Category: Covid 19

MIL-OSI Global: Long COVID: women at greater risk compared to men – could immune system differences be the cause?

Source: The Conversation – UK – By Helen McGettrick, Reader in Inflammation and Vascular Biology, University of Birmingham

Women had a 1.3 times higher chance of developing long COVID than men. Daisy Daisy/ Shutterstock

About 5% of people who catch COVID have long-lasting symptoms. In these people, loss of smell, dizziness, fatigue and other hallmark COVID symptoms can persist for months after the initial illness. Yet even five years after the COVID pandemic began, we still don’t know why some people develop long COVID and others don’t.

But a recent study brings us a step closer to understanding who is at greatest risk of developing long COVID. The study found that women have a much higher risk of developing long COVID compared to men.

Published in Jama Network Open, the paper investigated symptoms of long COVID in 12,276 adults. Each participant had had COVID at least six months earlier. Using a questionnaire, participants gave information on their current symptoms, allowing researchers to identify those with long COVID.

While previous research has also uncovered a similarly increase long COVID risk in women, these studies had small sample sizes and didn’t consider certain factors that may have distorted the findings.

The new study took these various factors into account in their analysis, including a participant’s age, race, vaccination status and whether they had any other health conditions. This allowed them to better calculate the risks of developing long COVID for men and women.

Their results indicated that women had 31% higher chance of developing long COVID than men.

When broken down by age, this difference disappeared in people aged 18-39. However, the risk was even greater in women aged 40-54, who had a 48% higher risk of developing the condition compared with men. Women over 55 had a 34% higher risk of developing long COVID.

Interestingly, this finding is contrary to data on COVID infection severity, which shows men are more prone to developing severe symptoms. They also make up around two out of three COVID deaths.

While researchers don’t currently know why women are at greater risk of long COVID, differences in the way men’s and women’s immune systems respond to COVID could be a factor.

Immune differences

The immune system is a fascinating, complicated system with many different types of cell, each of which has a specific role in fighting infection.

For instance, B cells make antibodies that target infections, while non-classical monocytes regulate immune function and clear up dead and damaged cells. Our cytotoxic T cells kill virus-infected cells, while helper T cells help activate other immune cells and signal that there’s an issue.

But the proportion and type of immune cells that circulate in the body can differ by sex and age.

For example, older women have lower proportions of cytotoxic and helper T cells, higher percentages of activated B cells and a higher total number of non-classical monocytes compared to younger men and women.

People with long COVID also have a higher number of non-classic monocytes and more activated B cells compared to those who didn’t have long COVID. Given that older women already have a higher proportion of these cell types even before an infection, it’s possible that this may explain why they were at the greatest risk of developing long COVID.

The study found peri-menopausal women and women who had reached the menopause had the greatest risk of developing long COVID.
Gladskikh Tatiana/ Shutterstock

But these aren’t the only immune function differences in women that may account for their greater risk of long COVID.

Women generally have a more intense immune response to infections than men – including against COVID. This more intense response can mainly be accounted for by differences in hormones and the fact that women have two X chromosomes.

In particular, the hormone oestrogen plays a vital role in controlling the immune system. Oestrogen helps contribute to the enhanced immune response that occurs when a person develops an infection. The severe drop in oestrogen that occurs during the menopause may also explain why women are more susceptible to an infection and longer lasting diseases.

Read more:
How biological differences between men and women alter immune responses – and affect women’s health

In this recent Jama study, peri-menopausal women and women who had reached the menopause were at greatest risk of developing long COVID. This suggests oestrogen may be a contributing factor.

After fighting an infection, immune cells should die off – stopping prolonged, uncontrolled damage to the body. While the more intense immune response women have to an infection may be beneficial in reducing the initial severity of the COVID infection, this persistent, heightened immune response and any damage it causes to the body may increase the possibility of long COVID occurring.

Such prolonged, higher intensity immune responses are known to promote the development of autoimmune diseases – where the body’s immune system attacks itself. Women have a higher prevalence of many autoimmune conditions, including rheumatoid arthritis, Sjogren’s and multiple sclerosis.

Although COVID isn’t an autoimmune disease, autoantibodies (proteins released by B cells that attack the body’s own cells and tissues) have been found in people with long COVID. These antibodies promote long COVID symptoms. Possibly women are at greater risk of long COVID for the same reasons they’re at greater risk of developing an autoimmune condition.

The findings from this recent study add to our understanding of long COVID – pointing to which groups are at greatest risk of developing the condition. More work needs to be done to explore differences in how long COVID differs based on sex and age – and the mechanisms that trigger long COVID to begin with.

Through understanding the who and why of long COVID, it might allow for new treatments to be developed.

Helen McGettrick receives funding from Medical Research Council, Wellcome Trust, Wellcome Leap, Helmsley Foundation and ROCHE. She is also an elected member of British Society of Immunology Congress Committee.

Jonathan Lewis receives funding from the Wellcome Trust and the British Society of Immunology (CARINA).

– ref. Long COVID: women at greater risk compared to men – could immune system differences be the cause? – https://theconversation.com/long-covid-women-at-greater-risk-compared-to-men-could-immune-system-differences-be-the-cause-248700

MIL OSI – Global Reports –

February 7, 2025
MIL-OSI United Kingdom: Flu and COVID-19 surveillance reports bulletin 2025
Source: United Kingdom – Executive Government & Departments

This bulletin (formally Weekly Winter Briefing) brings together the latest surveillance data, along with the latest public health advice for flu, COVID-19, RSV and other viruses common in winter.
For updates from previous years, see Flu and COVID-19 surveillance reports published up to week 52 2024

Latest update

Thursday 6 February 2025

In week 5:

influenza (flu) activity overall decreased across most indicators and was at medium activity levels – there continues to be an increase in influenza B across some indicators

COVID-19 activity remained stable across most indicators and was at baseline activity levels

respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels overall

For more information see the flu, COVID-19 and RSV surveillance report and norovirus surveillance report.

Flu surveillance data

In week 5:

flu activity overall decreased across most indicators and was at medium activity levels – there continues to be an increase in influenza B across some indicators

flu positivity decreased with a weekly mean positivity rate of 14%, compared to 15.6% in the previous week, this is based on a percentage of people who test positive among those with symptoms tested

overall, flu hospitalisations decreased slightly to 6.40 per 100,000 population, compared with 7.00 per 100,000 in the previous week

in week 5, the weekly influenza-like illnesses (ILI) General Practice (GP) consultation rate decreased to 13.9 per 100,000 compared with 15.4 per 100,000 in the previous week

reporting of the weekly influenza vaccine uptake for the 2024 to 2025 season concluded last week

up to the end of week 4 (week ending 26 January 2025), vaccine uptake was 39.7% for those under 65 years in a clinical risk group, 34.8% in all pregnant women and 74.6% for all those aged 65 years and over

uptake was 41.4% for children aged 2 years of age and 43.2% for children aged 3 years of age

COVID-19 surveillance data

In week 5:

COVID-19 activity remained stable across most indicators and was at baseline activity levels

COVID-19 positivity in hospital settings remained stable with a weekly mean positivity rate of 2.5% compared with 2.4% in the previous week

COVID-19 hospitalisations remained stable at 1.15 per 100,000 compared to 1.12 per 100,000 in the previous week

COVID-19 ICU admissions remained stable at 0.03 per 100,000 compared with 0.03 per 100,000 in the previous week

there were 9 COVID-19 acute respiratory incidents reported in week 4

the highest hospital admission rate was in the North-West, which increased to 1.79 per 100,00 compared with 1.36 per 100,000 in the previous week

those aged 85 years and over had the highest hospital admission rate, which increased to 13.84 per 100,000 compared with 11.78 per 100,000 in the previous week

up to the end of week 5 (week ending 2 February 2025), 23.6% of those under 65 years in a clinical risk group and 59.3% of all people aged over 65 years old, who are living and resident in England had been vaccinated

Respiratory syncytial virus (RSV) surveillance data

In week 5:

respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels overall

emergency department attendances for acute bronchiolitis remained stable

RSV positivity decreased to 2.5% compared with 3.9% in the previous week

overall, hospital admissions decreased to 1.06 per 100,000 compared with 1.42 per 100,000 in the previous week

UKHSA monitors Human metapneumovirus (hMPV) detections in patients seen in GP practices or tested by hospital laboratories and reports on this in the weekly surveillance report.

hMPV is a common respiratory infection in winter and current levels are expected at this time of year. Infections are usually mild, causing symptoms of a common cold. Most people have had hMPV by the time they are five years old and catch it again throughout their lives. In week 5, hMPV laboratory test positivity increased slightly to 4.2% from 3.8% in the previous week.

Dr Alexander Allen, Consultant Epidemiologist at UKHSA, said:

We’re pleased to see that the downward trend in flu activity has continued into this week.

If you have already had your flu vaccine this season, you can be reassured that the vaccine offers the best defence and protects against multiple strains. The predominant circulating flu strain continues to be A H1N1 clade 5a.2a. and the flu vaccine is well matched.

If you’re eligible and haven’t yet had your flu vaccine, it’s important that you take this offer up if available through local services. This includes anyone recently pregnant or newly diagnosed as in an eligible clinical risk group.

If you have symptoms of flu or COVID-19 such as a high temperature, cough and feeling tired and achy, try to limit your contact with others, especially those who are vulnerable. If you have symptoms and need to leave the house, our advice remains that you should consider wearing a face covering. Washing hands regularly and using and disposing tissues in bins can reduce the spread of respiratory illnesses, as can ensuring that indoor areas are well ventilated.

Norovirus surveillance data

In week 4:

norovirus reports in the 2-week period between 13 January 2025 to 26 January 2025 were 15% higher than the previous 2-week period

the total number of reports was 114.5% higher than the 5-season average for the same 2-week period – reporting remained highest in adults aged 65 years and over

rotavirus reporting increased in recent weeks but was within expected levels during the 2-week period of weeks 3 and 4 of 2025

the number of norovirus outbreaks reported to the Hospital Norovirus Outbreak Reporting System (HNORS) since the start of the 2024/2025 season is 15.8% higher than the 5-season average

while some of the increased reporting may be attributable to the increased use of PCR multiplex technology (capable of detecting multiple gastrointestinal pathogens in one test), it is likely that the emergence of an unusual norovirus genotype, GII.17, as well as changes in the epidemiology following the COVID-19 pandemic and other factors are contributing to the observed rise

during the 2024/2025 season to date, the majority (90.7%) of samples characterised were norovirus genogroup 2 (GII), of which the most frequently identified genotype was GII.17 (55.4%), an increase of this genotype has also been observed in other counties during 2024 and is being closely monitored – at present there is no indication it leads to more severe illness (note: it isn’t accurate to refer to GII.17 as ‘Kawasaki’ and this term is causing confusion with Kawasaki Disease, which is an unrelated disease)

laboratory reports represent just a small proportion of total norovirus cases and it has been estimated that for every case of norovirus reported to national surveillance in the UK there are about 288 in the community that go unreported, representing an annual burden of around 3 million cases

norovirus symptoms include nausea, vomiting and diarrhoea but can also include a high temperature, abdominal pain and aching limbs

norovirus infections can cause dehydration, especially in vulnerable groups such as young children and older or immunocompromised people, so if you do get ill it is important to drink plenty of fluids during that time

Amy Douglas, Epidemiologist at UKHSA said:

Norovirus cases are way above what we would usually see at this time of year and outbreaks in hospitals continue to rise. Just because you’ve had norovirus doesn’t mean you won’t get it again.

It’s really important that if you have diarrhoea and vomiting, you take steps to avoid passing the infection on, including not visiting people in hospitals and care homes.

Do not return to work, school or nursery until 48 hours after your symptoms have stopped and don’t prepare food for others in that time either. This is because you can still pass on the virus in the days after you stop being sick.

Washing your hands with soap and warm water and using bleach-based products to clean surfaces will also help stop infections from spreading. Alcohol gels do not kill norovirus so don’t rely on these alone.

Norovirus infections can cause dehydration, especially in vulnerable groups such as young children and older or immunocompromised people, so if you do get ill it is important to drink plenty of fluids during that time.

Washing your hands with soap and warm water and using bleach-based products to clean surfaces will also help stop infections from spreading. Alcohol gels do not kill norovirus so don’t rely on these alone.

Previous

Thursday 30 January 2025

This bulletin (formally Weekly Winter Briefing) brings together the latest surveillance data, along with the latest public health advice for flu, COVID-19, RSV and other viruses common in winter.

In week 4:

influenza activity overall decreased across most indicators and was at medium activity levels – there continues to be an increase in influenza B across some indicators

COVID-19 activity remained stable across most indicators and was at baseline activity levels

respiratory syncytial virus (RSV) activity showed a mixed picture and was circulating at low levels overall

For more information see the flu, COVID-19 and RSV surveillance report and norovirus surveillance report.

Flu surveillance data for week 4

Flu activity overall decreased across most indicators and was at medium activity levels. There continues to be an increase in influenza B across some indicators.

Flu positivity decreased with a weekly mean positivity rate of 15.6%, compared to 27.4% in the previous week. This is based on a percentage of people who test positive among those with symptoms tested.

Overall, flu hospitalisations decreased to 7.13 per 100,000 population, compared with 8.51 per 100,000 in the previous week.

For primary care surveillance, due to a technical issue in processing the data, the influenza-like-illness (ILI) consultations indicator has not been updated this week. In week 3, the weekly ILI General Practice (GP) consultation rate decreased to 17 per 100,000 compared with 23.1 per 100,000 in the previous week.

Up to the end of week 4 (week ending 26 January 2025), vaccine uptake was 39.7% for those under 65 years in a clinical risk group, 34.8% in all pregnant women and 74.6% for all those aged 65 years and over. Uptake was 41.4% for children aged 2 years of age and 43.2% for children aged 3 years of age.

COVID-19 surveillance data for week 4

COVID-19 activity remained stable across most indicators and was at baseline activity levels.

COVID-19 positivity in hospital settings remained stable with a weekly mean positivity rate of 2.4% compared with 2.4% in the previous week.

COVID-19 hospitalisations decreased to 1.13 per 100,000 compared to 1.33 per 100,000 in the previous week.

COVID-19 ICU admissions remained stable at 0.03 per 100,000 compared with 0.05 per 100,000 in the previous week.

There were 11 COVID-19 acute respiratory incidents reported in week 4.

The highest hospital admission rate was in the North-East, which decreased to 2.37 per 100,00 compared with 2.74 per 100,000 in the previous week.

Those aged 85 years and over had the highest hospital admission rate, which decreased to 11.86 per 100,000 compared with 15.14 per 100,000 in the previous week.

Up to the end of week 4 (week ending 26 January 2025), 23.6% of those under 65 years in a clinical risk group and 59.3% of all people aged over 65 years old, who are living and resident in England had been vaccinated.

Respiratory syncytial virus (RSV) surveillance data for week 4

Respiratory syncytial virus (RSV) activity showed a mixed picture and was circulating at low levels overall.

Emergency department attendances for acute bronchiolitis remained stable.

RSV positivity decreased slightly to 3.8% compared with 4.2% in the previous week.

Overall, hospital admissions increased to 1.42 per 100,000 compared with 1.20 per 100,000 in the previous week.

UKHSA monitors Human metapneumovirus (hMPV) detections in patients seen in GP practices or tested by hospital laboratories and reports on this in the weekly surveillance report. hMPV is a common respiratory infection in winter and current levels are expected at this time of year. Infections are usually mild, causing symptoms of a common cold and most people have had hMPV by the time they are five years old and catch it again throughout their lives. In week 4, hMPV laboratory test positivity decreased to 3.9% from 4.5% in the previous week.

Dr Alexander Allen, Consultant Epidemiologist at UKHSA, said:

We’re continuing to see flu activity decrease, which is really promising at this stage in the season. People are still reminded to take protective measures to ensure we keep cases down as we have seen a recent increase in cases of influenza B amongst children, although this is to be expected at this time of year.

The vaccine offers the best defence against flu and protects against multiple flu strains, including B strains. The predominant circulating flu strain continues to be A H1N1 clade 5a.2a. Analysis by UKHSA laboratory scientists shows that the H1N1 component of the flu vaccine is well matched.

If you’re eligible and have not yet had your flu vaccine, it’s important that you take this offer up if available through local services. This includes anyone recently pregnant or newly diagnosed as in an eligible clinical risk group.

If you have symptoms of flu or COVID-19 such as a high temperature, cough and feeling tired and achy, try to limit your contact with others, especially those who are vulnerable. If you have symptoms and need to leave the house, our advice remains that you should consider wearing a face covering. Washing hands regularly and using and disposing tissues in bins can reduce the spread of respiratory illnesses, as can ensuring that indoor areas are well ventilated.

Norovirus surveillance data for week 3

Norovirus reports in the 2-week period between 6 January 2025 to 19 January 2025 were 18.3% higher than the previous 2-week period. The total number of reports was 113.3% higher than the 5-season average for the same 2-week period. Reporting remained highest in adults aged 65 years and over.

Rotavirus reporting has started to increase again in recent weeks but was within expected levels during the 2-week period of weeks 2 and 3 of 2025.

The number of norovirus outbreaks reported to the Hospital Norovirus Outbreak Reporting System (HNORS) since the start of the 2024/2025 season is 14.3% higher than the 5-season average.

While some of the increased reporting may be attributable to the increased use of PCR multiplex technology (capable of detecting multiple gastrointestinal pathogens in one test), it is likely that the emergence of an unusual norovirus genotype, GII.17, as well as changes in the epidemiology following the COVID-19 pandemic and other factors are contributing to the observed rise.

During the 2024/2025 season to date, the majority (90.4%) of samples characterised were norovirus genogroup 2 (GII), of which the most frequently identified genotype was GII.17 (56.3%), an increase of this genotype has also been observed in other counties during 2024 and is being closely monitored — at present there is no indication it leads to more severe illness (note: it is not accurate to refer to GII.17 as ‘Kawasaki’ and this term is causing confusion with Kawasaki Disease, which is an unrelated disease)

Laboratory reports represent just a small proportion of total norovirus cases and it has been estimated that for every case of norovirus reported to national surveillance in the UK there are about 288 in the community that go unreported, representing an annual burden of around 3 million cases.

Norovirus symptoms include nausea, vomiting and diarrhoea but can also include a high temperature, abdominal pain and aching limbs. Norovirus infections can cause dehydration, especially in vulnerable groups such as young children and older or immunocompromised people, so if you do get ill it is important to drink plenty of fluids during that time.

Amy Douglas, Epidemiologist at UKHSA said:

Norovirus cases are over double what we would usually see at this time of year. This isn’t just unpleasant for those affected – it’s having a big impact on hospitals and care homes.

It’s really important that if you have diarrhoea and vomiting, you take steps to avoid passing the infection on. Please avoid visiting people in hospitals and care homes to prevent passing on the infection in these settings.

Do not return to work, school or nursery until 48 hours after your symptoms have stopped and don’t prepare food for others in that time either. This is because you can still pass on the virus in the days after you stop being sick.

Washing your hands with soap and warm water and using bleach-based products to clean surfaces will also help stop infections from spreading. Alcohol gels do not kill norovirus so do not rely on these alone.

Previous

Thursday 23 January 2025

This bulletin (formally Weekly Winter Briefing) brings together the latest surveillance data, along with the latest public health advice for flu, COVID-19, RSV and other viruses common in winter.

In week 3:

influenza activity overall decreased across most indicators and was at medium activity levels; however, laboratory surveillance indicated an increase in influenza B

COVID-19 activity remained stable across most indicators and was at baseline activity levels

respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels of activity

For more information see the flu, COVID-19 and RSV surveillance report and norovirus surveillance report.

Flu surveillance data for week 3

Flu activity overall decreased across most indicators and was at medium activity levels. However, laboratory surveillance indicated an increase in influenza B.

Flu positivity decreased with a weekly mean positivity rate of 17.5%, compared to 21.1% in the previous week. This is based on a percentage of people who test positive among those with symptoms tested.

Overall, flu hospitalisations decreased to 8.41 per 100,000 population, compared with 9.92 per 100,000 in the previous week.

The weekly influenza-like illnesses (ILI) general practice (GP) consultation rate decreased to 17 per 100,000 compared with 23.1 per 100,000 in the previous week.

Up to the end of week 3 (week ending 19 January 2025), vaccine uptake was 39.5% for those aged under 65 years in a clinical risk group, 34.5% in all pregnant women and 74.4% for all those aged 65 years and over. Uptake was 41.2% for children aged 2 years of age and 43% for children aged 3 years of age.

Some indicators suggested an increase in flu activity in children over the last week, this is in line with an expected increase in respiratory virus activity in children following the post Christmas return to school.

COVID-19 surveillance data for week 3

COVID-19 activity remained stable across most indicators and was at baseline activity levels.

COVID-19 positivity in hospital settings increased slightly with a weekly mean positivity rate of 2.4%, compared to 2.2% in the previous week.

COVID-19 hospitalisations remained stable at 1.32 per 100,000 compared to 1.35 per 100,000 in the previous week.

COVID-19 ICU admissions remained stable at 0.04 per 100,000 compared with 0.04 per 100,000 in the previous week.

There were 10 COVID-19 acute respiratory incidents reported in week 3.

The highest hospital admission rate was in the North-East, which remained stable at 2.74 per 100,000, compared with 2.78 per 100,000 in the previous week.

Those aged 85 years and over had the highest hospital admission rate, which decreased slightly to 14.65 per 100,000 compared with 15.45 per 100,000 in the previous week.

Up to the end of week 3 (week ending 19 January 2025), 23.6% of those under 65 years in a clinical risk group and 59.3% of all people aged over 65 years old, who are living and resident in England had been vaccinated.

Respiratory syncytial virus (RSV) surveillance data for week 3

Respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels overall.

Emergency department attendances for acute bronchiolitis increased.

RSV positivity decreased slightly to 4.2% compared with 4.7% in the previous week.

Overall, hospital admissions decreased to 1.21 per 100,000 compared with 1.57 per 100,000 in the previous week.

UKHSA monitors Human metapneumovirus (hMPV) detections in patients seen in GP practices or tested by hospital laboratories and reports on this in the weekly surveillance report. Most people have had hMPV by the time they are 5 years old and catch it again throughout their lives. In week 3, Human metapneumovirus (hMPV) laboratory test positivity increased to 4.9% from 3.5% in the previous week.

Dr Jamie Lopez Bernal, Consultant Epidemiologist at UKHSA, said:

It’s encouraging that flu activity is continuing to decrease this week and is currently circulating at medium levels. Flu positivity has decreased by 3.6% this week, but we should remember that flu season is not over yet and people should continue to take protective measures to keep us on this downward trend.

We’re monitoring a slight increase in Influenza B positivity this week, which is to be expected towards the end of winter and the vaccine protects against multiple flu strains, including B. The predominant circulating flu strain continues to be A H1N1 clade 5a.2a. Analysis by UKHSA laboratory scientists shows that the H1N1 component of the flu vaccine is well matched.

If you’re eligible and have not yet had your flu vaccine, it’s important that you take this offer up if available through local services. This includes anyone recently pregnant or newly diagnosed as in an eligible clinical risk group.

If you have symptoms of flu or COVID-19 such as a high temperature, cough and feeling tired and achy, try to limit your contact with others, especially those who are vulnerable. If you have symptoms and need to leave the house, our advice remains that you should consider wearing a face covering. Washing hands regularly and using and disposing tissues in bins can reduce the spread of respiratory illnesses.

Norovirus surveillance data for week 2

Norovirus reports in the 2-week period between 30 December 2024 to 12 January 2025 were 12% higher than the previous 2-week period. The total number of reports was 89.8% higher than the 5-season average for the same 2-week period.

Rotavirus reporting has started to increase again in recent weeks but was within expected levels during the 2-week period of weeks 1 and 2 of 2025.

The number of norovirus outbreaks reported to the Hospital Norovirus Outbreak Reporting System (HNORS) since the start of the 2024/2025 season is 7.2% higher than the 5-season average.

During weeks 1 and 2 of 2025, reporting remained highest in adults aged 65 years and over.

While some of the increased reporting may be attributable to the increased use of PCR multiplex technology (capable of detecting multiple gastrointestinal pathogens in one test), it is likely that the emergence of an unusual norovirus genotype, GII.17, as well as changes in the epidemiology following the COVID-19 pandemic and other factors are contributing to the observed rise.

During the 2024/2025 season to date, the majority (90.5%) of samples characterised were norovirus genogroup 2 (GII), of which the most frequently identified genotype was GII.17 (58%), an increase of this genotype has also been observed in other counties during 2024 and is being closely monitored — at present there is no indication it leads to more severe illness (note: it isn’t accurate to refer to GII.17 as ‘Kawasaki’ and this term is causing confusion with Kawasaki Disease, which is an unrelated disease).

Laboratory reports represent just a small proportion of total norovirus cases and it has been estimated that for every case of norovirus reported to national surveillance in the UK there are about 288 in the community that go unreported, representing an annual burden of around 3 million cases.

Norovirus symptoms include nausea, vomiting and diarrhoea but can also include a high temperature, abdominal pain and aching limbs. Norovirus infections can cause dehydration, especially in vulnerable groups such as young children and older or immunocompromised people, so if you do get ill it is important to drink plenty of fluids during that time.

Amy Douglas, Epidemiologist at UKHSA said:

Norovirus activity has remained high in recent weeks and has started to increase again, as we expected following the post-Christmas return to school and work.

If you have diarrhoea and vomiting, you can take steps to avoid passing the infection on. Do not return to work, school or nursery until 48 hours after your symptoms have stopped and do not prepare food for others in that time either. If you are unwell, avoid visiting people in hospitals and care homes to prevent passing on the infection in these settings. Washing your hands with soap and warm water and using bleach-based products to clean surfaces will also help stop infections from spreading. Alcohol gels do not kill norovirus so do not rely on these alone.

Previous

Thursday 16 January 2025

This bulletin (formally Weekly Winter Briefing) brings together the latest surveillance data, along with the latest public health advice for flu, COVID-19, RSV and other viruses common in winter.

In week 2:

influenza (flu) activity showed a mixed picture with some recent decline, and was circulating at medium levels

COVID-19 activity remained stable across most indicators and was at baseline activity levels

Respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels of activity

For more information, see the flu, COVID-19 and RSV surveillance report and norovirus surveillance report.

Flu surveillance data for week 2

Flu activity showed a mixed picture with some indicators suggesting that activity may have reached a peak, and declined in recent weeks to medium levels

Flu positivity decreased with a weekly mean positivity rate of 20.9%, compared to 28.4% in the previous week (this is based on a percentage of people who test positive among those with symptoms tested)

Overall, flu hospitalisations decreased to medium levels of 9.47 per 100,000 population, compared with 13.43 per 100,000 in the previous week.

