Category: Crime

MIL-OSI Security: Assistant Attorney General Bill Baer Delivers Remarks Before the National Asian American Coalition and National Diversity Coalition

Source: United States Attorneys General 13

Thank you Faith for those kind words and for your outstanding leadership of the National Asian American Coalition (NAAC). The NAAC and its partners in the National Diversity Coalition have become important voices and strong advocates for communities – in particular, minority and poor communities – that far too often go unheard in our society. Day in and day out, you provide hope and a helping hand to many hardworking Americans struggling to attain the American dream. In my three years in this job, one highlight is meeting regularly with your coalition. You are always informed and effective advocates on behalf of your communities.

But I appreciate that advocating on behalf of consumers when you visit D.C. is only a small part of what the NAAC and the National Diversity Coalition do. You provide training to the laid-off father searching for a job that will put food on the table and a roof over his family’s head. You provide financial advice and resources to the mother hoping to start her own business. You help families purchase their first home or refinance their mortgage so they can hold onto the home they purchased with their life savings. You inspire countless young people to dream big and to strive for excellence by providing them with mentoring, after-school programs and scholarships. I spoke with some of these students this morning. I believe, as President Obama has noted, that “[t]here is no stronger weapon against inequality and no better path to opportunity than an education that can unlock a child’s God-given potential.”

The mission of the Antitrust Division also involves ensuring economic opportunity for all consumers. Our antitrust laws seek to promote fairness in our marketplaces, safeguard the economic freedom of our citizens and strengthen our economy through vigorous competition. Our first antitrust law – the Sherman Act – was passed 125 years ago. That law seeks to protect American consumers and businesses from the harm to competition that results when too much economic power is held by only a few corporations and individuals. The Sherman Act became a vital tool under President Theodore Roosevelt – a progressive reformer often referred to as the “trust buster” – as he spearheaded the movement to bring fairness to the marketplace and to ensure that consumers benefit from healthy competition for their hard earned dollars. Some years later, his distant cousin – President Franklin D. Roosevelt – established the Antitrust Division at the Justice Department to help continue the fight to protect hardworking Americans from the higher prices and reduced innovation that can result from the consolidation of economic power in a few hands.

Here are a couple of examples of the Antitrust Division’s work. Earlier this year, I stood with Attorney General Loretta Lynch when she announced the criminal guilty pleas of five of the world’s largest and most influential financial institutions – Citicorp, JPMorgan Chase, Barclays, UBS and The Royal Bank of Scotland – for manipulating the massive foreign currency exchange market. As part of their guilty pleas, these institutions were required to pay almost $3 billion in criminal fines, including the largest antitrust fines ever obtained in the Justice Department’s 145-year history.

A few years ago, we uncovered international conspiracies to fix the prices for all kinds of automobile parts, including seatbelts, airbags and antilock brake systems. This illegal conduct made it more costly for companies like General Motors, Ford and Toyota to manufacture cars. At the end of the day, we all know who paid the price for these cartels – the American consumer. As of today, we have charged 58 corporate executives and 37 companies and obtained more than $2.6 billion in criminal fines. And we are not done yet.

Sometimes antitrust crimes are local. Here in Northern California, our San Francisco office has spent the last several years prosecuting individuals who rigged the bids on foreclosed homes being sold at public auctions. As you know, many Californians lost their homes during the Great Recession because they could not afford to pay their mortgages. Some real estate investors saw the misfortune of these homeowners as an opportunity to line their pockets by agreeing not to bid against each other when these homes were auctioned. They took turns winning these auctions at suppressed prices and deprived the banks and homeowners of the benefits of a competitive auction. Thus far, we have charged more than 110 individuals who engaged in this type of bid rigging here in Northern California and other parts of the country. Our San Francisco office also successfully prosecuted a conspiracy to fix the prices of liquid display panels sold worldwide. LCDs are used in all kinds of electronic products, including flat screen televisions, computer monitors and tablets. This conspiracy made it more expensive for companies to manufacture electronics, which, in turn, caused millions of Americans to pay higher prices.

