinate efforts related to missing and murdered persons cases and sexual assault cases.
- Ensure BIA officers and Tribal police have access to culturally appropriate mental health and wellness programs.
Senator Cortez Masto has repeatedly called on the both the Trump and Biden administrations to do more to address the epidemic of violence against Native women and girls, and has secured federal funding to protect Native communities. She urged the Biden Administration to draft a plan to address this issue, and requested the Government Accountability Office (GAO) investigate the federal response to this crisis. She’s also fought to ensure that law enforcement officers across the country have the support they need, securing historic funding for the Byrne JAG grant program, which she champions every year. The program is the leading source of criminal justice funding for state, local, and Tribal governments and provides support for programs related to crime prevention, law enforcement, prosecution, corrections, and mental and behavioral health.
MIL OSI USA News –
February 5, 2025

Category: Asia

Accountability in action

A malware SDK in Google Play apps

One small detail…

Malicious frameworks in App Store apps

Campaign features

Conclusion

Indicators of compromise

What’s happened so far?

A more unequal and unstable world

A power that’s no longer super

Australia needs to help fill the gap

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