The weekly influenza-like illnesses (ILI) General Practice (GP) consultation rate increased to 23.1 per 100,000 compared with 20.6 per 100,000 in the previous week. Note that this is not considered to indicate rising activity as it follows two weeks with bank holidays, in which the number of GP appointments available was reduced

Up to the end of week 2 (week ending 12 January 2025), vaccine uptake stood at 39.1% of those under 65 years in a clinical risk group, 34.2% in all pregnant women and 74.1% in all those aged 65 years and over, 41.1% of children aged 2 years of age and 42.7% of children aged 3 years of age have been vaccinated

COVID-19 surveillance data for week 2

COVID-19 activity remained stable across most indicators and was circulating at baseline levels

COVID-19 positivity in hospital settings decreased slightly with a weekly mean positivity rate of 2.1%, compared to 2.3% in the previous week

COVID-19 hospitalisations remained stable at 1.34 per 100,000 compared to 1.39 per 100,000 in the previous week

COVID-19 ICU admissions remained stable at 0.04 per 100,000 compared with 0.06 per 100,000 in the previous week

There were 8 COVID-19 acute respiratory incidents reported in week 2

The highest hospital admission rate was in the North-East, which remained stable at 2.74 per 100,000, compared with 2.78 per 100,000 in the previous week

Those aged 85 years and over had the highest hospital admission rate, which remained stable at 15.47 per 100,000 compared with 15.13 per 100,000 in the previous week

Up to the end of week 2 (week ending 12 January 2025), 23.6% of those under 65 years in a clinical risk group and 59.2% of all people aged over 65 years old, who are living and resident in England had been vaccinated

Respiratory Syncytial Virus (RSV) surveillance data for week 2

Respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels overall

Emergency department attendances for acute bronchiolitis decreased

RSV positivity decreased to 4.7% compared with 6.2% in the previous week

Overall, hospital admissions decreased to 1.52 per 100,000 compared with 2.10 per 100,000 in the previous week

UKHSA monitors Human metapneumovirus (hMPV) detections in patients seen in GP practices or tested by hospital laboratories and reports on this in the weekly surveillance report. Most people have had hMPV by the time they are five years old and catch it again throughout their lives. In week 2, Human metapneumovirus (hMPV) laboratory test positivity decreased to 3.5% from 4.6% in the previous week

Dr Conall Watson, Consultant Epidemiologist at UKHSA, said:

Flu activity is currently heading in the right direction, falling from high to medium levels overall this week. One of our key indicators is the percentage of positive flu tests, and this has come down from 28% to 21%. This is promising but we are nowhere near out of flu season yet. Mixing increases in January as people return to workplaces and schools which increases the chances for flu viruses to spread.

We urge everyone to do their bit to keep us on this downward trend. If you have symptoms of flu or COVID-19 such as a high temperature, cough and feeling tired and achy, try to limit your contact with others, especially those who are vulnerable. If you have symptoms and need to leave the house, our advice remains that you should consider wearing a face covering. Washing hands regularly and using and disposing tissues in bins can reduce the spread of respiratory illnesses.

If you’re eligible and haven’t yet had your flu vaccine, it’s important that you take this offer up if available through local services. This includes anyone recently pregnant or newly diagnosed as in an eligible clinical risk group.

The vaccine protects against multiple flu strains and we are monitoring influenza type B activity closely as this can rise towards the end of winter. The predominant circulating flu strain continues to be A H1N1 clade 5a.2a. Analysis by UKHSA laboratory scientists shows that the H1N1 component of the flu vaccine is well matched.

Norovirus surveillance data for week 1

Norovirus reports in the 2-week period between 23 December to 05 January 2024 were 6.7% lower than the previous 2-week period, although have increased in week 1 of 2025.

The decrease over the festive period has also been seen in previous years should be interpreted with caution as likely reflects changes in patterns of healthcare use, social mixing and lagged reporting due to the Christmas holidays, as well as the impact of school holidays. However, the total number of reports was 70.1% higher than the 5-season average for the same 2-week period.

Rotavirus reporting has decreased in recent weeks and was within expected levels during the 2-week period of weeks 52 of 2024 and 1 of 2025.

The number of norovirus outbreaks reported to the Hospital Norovirus Outbreak Reporting System (HNORS) since the start of the 2024/2025 season is 8.7% higher than the 5-season average.

Norovirus reporting remained high across all regions of England and all age groups, with the highest number of reports in adults aged 65 years and over.

While some of the increased reporting may be attributable to the increased use of PCR multiplex technology (capable of detecting multiple gastrointestinal pathogens in one test), it is likely that the emergence of an unusual norovirus genotype, GII.17, as well as changes in the epidemiology following the COVID-19 pandemic and other factors are contributing to the observed rise.

During the 2024/2025 season to date, the majority (90.4%) of samples characterised were norovirus genogroup 2 (GII), of which the most frequently identified genotype was GII.17 (58.1%), an increase of this genotype has also been observed in other counties during 2024 and is being closely monitored — at present there is no indication it leads to more severe illness (note: it isn’t accurate to refer to GII.17 as ‘Kawasaki’ and this term is causing confusion with Kawasaki Disease, which is an unrelated disease)

Laboratory reports represent just a small proportion of total norovirus cases and it has been estimated that for every case of norovirus reported to national surveillance in the UK there are about 288 in the community that go unreported, representing an annual burden of around 3 million cases.

Norovirus symptoms include nausea, vomiting and diarrhoea but can also include a high temperature, abdominal pain and aching limbs. Norovirus infections can cause dehydration, especially in vulnerable groups such as young children and older or immunocompromised people, so if you do get ill it is important to drink plenty of fluids during that time.

Amy Douglas, Epidemiologist at UKHSA said:

Norovirus activity remains high.

If you have diarrhoea and vomiting, you can take steps to avoid passing the infection on. Do not return to work, school or nursery until 48 hours after your symptoms have stopped and don’t prepare food for others in that time either. If you are unwell, avoid visiting people in hospitals and care homes to prevent passing on the infection in these settings. > Washing your hands with soap and warm water and using bleach-based products to clean surfaces will also help stop infections from spreading. Alcohol gels do not kill norovirus so don’t rely on these alone.

Previous

Thursday 09 January 2025

This bulletin (formally Weekly Winter Briefing) brings together the latest surveillance data, along with the latest public health advice for flu, COVID-19, RSV and other viruses common in winter.

In week 1:

COVID-19 activity remained stable across most indicators and was at baseline activity levels

influenza (flu) activity showed a mixed picture with some indicators suggesting that activity may have reached a peak, though activity remains at high levels

Respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels

For more information, see the flu, COVID-19 and RSV surveillance report and norovirus surveillance report.

Flu surveillance data for week 1

Flu activity showed a mixed picture with some indicators suggesting that activity may have reached a peak, though activity remains at high levels

flu positivity decreased slightly with a weekly mean positivity rate of 28.1%, compared to 29.7% in the previous week. This is based on a percentage of people who test positive among those with symptoms tested at sentinel “spotter” laboratories, reported through the Respiratory DataMart surveillance system

overall, flu hospitalisations remained stable at 13.41 per 100,000, compared with 13.90 per 100,000 in the previous week

the weekly influenza-like illnesses (ILI) General Practice (GP) consultation rate increased to 20.6 per 100,000 compared with 13.9 per 100,000 in the previous week

up to the end of week 1, vaccine uptake stood at 38.6% of those under 65 years in a clinical risk group, 33.8% in all pregnant women and 73.8% in all those aged 65 years and over. 40.9% of children aged 2 years of age and 42.5% of children aged 3 years of age have been vaccinated

COVID-19 surveillance data for week 1

COVID-19 activity remained stable across most indicators and was circulating at baseline levels

COVID-19 positivity in hospital settings decreased with a weekly mean positivity rate of 2.2%, compared to 2.5% in the previous week

COVID-19 hospitalisations remained stable at 1.39 per 100,000 compared to 1.32 per 100,000 in the previous week

COVID-19 ICU admissions remained stable at 0.06 per 100,000 compared with 0.04 per 100,000 in the previous week

there were 12 COVID-19 acute respiratory incidents reported in week 1

the highest hospital admission rate was in the North-East at 2.78 per 100,000, increasing from 1.68 per 100,000 in the previous week

those aged 85 years and over had the highest hospital admission rate, which increased to 15.36 per 100,000 compared with 12.64 per 100,000 in the previous week

up to the end of week 1, 23.5% of those under 65 years in a clinical risk group and 59.1% of all people aged over 65 years old, who are living and resident in England had been vaccinated

Respiratory syncytial virus (RSV) surveillance data for week 1

Respiratory syncytial virus (RSV) activity decreased across most indicators and was circulating at low levels overall

emergency department attendances for acute bronchiolitis decreased

RSV positivity decreased slightly to 6.2% compared with 7.2% in the previous week

overall, hospital admissions decreased to 2.14 per 100,000 compared with 2.48 per 100,000 in the previous week

Dr Conall Watson, Consultant Epidemiologist at UKHSA, said:

We are continuing to see high levels of flu this week and ongoing admissions to hospitals and intensive care. Although activity has remained stable coming into the new year, influenza activity can be unpredictable as people return to work and school and opportunities for the virus to spread can increase.

The predominant circulating flu strain continues to be A H1N1 clade 5a.2a, and the World Health Organization has so far concluded that the H1 component of the flu vaccine is well matched. If you’re still offered a vaccine through local services, it’s important that you take this up, including if you are pregnant or a health and social care worker.

If you have symptoms of flu or COVID-19 such as a high temperature, cough and feeling tired and achy, try to limit your contact with others, especially those who are vulnerable. If you have symptoms and need to leave the house, our advice remains that you should consider wearing a face covering. Washing hands regularly and using and disposing tissues in bins can reduce the spread of respiratory illnesses.

Norovirus surveillance data for week 52

Norovirus activity has decreased in recent weeks, with reports in the 2-week period between 16 to 29 December 2024 12.1% lower than the previous 2-week period. The decrease over the festive period has also been seen in previous years and should be interpreted with caution as it likely reflects changes in patterns of healthcare use, social mixing and lagged reporting due to the Christmas holidays, as well as the impact of school holidays. However, the total number of reports was 63.6% higher than the 5-season average for the same 2-week period.

Rotavirus reporting has decreased in recent weeks and was within expected levels during the 2-week period of weeks 51 and 52.

The number of norovirus outbreaks reported to the Hospital Norovirus Outbreak Reporting System (HNORS) since the start of the 2024/2025 season is 11.7% higher than the 5-season average.

Norovirus reporting remained high across all regions of England and all age groups, with the highest number of reports in adults aged 65 years and over.

While some of the increased reporting may be attributable to the increased use of PCR multiplex technology (capable of detecting multiple gastrointestinal pathogens in one test), it is likely that the emergence of an unusual norovirus genotype, GII.17, as well as changes in the epidemiology following the COVID-19 pandemic and other factors are contributing to the observed high levels.

During the 2024/2025 season to date, the majority (89.5%) of samples characterised were norovirus genogroup 2 (GII), of which the most frequently identified genotype was GII.17 (59.7%), an increase of this genotype has also been observed in other counties during 2024 and is being closely monitored — at present there is no indication it leads to more severe illness (note: it isn’t accurate to refer to GII.17 as ‘Kawasaki’ and this term is causing confusion with Kawasaki Disease, which is an unrelated disease)

Laboratory reports represent just a small proportion of total norovirus cases and it has been estimated that for every case of norovirus reported to national surveillance in the UK there are about 288 in the community that go unreported, representing an annual burden of around 3 million cases.

Norovirus symptoms include nausea, vomiting and diarrhoea but can also include a high temperature, abdominal pain and aching limbs. Norovirus infections can cause dehydration, especially in vulnerable groups such as young children and older or immunocompromised people, so if you do get ill it is important to drink plenty of fluids during that time.

Amy Douglas, Epidemiologist at UKHSA, said:

Although there was a decrease in reports of norovirus over the festive period, cases still remain high and we expect levels to rise further with the return to school.

If you have diarrhoea and vomiting, you can take steps to avoid passing the infection on. Do not return to work, school or nursery until 48 hours after your symptoms have stopped and don’t prepare food for others in that time either. If you are unwell, avoid visiting people in hospitals and care homes to prevent passing on the infection in these settings.

Washing your hands with soap and warm water and using bleach-based products to clean surfaces will also help stop infections from spreading. Alcohol gels do not kill norovirus so don’t rely on these alone.

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Published 6 February 2025
MIL OSI United Kingdom –
February 7, 2025
MIL-OSI Global: US dodged a bird flu pandemic in 1957 thanks to eggs and dumb luck – with a new strain spreading fast, will Americans get lucky again?

Source: The Conversation – USA – By Alexandra M. Lord, Chair and Curator of Medicine and Science, Smithsonian Institution

Eggs have been crucial to vaccine production for decades. Bettmann/Getty Images

In recent months, Americans looking for eggs have faced empty shelves in their grocery stores. The escalating threat of avian flu has forced farmers to kill millions of chickens to prevent its spread.

Nearly 70 years ago, Maurice Hilleman, an expert in influenza, also worried about finding eggs. Hilleman, however, needed eggs not for his breakfast, but to make the vaccines that were key to stopping a potential influenza pandemic.

Hilleman was born a year after the notorious 1918 influenza pandemic swept the world, killing 20 million to 100 million people. By 1957, when Hilleman began worrying about the egg supply, scientists had a significantly more sophisticated understanding of influenza than they had previously. This knowledge led them to fear that a pandemic similar to that of 1918 could easily erupt, killing millions again.

As a historian of medicine, I have always been fascinated by the key moments that halt an epidemic. Studying these moments provides some insight into how and why one outbreak may become a deadly pandemic, while another does not.

Anticipating a pandemic

Influenza is one of the most unpredictable of diseases. Each year, the virus mutates slightly in a process called antigenic drift. The greater the mutation, the less likely that your immune system will recognize and fight back against the disease.

Every now and then, the virus changes dramatically in a process called antigenic shift. When this occurs, people become even less immune, and the likelihood of disease spread dramatically increases. Hilleman knew that it was just a matter of time before the influenza virus shifted and caused a pandemic similar to the one in 1918. Exactly when that shift would occur was anyone’s guess.

In April 1957, Hilleman opened his newspaper and saw an article about “glassy-eyed” patients overwhelming clinics in Hong Kong.

The article was just eight sentences long. But Hilleman needed only the four words of the headline to become alarmed: “Hong Kong Battling Influenza.”

Within a month of learning about Hong Kong’s influenza epidemic, Hilleman had requested, obtained and tested a sample of the virus from colleagues in Asia. By May, Hilleman and his colleagues knew that Americans lacked immunity against this new version of the virus. A potential pandemic loomed.

The U.S. prioritized vaccinating military personnel over the public in 1957. Here, members of a West German Navy vessel hand over a jar of vaccine to the U.S. transport ship General Patch for 134 people sick with flu.
Henry Brueggemann/AP Photo

Getting to know influenza

During the 1920s and 1930s, the American government had poured millions of dollars into influenza research. By 1944, scientists not only understood that influenza was caused by a shape-shifting virus – something they had not known in 1918 – but they had also developed a vaccine.

Antigenic drift rendered this vaccine ineffective in the 1946 flu season. Unlike the polio or smallpox vaccine, which could be administered once for lifelong protection, the influenza vaccine needed to be continually updated to be effective against an ever-changing virus.

However, Americans were not accustomed to the idea of signing up for a yearly flu shot. In fact, they were not accustomed to signing up for a flu shot, period. After seeing the devastating impact of the 1918 pandemic on the nation’s soldiers and sailors, officials prioritized protecting the military from influenza. During and after World War II, the government used the influenza vaccine for the military, not the general public.

Stopping a pandemic

In the spring of 1957, the government called for vaccine manufacturers to accelerate production of a new influenza vaccine for all Americans.

Traditionally, farmers have often culled roosters and unwanted chickens to keep their costs low. Hilleman, however, asked farmers to not cull their roosters, because vaccine manufacturers would need a huge supply of eggs to produce the vaccine before the virus fully hit the United States.

But in early June, the virus was already circulating in the U.S. The good news was that the new virus was not the killer its 1918 predecessor had been.

Hoping to create an “alert but not an alarmed public,” Surgeon General Leroy Burney and other experts discussed influenza and the need for vaccination in a widely distributed television show. The government also created short public service announcements and worked with local health organizations to encourage vaccination.

A 1957 film informing Americans how the U.S. was responding to an influenza outbreak.

Vaccination rates were, however, only “moderate” – not because Americans saw vaccination as problematic, but because they did not see influenza as a threat. Nearly 40 years had dulled memories of the 1918 pandemic, while the development of antibiotics had lessened the threat of the deadly pneumonia that can accompany influenza.

Learning from a lucky reprieve

If death and devastation defined the 1918 pandemic, luck defined the 1957 pandemic.

It was luck that Hilleman saw an article about rising rates of influenza in Asia in the popular press. It was luck that Hilleman made an early call to increase production of fertilized eggs. And it was luck that the 1957 virus did not mirror its 1918 relative’s ability to kill.

Recognizing that they had dodged a bullet in 1957, public health experts intensified their monitoring of the influenza virus during the 1960s. They also worked to improve influenza vaccines and to promote yearly vaccination. Multiple factors, such as the development of the polio vaccine as well as a growing recognition of the role vaccines played in controlling diseases, shaped the creation of an immunization-focused bureaucracy in the federal government during the 1960s.

Inoculating eggs with live virus was the first step to producing a vaccine.
AP Photo

Over the past 60 years, the influenza virus has continued to drift and shift. In 1968, a shift once again caused a pandemic. In 1976 and 2009, concerns that the virus had shifted led to [fears that a new pandemic loomed]. But Americans were lucky once again.

Today, few Americans remember the 1957 pandemic – the one that sputtered out before it did real damage. Yet that event left a lasting legacy in how public health experts think about and plan for future outbreaks. Assuming that the U.S. uses the medical and public health advances at its disposal, Americans are now more prepared for an influenza pandemic than our ancestors were in 1918 and in 1957.

But the virus’s unpredictability makes it impossible to know even today how it will mutate and when a pandemic will emerge.

Alexandra M. Lord does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. US dodged a bird flu pandemic in 1957 thanks to eggs and dumb luck – with a new strain spreading fast, will Americans get lucky again? – https://theconversation.com/us-dodged-a-bird-flu-pandemic-in-1957-thanks-to-eggs-and-dumb-luck-with-a-new-strain-spreading-fast-will-americans-get-lucky-again-247157

MIL OSI – Global Reports –

February 7, 2025
MIL-OSI United Kingdom: Construction boss jailed after fraudulently obtaining two maximum-value Covid loans
Source: United Kingdom – Executive Government & Departments

Director jailed for Bounce Back Loan fraud and transferring criminal property
Arti Deda overstated the turnover of his Knight Workers Limited company to secure two Bounce Back Loans when companies were only entitled to one

Money from the loans was transferred to associates and third parties, not to benefit his business

Deda was jailed for two-and-a-half years and banned as a company director for 10 years

A Berkshire-based director who fraudulently obtained two Covid loans for his construction firm has been jailed.

Arti Deda, 31, overstated the turnover of his Knight Workers Limited company to obtain maximum-value Bounce Back Loans worth £50,000 each from the bank in 2020, when companies were only entitled to one.

None of the £100,000 was used for the economic benefit of the business as was required under the terms of the scheme.

Deda, of Littleport Spur, Slough, was sentenced to two-and-a-half years in prison at Reading Crown Court on Wednesday 5 February.

He was also disqualified as a company director for 10 years.

David Snasdell, Chief Investigator at the Insolvency Service, said:

This significant jail term and director disqualification reflects the seriousness of Covid-related fraud.

Bounce Back Loans were designed to support small and medium-sized businesses through the pandemic. Taxpayers’ money should not have been used for personal purposes by company directors.

The Insolvency Service is committed to investigating these crimes, which have a substantial impact on the public purse, and prosecuting those responsible.

Knight Workers was incorporated in December 2017 with Deda as its sole director.

The company claimed to be in the business of construction of domestic buildings.

However, Insolvency Service investigators found minimal evidence of any trading in the construction industry.

Deda made the fraudulent applications to two separate banks for Bounce Back Loans for the company during the same week in July 2020, falsely declaring its annual turnover was both £390,000 and £495,000 for 2019.

He also claimed in securing the second Bounce Back Loan that this was his only application.

A total of £44,500 was transferred to an associate just days after Deda received the funds. A further £13,000 was later transferred to a third party and £20,000 was transferred from the account with the reference ‘material’.

Deda applied to have Knight Workers liquidated in November 2021 in an attempt to avoid having to repay the loan.

The company was eventually dissolved in April 2023, with Deda having made no repayments.

Deda also failed in his duties as a company director to provide accounting records to the liquidator on request.

The Insolvency Service is seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002.

Further information

Arti Deda is of Littleport Spur, Slough. His date of birth is 9 September 1993

Sentenced for: Fraud, contrary to section 1 of the Fraud Act 2006, transferring criminal property, contrary to section 327 of the Proceeds of Crime Act 2002 and failing to preserve accounting records, contrary to section 389(1) of the Companies Act 2006

Knight Workers Limited (company number 11119663)

Read more about the Bounce Back Loan Scheme and the action the Insolvency Service can take if it finds misconduct 

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 6 February 2025
MIL OSI United Kingdom –
February 7, 2025
MIL-OSI Security: Mt. Pleasant Business Owner Sentenced to 1.5 Years in Federal Prison

Source: Office of United States Attorneys

CHARLESTON, S.C. — Jonathan Ramaci, 60, of Mt. Pleasant, was sentenced to one and a half years in federal prison after pleading guilty to wire fraud and filing a false income tax return.

Evidence presented to the court showed that Ramaci defrauded the Small Business Association in his application and receipt of approximately $214,000 of fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) loans that were authorized pursuant to the CARES Act. Evidence showed that Ramaci submitted fraudulent tax documentation to the SBA and its approved third-party lenders, that were relied on to fund a PPP loan Ramaci received. For the fraudulent EIDL loans, Ramaci falsely represented to the SBA revenue and costs of goods sold for the businesses he was applying for.

As for Ramaci’s tax offense, evidence submitted to the court showed that from 2017 to 2021, Ramaci either failed to file and/or filed false income tax returns and owes the IRS $289,531. Specifically, Ramaci was paying for personal expenses from a business he owned and operated, Elements of Genius, headquartered in Charleston. He was also not reporting his income.

“This defendant’s actions revealed corrupt business practices that cost the taxpayer and the government hundreds of thousands of dollars,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “His deceptive financial scheme warrants this prison sentence and sends the message that such practices will not be tolerated.”

“IRS Criminal Investigation, along with our law enforcement partners, will vigorously pursue business owners who victimize their investors and violate the public trust,” said Special Agent in Charge Donald “Trey” Eakins, Charlotte Field Office, IRS-CI. “The defendant used his position of power to defraud not just his own company, but the honest, hardworking Americans who pay their tax obligations.”

United States District Judge Richard M. Gergel sentenced Ramaci to 18 months imprisonment, to be followed by a three-year term of court-ordered supervision. There is no parole in the federal system. As part of the judgement, the court ordered Ramaci to pay $538,178.88 in restitution for the offenses of conviction. The court also ordered Ramaci to pay restitution in the amount of $1,009,684.00 to victims of offenses that the defendant did not plead guilty to, which was agreed to by the parties in the plea agreement.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

This case was investigated by the FBI Columbia Field Office and IRS Criminal Investigation. Assistant U.S. Attorney Amy Bower is prosecuting the case.

###

MIL Security OSI –

February 6, 2025
MIL-OSI Asia-Pac: English rendering of PM’s reply to the Motion of Thanks on the President’s Address in Lok Sabha

Source: Government of India

Posted On: 04 FEB 2025 8:57PM by PIB Delhi

Respected Chairman,

I am present here to express my gratitude to the address of the honourable President. Yesterday and today till late at night, all the honourable MPs enriched this motion of thanks with their views. Many honourable experienced MPs also expressed their views, and naturally, as is the tradition of democracy, where there was need, there was praise, where there was a problem, there were some negative things, but this is very natural! Mr. Speaker, it is a great fortune for me that the people of the country have given me the opportunity to sit at this place for the 14th time and express my gratitude to the address of the President, and therefore, today I want to express my gratitude to the people with great respect, and I also express my gratitude to all those who participated in the discussion in the House and enriched the discussion.

Respected Chairman,

We are in 2025, in a way 25% of the 21st century has already passed. Time will decide what happened in the 20th century after independence and in the first 25 years of the 21st century, and how it happened, but if we study this President’s address closely, it is clearly visible that the President has told the country about the next 25 years and a new confidence-building speech for a developed India. In a way, this speech of the respected President is going to strengthen the resolve for a developed India, create new confidence and inspire the general public.

Respected Chairman,

All the studies have repeatedly said that in the last 10 years, the people of the country have given us a chance to serve them. 25 crore countrymen have come out of poverty by defeating the poverty.

Respected Chairman,

For five decades you have heard slogans of eradicating poverty and now 25 crore poor people have come out after defeating poverty. It does not happen just like that. It happens when one spend one’s life for the poor in a planned manner with full sensitivity and dedication.

Respected Chairman,

When people connected to the land spend their lives on the land while knowing the truth about the land, then change on the land is certain.

Respected Chairman,

We have not given false slogans to the poor, we have given them true development. The pain of the poor, the suffering of the common man, the dreams of the middle class are not understood just like that. Respected Chairman, this requires passion and I have to say with sadness that some people do not have it.

Respected Chairman,

How difficult it is to live under a thatched roof with plastic sheets during the rainy season. There are moments when dreams are crushed every moment. Not everyone can understand this.

Respected Chairman,

Till now the poor have got 4 crore houses. Those who have lived that life do not understand what it means to get a house with a concrete roof.

Respected Chairman,

When a woman is forced to defecate in the open, she can either go out before sunrise or after sunset after facing a lot of difficulties to do this small daily ritual, such people cannot understand what trouble she has to go through, respected chairman.

Respected Chairman,

We have solved the problems of our sisters and daughters by building more than 12 crore toilets. Respected Chairman, these days there is a lot of discussion in the media. It is happening more on social media. Some leaders are focusing on Jacuzzi and stylish showers in homes, but our focus is on providing water to every home. After 75 years of independence, 70-75% of the country’s population, i.e. more than 16 crore households, did not have tap water connection. Our government has provided tap water to 12 crore families in 5 years and that work is progressing rapidly.

Respected Chairman,

We have done so much work for the poor and because of this, the honourable President has described it in detail in his speech. Those who keep themselves entertained by having photo sessions in the huts of the poor will find it boring to talk about the poor in the Parliament.