These cases showcase the Antitrust Division’s strong record of criminal antitrust enforcement during the Obama Administration. Since President Obama took office, we have charged over 400 individuals and 140 corporations with criminal misconduct. We obtained over $8.5 billion in criminal fines and penalties. These large criminal fines and penalties serve an important deterrent effect because they directly affect something that corporate executives and investors care deeply about: a company’s bottom line. But another thing to note: the criminal fines obtained by the Antitrust Division provide funding for the Justice Department’s Crime Victim’s Fund, which helps victims of all types of crime obtain the medical, legal and financial services that they need to move forward with their lives. In California, this fund has helped victims of child abuse, domestic violence and sexual assault.

We challenge other misconduct that raises – or threatens to raise – the prices that you as a consumer pay. Here are some recent examples.

Think about e-books, a popular alternative to hard copies. Because they cost less to produce, they should be cheaper. And until early 2010 they were. Suddenly, prices shot up. Why? Because certain book publishers and Apple entered into an illegal agreement to raise prices. We sued Apple and the publishers to put an end to their unlawful coordination.

What happened to e-book prices when the publishers and Apple were forced to compete? Prices for e-books fell. In 2010, when the price fixing conspiracy was in place, you often had to pay $12.99 or $14.99 for a best-seller. After we obtained judgments against Apple and the publishers, prices for best-sellers fell significantly, with many available for $9.99 or less. Thus, competition, once restored, worked to benefit you and other consumers.

But what about those who were victims of higher prices during the e-books conspiracy? Based on the facts we developed, state attorneys general and private plaintiffs have thus far secured over $160 million in refunds for the victims of this conspiracy. These refunds were directly credited to the consumers’ accounts with Amazon, Barnes & Noble and Apple.

At the Antitrust Division we also worry about mergers between competitors that put the American public at risk of higher prices and lower quality products. That was our concern a few years ago when AT&T wanted to buy its rival, T-Mobile. AT&T claimed that by eliminating T-Mobile as a competitor, you, as a consumer, would be better off. Our job at the Antitrust Division is to kick the tires on those claims and make sure they are accurate. Here, the facts we uncovered told us that the elimination of T-Mobile as a competitor risked having you pay higher prices and receiving worse contract terms for mobile service. We challenged the deal and AT&T ended up abandoning it.

And guess what happened next? Just like e-books, when the antitrust laws are enforced, competition flourishes. T-Mobile went back to competing to win your business. It spent billions of dollars improving the products it offers; it fought to woo customers by offering lower prices and better services; and it gave customers freedom of choice by offering to pay the early termination fees for those who switched to T-Mobile.

And T-Mobile’s competitors were compelled to respond. Sprint began offering lower prices and better plans. AT&T targeted T-Mobile customers with a $200 credit, plus money for smartphone trade-ins, if they switched to AT&T. T-Mobile responded by offering plans that allow customers to upgrade their phones twice a year. AT&T, Verizon and Sprint all felt compelled to match these plans.

A couple of months ago, in one of his final speeches as the lawyer for the American people, former Attorney General Holder summed up the role and purpose of antitrust enforcement. He said: “In the appropriate enforcement of the antitrust laws we make real the promise of our democracy and our founding documents. Vigorous competition in all spheres is what makes this nation exceptional. It makes progress more likely and promotes the general welfare.”

The hardworking men and women of the Antitrust Division remain true to this mission. We should be proud of them and grateful to them. They make the economy work for all of us.

Similarly, we are grateful for the work that the NAAC and the National Diversity Coalition do on a daily basis to help some of our most vulnerable citizens and communities. Together we can help to promote marketplaces where companies compete on price and quality for the hard earned dollars of American consumers.

Thank you for your time today and congratulations on organizing another great conference.

AAG Baer Remarks to NAAC 10-23-15 (53.39 KB)

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February 6, 2025
MIL-OSI Security: Defense News: NAS Pensacola Participates in Annual Force Protection Exercise

Source: United States Navy

The exercise was part of Citadel Shield-Solid Curtain 2025 (CS-SC25), an annual, two-part force protection Commander, Naval Installations Command (CNIC) and U.S. Fleet Forces Command (USFFC)-led exercise that is taking place Feb. 3 through 14 at all continental U.S. Navy installations.