Respected Chairman,

I can understand their anger. Respected Chairman, identifying the problem is one thing but if there is a responsibility then you cannot leave it after identifying the problem, you have to make dedicated efforts to solve it. We have seen, and you must have seen our work of the last 10 years and also in the President’s address, our effort is to solve the problem and we make dedicated efforts.

Respected Chairman,

There used to be a Prime Minister in our country, it had become a fashion to call him Mr. Clean. It had become fashionable to call the Prime Minister Mr. Clean. He had identified a problem and he had said that if 1 rupee comes out from Delhi, then only 15 paise reaches the village. Now at that time, from the Panchayat to the Parliament, there was rule of one party, from the Panchayat to the Parliament, there was rule of one party and at that time he had publicly said that 1 rupee comes out and 15 paise reaches. It was an amazing kind of sleight of hand. Even a common man of the country can easily understand to whom the 15 paise used to go.

Respected Chairman,

The country gave us an opportunity, we tried to find solutions. Our model is savings as well as development, public money for the public. We created the Gem Trinity of Jan Dhan, Aadhar and Mobile and started giving direct benefit, direct benefit transfer through DBT.

Respected Chairman,

During our tenure, we deposited Rs 40 lakh crore directly into the accounts of the people.

Respected Chairman,

Look at the misfortune of this country, how the governments were run and for whom they were run.

Respected Chairman,

When the fever rises, people say anything, but when along with it, frustration and despair spreads, even then they say a lot.

Respected Chairman,

10 crore such fake people who were not born, who had not appeared on this land of India, were taking benefit of various schemes from the government treasury.

Respected Chairman,

So that the right does not face injustice, without worrying about political gain or loss, we removed these 10 crore fake names and launched a campaign to find the real beneficiaries and provide help to them.

Respected Chairman,

When these 10 crore fake people are removed and the accounts of various schemes are calculated, then almost 3 lakh crore rupees were saved from going into wrong hands. I am not saying whose hands were involved, it was from the wrong hands.

Respected Chairman,

We have also made full use of technology in government procurement, brought transparency and today even state governments are using the Gem portal. The purchases made through the Gem portal cost less than what is usually made and the government has saved Rs 1,15,000 crore.

Respected Chairman,

Our Swachh Bharat Abhiyan was ridiculed a lot, as if we had committed a sin, a mistake. I don’t know what all was said, but today I can say with satisfaction that due to this cleanliness drive, the government has earned 2300 crore rupees in recent years from the junk sold from government offices alone. Mahatma Gandhi used to talk about the principle of trusteeship. He used to say that we are trustees, this property belongs to the people and therefore we try to save every penny on the basis of this principle of trusteeship and use it at the right place and only then 2300 crore rupees are coming into the government treasury by selling junk from the Swachh Bharat Abhiyan.

Respected Chairman,

We made an important decision of ethanol blending. We know that we are not energy independent and we have to import it from outside. When ethanol blending was done and our income from petrol and diesel decreased, that one decision made a difference of Rs 100000 crore and this money of almost Rs 100000 crore has gone into the pockets of farmers.

Respected Chairman,

I am talking about saving, but earlier the headlines of newspapers used to be, scams worth so many lakhs. Scams worth so many lakhs, scams worth so many lakhs, it has been 10 years since these scams were not committed. By not having scams, lakhs and crores of rupees of the country have been saved, which are being used in the service of the people.

Respected Chairman,

The various steps we have taken have saved lakhs of crores of rupees, but we have not used that money to build a palace for mirrors. We have used it to build the country. The infrastructure budget was Rs 180000 crore 10 years ago, before we came. Respected Chairman, today the infrastructure budget is Rs 11 lakh crore and that is why the President has described how the foundation of India is getting stronger. Be it roads, highways, railways or village roads, a strong foundation of development has been laid for all these works.

Respected Chairman,

Savings in the government treasury is one thing and that should be done as I said about trusteeship, but we have also kept in mind that the general public should also get the benefit of these savings. The schemes should be such that the public also saves and you must have seen the expenses incurred by the common man due to illness under the Ayushman Bharat Yojana. On the basis of the people who have taken its benefit till now, I would say that due to taking benefit of Ayushman Yojana, the expenses that the countrymen would have to bear from their own pockets, like this, Rs 120000 crore has been saved for the public. It is necessary that now like Jan Aushadhi Kendra, today in the middle class families, all the gentlemen are of 60-70 years of age, so it is natural that some disease or the other comes, there is also the cost of medicines, medicines are also expensive, since we have opened Jan Aushadhi Kendras, there is 80% discount and because of that, the families who have taken medicines from these Jan Aushadhi Kendras have saved nearly Rs 30000 crore on the cost of medicines.

Respected Mr Chairman,

UNICEF also estimates that they have done a big survey of the families whose homes have sanitation and toilets, that family has saved about Rs. 70,000 in a year. Be it the Swachhata Abhiyan, the work of building toilets, the work of providing pure water, our common families are getting huge benefits.

Respected Mr Chairman,

I mentioned tap water in the beginning. There is a report from WHO, WHO says that because of getting pure tap water, the average family has saved Rs. 40000 on expenses incurred on other diseases. I am not counting much, but there are many such schemes which have saved the expenses of the common man.

Respected Chairman,

Free food grains are given to crores of countrymen, and the family saves thousands of rupees. PM Surya Ghar Free Electricity Scheme: Wherever this scheme has been implemented, those families are saving on an average 25 to 30 thousand rupees on electricity every year, there is saving in expenses and if there is more electricity, then they are earning money by selling it. That is, there is also saving for the common man. We had run a campaign for LED bulbs. You know that before we came, LED bulbs were sold for Rs. 400 each. We ran such a campaign that its price came down to ₹40 and because of LED bulbs there was saving of electricity and more light was also available and about 20,000 crore rupees of the countrymen were saved in this.

Respected Chairman,

Farmers who have used Soil Health Cards scientifically have benefited greatly and such farmers have saved Rs 30,000 per acre.

Respected Mr Chairman,

In the last 10 years, by reducing the income tax, we have also worked to increase the savings of the middle class.

Respected Mr Chairman,

Before 2014, such bombs were hurled, such bullets were fired that the lives of the countrymen were shattered. We gradually moved ahead by filling up those wounds. 200000 rupees, in 2013-14, ₹200000, only ₹200000, there was income tax exemption on that and today 12 lakh rupees are completely exempted from income tax and in the intervening period also in 2014, in 2017, in 2019, in 2023, we have been doing this continuously, healing the wounds and today the bandage that was left has also been done. If we add 75000 standard deduction to it, then after 1st April, the salaried class of the country will not have to pay any income tax up to 12.75 lakh rupees.

Respected Chairman,

When you were working in Yuva Morcha, you must have heard and read about a Prime Minister who used to say 21st century, 21st century almost every day. In a way, it had become a memorized phrase, it had become a catchphrase. He used to say 21st century, 21st century. When it was said so often, R K Laxman had made a great cartoon in Times of India. That cartoon was very interesting. In that cartoon, there is an airplane and a pilot. I don’t know why he liked the pilot. Some passengers were sitting and the airplane was placed on a cart and workers were pushing the cart and 21st century was written on it. That cartoon seemed like a joke at that time, but later on it proved to be true.

Respected Mr Chairman,

This was a sarcasm; it was a cartoon that demonstrated how disconnected from ground reality the then Prime Minister was that he was engaged in baseless talk.

Respected Mr Chairman,

Those who then talked about the 21st century were not even able to fulfill the needs of the 20th century.

Respected Mr Chairman,

Today when I see that I have got the opportunity to look closely at all the things that happened in the last 10 years, I feel very sad. We are 40-50 years late, the work which should have been done 40-50 years ago, and hence this year when the people of the country gave us the opportunity to serve from 2014, we focused more and more on the youth. We emphasized on the aspirations of the youth, we created more opportunities for the youth, we opened many sectors and due to which we are seeing that the youth of the country are waving the flag of their capabilities. We opened the space sector in the country, opened the defense sector, brought the semiconductor mission, we gave shape to many new schemes to promote innovation, completely developed the Startup India ecosystem and in this budget also, respected Chairman ji, a very important decision has been taken. Income tax exemption on income of Rs 12 lakh, this news became so big that many important things have still not been noticed by some people. That important decision has been taken; we have opened up the nuclear energy sector and the country is going to see its far-reaching positive impacts and results.

Respected Mr Chairman,

We are also among those who are making efforts to discuss AI, 3D printing, robotics, virtual reality and what is the significance of gaming. I have told the youth of the country that why should India not become the gaming capital of the world and the creativity capital of the world and I see that our people are working very fast. Some people use this word when it is in fashion, but for me there is no single AI, there is double AI, India has double strength, one AI is Artificial Intelligence and the other is AI Aspirational India. We started 10000 tinkering labs in schools and today the children coming out of those tinkering labs are surprising people by making robotics and in this budget, provision has been made for 50000 new tinkering labs. India is a country about whose India AI mission the whole world is very optimistic and India’s presence has gained an important place in the world’s AI platform.

Respected Mr Chairman,

In this year’s budget, we have talked about investment in the domain of deep tech and I believe that in order to move ahead at a fast pace in deep tech and the 21st century being a completely technology driven century, it is necessary for us that India moves ahead very fast in the field of deep tech.

Respected Mr Chairman,

We are constantly working keeping the youth’s future in mind, but there are some parties that are constantly cheating the youth. These parties will give this allowance or that allowance during elections, they make promises but do not fulfill them.

Respected Mr Chairman,

These parties have become a disaster for the future of the youth.

Respected Chairman,

The country has just seen in Haryana how we work. We had promised jobs without any expenditure and without any slips. As soon as the government was formed, the youth got jobs. This is the result of what we say.

Respected Mr Chairman,

Grand victory for the third time in Haryana and victory for the third time in the history of Haryana, this is a historic event in itself.

Respected Mr Chairman,

Historical result in Maharashtra too, blessings of the people, for the first time in the history of Maharashtra the ruling party has so many seats, we have achieved this with the blessings of the people.

Respected Mr Chairman,

In his address, the Honourable President has also discussed in detail the completion of 75 years of our Constitution.

Respected Mr Chairman,

Apart from the clauses in the constitution, there is also a spirit of the constitution and to strengthen the constitution, the spirit of the constitution has to be lived and today I want to explain this with examples. We are the people who live the constitution.

Respected Mr Chairman,

It is true that in our country, when the President addresses the House, he gives details of the government’s tenure for that year. Similarly, in the state, when the Governor addresses the House, he gives details of the activities of that state. What is the spirit of the Constitution and democracy? When Gujarat completed 50 years, we were celebrating its Golden Jubilee Year and luckily I was serving as the Chief Minister at that time, we took an important decision. We decided that in this Golden Jubilee Year, all the speeches of the Governors in the House in the last 50 years, that is, the governments of that time are praised in it. We said that all the speeches of the Governors in those 50 years should be prepared in the form of a book, a treatise should be made and today that treatise is available in all the libraries. I was from BJP, in Gujarat, there were mostly Congress governments. There were speeches of the governors of those governments, but the job of making them famous was being done by the BJP, this Chief Minister from the BJP, why? We know how to live the Constitution. We are dedicated to the Constitution. We understand the spirit of the Constitution.

Respected Mr Chairman,

You know that when we came in 2014, there was no honourable opposition. There was no Recognised Opposition Party. No one had come with even that many marks. There were many laws in India that had complete freedom to work according to those laws, there were many committees in which it was written that the Leader of the Opposition would be in them. But there was no opposition, there was no Recognised Opposition. This was our nature of living the Constitution, this was the spirit of our Constitution, this was our intention to follow the limits of democracy, we decided that even though there would not be an honourable opposition, there would not be a Recognised Opposition, but the leader of the largest party would be called in the meetings. This is the spirit of democracy, it happens then. Committees of the Election Commission, respected Mr Chairman,earlier the Prime Minister used to file it and issue it, it is we who have included the Leader of Opposition in it and we have also made a law for it and today when the Election Commission will be formally formed, the Opposition Leader will also be a part of its decision making process, we do this work. And I have already done this, we do it because we live the Constitution.

Respected Mr Chairman,

You will find many places in Delhi where some families have built their own museums. The work is being done with the money of the people, what is the spirit of democracy, what is it called living the Constitution, we built the PM Museum and the life and work of all the Prime Ministers of the country from the first to my predecessors have been made in that PM Museum and I would like that the families of the great men who are in this PM Museum should take out time to see that museum and if they feel like adding something to it, then they should draw the attention of the government so that the museum is enriched and inspires the new children of the country, this is the spirit of the Constitution! Everyone does everything for themselves, the group of people who live for themselves is not very small, people who live for the Constitution are sitting here.

Respected Mr Chairman,

When power becomes service, nation building happens. When power is made a legacy, democracy ends.

Respected Mr Chairman,

We follow the spirit of the Constitution. We don’t do politics of poison. We give utmost importance to the unity of the country and that is why we build the world’s tallest statue of Sardar Vallabhbhai Patel and we remember the great man who worked to unite the country with the Statue of Unity and he was not from the BJP, he was not from the Jan Sangh. We live the Constitution, that is why we move forward with this thinking.

Respected Mr Chairman,

It is the misfortune of the country that these days some people are openly speaking the language of urban Naxals and the things that urban Naxals say, like taking on the Indian State, these people who speak the language of urban Naxals and declare war against the Indian State can neither understand the Constitution nor the unity of the country.

Respected Mr Chairman,

For seven decades, Jammu & Kashmir and Ladakh were deprived of the rights of the Constitution. This was injustice to the Constitution and also injustice to the people of Jammu & Kashmir and Ladakh. We broke the wall of Article 370, now the citizens of those states of Jammu & Kashmir and Ladakh are getting the rights that the countrymen have and we know the importance of the Constitution, we live by the spirit of the Constitution, that is why we take such strong decisions.

Respected Mr Chairman,

Our Constitution does not give us the right to discriminate. Those who live with the Constitution in their pockets do not know what kind of problems you forced Muslim women to live in. We have worked to give rights to Muslim daughters in accordance with the spirit of the Constitution by abolishing triple talaq, and have given them the right to equality. Whenever there has been an NDA government in the country, we have worked with a long vision. I don’t know what kind of language is being used to divide the country, I don’t know how far frustration and disappointment will take them, but what is our thinking, in which direction do the NDA partners think, for us, we pay more attention to what is behind, what is last and what Mahatma Gandhi had said and the result of that is that even if we create ministries, then which ministry do we create, we create a separate ministry for the North-East. We have been in the country for so many years, till Atal ji came, no one understood, he kept giving speeches, NDA created a separate ministry for the tribals.

Respected Mr Chairman,

Our southern states are connected to the sea coast. Many states in our east are connected to the sea coast. Fisheries work and fishermen are a very large part of the society there. They should also be taken care of and in the areas where there is a small amount of water inside the land, there are fishermen from the last section of the society too. It is our government which has created a separate ministry for fisheries.

Respected Mr Chairman,

The downtrodden and deprived people of the society have a potential within them, if emphasis is laid on skill development, new opportunities can be created for them. Their hopes and aspirations can create a new life and hence we created a separate Skill Ministry.

Respected Mr Chairman,

The first duty of democracy in the country is that we should give power to the common man and keeping this in mind, there is an opportunity to connect crores of people of the country to make the cooperative sector of India more prosperous and healthy. The cooperative movement can be increased in many areas and keeping this in mind, we have created a separate cooperative ministry. What is the vision is known here.

Respected Mr Chairman,

Talking about caste has become a fashion for some people. For the last 30 years, the MPs from the OBC community who have been coming to the House for the last 30 years, have been demanding for the last 30-35 years that the OBC Commission be given constitutional status by rising above party differences. Those who see profit in casteism today, did not remember the OBC community at that time, it is us who gave constitutional status to the OBC community. The Backward Classes Commission is included in the constitutional system today.

Respected Mr Chairman,

We have worked very strongly in the direction of providing maximum opportunities to SC, ST and OBC in every sector. Today, through this House, I want to put forth an important question before the countrymen and Mr. Speaker, the countrymen will surely ponder over this question of mine and will also discuss it at crossroads. Someone please tell me, has there ever been three SC MPs from the same family in the Parliament at the same time? Have there ever been three SC MPs from the same family? I want to ask another question, can someone please tell me whether there have ever been three ST MPs from the same family in the Parliament at the same time and in the same period?

Respected Mr Chairman,

I got the answer to one of my questions about the difference between the speech and behavior of some people. The difference is like the difference between the earth and the sky, the difference is like the difference between night and day.

Respected Mr Chairman,

How are we empowering SC ST society? Respected Chairman, I will give you an example of how the welfare of the deprived society is done while maintaining the spirit of unity without creating tension in the society. Before 2014, the number of medical colleges in our country was 387. Today there are 780 medical colleges. Now that the number of medical colleges has increased, the seats have also increased. This is a very important angle, Respected Chairman, and hence the colleges have increased and the seats have also increased. Before 2014, the MBBS seats for SC students in our country were 7700. Before we came, there was a possibility of 7700 youth from Dalit society becoming doctors. We worked for 10 years, today the number has increased and arrangements have been made for 17000 MBBS doctors of SC society. Where is 7700 and where is 17000, if there is any welfare of Dalit society and if there is no tension in the society while increasing the respect of each other.

Respected Mr Chairman,

Before 2014, there were 3800 MBBS seats for ST students. Today this number has increased to around 9000. Before 2014, there were less than 14000 MBBS seats for OBC students. Today their number has increased to around 32000. 32000 MBBS doctors will be made from OBC community.

Respected Mr Chairman,

In the last 10 years a new university has been established every week, a new ITI has been built every day, a new college has opened every 2 days, just imagine how much growth has taken place for our SC, ST, OBC young men and women.

Respected Mr Chairman,

We are behind every scheme- 100% saturation, implement it 100%, the beneficiaries should not be left out, we are working in that direction. First of all, we want that the one who is entitled to it should get it, if there is a scheme, then it should reach him, the game of 1 rupee 15 paise cannot work. But what some people did is that they made a model that gave to only a few people and torment others and did the politics of appeasement. To make the country a developed India, we will have to get rid of appeasement. We have chosen the path of satisfaction, not appeasement, and we are walking on that path. Every society, every class of people should get what is their right without any discrimination, this is satisfaction and according to me when I talk about 100% saturation, it means that it is actually social justice. This is actually secularism and in fact it is respect for the constitution.

Respected Mr Chairman,

The spirit of the Constitution is that everyone should get better health and today is also Cancer Day. Today, a lot of discussions are going on about health in the country and the world. But there are some people who are creating obstacles in providing health services to the poor and the elderly and that too due to their political interests. Today, 30,000 hospitals in the country and good specialized private hospitals are associated with Ayushman. Where Ayushman card holders get free treatment. But some political parties, due to their narrow mindset, due to bad policies, have kept the doors of these hospitals closed for the poor and cancer patients have suffered the loss. Recently, a study by the public health journal Lancet has come out, which says that cancer treatment is starting on time with the Ayushman scheme. The government is very serious about cancer detection. Because the sooner the detection is done, the sooner the treatment starts, we can save the cancer patient and Lancet has given credit to the Ayushman scheme and said that a lot of work has been done in this direction in India.

Respected Mr Chairman,

In this budget too, we have taken a very important step towards making cancer medicines cheaper. Not only this, an important decision has been taken in the coming days and since today is Cancer Day, I would definitely like to say that all the honourable MPs can take advantage of this for such patients in their area, and that is the patients, you know that due to lack of enough hospitals, patients coming from outside face a lot of problems, a decision has been taken in this budget to build 200 day care centers. These day care centers will provide great relief to the patient as well as his family.

Respected Mr President,

While discussing the speech of the President, foreign policy was also discussed and some people feel that unless they talk about foreign policy, they do not look mature, so they feel that foreign policy should be talked about even if it causes loss to the country. I want to tell such people, if they are really interested in foreign policy subject and want to understand foreign policy and want to do something in future, I am not saying this for Shashi ji, so I would tell such people to definitely read a book, maybe they will understand what to say where, the name of that book is JFK’s forgotten crisis. It is about JF Kennedy. It is a book named JFK’s forgotten crisis. This book has been written by a famous foreign policy scholar and important events are mentioned in it. This book also mentions the first Prime Minister of India and he also led the foreign policy. This book also describes in detail the discussions and decisions taken between Pandit Nehru and the then President of America, John F. Kane. When the country was facing a lot of challenges, what game was going on in the name of foreign policy then, is now coming to light through that book and so now I would say that please read this book.

Respected Mr Chairman,

After the President’s speech, it is your wish if a woman President, daughter of a poor family, could not be respected, but she is being insulted by all sorts of things being said. I can understand political frustration and disappointment, but what is the reason against a President, what is the reason.

Respected Mr Chairman,

Today India is moving ahead by leaving this kind of distorted mentality and thinking behind and following the mantra of women led development. If half of the population gets full opportunity, then India can progress at twice the speed and this is my belief, after working in this field for 25 years my belief has become stronger.

Respected Mr Chairman,

In the last 10 years, 10 crore new women have joined Self Help Groups (SHGs), and these women are from underprivileged families, from rural backgrounds. The strength of these women sitting at the bottom of the society has increased, their social status has also improved and the government has increased their assistance to Rs 20 lakh, so that they can take this work forward. We are making efforts in this direction to increase their work capacity, increase its scale and today it is having a very positive impact on the rural economy.

Respected Mr Chairman,

The President has discussed the Lakhpati Didi Abhiyan in his speech. According to the information registered so far after the formation of our new government for the third time, we have received information about more than 50 lakh Lakhpati Didis and since I have taken this scheme forward, till now about 1.25 crore women have become Lakhpati Didis and our target is to make three crore women Lakhpati Didis and for this, emphasis will be laid on economic programs.

Respected Mr Chairman,

Today, Drone Didi is being discussed in many villages of the country, a psychological change has come in the village, seeing a woman flying a drone in her hand, the villagers’ view of women is changing and today Namo Drone Didi has started earning lakhs of rupees by working in the fields. Mudra Yojana is also playing a very important role in the empowerment of women. Crores of women have stepped into the industry for the first time with the help of Mudra Yojana and have come into the role of industrialists.

Respected Mr Chairman,

Out of the houses given to 4 crore families, approximately 75 percent of the houses are owned by women.

Respected Mr Chairman,

This change is laying the foundation of a strong India of the 21st century. Respected Speaker, the goal of developed India is the rural economy, without strengthening it we cannot build a developed India and therefore we have tried to touch every sector of the rural economy and we know that agriculture is very important in the rural economy. Our farmers are a strong pillar among the four pillars of developed India. In the last decade, the budget for agriculture has been increased 10 times. Let me tell you about the period after 2014 and this is a very big jump.

Respected Mr Chairman,

Those who talk about farmers here today, before 2014, they used to be beaten up for asking for urea. They had to stand in queues all night and that was the time when fertilizers were issued in the name of farmers, but did not reach the fields, somewhere else in black millet and the game of sleight of hand of 1 rupee and 15 paise was going on. Today farmers are getting enough fertilizers. The great crisis of Covid came, the entire supply chain got disturbed, the prices in the world increased unreasonably and the result was that because we are dependent on urea, we have to import it from outside, today for the Indian government a bag of urea costs ₹ 3000, the government has borne the burden and has given it to the farmer at a price less than 300, less than 300 rupees. We are continuously working to ensure that the farmer gets maximum benefit.

Respected Mr Chairman,

In the last 10 years, 12 lakh crore rupees have been spent to ensure that farmers get cheap fertilizers. Around 3.5 lakh crore rupees have been transferred directly to farmers’ accounts through PM Kisan Samman Nidhi. We have also increased the MSP on a record basis and have procured three times more in the last decade than before. Farmers should get loans, easy loans, cheap loans, and that too has increased three times. Earlier, farmers were left to fend for themselves during natural calamities. During our tenure, farmers have received 2 lakh crore rupees under PM Fasal Bima.

Respected Mr Chairman,

Unprecedented steps have been taken for irrigation in the last decade and it is unfortunate that those who talk about the Constitution do not have much knowledge. Very few people would know that in our country, Dr. Babasaheb Ambedkar’s vision regarding water schemes was so clear, so comprehensive and so inclusive that it inspires us even today. We launched a campaign to complete more than 100 irrigation projects that were pending for decades, so that water reaches the farmers’ fields. Babasaheb’s vision was to link rivers, Babasaheb Ambedkar advocated linking of rivers. But for years, decades passed, nothing happened. Today we have started work on the Ken-Betwa Link Project and the Parvati-Kalisindh-Chambal Link Project and I have also had a successful experience of working to revive extinct rivers by linking many rivers in Gujarat in this way.

Respected Mr Chairman,

This should be the dream of every citizen of the country. It should be the dream of all of us that there should be Made in India food packets on every dining table in the world. Today I feel happy when along with Indian tea, our coffee is also spreading its fragrance in the world. It is making a splash in the markets. Even our turmeric has seen the highest demand after Covid.

Respected Mr Chairman,

You will definitely see that in the coming times, our processed seafood and the Makhana of Bihar, which some people are worried about and don’t know when and why, is going to reach the world. Our coarse grain i.e. Shri Anna, will also increase the prestige of India in the world markets.

Respected Mr Chairman,

Future Ready cities are also very important for a developed India. Our country is rapidly moving towards urbanisation and this should not be considered a challenge or a crisis. It should be considered an opportunity and we should work in that direction. Expansion of infrastructure leads to expansion of opportunities. Where connectivity increases, possibilities also increase. The first Namo Rail connecting Delhi-UP was inaugurated and I also got the opportunity to travel in it. Such connectivity, such infrastructure should reach all the major cities of India, this is our need in the coming days and our direction.

Respected Mr Chairman,

Delhi’s network has doubled and today the metro network is reaching tier-2 and tier-3 cities as well. Today we can all be proud that India’s metro network has crossed 1000 km and not only this, work is currently underway on another 1000 km. That means we are progressing so fast.

Respected Mr Chairman,

The Government of India has taken many initiatives to reduce pollution. We have started running 12 thousand electric buses in the country and have also done a great service to Delhi. We have given this to Delhi as well.

Respected Mr Chairman,

A new economy has always been expanding from time to time in our country. Today, the Gig Economy is developing as an important area in big cities. Lakhs of youth are joining it. We have said in this budget that labour! Such Gig workers should register themselves on the e-Shram portal and after verification, how can we help them in this new age service economy and they should get an ID card after coming on the e-Shram portal and we have said that these Gig workers will also be given the benefit of Ayushman Yojana so that Gig workers will move in the right direction and it is estimated that today there are about one crore Gig workers in the country and we are also working in that direction.

Respected Mr Chairman,

The MSME sector brings a huge number of job opportunities and this is a sector that has immense employment potential. These small industries are a symbol of self-reliant India. Our MSME sector is making a huge contribution to the country’s economy. Our policy is clear, simplicity, convenience and support to MSMEs is a sector that has employment potential and this time we have emphasized on Mission Manufacturing and in a Mission Mode, we are moving forward by giving emphasis to the entire ecosystem of manufacturing sector i.e. giving strength to MSMEs and giving employment to many youth through MSMEs and preparing youth for employment through skill development. We have started working on many aspects to improve the MSMEs sector. The criteria for MSMEs was made in 2006, it was not updated. In the last 10 years, we have tried to upgrade this criteria twice and this time we have taken a very big jump. For the first time in 2020, for the second time in this budget, we have tried to promote MSMEs. They are being given financial assistance everywhere.

The challenge before MSMEs has been the lack of formal financial resources. During the Covid crisis, MSMEs were given a special emphasis. We have given special emphasis to the toy industry. We gave special emphasis to the textile industry, did not let them face cash-flow shortage and gave loans without any guarantee. Possibilities of lakhs of jobs were created in thousands of industries and jobs were also secured.

For small industries, we took steps in the direction of Customised Credit Card, Credit Guarantee Coverage, due to which their Ease of Doing Business also got a boost and by reducing unnecessary rules, their administrative burden, they had to pay one or two people for work, that too was stopped. You will be happy to know that we have made new policies to promote MSMEs, there was a time before 2014, we used to import things like toys, today I can proudly say that the small toy-making industries of my country are exporting toys to the world today and there has been a huge decline in imports. There has been an increase of about 239 percent in exports. There are many sectors run by MSMEs that are making their mark across the world. Made in India clothes, electronics, electrical scouts’ goods are today becoming a part of the lives of other countries.

Respected Mr Chairman,

The country is moving ahead to fulfill the dream of a developed India and is moving ahead with great confidence. The dream of a developed India is not a government dream. It is the dream of 140 crore countrymen and now everyone has to give as much energy as they can to this dream and there are examples in the world, in a period of 20-25 years many countries of the world have shown that they have become developed, so India has immense potential. We have demography, democracy, demand, why can’t we do it? We have to move ahead with this confidence and we are also moving ahead with the dream that by 2047, when the country will become independent, it will be 100 years of independence and by then we will become a developed India.

And Honorable Chairman,

I say with confidence that we have to achieve bigger goals and we will achieve them and Honorable Speaker, this is only our third term. As per the requirement of the country, we are going to remain dedicated for many years to come to build a modern India, a capable India and to realize the resolution of a developed India.

Respected Mr Chairman,

I appeal to all the parties, I appeal to all the leaders, I appeal to the countrymen, everyone has their own political ideologies, their own political programs, but nothing can be bigger than the country. The country is paramount for all of us and together we will fulfill the dream of a developed India, the dream of 140 crore countrymen is also our dream where every sitting MP is working to fulfill the dream of a developed India.

Respected Mr Chairman,

While expressing my gratitude for the President’s speech, I also express my gratitude to you and the House. Thank you!

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

MIL OSI Asia Pacific News –

February 6, 2025
MIL-OSI USA: Seasonal Respiratory Illnesses Surge In North Carolina
Source: US State of North Carolina

Headline: Seasonal Respiratory Illnesses Surge In North Carolina

Seasonal Respiratory Illnesses Surge In North Carolina
hejones1
Wed, 02/05/2025 – 10:09
The North Carolina Department of Health and Human Services today updated its weekly Respiratory Virus Summary Dashboard, which shows an increase in flu activity and flu-related deaths, bringing the total number of deaths this season to 117.

“While fewer flu-related deaths have been reported so far this season compared to last season, we are at the height of seasonal respiratory illnesses and this is a reminder that influenza can be very serious,” said State Epidemiologist Zack Moore, M.D., MPH. “Taking preventative measures against flu and other respiratory illnesses like getting vaccinated, regularly washing hands, covering your cough and staying home when sick are important to help protect you and your family.”

Influenza is spreading widely throughout the state and is likely to peak in the coming weeks. Fifty-one new flu deaths were added to the statewide dashboard on Wednesday, but the newly added deaths occurred over the last few weeks as there are often delays in reporting. COVID-19 and respiratory syncytial virus (RSV) are also continuing to spread, although RSV levels have been decreasing in recent weeks.

Early testing and treatment with an antiviral drug can help prevent respiratory infections from becoming more serious. Treatments work best if started soon after symptoms begin. If you begin to feel sick, contact your doctor right away to see if you need treatment with a prescription antiviral drug. Treatment for flu and COVID-19 is especially important for people with severe illness and those who are at high risk of serious complications based on their age or medical conditions.

It is not too late to get your flu and COVID-19 vaccinations as vaccinations are the best way to prevent serious illness, hospitalization and death from these infections. Vaccinations are especially important for those at higher risk of severe viral respiratory disease, including people 65 years and older, children younger than 5, pregnant women, those with a weakened immune system and those with certain medical conditions such as asthma, diabetes, heart disease and obesity. Vaccines and treatments to protect against RSV are also available for older adults, pregnant women, and infants.

In addition to vaccination, the following precautions should be taken to protect against the spread of respiratory viruses:
- Regularly wash your hands with soap and water. Alcohol-based cleaner or sanitizer can help prevent the spread of respiratory viruses to others but does not work for some other common viruses like norovirus.
- Avoid touching your eyes, nose and mouth
- Clean and disinfect frequently touched surfaces and objects that may be contaminated
- Cover coughs and sneezes with a tissue and then discard the tissue promptly
- Stay home when sick, except to seek medical care or testing, and take steps to avoid spreading infection to others in your home, including:
  
  Staying in a separate room from other household members, if possible
  
  Using a separate bathroom, if possible
  
  Avoiding contact with other members of the household and pets
  
  Not sharing personal household items, like cups, towels and utensils
  
  Wearing a mask when around other people
For more information on respiratory viruses, including how to access vaccines, testing and treatment in your community, visit www.vaccines.gov/en, flu.ncdhhs.gov or covid19.ncdhhs.gov.

A respiratory virus surveillance summary that includes information on flu, COVID-19 and RSV-related activity across North Carolina is updated weekly at covid19.ncdhhs.gov/dashboard.

El Departamento de Salud y Servicios Humanos de Carolina del Norte actualizó hoy su tablero de resumen del virus respiratorio semanal, que muestra un aumento en la actividad de la influenza (gripe) y las muertes relacionadas con la misma, lo que eleva el número total de muertes esta temporada a 117.

“Aunque se han reportado menos muertes relacionadas con la influeza (gripe) en lo que va esta temporada en comparación con la temporada pasada, nos encontramos en el punto más alto de las enfermedades respiratorias estacionales y esto es un recordatorio de que la gripe puede ser muy grave”, dijo el epidemiólogo estatal Zack Moore, MD, MPH. “Tomar medidas preventivas contra la gripe y otras enfermedades respiratorias, como vacunarse, lavarse las manos con regularidad, cubrirse la tos y quedarse en casa cuando está enfermo, es importante para ayudar a protegerlo a usted y a su familia”.

La influenza se está extendiendo por todo el estado y es probable que alcance su punto máximo en las próximas semanas. El miércoles se añadieron al tablero de control de todo el estado cincuenta y uno nuevas muertes debido a la influenza, pero las muertes recién añadidas ocurrieron en las últimas semanas, ya que a menudo hay retrasos en la presentación de informes. El COVID-19 y el virus respiratorio sincitial (VSR) también continúan propagándose, aunque los niveles de VSR han ido disminuyendo en las últimas semanas.

Las pruebas y el tratamiento temprano con un medicamento antiviral pueden ayudar a prevenir que las infecciones respiratorias se vuelvan más graves. Los tratamientos funcionan mejor si se inician poco después de que comiencen los síntomas. Si comienza a sentirse enfermo, comuníquese con su médico de inmediato para ver si necesita tratamiento con un medicamento antiviral recetado. El tratamiento para la influenza y el COVID-19 es especialmente importante para las personas con enfermedades graves y aquellas que tienen un alto riesgo de complicaciones graves en función de su edad o afecciones médicas.

No es demasiado tarde para vacunarse contra la influenza y el COVID-19, ya que las vacunas son la mejor manera de prevenir enfermedades graves, hospitalizaciones y muertes por estas infecciones. Las vacunas son especialmente importantes para las personas con mayor riesgo de enfermedad respiratoria viral grave, incluidas las personas de 65 años o más, los niños menores de 5 años, las mujeres embarazadas, las personas con un sistema inmunitario debilitado y las personas con ciertas afecciones médicas como el asma, la diabetes, las enfermedades cardíacas y la obesidad. Las vacunas y los tratamientos para protegerse contra el VSR también están disponibles para adultos mayores, mujeres embarazadas y bebés.

Además de la vacunación, se deben tomar las siguientes precauciones para protegerse contra la propagación de virus respiratorios:
- Lávese las manos con agua y jabón; el limpiador o desinfectante a base de alcohol puede ayudar a prevenir la propagación de virus respiratorios a otros, pero no funciona para algunos otros virus comunes como el norovirus.
- Evite tocarse los ojos, la nariz y la boca
- Limpie y desinfecte las superficies y los objetos que podrían estar contaminados
- Cubra la tos y los estornudos con un pañuelo de papel y luego deseche el pañuelo de papel rápidamente
- Quédese en casa cuando esté enfermo, excepto para buscar atención médica o pruebas, y tome medidas para evitar transmitir la infección a otras personas en su hogar, como:
  
  Alojarse en una habitación separada de otros miembros del hogar, si es posible
  
  Usar un baño separado, si es posible
  
  Evitar el contacto con otros miembros del hogar y mascotas
  
  No compartir artículos personales de uso doméstico, como tazas, toallas y utensilios
  
  Usar una mascarilla cuando esté cerca de otras personas
Para obtener más información sobre los virus respiratorios, incluido cómo acceder a las vacunas, las pruebas y el tratamiento en su comunidad, visite www.vaccines.gov/en, flu.ncdhhs.gov o covid19.ncdhhs.gov.

Un resumen de la vigilancia del virus respiratorio que incluye información sobre la gripe, el COVID-19 y la actividad relacionada con el VSR en Carolina del Norte se actualiza semanalmente en covid19.ncdhhs.gov/dashboard.
Feb 5, 2025

MIL OSI USA News –
February 6, 2025
MIL-OSI United Kingdom: London Assembly Member Mahfouz urges transports chiefs to create bus stop outside West Drayton Cemetery entrance

Source: Mayor of London

London Assembly Member Mahfouz urges transports chiefs to create bus stop outside West Drayton Cemetery entrance

Bassam Mahfouz, London Assembly Member for Ealing and Hillingdon, has written to Seb Dance, Deputy Mayor of Transport, to present the case for a new bus stop outside West Drayton Cemetery to serve mourners and visitors.

The letter is in response to a petition started by members of the Hayes Muslim Centre which has gained 350 signatures so far.

West Drayton cemetery is located within a residential neighbourhood on Harmondsworth road. Local people travelling to West Drayton currently take the 350 bus to the closest bus stop located outside Tesco’s on Station Road before walking around 15-minutes to the cemetery.

Transport for London (TfL) aims for local people within the capital to live within 400 meters of a bus stop, however at more than twice the distance residents, mourners and staff are often forced to drag gardening tools, flowers and incense from the nearest bus stop on Station Road to the graveside. This presents significant difficulties for many visitors, especially those with mobility issues and respiratory health conditions.

Local resident, Imran Bhani, who lost his wife and child three years ago said:

“The events which took place in January 2021 will haunt me for the rest of my life. In just seven short hours I lost my wife to a long-term illness and my son to Covid-19.

“Nobody should ever have to bury their 26 – year- old child but due to the global pandemic I was one of many people that have. They say that time can be a great healer but for me visiting them and honouring them with prayers and fresh flowers each day makes my grieving process a little easier.

“I would urge TFL and the Mayor of London to make life easier for fellow mourners at West Drayton Cemetery, every day I see older and disabled people dragging watering cans, spades and gardening forks from the nearest bus stop which is about 15 minutes away on Station Road.

“We are all getting older and whilst I am just about managing the journey each day there will come a time when I will no longer be able to cope.

Bassam Mahfouz, London Assembly Member for Ealing and Hillingdon said:

“Losing a lost one is always traumatic. Family and friends want to be able to pay their respects to family and friends who are no longer with them. It is quite unbelievable that this large cemetery has a bus drive straight past the entrance, but not stop at the front gates. I am convinced that many local people would benefit from this proposal and make it easier for mourners, especially those who are older, or with mobility issues.

Ends

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI Security: Assistant Attorney General Delrahim Delivers Remarks at the Antitrust Division’s Seventh Annual Diversity Celebration

Source: United States Attorneys General 13

Thank you, Matthew, for that kind introduction.

And good afternoon everyone. It is great to be joined by so many colleagues from across the Antitrust Division and beyond.

I would also like to acknowledge our special guest from the FBI, Special Agent Voviette Morgan. I’m honored to be introducing Ms. Morgan and grateful she accepted my invitation to this year’s Annual Diversity Celebration.

This is my fourth Annual Diversity Celebration as Assistant Attorney General of the Antitrust Division. In my tenure, we have had some incredibly inspiring speakers: former Treasurer of the United States Anna Cabral, former FTC Chairwoman Edith Ramirez, and former U.S. Attorney for the District of Columbia Jessie Liu. This annual event complements the regular opportunities we have throughout the year to discuss diversity and inclusion with distinguished guests. Some of those outstanding events included Roberta Cordano, the President of Gallaudet University; Leslie Overton, a former DAAG at the Division; and Dr. Kay Redfield Jamison of Johns Hopkins University.

Before I hand things over to Special Agent Morgan, I’d like to pick up where Matthew left off and touch briefly on the Antitrust Division’s enduring commitment to diversity and inclusion. When I rejoined the Division in 2017 as AAG, I pledged to build upon the Division’s robust support for diversity and inclusion to ensure a workplace tolerant and representative of a full diversity of ideas and backgrounds. The Diversity Committee has helped ensure we honor that pledge, and I thank them for constantly bringing new ideas for furthering the Antitrust Division’s record as a place that welcomes diversity in all its forms.

This has been an extraordinarily challenging year for all of us. We’ve been trying to do our part to advance the Division’s mission while trying to stop the spread of coronavirus in our communities, homeschooling our kids, providing eldercare, and supporting our families and neighbors in countless other ways. All of this against a backdrop of recent events in our country that strike at our collective conscience.

I commend the Diversity Committee for juggling all of these challenges and yet remaining incredibly productive. The Division remains a leader in advancing diversity within the Department because of this Committee’s innovation and sustained diligence.

Matthew spoke about some of the recent Diversity Committee initiatives. I’ll note that several of these key recommendations are the work of the newest subcommittee, the Women’s subcommittee. Launched in 2019, this subcommittee hit the ground running and has made an indelible impact on the Division with initiatives such as the Stork program, the Parental Leave Q&A, and the Wellness/Lactation Rooms, all initiatives I am proud to have worked with you on these past several years.

Not to put too much pressure on the 2021 members of the Diversity Committee, but it is my hope that you will be just as successful as the 2020 and 2019 members have been. Indeed, you’ll have an early opportunity to leave your mark on the Division as well with the creation of a new Subcommittee within the Diversity Committee – the Veterans Subcommittee.

This subcommittee will launch next year with a focus on increasing awareness of reservists’ and veterans’ valuable contributions to the Division’s mission, and addressing some of the issues unique to their circumstances, with the overarching goal of improving recruiting and retention of veterans and reservists.

As you all know, in addition to recapping the Committee’s recent accomplishments, and previewing plans for the coming year, the Annual Celebration is also an opportunity to hear from a special guest speaker.

Today’s speaker is in the mold of the impressive leaders who have celebrated with us in past years: I could not be happier to introduce FBI Special Agent in Charge, Voviette Morgan.

Special Agent Morgan is a trailblazing public servant that has inspired others to careers in public service and law enforcement. A Los Angeles native, she joined the Bureau more than two decades ago focusing on white-collar crime. She’s risen through the ranks and held several leadership positions in the Office of Public and Congressional Affairs and the Counterterrorism Division. She has also served as the chief of the Internal Investigations Section in the Inspection Division at FBI Headquarters in Washington, D.C.

In August 2017, FBI Director Christopher Wray named Special Agent Morgan as the Special Agent in Charge of the Criminal Division for the Los Angeles Field Office, which is responsible for investigating all federal crimes in the Los Angeles area.[1]

Her office investigates everything from public corruption including police, law enforcement, legislative and judicial corruption, to organized crime and drug offenses, to a laundry list of white-collar crimes including antirust, financial institution and healthcare fraud. Her office also investigates civil rights violations and human trafficking.

We know just how busy Special Agent Morgan is and we very much appreciate her spending time with us this afternoon.

From one Angeleno to another, I thank you, Voviette, for your tireless work protecting my beloved hometown. It is my distinct privilege to welcome you to the Antitrust Division.

I now will hand things over to our moderator, Michelle, and thank you for being with us today.

MIL Security OSI –

February 6, 2025
MIL-OSI USA: Air Pollution Worsened COVID-19 Mortality, Especially in Vulnerable Communities

Source: US State of Connecticut

In the early stages of the COVID-19 pandemic, statistics emerged showing significant discrepancies in mortality by county.

Shinsuke Tanaka, assistant professor and director of graduate studies in the Department of Agricultural and Resource Economics, wanted to use his expertise in environmental and health economics to help understand what was at the root of this puzzle.

“I wanted to understand what could explain that spatial heterogeneity of Covid’s impacts,” Tanaka says.

Tanaka published a paper in the Journal of Environmental Economics and Management showing that counties with more days of downwind pollution from power plants had higher COVID-19 mortality rates. This impact was more pronounced in under-resourced communities.

When Tanaka began his research during the 2020 lockdown, there had been a few studies looking at the links between short-term (daily or monthly) exposure to air pollution and COVID-19 mortality. But very few had considered the impacts of long-term air pollution exposure.

Tanaka looked at the impacts of air pollution on counties within 20 miles of fossil-fueled power plants. He determined this was an appropriate radius based on readings from EPA air pollution monitors showing that air pollutants travelled downwind about that far before dissipating.

Then, Tanaka calculated what percentage of days in a 10-year period before the pandemic a given county in the contiguous U.S. was downwind of power plant pollution.

“That gives me a measure of long-term exposure to pollution for each county before Covid started,” Tanaka says.

Tanaka found that counties with an average downwind frequency of 13.5% had 28% more COVID-19 deaths within the first week of April 2020 compared to upwind counties the same distance from a plant.

Tanaka extended his research until the third mortality peak in January 2021. He found the cumulative mortality rate was 45% higher for communities that were more frequently downwind.

Tanaka’s findings also demonstrated that these impacts were greater in counties with higher poverty rates, lower health insurance coverage, and lower education levels.

“That indicates that disadvantaged communities and counties faced even greater burdens of pollution from these power plants during the pandemic,” Tanaka says.

Such underlying disparities mean people in these communities are more likely to have underlying health conditions and less access to health care when they get sick.

Other studies on links between air pollution and health have struggled to separate air pollution from other potentially confounding variables. By focusing on downwind patterns, an essentially random natural event, Tanaka was able to isolate air pollution as a variable.

“This method allowed me to isolate the impact of pollution exposure more effectively,” Tanaka says.

By demonstrating a method that can successfully isolate long-term air pollution exposure from confounding variables, Tanaka’s study paves the way for more research on other health outcomes.

“COVID-19 is, of course, a very specific mortality, and I expect to see more studies on the impact of long-term air pollution exposure on various other health outcomes.”

Research such as Tanaka’s demonstrates that the significant public health costs of fossil fuels will remain critical to public policy discussions.

“It will be very important to understand which power plants are having greater impacts, and what plants should be closed,” Tanaka says. “Those discussions should continue.”

This work relates to CAHNR’s Strategic Vision area focused on Enhancing Health and Well-Being Locally, Nationally, and Globally.

Follow UConn CAHNR on social media

MIL OSI USA News –

February 6, 2025

MIL-OSI Economics: Investors, Trump and the Illuminati: What the “Nigerian prince” scams became in 2024

Source: Securelist – Kaspersky

Headline: Investors, Trump and the Illuminati: What the “Nigerian prince” scams became in 2024

“Nigerian” spam is a collective term for messages designed to entice victims with alluring offers and draw them into an email exchange with scammers, who will try to defraud them of their money. The original “Nigerian” spam emails were sent in the name of influential and wealthy individuals from Nigeria, hence the name of the scam.

The themes of these phishing emails evolved over time, with cybercriminals leveraging contemporary events and popular trends to pique the interest of their targets. However, the distinctive characteristics of the messages that placed them in the “Nigerian” scam category remained unchanged:

The user is encouraged to reply to an email. It is usually enough for the attackers to receive a reply in any format, but sometimes they ask the victim to provide additional information, such as contact details or an address.
Typically, scammers mention a large amount of money that they claim the recipient is entitled to, either due to sheer luck or because of their special status. However, some emails use other types of bait: investment opportunities, generous gifts, invitations to an exclusive community, and so on.
The body of most “Nigerian” scam emails includes the email address – often registered with a free email service – of the alleged benefactor or an agent, which may be different from the sender’s address. Sometimes the return address is given in the Reply-To field rather than the message itself, and the address also differs from the one in the From field. Alternatively, the message body might contain a phone number in place of an email address.
The messages are often poorly written, with a large number of mistakes and typos. The text may well be the product of low-quality machine translation or generated by a large language model poorly trained on that language.

Types of “Nigerian” email messages

Email from wealthy benefactors

A fairly common tactic that has superseded the original “Nigerian” scam involves messages purportedly from wealthy individuals suffering from a terminal illness and facing imminent death. They claim to have no heirs, and therefore wish to bequeath their vast fortune to the recipient, whom they deem worthy.

Subject: PLEASE READ CAREFULLY From: “Judith Peters”> Reply-To: <attorneycchplain> Dearest One I’m Mrs Judith Peters a Successful business Woman dealing with Exportation, I got your mail contact through search in order to let you know my Ugly Situation. Am a dying Woman here in Los Angeles California Hospital Bed in (USA),I Lost my Husband and my only Daughter for Covid-19 in March 2020 I’m dying with a cancer disease at the moment. My Doctor open-up to me that he is Afraid to tell me my Condition and inside me, I already know that I’m not going to survive and I can’t live alone without my Family on Earth. I have a project that I am about to hand over to you. and I already instructed the Heritage Bank to transfer my fund sum of $50,000.000.00usd to you, so as to enable you to give 50% to Charitable Home and take 50% for yourself. Don’t think otherwise and why would anybody send someone you barely know to help you deliver a message, help me do this for the happiness of my soul. Please, do as I said there was someone from your State that I deeply love so very very much and I miss her so badly I have no means to reach any Charitable Home there,that is why I go for a personal search of the Country and State and I got your mail contact through search to let you know my Bitterness and the situation that i am passing through. Please help me accomplish my goal,ask my Attorney to help me keep you notice failure for me to reach you in person. The Doctor said I have a few days to live, please contact my attorney with the following email address and phone number as soon as possible, I am finding it difficult to breathe now and I am not sure if I can stay up to two week. Name Attorney Chaplain Upright Email:attorneycchplain@… Please hurry up to contact my attorney so that he can direct you on how you will hand over 50% of the $50,000,000.00 to Charity, i really want to achieve that goal by helping the Charity organization before I die. My Regards. Mrs Judith Peters</attorneycchplain>

Subject: PLEASE READ CAREFULLY

From: “Judith Peters”>

Reply-To:

Dearest One

I’m Mrs Judith Peters a Successful business Woman dealing with Exportation, I got your mail contact through search

in order to let you know my Ugly Situation.

Am a dying Woman here in Los Angeles California Hospital Bed in (USA),I Lost my Husband and my only Daughter

for Covid-19 in March 2020 I’m dying with a cancer disease at the moment.

My Doctor open-up to me that he is Afraid to tell me my Condition and inside me, I already know that I’m not going to

survive and I can’t live alone without my Family on Earth.

I have a project that I am about to hand over to you. and I already instructed the Heritage Bank to transfer my fund

sum of $50,000.000.00usd to you, so as to enable you to give 50% to Charitable Home and take 50% for yourself.

Don’t think otherwise and why would anybody send someone you barely know to help you deliver a message, help me

do this for the happiness of my soul.

Please, do as I said there was someone from your State that I deeply love so very very much and I miss her so badly I

have no means to reach any Charitable Home there,that is why I go for a personal search of the Country and State and

I got your mail contact through search to let you know my Bitterness and the situation that i am passing through.

Please help me accomplish my goal,ask my Attorney to help me keep you notice failure for me to reach you in person.

The Doctor said I have a few days to live, please contact my attorney with the following email address and phone

number as soon as possible, I am finding it difficult to breathe now and I am not sure if I can stay up to two week.

Name Attorney Chaplain Upright

Email:attorneycchplain@…

Please hurry up to contact my attorney so that he can direct you on how you will hand over 50% of the $50,000,000.00

to Charity, i really want to achieve that goal by helping the Charity organization before I die.

My Regards.

Mrs Judith Peters

The narrative may change slightly from one email to the next. For example, a “wealthy benefactor” might ask the recipient to act as a go-between for a monetary transfer to a third party in exchange for a reward, as described in the email above, or simply offer a valuable gift. The message can claim to be written by either a dying millionaire or, as in the example below, a legal representative of the deceased.

Alternatively, the “millionaires” may be in good health and supposedly donating their money purely out of the goodness of their hearts. To enhance credibility, attackers can embed links to publicly available data about the individual they’re posing as.

Subject: DONATION From: Maria Elizabeth Schaeffler <harshvardhan.lakhara> Dear [Recipient Name], My name is Maria-Elisabeth Schaeffler. I am a German business magnate, investor and philanthropist. I am the owner of the Schaeffler Group at Schaeffler Technologies AG & Co. KG at Schaeffler Technologies AG & Co. KG. I spend 25% of my wealth for charitable causes. Also, I have pledged to give away the remaining 25% this year to private individuals. I have decided to donate €4,500,000 to you. If you are interested in accepting this donation, please contact me for details. Send an email to: …@gmail.com You can learn more about me by visiting the link below https://en.wikipedia.org/wiki/Maria-Elisabeth_Schaeffler Greetings, Maria-Elisabeth Schaeffler, Managing Director, Wipro Limited …@gmail.com</harshvardhan.lakhara>

Subject: DONATION

From: Maria Elizabeth Schaeffler

Dear [Recipient Name],

My name is Maria-Elisabeth Schaeffler. I am a German business magnate, investor and philanthropist. I am the owner

of the Schaeffler Group at Schaeffler Technologies AG & Co. KG at Schaeffler Technologies AG & Co. KG. I spend

25% of my wealth for charitable causes. Also, I have pledged to give away the remaining 25% this year to private

individuals. I have decided to donate €4,500,000 to you. If you are interested in accepting this donation, please contact

me for details.