CS-SC25 is designed to enhance the training and readiness of Navy security personnel and better prepare Department of the Navy (DoN) personnel for potential force protection situations.

“Our security personnel operate 24 hours a day, 365 days a year,” said NAS Pensacola Installation Training Officer Erich Brinkmeir. “Although this exercise is not held in response to any specific threat, it’s important that we train for a variety of realistic threats to enhance our personnel and force-wide readiness.”

Brinkmeir said that the exercise stress-tests NAS Pensacola’s ability to disseminate information and put into action individual response plans and security force responses while testing their ability to coordinate with local emergency responders and the community.

“We’re committed to safeguarding life, equipment and facilities, and training like this helps us do that,” he said.

Brinkmeier said scenarios during Citadel Shield – the first week of the exercise, led by CNIC – included the active shooter drill and hostage scenario, which members of the NAS Pensacola Anti-Terrorism Training Team (ATTT) used to gauge readiness from responding NAS Pensacola Naval Security Forces personnel.

“Making sure that all of the different entities on base are aligned can help our Naval Security Forces personnel more effectively do their job,” he said. “Communication during any event is critical in ensuring the safety of our most valuable assets – the men and women here – which is crucial to our ongoing mission of supporting the commands which train the best aviators, aircrewman, aviation maintenance personnel and cyber warfare specialists in the world.”

The second week of the annual Navy-wide exercise – Solid Curtain, led by USFFC – is centered around NAS Pensacola’s capability of exercising Navy Command and Control (C2) capabilities and evaluating the readiness and effectiveness of fleet and installation force protection programs.

The two-part approach is designed to enhance the readiness of U.S. Navy security forces and ensure seamless interoperability among the commands, other services and agency partners in order to protect life, equipment and facilities.

NAS Pensacola, referred to as the “Cradle of Naval Aviation,” is designed to support operational and training missions of tenant commands, including Naval Air Technical Training Center (NATTC), Naval Aviation Schools Command (NASC), the Center for Naval Aviation Technical Training (CNATT), Marine Aviation Training Support Groups (MATSG) 21 and 23 and is the headquarters for Naval Education and Training Command (NETC).

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February 6, 2025
MIL-OSI Security: Acting Attorney General Matthew Whitaker Delivers Remarks to the Department of Justice Rural and Tribal Elder Justice Summit
Source: United States Attorneys General 13

Remarks as prepared for delivery

Thank you, Marc for that kind introduction and thank you for your leadership as United States Attorney for the Southern District of Iowa. I think you’ll agree with me that it’s one of the best jobs in the world.

This is a distinguished crowd. Thank you to:
- Iowa Attorney General Tom Miller
- Six U.S. Attorneys: Bryan Schroder, Trent Shores, Ron Parsons, Andrew Murray, Pete Deegan, and Marc Krickbaum
- the head of our Office of Justice Programs and former U.S. Attorney for Northern Iowa, Matt Dummermuth,
- Katie Sullivan, the head of our Office on Violence Against Women,
- Darlene Hutchinson, the Director of our Office for Victims of Crime,
- Assistant Agriculture Secretary Anne Hazlett,
- Assistant Secretary Lance Robertson of HHS,
- SEC Regional Director Joel Levin,
- Postal Inspector Guy Cottrell,
- Acting Commissioner of the Social Security Administration Nancy Berryhill,
- Director Deborah Cox Roush of Senior Corps, and
- A special thanks to all those who made this event possible, especially Toni Bacon, Andy Mao, Kate Peterson, and their teams at the Elder Justice Initiative and the Office for Victims of Crime.
Thank you all for being here for this summit. I think this turnout shows how important these issues are to the Department of Justice and to the Trump administration.

It’s good to be home. Des Moines is my home. This is where I played football, where I practiced law, where I prosecuted criminals as a United States Attorney, and it’s where I’m raising my family.

Iowa shaped my values.

One of those Iowa values is that we respect our elders. We recognize the debt that we owe to our parents and grandparents.