Send an email to: …@gmail.com

You can learn more about me by visiting the link below

https://en.wikipedia.org/wiki/Maria-Elisabeth_Schaeffler

Greetings,

Maria-Elisabeth Schaeffler, Managing Director, Wipro Limited …@gmail.com

Compensation scams

Beyond the “millionaire giveaway” scam, fraudsters frequently use the lure of compensations from governments, banks and other trusted entities. By doing so, they exploit the victim’s vulnerability rather than their greed. Scammers sometimes take their victims on an emotional rollercoaster ride. They start by frightening people with bad news, then calm them down by saying the problem has been fixed, and finally surprise them with a generous offer of compensation.

For example, in the email screenshot below, the attackers, posing as high-ranking officials at a major bank, claim that “corrupt employees” were attempting to steal the recipient’s money. The bank claims to have taken action and is offering an exorbitant amount as damage compensation. To get it, the recipient is urged to contact a correspondent bank as soon as possible at an email address, which is, unsurprisingly, registered with a free email service.

Scammers have another trick up their sleeve when it comes to compensations: they pretend to be from the police or some international organization and promise to give victims of “Nigerian” scams or other rip-offs their money back. In the example below, scammers, posing as the Financial Stability Council and the United Bank for Africa (UBA), promise the victim a payout from a so-called “fraud victims compensation fund”.

Subject: Fund Ref: 110/XX/236/OB/2024 From: “Dr.John Schindler (Secretary General)” <tguil></tguil>

Attention My Dear,
After the Global Financial Pact Summit, Monday, November 11, 2024 in Paris we have come to the conclusion to pay
Scammed victim compensation fund. You are in the badge B category that are going to benefit from the world’s largest
humanitarian aid budgets. With due regards to the instruction from the Financial Stability Board (FSB). We want to
inform you that (The Financial Stability Board (FSB)) have arranged with UNITED BANK FOR AFRICA to
immediately effect your payment through the online transfer of your $1.750.000.00usd via UBA BANK online
transfers. The transfer of your fund will be processed and completed within 3 working days, within which the fund
will safely reflect into any designated bank account of your choice.
To this effect, you’re required to contact
Sir.Joseph Warfel Mandy
Online Banking Services, UBA BANK
Email : …@gmail.com
Deposit And Fund Details
Fund Ref: 110/XX/236/OB/2024
Fund Value .. $1.750.000.00
Fund Origin ..Financial Stability Board (FSB)
Paying Formula.. UBA BANK Online Transfer!
Contact Sir.Joseph Warfel Mandy with your
Full names
Direct telephone number
Your identification Number
Current Address
He will furnish you with all necessary online information to carry out the online transfer of your fund by yourself.
Please note that F.S.B mobilization and efficiency sum of $125 is the only payable/required sum to effectively
complete your online transfer without any delay.
Thanks and best regards
Dr.John Schindler (Secretary General)
Copyright @The Financial Stability Board (FSB)

Subject: Fund Ref: 110/XX/236/OB/2024

From: “Dr.John Schindler (Secretary General)”

Attention My Dear,

After the Global Financial Pact Summit, Monday, November 11, 2024 in Paris we have come to the conclusion to pay

Scammed victim compensation fund. You are in the badge B category that are going to benefit from the world’s largest

humanitarian aid budgets. With due regards to the instruction from the Financial Stability Board (FSB). We want to

inform you that (The Financial Stability Board (FSB)) have arranged with UNITED BANK FOR AFRICA to

immediately effect your payment through the online transfer of your $1.750.000.00usd via UBA BANK online

transfers. The transfer of your fund will be processed and completed within 3 working days, within which the fund

will safely reflect into any designated bank account of your choice.

To this effect, you’re required to contact

Sir.Joseph Warfel Mandy

Online Banking Services, UBA BANK

Email : …@gmail.com

Deposit And Fund Details

Fund Ref: 110/XX/236/OB/2024

Fund Value .. $1.750.000.00

Fund Origin ..Financial Stability Board (FSB)

Paying Formula.. UBA BANK Online Transfer!

Contact Sir.Joseph Warfel Mandy with your

Full names

Direct telephone number

Your identification Number

Current Address

He will furnish you with all necessary online information to carry out the online transfer of your fund by yourself.

Please note that F.S.B mobilization and efficiency sum of $125 is the only payable/required sum to effectively

complete your online transfer without any delay.

Thanks and best regards

Dr.John Schindler (Secretary General)

Sometimes scammers pretend to be “victims of fraud” themselves. The screenshot below shows a common example: scammers masquerade as victims of cryptocurrency fraud, offering help from “noble hackers” who they claim helped them recover their losses.

Lottery scams

Lottery win notification scams share many similarities with “Nigerian” scams. Fraudsters promise recipients large sums of money and provide their contact details for further communication. It’s likely that the victim has never heard of the lottery they’ve supposedly won.

In some cases, scammers employ unusual tactics. For example, in a message claiming to be from a European lottery director, the email body is all but empty. All the “win” details and next steps are in a PDF attachment. The file includes a free email address, which is typical of “Nigerian” scams, and asks you to send fairly detailed personal information, such as your full name, address, and both your mobile and landline phone numbers. They even ask for your job position.

In other similar emails, we noticed image attachments that included all the details about the supposed “win” and contact information.

Another lottery scam tactic combines two types of bait: a lottery win (fraudsters pretend to be someone else who has won and is now offering you money) and offering a donation from a wealthy elderly person.

Subject: Spende von €1,500,000.00 From: Theodorus Struyck <dina> Reply-To: Theodorus Struyck <...> Wir freuen uns, Ihnen mitteilen zu können, dass Ihnen und Ihrer Familie eine Spende von €1,500,000..00 von Theodorus Struyck, 65, geschenkt wurde und der Gewinner des zweitgrößten Jackpot-Preises der kalifornischen Lotterie Powerball im Wert von 1,765 Mrd. 11, 2023 , ein Teil dieser Spende ist für Sie und Ihre Familie. und diese Spende wird auch zur Armutsbekämpfung beitragen, für arme und ältere Menschen in Ihrer Gemeinde, indem sie der Menschheit helfen. Bitte kontaktieren Sie uns für weitere Informationen, um das Geld per E-Mail zu erhalten: …@gmail.com, …@outlook.com</...></dina>

Subject: Spende von €1,500,000.00

From: Theodorus Struyck

Reply-To: Theodorus Struyck <...>

Wir freuen uns, Ihnen mitteilen zu können, dass Ihnen und Ihrer Familie eine Spende von €1,500,000..00 von

Theodorus Struyck, 65, geschenkt wurde und der Gewinner des zweitgrößten Jackpot-Preises der kalifornischen

Lotterie Powerball im Wert von 1,765 Mrd. 11, 2023 , ein Teil dieser Spende ist für Sie und Ihre Familie. und diese

Spende wird auch zur Armutsbekämpfung beitragen, für arme und ältere Menschen in Ihrer Gemeinde, indem sie der

Menschheit helfen. Bitte kontaktieren Sie uns für weitere Informationen, um das Geld per E-Mail zu erhalten:

…@gmail.com, …@outlook.com

In some cases, to make their scams more convincing, scammers attach photos of documents to their emails that supposedly confirm the sender’s identity or their winnings.

Online dating scams

Some “Nigerian” scams are so sophisticated that they can be hard to spot right away. These include offers of friendship that often develop into romantic conversations, which can be almost indistinguishable from real-life interactions. We’ve seen examples of really long email exchanges where a whole drama played out. A man and a woman met online and hit it off, chatting for hours about everything under the sun. Now, one of them is finally ready to meet the other in person. However, they can’t afford the ticket or visa, and they’re pleading with their partner for financial help so they can meet.

In a different scenario, the scammer pretends to send an expensive gift to their partner. Eventually, they claim they can’t afford the postage and ask the victim to cover the costs. If the victim agrees, they’ll be hit with a series of additional fees, and the package will never materialize.

“Nigerian” spam for businesses

While “Nigerian” scams are often targeted at individual users, similar spam can also be found in the B2B sector. Cybercriminals claim to be seeking businesses to invest in, and the recipient’s company may be their target. To arrange a “partnership”, they ask the recipient to reply to the email.

Subject: Potential Investment Opportunities in Russia From: Grigorii Iuvchenko <grigorii.iuvchenko> Dear [Recipient’s Name], I hope this email catches you off guard. I am a business development professional at Sovereign Wealth Portfolio Limited. We operate on behalf of the Kingdom of Saudi Arabia through the Saudi Fund. As you may be aware, Saudi Arabia is in the process of applying for membership in the BRICS economic bloc, which includes Brazil, Russia, India, China and South Africa. As part of this process, Saudi Arabia is required to invest a certain amount in each of these member countries. I have been tasked with identifying potential investment opportunities in Russia, and I believe that you or your organization could be a suitable candidate. Whether it is a new venture, a project, or an existing business, I would be interested to hear your thoughts on possible partnership opportunities. I look forward to your response. Sincerely, Alexander Maksakov Business Development Director Sovereign Wealth Portfolio Limited</grigorii.iuvchenko>

Subject: Potential Investment Opportunities in Russia

From: Grigorii Iuvchenko

Dear [Recipient’s Name],

I hope this email catches you off guard. I am a business development professional at Sovereign Wealth Portfolio

Limited. We operate on behalf of the Kingdom of Saudi Arabia through the Saudi Fund. As you may be aware, Saudi

Arabia is in the process of applying for membership in the BRICS economic bloc, which includes Brazil, Russia,

India, China and South Africa. As part of this process, Saudi Arabia is required to invest a certain amount in each of

these member countries.

I have been tasked with identifying potential investment opportunities in Russia, and I believe that you or your

organization could be a suitable candidate. Whether it is a new venture, a project, or an existing business, I would be

interested to hear your thoughts on possible partnership opportunities.

I look forward to your response.

Sincerely,

Alexander Maksakov

Business Development Director

Sovereign Wealth Portfolio Limited

Current “Nigerian” spam themes

Some of the spam samples above reference recent or current real-world events, such as the COVID-19 pandemic or Saudi Arabia’s possible BRICS membership. This is typical of “Nigerian” scams. There are countless ways scammers exploit various global or local, significant or ordinary, positive or negative events, news, incidents, and activities to pursue their selfish goals.

The most talked-about event of 2024, the US presidential election, significantly influenced the types of scams we saw. Emails that took advantage of this topic were sent to users around the globe. For instance, in the following message, the scammers claimed that the recipient, who uses a German email address, was lucky enough to win millions of dollars from the Donald J. Trump Foundation.

Subject: DONALD TRUMP FOUNDATION From: MR Donald trump <katsuhito_ogura> Reply-To: …@gmail.com Hello., this email is from Donald J. Trump Foundation, American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. , The Trump Foundation is a charitable organization formed in 1988. As we happily celebrate Mr Donald J. Trump as 47th President of the United States. It gives me great joy to announce to you that after the winning of election, Donald J. Trump has called for the reopening of the Trump foundation which was closed years ago. The Trump foundation is giving out $15,000,000.00 each to 50 lucky people around the world to unknown randomly selected individual Emails online,the foundation simply attempt to be fearful when others are greedy and to be greedy only when others are fearful Price is what you pay, Value is what you get, Someone’s sitting in the shade today because someone planted a tree a long time ago. You have been selected to receive this $15,000,000.00, as a lucky one confirm back to me that this selected unknown email is valid,Visit the web page to know more about the Donald J. Trump Foundation, https://… Contact. This email below (…@gmail.com) Best Regards Donald J. Trump Foundation</katsuhito_ogura>

Subject: DONALD TRUMP FOUNDATION

From: MR Donald trump

Reply-To: …@gmail.com

Hello., this email is from Donald J. Trump Foundation, American

politician, media personality, and businessman who served as the 45th

president of the United States from 2017 to 2021. , The Trump Foundation

is a charitable organization formed in 1988.

As we happily celebrate Mr Donald J. Trump as 47th President of the

United States.

It gives me great joy to announce to you that after the winning of

election, Donald J. Trump has called for the reopening of the Trump

foundation which was closed years ago.

The Trump foundation is giving out $15,000,000.00 each to 50 lucky

people around the world to unknown randomly selected individual

Emails online,the foundation simply attempt to be fearful when others

are greedy and to be greedy only when others are fearful Price is what

you pay, Value is what you get, Someone’s sitting in the shade today

because someone planted a tree a long time ago.

You have been selected to receive this $15,000,000.00, as a lucky one

confirm back to me that this selected unknown email is valid,Visit

the web page to know more about the Donald J. Trump Foundation,

https://…

Contact. This email below (…@gmail.com)

Best Regards

Donald J. Trump Foundation

Creativity unbound

While most spam fits into well-known categories, scammers can come up with some very surprising offers. We’ve seen quite a few messages from people claiming they’re giving away a piano because they’re moving or because the previous owner has passed away, as is often the case.

Sometimes you find some really unusual specimens. For example, in the screenshot below, there’s an email allegedly sent from a secret society of Illuminati who claim to be ready to share their wealth and power, as well as make the lucky recipient famous if they agree to become part of their grand brotherhood.

Conclusion

“Nigerian” spam has existed for a long time and is characterized by its diversity. Fraudsters can pose as both real and fictitious individuals: bank employees, lawyers, businesspeople, magnates, bankers, ambassadors, company executives, law enforcement officers, presidents or even members of secret societies. They use a variety of stories to hook the user: compensations and reimbursements, donations and charity, winnings, inheritances, investments, and much more. Messages can be anything from short and captivating to long and persuasive, filled with numerous convincing claims designed to lull the victim into a false sense of security. The main danger of such emails lies in the fact that at first glance, there is nothing harmful in them: no links to phishing sites and no suspicious attachments. Scammers exclusively rely on social engineering and are willing to correspond with the victim for an extended period, increasing the credibility of their fabricated story.

To avoid falling victim to such scams, it’s important to understand the dangers of tempting offers and to be critical of emails allegedly sent from influential individuals. If possible, it’s best to avoid responding to messages from unverified senders altogether. If for some reason you can’t avoid corresponding with a stranger, before responding to even an innocent message about finding a new owner for a piano, it’s worth double-checking the information in it, paying attention to inconsistencies, grammatical errors, etc. If the reply-to address is different from the sender’s address, or if you see a different address in the email body, this may be a sign of fraud.

MIL OSI Economics –

February 6, 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 New Zealand: Govt’s lack of a plan shows in soaring unemployment stats

Source: Green Party

The latest labour market figures confirm unemployment has risen to levels not seen since the height of the Covid-19 pandemic.

“This Government lacks a plan for creating jobs, its only plan is entrenching poverty for our poorest communities,” says the Green Party’s Social Development spokesperson Ricardo Menéndez March.

“Our country has the means to build an economy that works for everyone and leaves nobody behind. We can invest in the public services and infrastructure which support our communities into meaningful jobs and livelihoods.

“The latest stats lay bare the poverty trap this Government is setting for our communities. Cutting thousands of jobs and undermining support for people doing it tough is setting our communities up to fail.

“There are not enough jobs – this is by design. We can’t use austerity to condemn people into deeper poverty due to hard times

“The Government has introduced new benefit sanctions while they push more people into unemployment, knowing full well there aren’t enough jobs for every single person on the benefit, and will never be while it’s in power.

“Where is the workforce planning desperately needed for our country, with its many challenges including the huge infrastructure deficit and meeting the needs of an ageing population? Nowhere to be seen under this coalition for the rich.

“We have a plan for a Future Workforce Agency to strategically upskill New Zealanders and coordinate industrial planning.

“The Greens would end poverty with a Guaranteed Minimum Income, more training opportunities, and restarting public investment in healthcare, schools, and building housing that creates good jobs. Our jobs for nature plan will also be a central plank for providing people with meaningful and stable work.

“The Government needs to boost benefits and abolish sanctions, so that the increasing number of unemployed New Zealanders aren’t left to languish in poverty, and aren’t punished for struggling to find work in National’s barren economy,” says Ricardo Menéndez March.

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI Australia: Are Investment Tax Breaks Effective? Australian Evidence

Source: Reserve Bank of Australia

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MIL OSI News –

February 5, 2025
MIL-OSI New Zealand: Release: Unemployment soars as Government fails Kiwis

Source: New Zealand Labour Party

The latest unemployment figures reveal that job losses are hitting Kiwis hard, with unemployment reaching 5.1%—a four-year high.

“This is what happens when the Government chooses to slash funding for frontline services, cut public sector jobs, and undermine economic stability,” Labour finance spokesperson Barbara Edmonds said.

“Christopher Luxon’s coalition of chaos continues to plunge New Zealand deeper into recession. Their cuts have devastated the job market, and now 33,000 more Kiwis are unemployed in just the past year.

“They promised a better economy, but all we’ve seen is an economic downturn, rising unemployment, and the sharpest recession, excluding COVID-19, in 30 years—all of which happened under National’s watch.

“If the Government was serious about economic growth, it would reverse its cuts and take immediate action to stabilise the job market. That means investing in public services, infrastructure, and climate initiatives that create jobs, not axing funding for schools, hospitals, and public housing.

“Labour’s focus is on rebuilding an economy that works for all Kiwis. The Government has had more than a year to deliver results, and instead it has chosen to hand out $2.9 billion to landlords and $216 million to tobacco companies, while families are left struggling to pay the bills. It’s time for leadership that invests in jobs, skills, and the future, not cuts and excuses,” Barbara Edmonds said.

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MIL OSI New Zealand News –

February 5, 2025
MIL-OSI Security: Maryland Woman Pleads Guilty to Defrauding Covid-19 Tenant Assistance Program

Source: Office of United States Attorneys

           WASHINGTON – Syreeta Price, 51, of Maryland, pleaded guilty today in DC Superior Court to one count of first-degree fraud for obtaining more than $20,000 from a DC Covid-19 tenant assistance program despite having no tenancy in DC. The announcement was made by U.S. Attorney Edward R. Martin, Jr., and District of Columbia Inspector General Daniel W. Lucas.

           The Honorable Errol Arthur accepted Price’s plea and scheduled sentencing for April 8, 2025.

           According to court documents, in 2021, Price, through a third party, submitted an application to Stronger Together by Assisting You (STAY DC), a DC government program established in 2021 to help cover unpaid rent and utilities for DC renters suffering hardship from the Covid-19 pandemic. Despite actually living in Maryland at the time, Price used the address of an acquaintance in Southeast DC to make herself appear to be a DC resident. The DC government sent her a check for $22,750 intended to cover nearly a year’s worth of unpaid rent for that DC address. Despite knowing she was not eligible for the program, Price cashed the check, deposited it into her personal bank account, and kept the money for her personal use.

           This case was investigated by the D.C. Office of the Inspector General. The case is being prosecuted by Special Assistant U.S. Attorney Micah Bluming.

MIL Security OSI –

February 5, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.7 billion
Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
$182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
Board Authorizes 100% Increase of the Regular Quarterly Dividend
Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	December 31, 2024			December 31, 2023
U.S. GAAP
Revenue	$	59,262		$	57,313
Expenses		40,109			41,517
Operating income		19,153			15,796
Non-operating income		3,452			6,199
Net income		16,797			16,560
Diluted earnings per share	$	0.70		$	0.66
Operating margin		32.3	%		27.6	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Investment advisory and incentive fees
Funds	$	40,441		$	37,748
Institutional and Private Wealth Management		15,057			13,712
SICAV		4	(a)		1,541	(a)
Total	$	55,502		$	53,001
Distribution fees and other income		3,760			4,312
Total revenue	$	59,262		$	57,313

(a) Reflects change in reporting methodology. See AUM table.

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	December 31, 2024		December 31, 2023
Compensation	$	26,593	$	27,316
Management fee		2,512		2,444
Distribution costs		5,634		5,848
Other operating expenses		5,370		5,909
Total expenses	$	40,109	$	41,517

The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.

Non-Operating Income

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Gain from investments, net	$	644		$	3,529
Interest and dividend income		3,090			2,951
Interest expense (a)		(282	)		(281	)
Total non-operating income	$	3,452		$	6,199

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

Other Financial Highlights

The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

Assets Under Management

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Mutual Funds	$	8,078	$	8,440	$	7,973
Closed-end Funds		7,344		7,459		7,097
Institutional & PWM (a) (b)		10,700		10,984		10,738
SICAV (c)		9		9		631
Total Equities		26,131		26,892		26,439

100% U.S. Treasury Money Market Fund		5,552		5,268		4,615
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,584		5,300		4,647
Total Assets Under Management	$	31,715	$	32,192	$	31,086

(a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,
2024, and December 31, 2023, respectively.
(b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.
(c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.

Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

Mutual Funds

Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $27 million;
Net outflows of $209 million; and
Net market depreciation of $126 million.

Closed-end Funds

Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $129 million;
Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
Net market depreciation of $155 million.

Institutional & PWM

Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

Net outflows of $345 million; and
Net market appreciation of $61 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

The Gabelli Growth Fund – Up 35.8% For 2024

The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

“The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

The Gabelli Gold Fund – Up 15.2% For 2024

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

“Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

The Gabelli Small Cap Growth Fund

We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

ETFs

In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

Assets Under Administration

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Teton-Keeley Funds (a)	$	809	$	883	$	964
SICAV		408		431		–
Total Assets Under Administration	$	1,217	$	1,314	$	964

(a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at
December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

Return to Shareholders

During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

Balance Sheet Information

As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

Symposiums/Conferences

On November 4^th and 5^th, we hosted the 48^th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
On November 15^th, we hosted the 6^th Annual Healthcare Symposium in connection with Columbia Business School.
On December 5^th, we hosted the 2^nd Section 852(b)(6) Conference.
In addition to the above, we hosted the following during 2024:
- 34^th Pump, Valve & Water Systems Symposium
- 30^th Aerospace & Defense Symposium
- 18^th Omaha Research Trip
- 16^th Media & Entertainment Symposium
- 15^th Specialty Chemicals Symposium
- 10^th Waste & Environmental Services Conference
- 2^nd PFAS Symposium

We are hosting the following symposiums and conferences in 2025:

About Gabelli

Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst^TM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Active Transparent Exchange-Traded Funds
GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

IMPORTANT DISCLOSURES

Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
These traditional risks may be even greater in challenging or uncertain market conditions.
Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

Active Exchange-Traded Funds
GABELI LOVE OUR PLANET & PEOPLE: LOPP
GABELLI GROWTH INNOVATORS: GGRW
GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

IMPORTANT DISCLOSURES
These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
• You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
• The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
• These additional risks may be even greater in challenging or uncertain market conditions.
• The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

GABF
Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

GGRW
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

GCAD
Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

LOPP
The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

Money Market Fund
Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Growth
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

Gold
Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Small Cap
Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023
Revenue:
Investment advisory and incentive fees	$	55,502		$	53,829		$	53,001
Distribution fees and other income		3,760			3,717			4,312
Total revenue		59,262			57,546			57,313
Expenses:
Compensation		26,593			22,566			27,316
Management fee		2,512			2,517			2,444
Distribution costs		5,634			6,033			5,848
Other operating expenses		5,370			4,801			5,909
Total expenses		40,109			35,917			41,517
Operating income		19,153			21,629			15,796
Non-operating income:
Gain from investments, net		644			3,370			3,529
Interest and dividend income		3,090			2,947			2,951
Interest expense		(282	)		(290	)		(281	)
Charitable giving contribution		–			(5,000	)		–
Total non-operating income		3,452			1,027			6,199
Income before provision for income taxes		22,605			22,656			21,995
Provision for income taxes		5,808			5,822			5,435
Net income	$	16,797		$	16,834		$	16,560

Earnings per share attributable to common
stockholders:
Basic	$	0.70		$	0.69		$	0.66
Diluted	$	0.70		$	0.69		$	0.66

Weighted average shares outstanding:
Basic		23,971			24,263			25,038
Diluted		23,971			24,263			25,038

Shares outstanding		22,930			24,235			24,906

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	December 31,		December 31,
	2024		2023
Assets
Cash and cash equivalents	$	17,254	$	61,801
Short-term investments in U.S. Treasury Bills		99,216		99,025
Investments in securities		36,855		19,998
Seed capital investments		29,452		24,044
Receivable from brokers		3,103		4,562
Other receivables		21,246		21,178
Deferred tax asset and income tax receivable		7,553		8,927
Other assets		9,509		9,896
Total assets	$	224,188	$	249,431

Liabilities and stockholders’ equity
Income taxes payable	$	196	$	17
Compensation payable		38,489		23,399
Accrued expenses and other liabilities		48,929		45,036
Total liabilities		87,614		68,452

Stockholders’ equity		136,574		180,979
Total liabilities and stockholders’ equity	$	224,188	$	249,431

Shares outstanding		22,930		24,906

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Equities:
Mutual Funds
Beginning of period assets		$	8,440		$	8,035		$	7,546
	Inflows		211			175			153
	Outflows		(420	)		(415	)		(451	)
	Net inflows (outflows)		(209	)		(240	)		(298	)
	Market appreciation (depreciation)		(126	)		652			744
	Fund distributions, net of reinvestment		(27	)		(7	)		(19	)
	Total increase (decrease)		(362	)		405			427
Assets under management, end of period		$	8,078		$	8,440		$	7,973		-4.3	%	1.3	%
Percentage of total assets under management			25.5	%		26.2	%		25.6	%
Average assets under management		$	8,447		$	8,177		$	7,593		3.3	%	11.2	%

Closed-end Funds
Beginning of period assets		$	7,459		$	7,052		$	6,727
	Inflows		212			25			16
	Outflows		(43	)		(32	)		(63	)
	Net inflows (outflows)		169			(7	)		(47	)
	Market appreciation (depreciation)		(155	)		540			544
	Fund distributions, net of reinvestment		(129	)		(126	)		(127	)
	Total increase (decrease)		(115	)		407			370
Assets under management, end of period			7,344		$	7,459		$	7,097		-1.5	%	3.5	%
Percentage of total assets under management			23.2	%		23.2	%		22.8	%
Average assets under management		$	7,610		$	7,260		$	6,785		4.8	%	12.2	%

Institutional & PWM
Beginning of period assets		$	10,984		$	10,436		$	10,034
	Inflows		62			87			63
	Outflows		(407	)		(373	)		(371	)
	Net inflows (outflows)		(345	)		(286	)		(308	)
	Market appreciation (depreciation)		61			834			1,012
	Total increase (decrease)		(284	)		548			704
Assets under management, end of period		$	10,700		$	10,984		$	10,738		-2.6	%	-0.4	%
Percentage of total assets under management			33.7	%		34.1	%		34.5	%
Average assets under management		$	11,085		$	10,905		$	10,005		1.7	%	10.8	%