Many seniors in Iowa and across America spent their whole lives working, saving, and sacrificing so that they could enjoy a secure and peaceful retirement. And under President Trump their 401(k)s are looking good.

But criminals can try to take it all away with one phone call, one letter, or even one email.

Each year, an estimated $3 billion are stolen or defrauded from millions of American seniors. Through so-called grandparent scams, fake prizes or even outright extortion, criminals target our seniors to rob them of their hard-earned savings and their peace of mind.

And it appears as though this threat is only growing. The Senate Aging Committee’s Fraud Hotline received twice as many reports in 2016 as it received in 2015.

These fraud schemes can happen to anyone. And so I hope that no one will feel ashamed to come forward and report if they’ve been a victim. Some of my family members here in Iowa have received these phone calls. Some of you have, too.

At the Department of Justice, we acknowledge that rural areas are especially vulnerable to these crimes.

In tightly knit communities like the one I grew up in, people are generous and they develop a sense of trust with one another.

Criminals look at that and they see dollar signs.

Oftentimes local law enforcement in rural communities have to cover large areas of land with only a small number of officers. They don’t have the time or the resources to investigate fraud schemes that are often national or even international in scope.

Fortunately, the Department of Justice has their backs. As President Donald Trump has said, this administration supports state and local law enforcement 100 percent.

In this administration, we are well aware that 85 percent of law enforcement officers in this country serve at the state and local levels. We know that we can’t achieve our goals without them.

Over the past year we have taken historic new action to support our state and local partners and to keep our seniors safe.

This year our U.S. Attorneys’ offices have each designated an elder justice coordinator to help prevent crime by educating seniors about scams and other threats. Over just nine months, our elder justice coordinators participated in nearly 200 training, outreach, and coordination meetings attended by approximately 7,000 people.

Our elder justice coordinators are also customizing our strategy to protect seniors in their district and coordinating our prosecutions with state and local partners. That will help us complete more cases and secure more convictions.

In February, the Department conducted the largest elder fraud enforcement action in American history. We charged more than 200 defendants with fraud against elderly Americans and we brought civil actions against dozens more. The defendants in these cases allegedly stole from more than one million American seniors of more than half a billion dollars.

Just a few weeks ago, the Department extended a deferred prosecution agreement with a financial services company in Dallas. This company allegedly knew about criminals using their services for money laundering, but didn’t do anything about it. Some of their employees even took part in the schemes—including grandparent scams and fake prize scams targeting the elderly. In exchange for avoiding prosecution, the company is forfeiting $125 million which the Department will provide to the victims. The company has also agreed to implement anti-money laundering protections to prevent these crimes from ever happening again.

There are a lot of other cases that we could talk about—but I’ll just mention two right here in Iowa.

This year, a total of 33 defendants in Dubuque—11 at the federal level and 22 at the local level—have been convicted for a grandparent scam against a total of 285 American seniors. The defendants defrauding more than $750,000 and then wiring it to their co-conspirators in the Dominican Republic. Now they’ve been held accountable.

At the federal level, these cases were prosecuted by AUSA Tony Morfitt of our Elder Justice Task Force—Tony, great job.

In August, a jury convicted a man from outside of Des Moines for convincing elderly Iowans to sell off their investments and buy insurance from him. Instead of buying the insurance as promised, the defendant used most of the funds for personal expenses like remodeling his house and buying two new Harley Davidsons. I’m pleased to report that that house and those motorcycles have now been forfeited.

This case was investigated by the FBI and prosecuted by Adam Kerndt and Mikaela Shotwell. Great work.

These are important accomplishments. We have increased the resources dedicated to these cases and we have increased our effectiveness in prosecuting them.

But there is more to do. And so today I am announcing our next steps.

First of all, we are improving training for our U.S. Attorneys’ offices.

Earlier this year the Department’s Elder Justice Initiative published its Elder Abuse Guide for Law Enforcement or EAGLE. EAGLE contains helpful information for prosecutors, including overviews of state and local law as well as best practices for evidence collection, interviewing older adults, and for documenting elder abuse. EAGLE is free and available right now to every law enforcement officer in the country.

Today I am announcing that the next edition of our Journal of Justice Policy and the Law—formerly known as the USA Bulletin—will focus on Elder Justice. It will also be the longest bulletin we’ve ever published since we started it back in 1953. These bulletins are public, and so they can be used by state and local prosecutors as well as our U.S. Attorneys’ offices. That will provide the knowledge and insights of some of the top experts on elder justice to the prosecutors who are on the front lines.

Second, we are investing in services for seniors who have been victimized by criminals.

I am announcing today that over the next 11 months, our Office for Victims of Crime will provide nearly $18 million to help seniors who are victims of crime. These funds can be used for priorities like legal services, telephone hotlines, and housing for seniors who have lost their homes—which is something that happens all too often. We are using these OVC funds for a wider variety of services for seniors than ever before.

And finally, we are continuing to enforce the law aggressively and forcefully.

On October 1st, the Department began our Money Mule Initiative, which is a coordinated effort against the transnational criminal organizations who are defrauding our seniors.

We are hitting the fraudsters where it hurts—in the wallet.

Our prosecutors have found that fraudsters avoid using banks to launder the money they take from their victims. Instead, they launder it through so-called money mules—Americans who collect the money and then send it overseas.

Oftentimes these are co-conspirators—as in the Dubuque case that I mentioned a moment ago. But sometimes they are simply good people who have been tricked into thinking that they are doing charity work or working for a legitimate business.

Working with our Postal Inspectors, FBI agents, and other law enforcement partners, we have identified a number of these money mules across America. We have even been able to determine which ones have been tricked into this work and which ones are knowing and willful conspirators.

In the first case, we knock on their door and we explain to them what’s really going on. We ask them to sign a letter acknowledging that it’s wrong and promising to stop. That in itself is shutting off large quantities of money for the fraudsters.

And in the second case—when we determine that they are part of a conspiracy—we are filing civil actions and taking them to court.

Since October 1, we’ve taken action to stop 400 money mules across 65 districts. These involve everything from grandparent scams to romance scams, fake lotteries, IRS imposters, and fake tech support schemes.

The FBI and our Postal Inspectors have interviewed 300 money mules and sent 300 warning letters. We’ve charged 10 defendants and filed 25 civil actions. We’ve executed search warrants across America, including here in the Southern District of Iowa.

These are impressive numbers.

Our goal is to reduce crime and protect America’s seniors. And we have good reasons to believe that our work with our law enforcement partners is reducing crime and having a real impact on the seniors of this country.

The Postal Inspection Service has estimated that payments by mass mail fraud victims to foreign post office boxes has dropped by 94 percent since 2016—from 150,000 per month to approximately 10,000 per month now.

There are many causes for that, but that is a remarkable achievement—and I want to thank everyone who has played a role in our efforts.

We are going to keep up this pace.

We are going to continue to provide our prosecutors and our state and local partners with the resources that they need. And we’re going to keep putting fraudsters in jail.

I want to thank each of you again for your contribution to this effort. Each of us has a role to play—and certainly not just those of us in government. All of us can be on the lookout for fraud schemes and report suspected criminal activity.

If we do that—and if we remain vigilant—then we can ensure that every senior has the safety and peace of mind that they deserve.

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February 6, 2025
MIL-OSI Security: Assistant Attorney General Makan Delrahim Remarks at the American Bar Association Antitrust Section Fall Forum

Source: United States Attorneys General 13

“November Rain”: Antitrust Enforcement on Behalf of American Consumers and Taxpayers

Good morning, and thank you for the kind introduction. I’d like to thank the American Bar Association for your invitation to this year’s Fall Forum and Deb Garza for her leadership of the Section this year.

I find it hard to believe it’s been only a little more than a year since I was confirmed as AAG and spoke at last year’s Fall Forum. Over the past year, the Antitrust Division has been hard at work on behalf of American consumers. We made a number of significant enforcement actions this week, but before I turn to those, I’d like to update you on a few recent changes in the Front Office.

First, Michael Murray recently joined us from the Deputy Attorney General’s office, where he served as Associate Deputy Attorney General. Mike now will be a Deputy Assistant Attorney General in the Front Office, where he will be overseeing our Appellate Section and our 4A damage actions on behalf of the American taxpayer. Mike has significant appellate experience, including as a law clerk for Justice Anthony Kennedy.