SICAV
Beginning of period assets		$	9		$	9		$	622
	Inflows		–			–			82
	Outflows		–			–			(110	)
	Net inflows (outflows)		–			–			(28	)
	Market appreciation (depreciation)		–			–			37
	Total increase (decrease)		–			–			9
Assets under management, end of period		$	9		$	9		$	631		0.0	%	-98.6	%
Percentage of total assets under management			0.0	%		0.0	%		2.0	%
Average assets under management		$	9		$	9		$	628		0.0	%	-98.6	%

Total Equities
Beginning of period assets		$	26,892		$	25,532		$	24,929
	Inflows		485			287			314
	Outflows		(870	)		(820	)		(995	)
	Net inflows (outflows)		(385	)		(533	)		(681	)
	Market appreciation (depreciation)		(220	)		2,026			2,337
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(761	)		1,360			1,510
Assets under management, end of period		$	26,131		$	26,892		$	26,439		-2.8	%	-1.2	%
Percentage of total assets under management			82.4	%		83.5	%		85.1	%
Average assets under management		$	27,151		$	26,351		$	25,011		3.0	%	8.6	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	5,268		$	5,159		$	4,217
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,552		$	5,268		$	4,615		5.4	%	20.3	%
Percentage of total assets under management			17.5	%		16.4	%		14.8	%
Average assets under management		$	5,415		$	5,246		$	4,418		3.2	%	22.6	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32		$	32
	Inflows		–			–			–
	Outflows		–			–			–
	Net inflows (outflows)		–			–			–
	Market appreciation (depreciation)		–			–			–
	Total increase (decrease)		–			–			–
Assets under management, end of period		$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management			0.1	%		0.1	%		0.1	%
Average assets under management		$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	5,300		$	5,191		$	4,249
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,584		$	5,300		$	4,647		5.4	%	20.2	%
Percentage of total assets under management			17.6	%		16.5	%		14.9	%
Average assets under management		$	5,447		$	5,278		$	4,450		3.2	%	22.4	%

Total AUM
Beginning of period assets		$	32,192		$	30,723		$	29,178
	Inflows		2,141			1,532			1,738
	Outflows		(2,310	)		(2,025	)		(2,083	)
	Net inflows (outflows)		(169	)		(493	)		(345	)
	Market appreciation (depreciation)		(152	)		2,095			2,399
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(477	)		1,469			1,908
Assets under management, end of period		$	31,715		$	32,192		$	31,086		-1.5	%	2.0	%
Average assets under management		$	32,598		$	31,629		$	29,461		3.1	%	10.6	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Equities:
Mutual Funds
Beginning of period assets		$	7,973		$	8,140
	Inflows		751			711
	Outflows		(1,626	)		(1,616	)
	Net inflows (outflows)		(875	)		(905	)
	Market appreciation (depreciation)		1,023			772
	Fund distributions, net of reinvestment		(43	)		(34	)
	Total increase (decrease)		105			(167	)
Assets under management, end of period		$	8,078		$	7,973		1.3	%
Percentage of total assets under management			25.5	%		25.6	%
Average assets under management		$	8,173		$	8,035		1.7	%

Closed-end Funds
Beginning of period assets		$	7,097		$	7,046
	Inflows		281			41
	Outflows		(226	)		(130	)
	Net inflows (outflows)		55			(89	)
	Market appreciation (depreciation)		700			654
	Fund distributions, net of reinvestment		(508	)		(514	)
	Total increase (decrease)		247			51
Assets under management, end of period		$	7,344		$	7,097		3.5	%
Percentage of total assets under management			23.2	%		22.8	%
Average assets under management		$	7,274		$	7,058		3.1	%

Institutional & PWM
Beginning of period assets		$	10,738		$	10,714
	Inflows		340			241
	Outflows		(1,701	)		(1,739	)
	Net inflows (outflows)		(1,361	)		(1,498	)
	Market appreciation (depreciation)		1,323			1,522
	Total increase (decrease)		(38	)		24
Assets under management, end of period		$	10,700		$	10,738		-0.4	%
Percentage of total assets under management			33.7	%		34.5	%
Average assets under management		$	10,891		$	10,670		2.1	%

SICAV
Beginning of period assets		$	631		$	867
	Inflows		–			357
	Outflows		(2	)		(624	)
	Net inflows (outflows)		(2	)		(267	)
	Market appreciation (depreciation)		–			31
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(622	)		(236	)
Assets under management, end of period		$	9		$	631		-98.6	%
Percentage of total assets under management			0.0	%		2.0	%
Average assets under management		$	9		$	694		-98.7	%

Total Equities
Beginning of period assets		$	26,439		$	26,767
	Inflows		1,372			1,350
	Outflows		(3,555	)		(4,109	)
	Net inflows (outflows)		(2,183	)		(2,759	)
	Market appreciation (depreciation)		3,046			2,979
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(308	)		(328	)
Assets under management, end of period		$	26,131		$	26,439		-1.2	%
Percentage of total assets under management			82.4	%		85.1	%
Average assets under management		$	26,347		$	26,457		-0.4	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	4,615		$	2,462
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,552		$	4,615		20.3	%
Percentage of total assets under management			17.5	%		14.8	%
Average assets under management		$	5,140		$	3,823		34.4	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32
	Inflows		–			–
	Outflows		–			–
	Net inflows (outflows)		–			–
	Market appreciation (depreciation)		–			–
	Total increase (decrease)		–			–
Assets under management, end of period		$	32		$	32		0.0	%
Percentage of total assets under management			0.1	%		0.1	%
Average assets under management		$	32		$	32		0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	4,647		$	2,494
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,584		$	4,647		20.2	%
Percentage of total assets under management			17.6	%		14.9	%
Average assets under management		$	5,172		$	3,855		34.2	%

Total AUM
Beginning of period assets		$	31,086		$	29,261
	Inflows		7,168			6,848
	Outflows		(8,677	)		(7,645	)
	Net inflows (outflows)		(1,509	)		(797	)
	Market appreciation (depreciation)		3,309			3,170
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		629			1,825
Assets under management, end of period		$	31,715		$	31,086		2.0	%
Average assets under management		$	31,519		$	30,312		4.0	%

Contact:	Kieran Caterina
	Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

The MIL Network –

February 5, 2025

MIL-OSI United Kingdom: Officer Trainee of the Year’s pride to win ‘symbol of excellence’
Source: United Kingdom – Executive Government & Departments

The determination of a mariner who grew up in a landlocked town without any seafaring background has won her the Maritime and Coastguard Agency’s (MCA) prestigious Officer Trainee of the Year 2024 award.
CEO Virginia McVea (left) presents and Luka Haynes with her award

Luka Haynes (28), who grew up in Chorley, is now an Officer of the Watch working on Anchor Handling Tug Supply (AHTS) vessels. She described herself as “an ordinary person with a passion for learning and a determination to succeed”.

She was presented with her prize by MCA Chief Executive Virginia McVea at the UK Chamber of Shipping’s annual dinner on Monday 3 February 2025 at the JW Marriott Grosvenor House hotel, London.

Luka was nominated by Fleetwood Nautical Campus, near Blackpool, where she completed her studies as a mature student, having navigated the obstacles of the pandemic which began around the same time as her cadetship in 2020.

Members of the judging panel each highlighted how Luka had overcome Covid challenges and being a student again, while also supporting younger cadets facing their own obstacles.

One judge said Luka had “demonstrated exceptional resilience and determination in the face of significant adversity”.

Another noted how she had been “so supportive of their classmates and would seek out those that are struggling”.

Luka’s path to working at sea made her the first in her family to follow such a career. It began as an eight-year-old entranced by the close-up sight of a vessel aground at Blackpool.

She soon joined the Sea Cadets but, growing up, later moved into a series of office jobs. Aged 23, however, the call of the sea came again and this time she signed up to be an officer cadet – and she’s never looked back.

Luka said:

My only regret in this career is that I didn’t do it sooner. I hope that younger students come through as the progression in the industry is quick and you are always learning professional and personal skills. There are so many options; wherever you are working – on shore or at sea – it’s going to set you up for life.

MCA Chief Executive Virginia McVea said:

Luka demonstrates that maritime as a career is open to everyone and anyone to forge their path – no matter their background or experience.

Her drive and determination have made her stand out from an impressive field. She is a worthy recipient who reminds us of the thanks and respect we owe to all our trainees and those in service.

Luka’s story is an inspiration, and she is a worthy recipient of the Officer Trainee of the Year 2024 award. It was a pleasure to celebrate her achievement, and I wish her all the best for a very promising career. I hope many more follow in Luka’s footsteps as the UK maritime industry continues to flourish.

Commenting on her award, Luka added:

During my cadet training the Officer Trainee of the Year Award always stood out as a symbol of excellence. It was awarded to those who went above and beyond, individuals I deeply admired and who inspired me to achieve my Officer of the Watch certification.

I was stunned to learn that not only had I been nominated, but I had actually won. As someone from Chorley with no seafaring background, I saw myself as an ordinary person with a passion for learning and a determination to succeed.

Now, I’m excited to begin a career where hard work truly pays off, and I’ll continue striving to reach new heights.

Press office

Email public.relations@mcga.gov.uk

Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

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Updates to this page

Published 4 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI United Kingdom: Public views sought to help Council tackle poverty

Source: Northern Ireland – City of Derry

Public views sought to help Council tackle poverty

4 February 2025

Derry City and Strabane District Council is seeking the views of the public on its Draft Anti-Poverty Action Plan. The consultation is open for an eight-week period until 31 March, with the public invited to have their say and give feedback on the proposed approach to tackling poverty in the Council area.

The purpose of the Anti-Poverty Action Plan is to identify local interventions which could help to address the levels of poverty and deprivation across the Council where it is reported that 16% of households here are in poverty with a further 10% at risk of poverty. It further reports that following the pandemic and the rising cost of living more people are becoming vulnerable to poverty, in particular single people, single parents, households with more than three children and people with disabilities.

The Council has produced a Draft Anti-Poverty Action Plan through a co-design approach involving local people and partners following a series of workshops and discussions that helped develop strategic themes and deliverable actions. Among the themes that have draft actions assigned to them are – 1 – Lobbying and Advocacy ‘Voice and Action’, 2 – Access to Support ‘Navigating and Collaborating’, Skills and Employment, ‘Empowerment and Choice’, and 4 – Supporting our Communities ‘Resilience and Partnership’.

Encouraging people to have their say and take part in the consultation process, Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi Barr, said that while addressing poverty is a complex issue, it’s important that there is a joint and cohesive approach to making support available to people who need it. That the support available is easily accessible and is allocated with compassion and dignity.

“This Council is very aware of the issues around poverty across this district and has been working proactively with Government and statutory partners, local residents, charities and the community and voluntary sector through our local growth partnerships to deliver interventions to support those in need,” she said. “Our Council has been advocating for the NI Executive to progress with the NI Anti-Poverty Strategy which is fundamental to addressing many of the root causes of poverty. Whilst we can look to deliver local actions, there is a need for legislative change and redistribution of resources to tackle issues on welfare reform, housing, health and employment.

“For many years, and particularly post Covid and during the Cost of Living crisis, local groups and charities have been working tirelessly to provide much needed support and I highly commend their efforts and all the work of their volunteers. Council listened to the request to have a local anti-poverty action plan and in collaboration with local partners, we have set out to design a plan that identifies local actions that have the ambition to move people out of poverty and prevent people from getting into poverty.

“The eight-week consultation period is an opportunity for the wider public to feed into this local action plan and to give their views on the themes and actions. I would encourage anyone with an interest in this important issue to get involved and let us know your views and how we can make a real difference to the lives of many in our Council area. No one should be living in poverty in our community and by working together we can do what we can to stamp out poverty,” Mayor Barr stressed.

To get involved in the consultation you can download a copy of the draft plan at –

https://derrystrabane.uk.engagementhq.com/consultation-pathways-out-of-poverty-anti-poverty-action-plan or request a copy by contacting the Council directly. Comments on the plan can be sent via email to [email protected] or by telephone 028 71 253253 Ext: 6660 or directly on the website.

MIL OSI United Kingdom –

February 4, 2025
MIL-OSI United Nations: World News in Brief: WHO chief asks US to reconsider withdrawal, gender parity remains distant goal, call for rethink on Nordic alcohol law change

Source: United Nations 4

3 February 2025 Health

The head of the World Health Organization (WHO) said on Monday he would “welcome constructive dialogue” with the United States Government over the decision made by President Donald Trump to withdraw.

President Trump’s executive order of 20 January is regrettable “and we hope the US will reconsider,” said WHO Director-General Tedros Adhanom Ghebreyesus, in a speech to the organization’s executive board.

The WHO chief said he would welcome the opportunity “to preserve and strengthen the historic relationship between WHO and the US.”

Pushing back on the rationale laid out in the executive order, Tedros said WHO had implemented the deepest and most wide-ranging reforms in its history over the past seven years.

The US is the biggest donor by far to the agency, accounting for around 14 per cent of its $6.9 billion budget, according to latest WHO figures.

Addressing the US complaint that it is paying too much compared to other countries, Tedros said reducing reliance on the US and others who pay the most was a “critical element of our long-term plan to broaden our donor base.”

COVID record

Third, he rejected the accusation that WHO had mishandled the COVID-19 pandemic:

“From the moment we picked up the first signals of ‘viral pneumonia’ in Wuhan, we asked for more information, activated our emergency incident management system, alerted the world, convened global experts, and published comprehensive guidance for countries on how to protect their populations and health systems – all before the first death from this new disease was reported in China on the 11th of January 2020.”

Tedros also addressed the allegation that WHO lacks independence from “inappropriate political influence” by some Member States: “WHO is impartial and exists to serve all countries and all people,” he said.

“Our Member States ask us for many things, and we always try to help as much as we can. But when what they ask is not supported by scientific evidence or is contrary to our mission to support global health, we say no, politely.”

© UNICEF/Joshua Estey

A government-run shelter in the Philippines is a safe haven for girls who have been physically and sexually abused and exploited, including through the sex tourism industry. (file)

A third of women experience physical or sexual violence: Rights experts

Approximately one in three women is subjected to physical or sexual violence, and 800 women and girls continue to die every day from preventable causes during pregnancy and childbirth, a top independent rights panel meeting heard on Monday.

Addressing the Committee on the Elimination of Discrimination Against Women (CEDAW) at the UN in Geneva, Andrea Ori from the UN human rights office, OHCHR, said that the world is “still far” from achieving the goal of gender parity.

“The global landscape has changed,” she told the CEDAW session.

Backlash against equal rights

“We are witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights – with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding.”

Mr. Ori noted that 2025 marks 30 years since the universal adoption of the Beijing Declaration and Platform for Action for ensuring women’s human rights and achieving gender equality around the world.

It remains the case, however, that sexual violence against women and girls continues to be used as a tactic of war in numerous conflicts, the UN human rights official said, while only 26 per cent of parliamentarians in the world are women and only around three in 10 women have managerial roles at work. 

One less for the road: Time Europe cut down on booze intake, WHO warns

The UN World Health Organization (WHO) urged Nordic countries on Monday to keep a lid on alcohol sales, or risk reversing the positive impact of strict regulations put in place years ago.

For decades, governments in Finland, Iceland, Norway, Sweden and the Faroe Islands have restricted supermarkets and private retailers from selling stronger alcoholic beverages.

This policy has resulted in some of the lowest alcohol consumption levels in the European Union – which by contrast is the booziest region globally, with drinking habits “largely unchanged” for over 10 years, WHO said.

Free market pressures

The Nordic model is now at risk however, from legislative initiatives in the region that signal a potential shift toward privatization of alcohol sales, warned WHO’s Dr. Carina Ferreira-Borges.

In Sweden, for instance, a court is hearing a challenge to the Government’s exclusive rights to online sales of alcohol, while proposed laws would permit sales of alcoholic beverages in farm shops.

Dr Ferreira-Borges explained that Nordic countries’ alcohol controls – that involve increasing taxes and raising prices, limiting availability and restricting advertising – have reduced alcohol-related harms.

These span from “liver disease, cancers and cardiovascular conditions, to injuries and drownings”, she insisted.

MIL OSI United Nations News –

February 4, 2025
MIL-Evening Report: Sir Collin Tukuitonga criticises RFK Jr’s measles claims, slams health misinformation

By Susana Suisuiki, RNZ Pacific Waves presenter/producer

The chair of a World Health Organisation (WHO) advisory group is urging world leaders to denounce misinformation around health.

Sir Collin Tukuitonga is reacting to comments made by US Senator Robert F Kennedy, who claimed that measles was not the cause of 83 deaths in Samoa during a measles outbreak there in 2019.

Samoa’s Head of Health Dr Alec Ekeroma rejected Kennedy’s claim, calling it a “complete lie”.

Speaking to RNZ Pacific Waves, Sir Collin said leaders had a duty to protect people from inaccurate public health statements.

He said he was “absolutely horrified” that the person who “is the most influential individual in the US health system” could “tell lies and keep a straight face”.

“But [I am] not surprised because Kennedy has a history of subscribing to fringe, incorrect knowledge, conspiracy theories, and odd things of that type.”

He said Dr Ekeroma was very clear and direct in his condemnation of the lies from Kennedy and the group.

‘Call it for what it is’
“I encourage all of our people who are in a position to call these people for what it is.”

Sir Collin is the chair of the WHO’s Strategic and Technical Advisory Group on the Prevention and Control of Noncommunicable Diseases.

He said Kennedy’s comments and attitude toward vaccination will feed the anti-vaxxers and and discourage parents who might be uncertain about vaccines.

“So, [it is] potentially going to have a negative impact on immunisation programmes the world over. The United States has a significant influence on global health policy.

“These kinds of proclamations and attitudes and ideologies will have disastrous consequences.”

He believes that the scientific community should speak up, adding that political and business leaders in the region should also condemn such behaviour.

Sir Collin Tukuitonga . . . “horrified” that the “most influential individual in the US health system” could “tell lies and keep a straight face”. Image: Ryan Anderson/Stuff/RNZ

Withdrawal of US from WHO
Sir Collin described President Donald Trump’s decision to pull the US out of the WHO as “dangerous”.

He said Washington is a major contributor to the money needed by WHO, which works to protect world health, especially vulnerable communities in developing countries.

“I understand they contribute about a fifth of the WHO budget,” he said.

“The United States is a world leader in the technical, scientific expertise in a number of areas, that may not be as available to the rest of the world.

“Research and development of new medicines and new treatments, a large chunk of which originates in the United States.

“The United States falling out of the chain of surveillance and reporting of global outbreaks, like Covid-19, puts the whole world at risk.”

He added there were ‘a good number of reasons” why the move by the US was “shameful and irresponsible”.

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

February 3, 2025
MIL-OSI Asia-Pac: Building a Stronger Workforce Building Stronger Employment Foundations
Source: Government of India

Posted On: 01 FEB 2025 2:32PM by PIB Delhi

Introduction

India has seen significant employment growth, with a 36% increase and around 170 million jobs added between 2016-17 and 2023-24. This reflects the country’s strong economic trajectory and job creation across various sectors. Schemes like e-Shram, Aatmanirbhar Bharat Rojgar Yojana and the National Career Service have been key drivers, supporting rural employment and providing training and career opportunities. These initiatives are essential for strengthening India’s workforce and ensuring sustainable job creation.

e-Shram

Launch: 21st October, 2024

Objective: The eShram portal, was launched on 26 August 2021 to register and support unorganised workers by providing them with a Universal Account Number (UAN) and for the creation of a comprehensive National Database of Unorganised Workers (NDUW).

eShram– “One-Stop-Solution” was launched on 21st October 2024, which entails the integration of different social security/ welfare schemes on a single portal, i.e., eShram. This enables unorganised workers registered on eShram to access social security schemes and see benefits availed by them so far through eShram.
1. Key Achievements:
2. As of 27 January 2025, over 30.58 crore unorganised workers have already registered on the eShram portal
3. So far, 12 schemes of different central ministries/departments have been integrated/mapped with eShram.
Aatmanirbhar Bharat Rojgar Yojana (ABRY)

Launch: 1^st October, 2020

Objective: To incentivize employers for creation of new employment and restoration of loss of employment during Covid-19 pandemic.

Key Achievements:
1. As of March 31, 2024, a total of Rs. 10,188.50 crore has been disbursed to 60.49 Lakh beneficiaries through 1.52 Lakh establishments.
National Career Service (NCS)

Launch Date: 20th July, 2015.

Objective: NCS has become a ‘one stop platform’ for career related services including jobs from private and government sectors, information on online & offline job fairs, skill/training programmes etc. It works towards bridging the gap between jobseekers and employers, candidates seeking training and career guidance, agencies providing training and career counselling.

Key Achievements:
1. From January 1 to December 15, 2024, 1.89 Crores vacancies were available on the NCS portal, bringing the total to 3.89 crore vacancies since inception.
2. A total of 8,263 job fairs were organized on the NCS portal, with 43,874 employers participating, leading to the provisional selection of 2.6 Lakh candidates.
3. The portal saw 17.23 Lakh new employers and 1.38 Crores new job seekers registering during the year.
Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM-SVANidhi)

Launch: 1^st June, 2020

Objective: To facilitate collateral free working capital loan to street vendors to restart their businesses, which were adversely impacted by the COVID-19 pandemic.

Key Achievements:
1. No. of Beneficiaries 6,801,644
2. Sanctioned amount 14,332.1 Cr
3. Disbursed amount 13,736.14 Cr from 2020 till 28.01.2025
National Apprenticeship Promotion Scheme (NAPS)

Launch Date: August, 2016

Objective: Aims to promote apprenticeship training in the country by providing stipend support to the apprentices, undertake capacity building of the apprenticeship ecosystem and provide advocacy assistance to support rapid growth.

Key Achievements:
1. Training Status: As of August 31, 2024, 367,170 apprentices are engaged for the 2024-25 financial year, with a total of 780,000 apprentices undergoing training across 47,708 establishments.
2. DBT Progress: Since its launch on August 11, 2023, the number of apprentices under DBT has risen from 172,542 in July 2023 to 295,011 in July 2024. The Government of India has also disbursed ₹468.27 crore in stipends through DBT.
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)

Launch: 2005

Objective: It is a demand driven wage employment Scheme which provides for the enhancement of livelihood security of the households in rural areas of the country by providing at least one hundred days of guaranteed wage employment in every financial year to every household whose adult members volunteer to do unskilled manual work.

Key Achievements:
1. In FY 2013-14, the minimum average notified wage rate for Mahatma Gandhi NREGA was ₹155, while in FY 2024-25, the minimum average notified wage rate is ₹279.
2. In FY 2024-25, attendance for 20.35 lakh worksites (95.66%) has been captured and uploaded on the portal.
3. The total person days generated between FY 2006-07 to FY 2013-14 were 1660 crore, whereas, the total person days between FY 2014-15 to FY 2024-25 has been 2923 crore.
In addition to these efforts the government has implemented various initiatives for employment welfare, including the Employees Provident Fund Organisation (EPFO), the Employment Linked Incentive (ELI) Scheme and support for Gig and Platform Workers all aimed at further enhancing job security and opportunities for the workforce.

Click here to see in PDF:

***

Santosh Kumar/ Binoykumar C V/ Kamna Lakaria

(Release ID: 2098444) Visitor Counter : 26

MIL OSI Asia Pacific News –
February 3, 2025
MIL-OSI Australia: Streamlining infrastructure between government and industry
Source: Allens Insights

The NSW Government’s new plan 9 min read

Since releasing the NSW Government Action Plan: A ten point commitment to the construction sector (the Ten Point Commitment) in 2018, the construction sector has undergone significant change. Having met the challenges of unpredictable external factors like COVID-19, extreme weather and geopolitical instability, the construction sector continues to grapple with supply chain constraints, rising material costs, labour shortages and skills gaps, increasing pressure to reduce carbon emissions and adapting to technological change.

In recognition of this, at the end of last year, Infrastructure NSW published the NSW Government Principles for Partnership with the Construction Industry (the Principles), which will replace the Ten Point Commitment.

The Principles aim to streamline the delivery of infrastructure projects by bolstering cooperation between the NSW Government and construction industry participants to face these challenges together. The refreshed Principles signal an increased government focus on local industry, growing a skilled and diverse Australian construction workforce and embedding decarbonisation into procurement processes.

In this Insight, we cover:
- what the seven Principles are;
- how they compare against the Ten Point Commitment; and
- how these Principles can be used to secure success for your projects.
Key takeaways
- While the Ten Point Commitment focused on government action to improve the delivery of NSW’s infrastructure pipeline, the new Principles invite greater collaboration between government and industry.
- The Principles place a sharper focus on social and environmental policy objectives than the Ten Point Commitment, including in relation to gender equality, workforce flexibility and decarbonisation.
- Given that the policy objectives promoted by the Principles are likely to become explicit tender requirements and performance benchmarks for future NSW Government projects, industry partners will need to consider how to adhere to the Principles. Steps may involve, for example, implementing workplace flexibility plans, changing work, health and safety requirements in supply chains and downstream contractor arrangements, and meeting new carbon reporting requirements.
The story so far: why were the Principles introduced?
In 2018, through the Ten Point Commitment, the NSW Government made the following commitments in relation to the procurement and delivery of the NSW infrastructure pipeline:
1. procure and manage projects in a more collaborative way;
2. adopt partnership-based approaches to risk allocation;
3. standardise contracts and procurement methods;
4. develop and promote a transparent pipeline of projects;
5. reduce the cost of bidding;
6. establish a consistent NSW Government policy on bid cost contributions;
7. monitor and reward high performance;
8. improve the security and timeliness of contract payments;
9. improve skills and training; and
10. increase industry diversity.
In the six years since then, the construction sector has been heavily impacted by evolving market conditions, including:
- a surge in construction insolvencies – the twelve months prior to June 2024 witnessed the highest number of construction insolvencies in the past decade;¹
- rising labour shortages and skills gaps in the construction sector, especially in residential construction and the roles of construction managers, carpenters, and civil engineering professionals;
- fiscal and labour capacity constraints, which limit delivery of concurrent major projects in the infrastructure pipeline – the Infrastructure Australia Market Capacity report anticipates a shortfall of almost 98,000 skilled construction workers in NSW for public infrastructure in 2025.² However, in counterpoint, tapering public infrastructure spending is rumoured to have led to layoffs across the construction sector as a whole;
- a reduced ability to attract investment;
- increased focus on environmental, sustainability and social policy objectives; and
- technological advancements.
The Principles seek to refresh the Ten Point Commitment in light of these changing market conditions. Infrastructure NSW and its member agencies are also devising an implementation plan to ensure that the Principles are implemented effectively, although a release date for this plan is yet to be announced.