In addition, our new acting Deputy Assistant Attorney General for Economics is Jeff Wilder. Jeff received his Ph.D. from MIT and has distinguished himself as an outstanding economist serving as one of the leaders in the Division’s Economic Analysis Group, and we’re happy to have him join us in the Front Office.

Some of you may remember that at last year’s Fall Forum, I spoke about antitrust and deregulation. In those remarks, I focused on remedies, including our preference for structural remedies and our emphasis on making consent decrees more enforceable. I also discussed our commitment to the view that antitrust enforcement is law enforcement, not industrial regulation, and that the Antitrust Division should strive to accomplish its law enforcement mission in the most efficient and effective way possible. The Division has stood by those principles.

More recently, in a speech at Georgetown, I announced several improvements to the merger review process. We are making good on those changes as well. Today, we posted a model timing agreement and a model voluntary request letter on our website. Those documents increase transparency and predictability and will help merging businesses and their counsel know what to expect as part of the merger review process. We’ve also begun tracking the duration of merger reviews more carefully, so that we can monitor our performance and factors affecting it. You will recall our goal is to resolve investigations within six months of filing, provided that the parties cooperate and comply with our document and data requests during the entire process.

I would like to focus the remainder of my remarks today on four important settlements in the last week that reflect the Antitrust Division’s commitment to vigilant and effective antitrust enforcement.

As some of you may have seen, the Division announced just yesterday a set of global settlements with three South Korean companies. Those unprecedented settlements resolve criminal charges and civil claims arising from a bid-rigging conspiracy that targeted fuel supply contracts to U.S. military bases in South Korea. They are the result of tremendous hard work in parallel criminal and civil investigations by the Antitrust Division’s Washington Criminal I Section, the Transportation, Energy, and Agriculture Section, and the Fraud Section of the Civil Division. We were assisted ably by our partners at the FBI and the Defense Criminal Investigative Service.

The United States currently maintains numerous military bases in South Korea, housing American soldiers, marines, airmen, and sailors in the region. These military bases need fuel for various purposes, and two Department of Defense agencies, the Defense Logistics Agency (DLA) and Army and Air Force Exchange Service (AAFES), contract with South Korean companies to supply fuel to the numerous U.S. military bases throughout South Korea.

Our investigation, which is ongoing, revealed that SK Energy, GS Caltex, Hanjin Transportation, along with other co-conspirators, rigged bids and fixed prices for fuel supply contracts issued by the U.S. military in South Korea for over a decade. They cheated the Military and American taxpayers out of precious limited resources. As a result of the conspiracy, the Department of Defense paid substantially more for fuel supply services. Although the immediate victim here was the U.S. military, the American taxpayer, you and me, ultimately footed the bill.

The three companies agreed yesterday to plead guilty to criminal charges under Section 1 of the Sherman Act, and they will pay at least $82 million in criminal fines for their involvement in the conspiracy. Importantly, the three defendants have also agreed to cooperate with the ongoing criminal investigation of the conduct.

Robert Jackson, who is one of my legal heroes, recognized that bid rigging is particularly harmful to government purchasers. When he served as Assistant Attorney General in charge of the Antitrust Division, Jackson broadly denounced arrangements that “compel purchasers to pay a price based on calculation, not competition,” and specifically emphasized that “[w]hatever the effect of this on private buyers, it completely destroys the mechanism set up by federal, state, and municipal governments to keep favoritism and corruption out of public buying.”

The harm Jackson recognized still exists today, and these settlements serve as an important reminder that the Justice Department and its law enforcement partners will investigate aggressively and prosecute without hesitation companies who cheat the United States government and the American taxpayer.

We did not stop there. We are committed to using all authorities Congress has granted to us to remedy antitrust injuries to the American taxpayer. Those tools include the authority conferred in Section 4A of the Clayton Act. Section 4A is an important but underused enforcement tool that allows the government to recover treble damages for antitrust violations when the government itself is the victim.

To that end, the Division established a parallel civil enforcement team, led by Kathy O’Neill and a group of capable litigators from the Transportation, Energy, and Agriculture Section to pursue parallel civil actions for damages. We negotiated separate civil resolutions with each of the three defendants on behalf of American taxpayers. We also worked alongside our partners in the Civil Division’s Fraud Section, who pursued charges against the defendants under the False Claims Act for making false statements to the government in connection with their conspiracy.

To resolve both the civil antitrust and the False Claims Act violations, these three defendants have agreed to pay an additional $154 million in total. They also have agreed to cooperate fully with the Division’s ongoing civil investigation and to implement effective antitrust compliance programs.

These historic cases mark the first significant settlements under Section 4A in many years. In fact, as far as we can tell based on our records, they are the largest settlements the government has ever recovered since the enactment of Section 4A.

Let me take a step back to review the history of Section 4A.

When Congress enacted the Sherman Act in 1890 and the Clayton Act in 1914, neither statute contained a provision specifically allowing the government to recover damages it suffered as a result of an antitrust violation. In 1939, the United States, led by Assistant Attorney General Thurman Arnold, brought its first-ever antitrust suit for damages on its own behalf.   The government claimed authority to do so under Section 7 of the Sherman Act, which was the predecessor of Section 4 of the Clayton Act. As most of you know, Section 4 permits “any person” injured by an antitrust violation to recover the damages they suffered.

In that pioneering case, United States v. Cooper, the government alleged that eighteen defendants had “collusively fixed” bids that were “identical to the penny on eighty-two different sizes of tires” sold to the United States. The defendants successfully moved to dismiss the action on the question of whether the government is a “person” entitled to bring an action for damages under the statute. The Second Circuit affirmed, and the Supreme Court ultimately held that the United States is not a “person” entitled to sue.

In 1955, Congress amended the Clayton Act in response to the Court’s ruling in Cooper by adding Section 4A. As originally enacted, Section 4A allowed the government to recover only single damages, so that the government could recover damages where it was the victim of an antitrust violation.

At first, the Division used Section 4A aggressively, filing numerous cases for damages throughout the 1960s and 1970s. In the 1980s, however, the government brought only four cases under Section 4A—a remarkable decline from the prior two decades. Some attributed this drop, in part, to the Supreme Court’s Illinois Brick decision in 1978, because many of the cases brought in the ‘60s and ‘70s involved claims by the United States as an indirect purchaser. The government, however, increasingly purchases goods and services directly.

The next milestone came in 1990, when Congress amended the Clayton Act again to allow the government to seek treble damages in Section 4A cases.

Since 1990, a span of nearly thirty years, only three Section 4A cases have been filed. In 1991, the Division recovered $250,000 from two companies for rigging bids to purchase surplus gunpowder. In 1994, the Division filed suit against two defense contractors for entering into a “teaming” arrangement that eliminated competition in supplying the Department of Defense with cluster bombs. In that case, the Division recovered $4 million on behalf of American taxpayers and obtained an $8 million discount on the bid price. In 2012, the Division challenged collusion between two companies bidding on four natural gas leases at auctions run by the Bureau of Land Management. The Division recovered $275,000 from each company.

The American Taxpayer deserves to see a revitalization of the government’s Section 4A authority. This week’s settlements are only the first in that direction. Going forward, the Division will exercise 4A authority to seek compensation for taxpayers when the government has been the victim of an antitrust violation. We hope that these efforts will also deter future violations.

In light of our policy of seeking damages under Section 4A where available, I would like to address how parallel criminal and civil enforcement will proceed going forward.

First, the Division’s new focus on Section 4A enforcement will not require any changes to the Division’s leniency policy. The Division offers strong incentives to come forward to report criminal antitrust violations in exchange for leniency, and those incentives do not change when the government is harmed by the violation.

The Antitrust Criminal Penalty Enhancement and Reform Act of 2004, better known as ACPERA, created another valuable incentive for leniency applications. Under ACPERA’s detrebling provision, those who successfully qualify for leniency will be subject only to single damages in follow-on civil suits, rather than treble damages. In addition, those who successfully qualify for leniency are not subject to joint and several liability.