The next chapter: the Principles for Partnership with the Construction Industry
Before diving into the detail of the Principles, there are two key differences between the Ten Point Commitment and Principles in the NSW Government’s approach to setting down principles for partnership with the construction industry:
- While the Ten Point Commitment focused on government commitments, the Principles place a much greater focus on collaboration between government and industry. Each principle has three components: (1) the objectives to be achieved, (2) the actions that the NSW Government commits to, and (3) the actions that industry partners are invited to take. As such, the Principles go further than its predecessor by inviting actions for participants, not just government.
- While the Ten Point Commitment focused on streamlining and optimising the procurement and delivery process for infrastructure projects in NSW, the Principles have a much broader focus on the general health of the construction supply chain in NSW, with four of the seven Principles geared towards developing a healthy, sustainable, local industry and a workforce that can attract and retain employees. The Principles also integrate other social and sustainability goals, including in relation to housing and decarbonisation.
Turning to the detail, the seven Principles are:
The NSW Government has committed to promoting the local construction industry by signalling early opportunities for local manufacturing, establishing new functions to boost participation (such as the Future Jobs and Investment Authority), mandating tender weighting towards local content, job creation, SME participation and ethical supply chains, expanding the Industry Capability Network portal and providing opportunities to the local workforce. It remains to be seen how mandating tender weighting towards local content at the state level will interact with Australia’s obligations under its free trade agreements.

The Principles also prioritise the development of local off-site and prefabricated manufacturing to support the delivery of the NSW Government’s housing objectives.

The Principles aim to support worker safety and wellbeing by improving safety and culture in the construction industry. Notably, the Principles include a government promise to update the WHS Management Guidelines for Construction to reflect the need to protect psychosocial safety, in addition to physical safety. This Principle seems particularly germane given the Federal Government’s decision to place the construction arm of the CMFEU into administration after allegations of corruption and bullying resurfaced in August last year.

The Principles also request that industry partners update their subcontract and supply chain arrangements to include safety and wellbeing expectations. The NSW Government will consider a company’s performance against this metric when awarding future work opportunities.

This principle seeks to simplify procurement processes, and in turn, boost productivity, by committing to:

enhancing tender processes to reduce the cost of bidding (for example, by allowing reliance on technical documents);

involving stakeholders earlier in project development to avoid over-engineering (which may involve capping the amount of pre-tender, internal design at, for example, 30%);

streamlining government processes by harmonising requirements and standards with other jurisdictions (for example, in the area of trade qualifications) and promoting whole-of-government GC21 (D&C) standard form contracts; and

encouraging innovation in contractual arrangements and exploring uses for modern methods of construction (eg prefabrication).

It will be particularly interesting to see which NSW Government departments, if any, allow reliance on tender documents and choose to cap pre-tender design, given this has been a point of discussion between government and industry for some time now.

This principle also focuses on opportunities to harness digitisation to increase productivity by streamlining data creation and management, and deploying digital tools in project design, procurement and delivery.
The NSW Government has committed to improving diversity and ensuring high-quality training across the construction industry. Practically, this will be implemented by prioritising construction skills in the 2024-2028 NSW Skills Plan and supporting vocational training courses, amongst other things.

This Principle aligns with a nationwide push to increase skills in the construction industry – the Federal Government committed $90.6 million towards upskilling the construction and housing sector in the 2024-25 Federal Budget, and is considering the implementation of a National Energy Workforce Strategy after receiving submissions during August and September 2024 on the same.

The Principles’ overall focus on investing in skills and jobs is made explicit in Principle 5, which aims to enhance industry culture and diversity (and therefore retention). Women only constitute 2% of qualified construction trade workers in Australia – this is a marginal improvement from the ‘1-2%’ recorded in the Ten Point Commitment (but less than the ‘doubling’ that was targeted in that Commitment). The NSW Government proposes to introduce a Culture in Construction Taskforce and pilot programs under a draft Culture Standard for the Construction Industry to collate data and implement measures to improve diversity. It will be interesting to see how this Principle will play out in the NSW market, given the rolling back of similar diversity, equality and inclusion programs in the US federal and private sectors.

The NSW Government is also proposing a whole-of-government Contractor Performance Reporting system to deliver enhanced insights into culture and diversity in the industry. In an effort to promote work-life balance, industry partners have been asked to adopt workforce flexibility plans, with a view to achieving working weeks of ≤50 hours per week and a five-day work week where possible, or a 5 in 7 day work week. While this is a noble ambition, the Principle does not explain how industry partners will be supported to achieve this ambition in light of the increasing prevalence of painshare/gainshare models and the long-staying ‘stick’ of liquidated damages for late delivery, which incentivise timely completion.
Like the Ten Point Commitment, the Principles reiterate the NSW Government’s focus on achieving value for money, and delivering projects on time and on budget. However, the Principles also acknowledge that contractors have been facing increased financial capacity constraints and, as such, seek to foster collaborative risk allocation and transparency in relation to financial capacity to ensure the sustainability of each project throughout its lifecycle.

To achieve this, the NSW Government has committed to:

monitoring the financial capacity of its contractors, with a view to identifying and mitigating capacity risks;

sizing its contract packages to accommodate a diverse range of contractors;

improving the guidance available to contractors in relation to financial capacity assessments; and

tailoring its security requirements to contractors’ financial capacity risk profiles and revising payment frequencies, where appropriate, to assist with cashflow.

At this stage, there are still open questions about whether ‘tailored’ security means that contractors will be required to put up less security (to alleviate financing costs) or more security (to guard against contractor insolvencies). However, a shift in government payment frequencies would certainly support the construction industry by improving cash flow and reducing reliance upon (and the cost of) lines of credit. A new gold standard in public infrastructure contracts may lead to a shift away from monthly payment terms more broadly.
The Principles acknowledge that decarbonising infrastructure delivery will be critical to the NSW Government realising its commitment to net zero by 2050, and its interim emission reduction targets of 50% and 70% by 2030 and 2035. As such, the NSW Government has committed to considering the carbon impact of each project in its existing infrastructure decision-making processes and challenging the need for new infrastructure, where possible.

The NSW Government will also provide a consistent approach to measuring carbon across different asset types and will mandate a measurement of embodied carbon emissions to be included in the business case, planning approval, design and procurement and practical completion requirements of each project. These commitments sit alongside the measures in the Decarbonising Infrastructure Delivery Policy and Measurement Guidance, released by the NSW Government in April 2024, and join the groundswell of momentum towards better carbon reporting and transparency in both the government and private sectors (see our Insight on mandatory climate-related financial disclosures).
Renewed commitments: the similarities between the Ten Point Commitment and the Principles

Some aspects of the Principles reiterate or build upon the NSW Government’s existing commitments under the Ten Point Commitment. For example:
- Collaborative contracting: while the Principles do not explicitly discuss collaborative contracting, they promote innovative contractual arrangements and benefit-sharing arrangements to improve productivity. Given the market trajectory, we expect that collaborative contracting is here to stay for a while yet (see our Insights here and here on the rising trend of collaborative contracting);
- Sizing of contract packages: both the Principles and the Ten Point Commitment recognise the need to offer contract packages that are accessible to a diverse range of contractors, including small and medium-sized firms. This echoes the move towards split and disaggregated procurements for Original Equipment Manufacturer (‘OEM’) supply and Balance of Plants (‘BOP’) civil works in the energy sector, whereby projects are divided into smaller packages to allow for greater flexibility (see our Insight on the split contracting trend in the batteries space);
- Standardisation of contracts and procurement methods: both the Principles and the Ten Point Commitment encourage the standardisation of contracts and procurement methods, including by publishing ‘best practice’ guidance materials to assist tenderers and contractors;
- Local skills development and manufacturing capacity: both the Principles and the Ten Point Commitment emphasise the importance of upskilling local workers and local manufacturing to address the ongoing skills shortages. The requirement to mandate tender weightings to support local content, local job creation and ethical supply chains in the Principles takes this even further than the Ten Point Commitment.
Shifting priorities: the differences between the Ten Point Commitment and the Principles
On the other hand, the Principles also herald some new areas of focus, with much stronger commitments around decarbonisation and workforce culture. The key differences between the Ten Point Commitment and the Principles include:
- Decarbonisation: while the Ten Point Commitment is silent on decarbonisation, the Principles set out specific measures that the NSW Government will implement to track and report on embodied carbon within its infrastructure projects. This shift reflects the broader changes in global environmental commitments, regulation and stakeholder expectations in the last six years.
- Gender diversity and equity:while the Ten Point Commitment acknowledged the need to boost diversity within the workforce, the Principles particularly focus on women’s participation in the construction industry. For example, the NSW Government has committed to considering a company’s progress towards citation by the Workplace Gender Equality Agency (WGEA) as a ‘Gender equitable employer of choice’ as part of the tender process.
- Workforce culture: whereas the Ten Point Commitment sought to reward ‘high performing’ contractors exhibiting ‘key behaviours and values expected of good clients and contractors’, the Principles go beyond that by explicitly calling out the need to improve psychosocial safety and wellbeing on construction sites. Industry participants are asked to incorporate these expectations within their downstream and supply chain arrangements, and will be assessed on their performance in respect of future opportunities for work.
- Financial sustainability: with the rise in contractor insolvencies in the last six years, the Principles purport to have a much greater focus on assessing and improving the financial capacity of contractor entities than the Ten Point Commitment.
- Innovation and digital practices: the Principles have embraced the potential for digital tools to improve productivity much more explicitly than the Ten Point Commitment (which did not mention technology or digital practices at all). The Principles push for standardised data and baseline productivity metrics to be developed, alongside accelerated implementation of digital practices and tools across the lifecycle of the project.
What’s next?

While there is some overlap between the Ten Point Commitment and the Principles, the Principles demonstrate a clear shift in priority towards addressing some of the more structural issues facing the Australian construction industry (particularly around skills shortages, workforce retention and financial capacity).

Collaboration between industry and government (at both the state and federal levels) will be imperative in achieving a coordinated response to these structural issues and bolstering the local construction industry. Decarbonisation has also emerged as a key priority for partnership with the construction industry. This priority aligns with the increasing focus more generally on reducing emissions in hard-to-abate industries as corporations and governments chase down their decarbonisation targets.

Infrastructure NSW will track progress against the Principles for Partnership in its annual Progress Report, as it has previously done with the Ten Point Commitment.

MIL OSI News –
February 3, 2025

MIL-OSI Asia-Pac: Infrastructure Development in India

Source: Government of India

Posted On: 01 FEB 2025 8:46PM by PIB Delhi

Introduction

Public infrastructure is the backbone of economic development, enhancing connectivity, trade, and overall quality of life. India, the world’s fifth-largest economy, has made remarkable progress in infrastructure development over the past decade.

The total infrastructure investment in India has significantly increased, with public and private sector contributions shaping the growth trajectory. India’s total infrastructure spending has grown exponentially, with budget allocations rising to ₹10 lakh crore in 2023-24.

PM Gati Shakti

The PM Gati Shakti National Master Plan (NMP), launched in 2021, is designed to bring together various Ministries, including Railways and Roadways, to ensure integrated planning and coordinated execution of infrastructure projects. The initiative aims to provide seamless and efficient connectivity for the movement of people, goods, and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time. This project has onboarded 44 Central Ministries and 36 States/UTs and a total of 1,614 data layers have also been integrated, by October 2024. A milestone of assessing 208 big-ticket infrastructure projects worth Rs. 15.39 lakh crores, of various Ministries adhering to PM Gati Shakti principles has been achieved.

India’s World Bank Logistics Performance Index (LPI) ranking improved by 6 places from 44 in 2018 to 38 out of 139 countries in 2023. To complement PM GatiShakti, National Logistics Policy was launched in September 2022. 26 states have notified their State-level logistics policy, so far.

Highways and Roads

India has the second largest road network in the world and its National Highways span a total length of 1,46,145 km, forming the primary arterial network of the country. The Government of India has undertaken several initiatives to enhance and strengthen the National Highways network through flagship programmes such as the Bharatmala Pariyojana which includes the subsumed National Highway Development Project (NHDP), the Special Accelerated Road Development Programme for the North-East Region (SARDP-NE), and many more ongoing projects.

India’s National Highway (NH) network expanded from 65,569 km in 2004 to 91,287 km in 2014 and 1,46,145 km in 2024.
NH stretches with four or more lanes grew 2.6 times from 18,371 km in 2014 to 48,422 km in 2024.
Operational High-Speed Corridors increased from 93 km in 2014 to 2,138 km in 2024.
NH construction pace rose 2.8 times from 12.1 km/day in 2014-15 to 33.8 km/day in 2023-24.

Capital expenditure (including private investment) surged 5.7 times from ₹53,000 crore in 2013-14 to ₹3.01 lakh crore in 2023-24 (highest ever).

Bharatmala Pariyojana

Launched in 2017, the Bharatmala Pariyojana envisages development of about 26,000 km length of Economic Corridors, which along with Golden Quadrilateral (GQ) and North-South and East-West (NS-EW) Corridors are expected to carry majority of the freight traffic on roads. It also envisages development of ring roads / bypasses and elevated corridors to decongest the traffic passing through cities and enhance logistic efficiency. A total of 18,926 km of roads have been completed under project by November 2024.

Further network of 35 Multimodal Logistics Parks is planned to be developed as part of Bharatmala Pariyojana, with a total investment of about Rs. 46,000 crore, which once operational, shall be able to handle around 700 million metric tonnes of cargo.

Pradhan Mantri Grameen Sadak Yojana

The Pradhan Mantri Gram Sadak Yojana (PMGSY), was launched by the Government of India, in 2000, to provide connectivity to unconnected habitations as part of a poverty reduction strategy.

In 2006–2007, 1,07,370 km of roads were completed under the PMGSY, with a total expenditure of ₹10,769 crore. In 2014-15, 4,19,358 km of roads were completed with a total expenditure of ₹130,149 crore and in 2024-25, 7,71,950 km of roads were completed with a total expenditure of ₹ 331,584 crore.

Civil Aviation

India’s aviation sector is experiencing a meteoric rise, fueled by soaring demand and the government’s unwavering commitment to its growth through supportive policies. This dynamic shift has propelled India to the forefront of the global aviation ecosystem, becoming the third-largest domestic aviation market in the world.

The number of operational airports in India in 2014 were 74. By September 2024, the number had increased to 157.
Over 15% of India’s pilots are women, significantly higher than the global average of 5%.
Marking a new record, domestic air passenger traffic crossed 5 lakhs for the first time in a single day on November 17, 2024.
The number of Flying training organisations (FTOs) in June 2016 was 29. This number increased to 38 with 57 bases by December 2024.
In terms of aircrafts, the numbers have increased from around 400 in 2014 to 723 in 2023, despite the impact of Covid-19.

Regional Connectivity Scheme (RCS) – UDAN (Ude Desh ka Aam Nagrik)

By reviving existing airstrips and airports, UDAN, launched in 2016, aims to bring essential air travel access to previously isolated communities and boost regional economic development. With a ten-year operational plan, UDAN intends to ensure equitable access to air travel for all Indians. As of 31 Dec 2024-

147.53 lakh passengers have availed of the benefits of the scheme.
More than 2.93 lakh flights have operated under the UDAN scheme so far.
619 RCS routes have so far commenced operations connecting 88 airports including 13 heliports & 2 water aerodromes.

Shipping and Ports

The Maritime Sector in India comprises of Ports, Shipping, Shipbuilding, Ship repair and Inland Water Transport Systems. In India, there are total 12 government owned major ports and approximately 217 minor and intermediate ports. Indian Shipping Industry has over the years played a crucial role in the maritime sector of India’s economy. Approximately 95% of the country’s trade by volume and 70% by value is moved through Maritime Transport.

Cargo handling capacity has increased from 800.5 million tonnes per annum in 2014 to 1,630 million tonnes per annum in 2024. Vis-à-vis 2014, this is an 87% improvement.
India has reached 22nd rank in International Shipment category as against 44th rank in 2014.
Turn Around Time (TRT) of major Ports has reduced from around 94 hours in FY-2013-14 to only around 48.06 hours in FY 2023-24.
The average ship berth-day output vis-a-vis FY 2014-15 have improved by 52%.
Tourist footfall in 2022-23 for ocean cruise has risen to 3.08 Lakhs and for light house has risen to 12.3 lakhs compared to the year 2014-15.
Capacity at major ports stood at:

S. No.	Year	Port Capacity	Traffic Handled
1	2004-05	397.50	383.75
2	2014-15	871.52	581.34
3	2023-24	1629.86	819.23

The number of ships/vessels increased from 1,250 in 2014-15 to 1,526 in 2023-24, culminating in a 22% increase.
Number of employed sea-farers are:

Railways

Indian Railways achieved a historic milestone, transporting over 3 crore passengers in a single day on November 4, 2024. On this day Indian Railways carried a record number of 120.72 lakh non-suburban passengers. This included 19.43 lakh reserved passengers and 101.29 lakh unreserved non-suburban passengers. Similarly, the suburban traffic reached a record 180 lakh passengers, making it the highest single-day passenger figure of the year.

The manufacturing of Linke-Hofmann-Busch (LHB) coaches has increased from 2,209 coaches in year 2006-2014 to 31,956 coaches in year 2014-2023.
The provision of Bio-toilets in coaches has been increased from 3,647 coaches in year 2006-2014 to 80,478 coaches in year 2014-2023.
The Production units of Indian Railways are producing only LHB coaches from April-2018 onwards and trains operated with ICF coaches are being converted so as to run with LHB coaches.
In 2005-06, 33,540 km and in 2014-15, 41,038 km of running tracks were electrified.
During 2004-14, 14,985 RKM of rail track work was done whereas during 2014-23, 25,871 RKM of track laying work has been done. In the year 2022-23, per day 14 km track was laid.
Rail connectivity to four states of Meghalaya, Arunachal Pradesh, Manipur & Mizoram provided after 2014 (Meghalaya in November 2014, Arunachal Pradesh in February 2015, Manipur (Jiribam) in May 2016 & Mizoram (Bhairabi) in March 2016).
Before 2014, the number of stations equipped with CCTV surveillance facilities was 123 whereas during 2014-23, CCTVs were installed across 743 railway stations. By December 2024, CCTV coverage was increased to a total of 1051 stations.

Urban Affairs and Housing

Under the Smart Cities Mission (SCM), total projects are 8,076, amounting to ₹1,64,706 crore, of which 7,401 projects amounting to ₹1,54,351 crore have been completed, as per the data provided by 100 Smart Cities.
Under Swachh Bharat Mission – Urban 2.0, there has been a 97% increase in the urban waste collection from 2014-15 to 2024-25.
The waste processing percentage has increased from 18% in 2014-15 to 78% in 2024-25.
During 2004-14, 13.46 lakh houses were approved under schemes like JnNURM & RRY. This increased substantially (9 times) in 2015-2024, when 118.64 lakh houses were approved under PMAY-U.
During 2004-14, 8.04 lakh houses were built and marking a 11x increase, during 2015-24, 88.32 lakh houses were completed.

Achievements in the field of metro rail in the last ten years are:

PARAMETERS	Upto 2014	2014-24
Total Operational Metro Rail Network	248 Km	993 Km
Average Metro Rail Lines Commissioned per month	0.68 Km / Month	6 Km / Month
Average Daily Ridership	28 Lakh	Over 1 Crore
Annual Budget	Rs 5798 (2013-14)	Rs 24844 (2024-25)
Total Cities with Operational Metro Rail	5	23

The number of buses sanctioned from 2004-2014 were 14,405 and this increased to 19,752 during 2014-24.

AMRUT (Atal Mission for Rejuvenation and Urban Transformation)

Launched in 2015, AMRUT aims at ensuring every household has access to a tap with the assured supply of water and a sewerage connection, increasing the amenity value of cities by developing greenery and well–maintained open spaces (e.g. parks) and reducing pollution by switching to public transport or constructing facilities for non-motorized transport (e.g. walking and cycling). As of February 1, 2025, there are:

Jal Jeevan Mission

The Jal Jeevan Mission (JJM) was launched on August 15, 2019, with the ambitious goal of providing tap water supply to every rural household. At the time of its inception, only 3.23 crore (17%) of rural households had tap water connections. As of February 1, 2025, the Jal Jeevan Mission (JJM) has successfully provided tap water connections to 12.20 crore additional rural households, bringing the total coverage to over 15.44 crore households, which accounts for 79.74% of all rural households in India. This achievement marks a significant milestone in the mission.

Kindly find the pdf file

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Santosh Kumar | Sarla Meena | Rishita Aggarwal

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MIL OSI Asia Pacific News –

February 3, 2025

MIL-OSI Global: Online performance reviews: How technology has changed manners and etiquette

Source: The Conversation – France – By George Kassar, Full-time Faculty, Research Associate, Performance Analyst, Ascencia Business School

Thoughtful netiquette can help create a respectful, clear and productive virtual appraisal experience. Gerd Altmann/Pixabay

As we settle into the new year, one meeting often weighs heavily on the minds of employees: the performance appraisal review. For some, it’s a time of validation and recognition, while for others, it brings a mix of anticipation and uncertainty.

These meetings are a common practice in human resource management and are an important part of the performance management process. Despite some debates on the effectiveness of these systematic assessments, they are still frequently used to help organizations evaluate employee output, provide feedback and set future goals and rewards.

With the rise of modern technologies, the dynamics of these appraisals have changed dramatically, especially in terms of manners and etiquette.

What are performance appraisal reviews?

Performance appraisals are a set of structured evaluations of employees’ job performance against set criteria and organizational goals. These evaluations are essential for managing human resources effectively. They provide insights into employee productivity, help identify training needs and align individual goals with the broader organizational mission. They also play a critical role in career development by offering feedback that helps employees understand their strengths and areas for improvement. And they are a key factor in management decisions about promotions, compensation, and sometimes, terminations.

Employee reactions to performance appraisals can vary greatly depending on multiple factors. Active participation in the appraisal process can lead to more positive perceptions of its fairness and effectiveness. Further, fair and constructive appraisals can boost employee satisfaction and commitment, whereas poorly conducted ones can lead to dissatisfaction and disengagement.

On the other hand, performance appraisals can also be a significant source of stress for employees. The anticipation of critical feedback and the high stakes associated with these evaluations can induce anxiety and tension. In fact, some studies suggests that performance appraisals contribute to employee burn-out.

This stress-inducing aspect of appraisals can greatly influence the manners, attitudes and behaviors of employees during these meetings.

The influence of modern technologies on manners and etiquette

In the last few years, especially during the Covid pandemic, modern technologies have transformed performance appraisal reviews. Video conferencing and communication tools integrated into performance management software have made remote and flexible appraisals possible. These tools have significantly altered communication styles, shifting the focus to digital interactions that often lack non-verbal cues. Some behavioral scientists even noted that while online communication was essential during the pandemic, it lacks the richness of face-to-face interaction, which can affect the clarity and warmth of communication.

Netiquette, or Internet etiquette, consists of the polite behaviors expected in online communications. The importance of netiquette in performance appraisals is basically to ensure clear and respectful communication. Adhering to netiquette helps maintain a professional tone and reduces the risk of misunderstandings in virtual settings.

So while digital communication has led to new norms and expectations for politeness, clarity and respect remain crucial factors. Without physical presence, explicit expressions of politeness and consideration are more important than ever, helping to replicate the nuances of face-to-face communication in a virtual environment.

Theoretical perspectives on manners and etiquette

The late sociologist Norbert Elias’s theories offer a historical perspective on how manners and societal norms evolve. In his book, The Civilizing Process, Elias traces the development of manners from medieval times to the modern era, arguing that societal norms become more regulated and refined over time. This process involves both sociogenetic aspects, which concern social changes over long periods, and psychogenetic ones, which concern the internalization of social norms.

Elias’s theories can also help us understand how manners and etiquette in modern organizations are evolving. His ideas have been shown to apply to organizational behavior, highlighting the importance of self-regulation and refinement in professional settings. As performance appraisals become more formalized, they reflect broader societal trends in these directions.

Further applying Elias’s civilizing process to the digital age involves understanding how manners and etiquette adapt to technological advancements. Developing new norms for digital behavior helps maintain respectful and effective communication; netiquette is a contemporary extension of the civilizing process. As performance appraisals increasingly move online, adhering to netiquette helps ensure positive and constructive experiences.

Implications for performance appraisals

Modern technologies have blurred the traditional boundaries of place, time and organization, affecting employee behavior and manners. These changes challenge traditional notions of hierarchy and authority, encouraging more egalitarian and flexible interactions. This shift requires employees to adapt to the new culture of organizations. Observing the netiquette guidelines that follow can significantly enhance the online appraisal experience for both employees and managers.

Preparation as self-regulation: Testing the Internet connection, camera and microphone reflects Elias’s concept of internalized norms as self-regulatory practices that enhance interactions. Creating a quiet, well-lit space shows respect for the meeting and fosters a focused environment.

Professional presentation: Dressing appropriately and using a distraction-free background reflect Elias’s view of manners as societal refinement markers. A clean, professional setup conveys respect for the occasion and the participants.

Simulated social cues: Making eye contact by looking at the camera, maintaining good posture, and using natural gestures to recreate in-person cues help make for effective communication.

Clarity of speech: Speaking clearly and avoiding vague terminology aligns with Elias’s view that refined language is essential for civilized interactions. Clarity helps overcome the comparative lack of non-verbal cues in virtual settings.

Time management: Joining the meeting a few minutes early and silencing notifications reflect Elias’s ideals of punctuality and order, showing respect for everyone’s time.

Follow-up: A thank-you message after the appraisal supports Elias’s civilizing process by reinforcing professional gratitude and respect.

If your next performance appraisal review is scheduled online, consider these straightforward yet impactful practices. Thoughtful netiquette – when adopted by both managers and employees – can create a respectful, clear and productive virtual appraisal experience, making a real difference on how feedback is communicated and received.

George Kassar ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. Online performance reviews: How technology has changed manners and etiquette – https://theconversation.com/online-performance-reviews-how-technology-has-changed-manners-and-etiquette-244056

MIL OSI – Global Reports –

February 3, 2025
MIL-OSI Russia: Benin: An African Pioneer

Source: IMF – News in Russian

Benin: An African Pioneer

January 31, 2025

Innovation and a strong reform drive have strengthened Benin’s resilience to regional and global challenges and supported progress toward meeting the Sustainable Development Goals.

Benin faced a number of negative spillovers in 2022: a deteriorating regional security situation at its northern border, the lingering scars of COVID-19, and higher living costs amid the war in Ukraine. To help counter those headwinds, the country tapped IMF support, including a $650 million blended Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangement, complemented by a $200 million Resilience and Sustainability Facility (RSF) in 2023. Development partners’ confidence in the country’s reform program has been reflected in budget support consistently exceeding expectations. Moreover, Benin was among the first countries to re-access the international capital market last year, following a two-year hiatus, with several sovereign credit rating upgrades in recent years.

Despite challenges, there are promising signs of economic transformation. Among other achievements, growth has been strong, fiscal adjustment is proceeding while allowing for a significant increase in social spending, and efforts to strengthen governance are gaining ground.

Following the combined Fifth Review of the ongoing EFF/ECF arrangement and Second Review of the RSF, IMF Country Focus discussed the country’s economic performance with Romuald Wadagni, Senior Minister of State of Economy and Finance for Benin, and Constant Lonkeng, IMF Mission Chief for Benin.

How is the current reform program affecting the daily lives of Beninese people?

Finance Minister Wadagni: First and foremost, our ongoing reform program has allowed us to navigate an episode of severe and repeated shocks, with technical and financial support from our development partners. As a result, our economy has shown remarkable resilience, with growth averaging more than 6.5 percent in recent years.

Economic resilience is helping harness the potential of Benin’s people. A key focus of our reform program is enhancing human capital, as articulated under our people-centric Government Action Program (PAG 2021–26).

Our Integrated School Feeding Program currently provides free meals to students in 95 percent of elementary schools in rural areas (more than 1.3 million children), with full coverage targeted this year. Lower education is now tuition-free for girls across all of Benin’s 77 communes (estimated 2 million girls), with an ongoing pilot to extend to upper secondary school. We are also putting emphasis on technical education and vocational training to prepare our large youth population to seize job opportunities in high value-added activities.

More broadly, our flagship Insurance for Human Capital Enhancement (ARCH) seeks to foster social resilience through various programs including micro-credits, access to healthcare, and pensions. The social registry—established early on under the EFF/ECF with World Bank technical support—is an essential tool for targeting our support to the most vulnerable.

How has IMF engagement supported the authorities’ policy agenda?

IMF Mission Chief Lonkeng: One key design consideration of Benin’s IMF-supported program was balancing financing and fiscal adjustment in a shock-prone environment. Considering Benin’s established track record in macroeconomic management, we opted for a flexible design—a vote of confidence from the IMF.

Frontloaded financing supported the country’s appropriately strong counter-cyclical policy response to severe shocks—the IMF disbursed more than 40 percent of the total financing envelope of about 400 percent of Benin’s quota in the first 6 months of the 42-month program to smooth out fiscal adjustment. The EFF/ECF was subsequently complemented by an RSF (120 percent of Benin’s quota) to help enhance the country’s overall socio-economic resilience.

The authorities have since been re-building policy space, with domestic revenue mobilization being a key part of this effort and, more broadly, the cornerstone of the authorities’ reform program. A frontloaded tax policy reform under the program complemented efforts to digitalize the tax system to boost revenue collection. As the chart shows, Benin’s tax-to-GDP ratio increased by more than 2 percentage points during 2022–24, far exceeding the average improvement of other countries in this timeframe.

There are promising signs of economic transformation. How are you achieving this and what lessons did you learn along the way?

Finance Minister Wadagni: We first conducted an in-depth diagnostic of our economic and financial situation about a decade ago. We then embarked on a first wave of reforms to lay the foundations for structural transformation, cognizant of the fact that sound public finances, reliable energy, and infrastructure—including digital—are key prerequisites for sustained economic expansion.

The ongoing second wave of reforms seek to consolidate our initial achievements and climb up value chains by processing commodities locally. The Glo-Djigbé Industrial Zone—which is dedicated to the local transformation of agricultural products including cotton, cashews, and soybeans—plays a strategic role in this regard. We intend to further develop the zone and, more broadly, pursue the structural transformation of our economy, including through continued modernization and enhanced resilience of agriculture. We will also step up investment in unlocking Benin’s tourism potential and modernizing the Port of Cotonou.

In doing all of the above, we will expand the social safety nets to reach as many vulnerable people as possible. A key lesson from our experience so far is that sound governance is critical in economic transformation.

Benin innovated with the issuance of the first Social Development Goal (SDG) bond in the region – and is now extending this framework to catalyze private climate finance. Can you elaborate?

Finance Minister Wadagni: We developed an SDG bond framework around the country’s social and climate priorities as an integral part of our development finance strategy. The framework was initially used to issue a €500 million SDG bond in 2021, a first in the region. It has since facilitated the financing of key social and energy transition projects. We intend to leverage the SDG bond framework to catalyze financing for climate change adaptation, resilient agriculture, sustainable ecosystem management, and the energy transition.

Relatedly, we secured climate financing pledges from our partners during the recent COP29, following the climate finance roundtable that we co-convened in Cotonou with the IMF and the World Bank.

What has been the key to program engagement in your view, and what do you see as the main challenges ahead?

IMF Mission Chief Lonkeng: First and foremost, program ownership has been key. Benin has an established tradition of public consultation around the country’s reform agenda—under the National Development Plan and the Government Action Program. The Fund-supported program therefore had a solid homegrown foundation to build on.

Going forward, continued expansion of the tax base, drawing on the country’s recently developed medium-term revenue strategy, would help fund Benin’s large development needs (the country’s median age is 18), and improve the country’s capacity to carry debt and preserve debt sustainability.

On the structural front, a continued move away from the traditional transit-centered growth model—supported by a balanced social contract—would foster private sector job creation in higher value-added activities for the large youth population. Enhancing resilience to climate change and maintaining the digitalization drive would also support overall socio-economic resilience in the long-term. All of this would help raise the living standards of the Beninese in a sustained and inclusive manner.

https://www.imf.org/en/News/Articles/2025/01/31/cf-benin-an-african-pioneer

MIL OSI

MIL OSI Russia News –

February 1, 2025
MIL-OSI Economics: Benin: An African Pioneer 

Source: International Monetary Fund

Benin: An African Pioneer

January 31, 2025

Innovation and a strong reform drive have strengthened Benin’s resilience to regional and global challenges and supported progress toward meeting the Sustainable Development Goals.

Benin faced a number of negative spillovers in 2022: a deteriorating regional security situation at its northern border, the lingering scars of COVID-19, and higher living costs amid the war in Ukraine. To help counter those headwinds, the country tapped IMF support, including a $650 million blended Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangement, complemented by a $200 million Resilience and Sustainability Facility (RSF) in 2023. Development partners’ confidence in the country’s reform program has been reflected in budget support consistently exceeding expectations. Moreover, Benin was among the first countries to re-access the international capital market last year, following a two-year hiatus, with several sovereign credit rating upgrades in recent years.

Despite challenges, there are promising signs of economic transformation. Among other achievements, growth has been strong, fiscal adjustment is proceeding while allowing for a significant increase in social spending, and efforts to strengthen governance are gaining ground.

Following the combined Fifth Review of the ongoing EFF/ECF arrangement and Second Review of the RSF, IMF Country Focus discussed the country’s economic performance with Romuald Wadagni, Senior Minister of State of Economy and Finance for Benin, and Constant Lonkeng, IMF Mission Chief for Benin.

How is the current reform program affecting the daily lives of Beninese people?

Finance Minister Wadagni: First and foremost, our ongoing reform program has allowed us to navigate an episode of severe and repeated shocks, with technical and financial support from our development partners. As a result, our economy has shown remarkable resilience, with growth averaging more than 6.5 percent in recent years.

Economic resilience is helping harness the potential of Benin’s people. A key focus of our reform program is enhancing human capital, as articulated under our people-centric Government Action Program (PAG 2021–26).

Our Integrated School Feeding Program currently provides free meals to students in 95 percent of elementary schools in rural areas (more than 1.3 million children), with full coverage targeted this year. Lower education is now tuition-free for girls across all of Benin’s 77 communes (estimated 2 million girls), with an ongoing pilot to extend to upper secondary school. We are also putting emphasis on technical education and vocational training to prepare our large youth population to seize job opportunities in high value-added activities.

More broadly, our flagship Insurance for Human Capital Enhancement (ARCH) seeks to foster social resilience through various programs including micro-credits, access to healthcare, and pensions. The social registry—established early on under the EFF/ECF with World Bank technical support—is an essential tool for targeting our support to the most vulnerable.

How has IMF engagement supported the authorities’ policy agenda?

IMF Mission Chief Lonkeng: One key design consideration of Benin’s IMF-supported program was balancing financing and fiscal adjustment in a shock-prone environment. Considering Benin’s established track record in macroeconomic management, we opted for a flexible design—a vote of confidence from the IMF.

Frontloaded financing supported the country’s appropriately strong counter-cyclical policy response to severe shocks—the IMF disbursed more than 40 percent of the total financing envelope of about 400 percent of Benin’s quota in the first 6 months of the 42-month program to smooth out fiscal adjustment. The EFF/ECF was subsequently complemented by an RSF (120 percent of Benin’s quota) to help enhance the country’s overall socio-economic resilience.

The authorities have since been re-building policy space, with domestic revenue mobilization being a key part of this effort and, more broadly, the cornerstone of the authorities’ reform program. A frontloaded tax policy reform under the program complemented efforts to digitalize the tax system to boost revenue collection. As the chart shows, Benin’s tax-to-GDP ratio increased by more than 2 percentage points during 2022–24, far exceeding the average improvement of other countries in this timeframe.

There are promising signs of economic transformation. How are you achieving this and what lessons did you learn along the way?

Finance Minister Wadagni: We first conducted an in-depth diagnostic of our economic and financial situation about a decade ago. We then embarked on a first wave of reforms to lay the foundations for structural transformation, cognizant of the fact that sound public finances, reliable energy, and infrastructure—including digital—are key prerequisites for sustained economic expansion.

The ongoing second wave of reforms seek to consolidate our initial achievements and climb up value chains by processing commodities locally. The Glo-Djigbé Industrial Zone—which is dedicated to the local transformation of agricultural products including cotton, cashews, and soybeans—plays a strategic role in this regard. We intend to further develop the zone and, more broadly, pursue the structural transformation of our economy, including through continued modernization and enhanced resilience of agriculture. We will also step up investment in unlocking Benin’s tourism potential and modernizing the Port of Cotonou.

In doing all of the above, we will expand the social safety nets to reach as many vulnerable people as possible. A key lesson from our experience so far is that sound governance is critical in economic transformation.

Benin innovated with the issuance of the first Social Development Goal (SDG) bond in the region – and is now extending this framework to catalyze private climate finance. Can you elaborate?

Finance Minister Wadagni: We developed an SDG bond framework around the country’s social and climate priorities as an integral part of our development finance strategy. The framework was initially used to issue a €500 million SDG bond in 2021, a first in the region. It has since facilitated the financing of key social and energy transition projects. We intend to leverage the SDG bond framework to catalyze financing for climate change adaptation, resilient agriculture, sustainable ecosystem management, and the energy transition.

Relatedly, we secured climate financing pledges from our partners during the recent COP29, following the climate finance roundtable that we co-convened in Cotonou with the IMF and the World Bank.

What has been the key to program engagement in your view, and what do you see as the main challenges ahead?

IMF Mission Chief Lonkeng: First and foremost, program ownership has been key. Benin has an established tradition of public consultation around the country’s reform agenda—under the National Development Plan and the Government Action Program. The Fund-supported program therefore had a solid homegrown foundation to build on.

Going forward, continued expansion of the tax base, drawing on the country’s recently developed medium-term revenue strategy, would help fund Benin’s large development needs (the country’s median age is 18), and improve the country’s capacity to carry debt and preserve debt sustainability.

On the structural front, a continued move away from the traditional transit-centered growth model—supported by a balanced social contract—would foster private sector job creation in higher value-added activities for the large youth population. Enhancing resilience to climate change and maintaining the digitalization drive would also support overall socio-economic resilience in the long-term. All of this would help raise the living standards of the Beninese in a sustained and inclusive manner.

MIL OSI Economics –

February 1, 2025
MIL-OSI Global: Nonprofits that provide shelter for homeless people, disaster recovery help, and food for low-income Americans rely heavily on federal funding – they would be reeling if Trump froze that money

Source: The Conversation – USA – By Dyana Mason, Associate Professor of Planning, Public Policy and Management, University of Oregon

Food pantry staff members and volunteers hand out food in Chelsea, Mass., in November 2024. Joseph Prezioso/AFP via Getty Images

On Jan. 27, 2025, the Trump administration ordered a freeze on federal grants and contracts covering a wide array of aid programs to take effect at 5 p.m. the following day. This freeze was partially prevented when a judge responded to a lawsuit filed by the National Council of Nonprofits and other organizations. The flow of funds on grants that had already been awarded was at least temporarily protected by the judge’s action. The attorneys general of 22 states and the District of Columbia have also sued to block this funding freeze.

The Trump administration, which on Jan. 29 rescinded the memo ordering the funding suspension, has made clear that it may again seek to reduce or eliminate much of the money, totaling several hundred billion dollars, that funds many services that nonprofits provide, such as support for foster parents, after-school care and distributing food for free.

Dyana Mason and Mirae Kim, two scholars of nonprofits, explain the role that federal funding plays in the nonprofit sector.

How much do nonprofits rely on federal funding?

Nonprofits partner with the government to deliver social services, such as child care for low-income families, housing for people experiencing homelessness, and job training and placement. These partnerships can form with local or state governments, as well as with the federal government, with this collaboration mostly taking place through grants and contracts.

Government funding makes up about 33% of the revenue flowing into the nonprofit sector annually, according to the Urban Institute. The institute, a think tank, also found that nearly 40% of all nonprofits in the United States applied for federal grants in 2021, 2022 and 2023, and that about 10% applied for federal contracts. The share of government funding can be far larger for some kinds of social service nonprofits.

Many other nonprofits applied for local and state grants during that three-year period. Those grants, however, are often themselves funded by the federal government indirectly through grants it makes to state and local government agencies. Those agencies, in turn, then provide grants or maintain contracts with local nonprofits to provide services.

Although it’s hard to track with absolute precision due to those complex arrangements, government revenue is the second-largest source of income for nonprofits after the money these organizations and institutions earn through commercial activities.

Also called “fee-for-service,” this revenue includes the money nonprofit hospitals get when patients and insurers pay medical bills, nonprofit theaters receive when they sell tickets to performances, and nonprofit private schools obtain when parents pay tuition.

Some social service nonprofits charge fees too, typically on a sliding scale. That is, their clients with relatively higher incomes pay more, and those with extremely low incomes pay very little or nothing at all.

How could freezing federal funding affect nonprofits?

We have no doubt that a long freeze on federal grants and contracts would be devastating for nonprofits and the communities they serve.

For example, Meals on Wheels, a program that delivers hot meals to more than 2 million homebound people over 65 and helps them maintain social connections, gets 37% of its funding from the federal government.

Clackamas Women’s Services, a domestic and sexual violence organization based near Portland, Oregon, is one of the many local organizations that have expressed concern about what to expect. The group says it could lose half of its annual budget if federal funding were to be eliminated.

Without federal funding, organizations like these – many of which already have waitlists – would have to cut back on the services they provide.

Nonprofits are confused and concerned about the stability of federal funding, Scripps News reports.

What’s the role of nonprofits in the US safety net?

It’s very significant.

For the past several decades, attempts to scale back the size of the government have led to government agencies essentially hiring nonprofits to do much of their work.

Through contracts and grants, nonprofits then do such things as assist people who are recovering from fires, hurricanes and other disasters; provide services for veterans and active-duty members of the military; and help people with mental health conditions, including substance use problems, just to name a few.

This arrangement typically provides nonprofits with a reliable and predictable source of funds that they can use to serve their communities. But it can also leave them vulnerable to policy changes – especially when new administrations take over, as the second Trump administration’s actions illustrate.

Research we conducted about what happened to nonprofits during the COVID-19 pandemic showed that volatility in the economy has serious effects on the ability of nonprofits to do their work.

For example, social service nonprofits struggled in March and April 2020 due to falling revenue at a time of increasing demand. Many of these organizations had to scale back their services. In some cases, they canceled them.

We followed up with another survey in November and December 2020. By then, we found, 61% of the groups had received forgivable federal loans through the government’s Paycheck Protection Program.

Nearly half of the nonprofits told us that they had, in addition, received other forms of emergency funding from the federal government, including Economic Injury Disaster Loans and emergency food distributions.

This federal assistance made it possible for thousands of nonprofits to keep their staff employed and continue to provide important services as the economy recovered.

What happens when nonprofits lose federal funds?

It’s hard for social service organizations to replace federal funding.

Nonprofits can, of course, appeal to their donors to help bridge the gap. But donations from individuals, foundations, corporations and bequests only amount to no more than 15% of the funds flowing into the nonprofit sector.

The outcome of freezing, eliminating or scaling back federal funding for nonprofits would mean that those in need would get fewer services. We would also expect mass layoffs, which could harm the U.S. economy.

Nonprofits employ more than 12 million people in the United States. That’s more workers than big industries such as construction, transportation and finance employ. Should millions of them suddenly become unemployed, demand would grow further for social services from providers already unable to meet lower levels of demand due to funding cuts.

Has there ever been upheaval like this before?

Congress appropriates money to provide for the services that the public needs and demands. These moves have led to great fear and uncertainty among organizations that serve people in need in the United States and abroad.

Although it’s not unusual for funding priorities to change from one administration to the next, Donald Trump’s executive orders on international aid and nonprofit grants and contracts that underpin the U.S. safety net are unprecedented.

Dyana Mason has received research funding from the National Institute for Transportation and Communities and the Joint Fire Science Program with the Bureau of Land Management (BLM). She is also a volunteer board member of the Southwest Oregon chapter of the American Red Cross.

Mirae Kim is affiliated with the Association for Research on Nonprofit Organizations and Voluntary Action (ARNOVA) as a non-paid, at-large board member.

– ref. Nonprofits that provide shelter for homeless people, disaster recovery help, and food for low-income Americans rely heavily on federal funding – they would be reeling if Trump froze that money – https://theconversation.com/nonprofits-that-provide-shelter-for-homeless-people-disaster-recovery-help-and-food-for-low-income-americans-rely-heavily-on-federal-funding-they-would-be-reeling-if-trump-froze-that-money-248543

MIL OSI – Global Reports –

February 1, 2025
MIL-OSI: Banco Santander-Chile Announces Fourth Quarter 2024 Earnings
Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the twelve-month period ended December 31, 2024, and fourth quarter 2024 (4Q24).

Strong Financial Performance with ROAE²of 26.0% in 4Q24³and 20.2% in 12M24⁴.

As of December 31, 2024, the Bank’s net income attributable to shareholders totaled $858 billion ($4.55 per share and US$1.83 per ADR), marking a 72.8% increase compared to the same period of the previous year and with an ROAE of 20.2%.

In 4Q24, net income attributable to shareholders of the Bank totaled $277 billion, increasing 13.7% in the quarter with a quarterly ROAE of 26.0%. This marks the third consecutive quarter with an ROAE above 20%.

The improvement in results is explained by an increase in the Bank’s main revenue lines. Operating income increased by 34.5% YoY, supported by a stronger interest margin and readjustments.

Robust NIM⁵recovery, reaching 3.6% in 2024 and 4.2% in 4Q24.

Net interest and readjustment income (NII) for the year ended December 31, 2024 increased by 62.1% compared to the same period in 2023. This growth was primarily due to higher net interest income, resulting from a lower monetary policy rate that reduced our funding costs from 6.8% to 4.7% in 12M24. This was partially offset by lower readjustment income due to a smaller variation in the UF compared to the previous year. Consequently, the NIM improved from 2.2% in 2023 to 3.6% in 2024, and further to 4.2% in 4Q24.

Continued Expansion of Customer Base with a 6.4% YoY Increase in Total Customers and a 5.9% YoY Increase in Digital Customers

Our strategy to enhance digital products has led to a continued growth in our customer base reaching approximately 4.3 million customers, with over 2.2 million digital customers (88% of our active customers).

The Bank’s market share in current accounts remains robust at 23.2% as of October 2024, driven by increased customer demand for US dollar current accounts which can be easily opened digitally by our customers. It also demonstrates the success of Getnet’s strategy in encouraging cross-selling of other products such as the Cuenta Pyme Life.

Customer funds increased 4.7% QoQ and 12.6% since December 2023.

Customer funds (demand deposits, time deposits and mutual funds) increased by 4.7% QoQ and 12.6% from December 2023, reflecting client growth and fund accumulation. The Bank’s total deposits increased by 5.7% from December 31, 2023, explained by the 5.3% increase in demand deposits and the 6.0% increase in time deposits. In the quarter, total deposits grew by 5.9%, with demand deposits up by 8.7% and time deposits by 3.7%. The strong growth in the quarter is explained by the seasonality of deposits at the end of the year, especially among corporate clients.

Our customer’s investments through mutual funds intermediated by the Bank also grew in the quarter, reaching an increase of 2.2% QoQ and 32.6% since December 31, 2023, given the clients’ preference for mutual funds in this scenario of falling rates.

Net fees and commissions increase 8.8% in 12M24, achieving a recurrence⁶level of 60.3%.

Net fees increased 8.8% in the twelve months ended December 31, 2024 compared to the same period in 2023 due to increased client numbers and higher product usage. As a result, the recurrence ratio (total net fees divided by structural support expenses) increased from 57.4% YTD as of December 2023 to 60.3% YTD as of December 2024, demonstrating that more than half of the Bank’s expenses are financed by fees generated by our clients.

Efficiency ratio of 36.5% in 4Q24 and 39.0% in 4Q24

The Bank’s efficiency ratio reached 39.0% as of December 31, 2024, compared to the 46.6% of the same period last year, with a quarterly efficiency ratio of 36.5%. On the other hand, the cost to assets ratio increased to 1.5% in 12M24 vs. 1.3% in the same period of the previous year.

Structural support expenses (salaries, administration and amortization) grew 3.5% in 12M24 compared to 12M23, below inflation, and in line with the guidance provided previously and a slight decrease of 1.8% compared to 3Q24 mainly due to lower salary expenses.

Total operating expenses (which includes other expenses) increased 12.4% in 12M24 compared to 12M23 driven by higher other operating expenses, related to a provision for the restructuring of our branch network and the transformation to Work/Café and also advances in digital banking.

Cost of credit of 1.29% in 12M24, and NPL coverage at 115.4%

During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients’ performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to 3.2% and the impaired portfolio to 6.7% at December 2024. Overall the cost of credit remained stable at 1.29% in the quarter.

Solid capital levels with a BIS⁷ratio of 17.1% and a CET1⁸of 10.5%.

Our CET1 (Common Equity Tier 1) ratio remains at solid levels of 10.5% and the total Basel III ratio reaches 17.1% at the end of December 2024, which includes a provision of dividend payment of 70% of 2024 earnings.

We made significant progress in our Chile First strategy in 2024
- Largest bank in terms of loans and deposits (16.9% market share according to latest information from the CMF).
- More than US$ 450 million committed to invest in infrastructure and technology between 2023 and 2026.
- A total of 99 Workcafés in Chile, serving our clients and the community in their different formats.
- Recognized by Euromoney as the Best Bank in the Country in the SME and ESG Categories.
- The only Chilean bank included in the DJSI emerging markets and within the top 3% of the most sustainable banks in the world.
- Top Employer Certification January 2025 (seventh consecutive year).
- Recognized as the Best Bank in Chile for SMEs by Global Finance.
- ALAS20: First place in the category of leading company in sustainability.
- Institutional Investor: “Most Honored Company.”
Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

1 The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
2 Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
3 The fourth quarter of 2024
4 The twelve months accumulated as of December31, 2024
5 NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
6Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
7 Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
8 Core capital divided by risk-weighted assets, according to CMF BIS III definitions.

The MIL Network –
February 1, 2025
MIL-OSI Economics: Asian Development Blog: As Nations Reshore, ASEAN Should Explore Trade, Digitalization and Connectivity

Source: Asia Development Bank

The Association of Southeast Asian Nations should leverage trade, tourism, and digitalization to foster economic resilience and sustainable growth amid global economic uncertainty.

There is a growing sense that the global economy is moving towards a more competitive era as countries are reshoring. Many are bringing their supply chains back home to reduce risks from disruptions. Others are deploying tariffs and other barriers to advance their domestic agenda.

Issues around climate change and rivalry around frontier technology (artificial intelligence, big data, internet of things) are increasingly being discussed as issues of national security.

To address these issues, the 10 countries of the Association of Southeast Asian Nations (ASEAN) must work collectively to achieve their goals of a better economic future of their people and the protection of their national interest. A particular focus on trade, digitalization and connectivity is needed.

Trade is likely to be focused on services, which covers cross-border transactions under finance, telecom, travel, transport and other business services, like professionals and consultancy services. Each of these plays an important role in ASEAN countries in terms of job creation and economic growth. Post-COVID-19, in the face of a slowdown in goods trade, trade in services showed positive momentum and even positioned ASEAN as a net exporter of services.

Travel services, particularly, hold promise for ASEAN as it underscores ASEAN’s attractiveness as a tourist destination. Hence, while aiming to deliver a competitive tourism sector, the ASEAN countries are expected to collectively work on tourism enablers like infrastructure, skills development, marketing promotion, product development and others to increase intra-regional travel in ASEAN, which currently constitutes more than 40% of ASEAN’s total international tourism, adding to the economic resilience of the region.

The digital economy (including e-commerce, e-health, e-payments, customs automation) at the regional level is expected to grow from $300 billion to almost $1 trillion by 2030. This is reported to reach $2 trillion if the right kind of digital connectivity policies are put in place through regional cooperation.

Member countries should consider their collective actions as a regional public good, where benefits from greater trade, travel, digitalization, and connectivity will deliver on sustainable and resilient outcomes for people residing in the region.

The Digital Economy Framework Agreement is a key element of this cooperation. It centers around digital standards, data flow, cybersecurity, digital trade, talent mobility and other digital public infrastructure.

Additional benefits from digital cooperation are expected through positive climate impact, creating $12-30 billion in social cost savings, enhancing resilience, creating new employment and improving accessibility of people to educational and healthcare resources.

Finally, connectivity that is both physical and institutional in nature is expected to serve the economic competitiveness of ASEAN countries, raising their capacity to engage better with bigger economies of Asia and elsewhere. Sustainable infrastructure – clean energy, low-carbon transport and improved energy efficiency for urban infrastructure – is gaining traction.

Combining this with greater cooperation around digitalization, seamless cross-border logistics and supply chains, facilitating the cross-border movement of goods, services and people will safeguard the environment and foster resilience of the countries in the region.

The collective thinking about sustainable infrastructure is helpful for ASEAN member countries that have committed to the Paris Agreement and have submitted their Nationally Determined Contributions targeting net zero carbon dioxide (CO2) emissions by 2050 and net zero greenhouse gas emissions by 2065, to limit temperature increases of no more than 1.5°C.

It is opportune for ASEAN policymakers to think afresh on ways to work together. Although there are signs of economic fragmentation at a global level, there are also areas that require cross-border cooperation.

Economic independence has grown over time in the region. With emerging pressing issues of digitalization and climate change, mismanaged interdependence may result in costs and lead to economic setbacks.

Therefore, for the next term of ASEAN regional cooperation 2045, the member countries should consider their collective actions as a regional public good, where benefits from greater trade, travel, digitalization, connectivity will deliver sustainable and resilient outcomes for people in the region.

MIL OSI Economics –

January 31, 2025

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