This detrebling incentive will apply to any Section 4A claims brought by the government. We will also follow the underlying requirements for ACPERA in Section 4A cases: companies will need to cooperate with the civil team, as they would with any private plaintiff, in order to reap the detrebling benefits.

The bottom line is that the Division’s enforcement of Section 4A will increase the incentive for co-conspirators in cartel cases to come forward.

Separately, I should note that global resolutions like the ones announced yesterday should serve the interests of the parties as well. Cooperating companies subject to penalties under multiple statutes can gain certainty and finality. Employees, customers, and investors can resolve the problem and move on. This is consistent with the Department’s broader policies on coordination of corporate penalties.

Next, as we pursue Section 4A damages going forward, global resolutions of criminal and civil antitrust liability will help maintain a consistent policy on how to calculate civil damages. Yesterday’s settlements underscore this point. They provide that SK Energy, GS Caltex, and Hanjin each will pay an amount calculated to exceed the overcharge paid by the government. At the same time, the amount reflects both the value of the cooperation commitments each defendant made as a condition of settlement and the cost savings the Division realized by avoiding extended litigation.

As a general matter, if the government is required to litigate claims it brings under Section 4A, the government will seek treble damages. In addition, we anticipate that earlier cooperators will benefit by paying a lower multiple of damages, because the value of their cooperation is higher earlier in our investigation.

I will turn now to another significant settlement the Division filed this week, one which resolves a complaint against six broadcast television companies alleging that they engaged in widespread, unlawful sharing of non-public, competitively sensitive information. Along with the complaint, the Division filed proposed final judgments requiring the companies to cease such conduct and to undergo rigorous compliance and reporting measures for the next seven years.

We uncovered this conduct during our investigation into Sinclair Broadcasting Group’s proposed acquisition of Tribune Media Company, which has since been abandoned.

As we allege in the complaint, the defendants agreed in local broadcasting markets throughout the United States to exchange revenue pacing information and other competitively sensitive information. “Pacing” compares a broadcast station’s revenues booked for a certain time period to the revenues booked in the same point in the previous year. Pacing indicates how each station is performing versus the rest of the market and provides insight into each station’s remaining spot advertising for the period.

We discovered that the defendants had been exchanging pacing information either directly between stations or corporate headquarters, or indirectly through national representatives that help local stations sell advertisements to national advertisers. By exchanging this information, the broadcasters were better able to anticipate whether their competitors were likely to raise, maintain, or lower spot advertising prices, which in turn helped inform the stations’ own pricing strategies and negotiations with advertisers. As a result, the information exchanges harmed the competitive price-setting process.

We have not heard any legitimate pro-competitive justification for this conduct. We are therefore pleased that these companies recognized that a protracted investigation and litigation would serve no purpose, and we welcome their cooperation as our investigation continues. We also want to remind businesses, as well as the antitrust practitioners that advise them, that agreements between competitors to exchange competitively sensitive information can violate the antitrust laws and lead to a civil enforcement action even if the conduct does not amount to the type of hard core cartel conduct that the Antitrust Division prosecutes criminally.

Finally, this morning we announced the third significant enforcement resolution this week—a settlement with Atrium Health, formerly known as Carolinas Healthcare System. We were joined in the settlement by the North Carolina Attorney General’s Office, and we thank them for their partnership in this action. The settlement resolves over two years of civil antitrust litigation challenging the hospital system’s use of anticompetitive steering restrictions in its contracts with major health insurers. These steering restrictions prevented health insurers from promoting innovative health plans and more cost-effective healthcare providers.

Atrium is the dominant hospital system in the Charlotte, North Carolina metropolitan area. It used its market power to limit major health insurers’ ability to introduce plans designed to encourage consumers to choose cost-effective healthcare providers. Specifically, Atrium would agree to participate in a broad network plan only if the insurer would commit not to introduce other plans that would steer patients away from Atrium. The steering restrictions also deliberately constrained insurers from providing consumers with transparency into the comparative cost and quality of their healthcare alternatives.

Because the steering restrictions were in place, insurers could not introduce more innovative health insurance plans that create financial incentives for patients to use lower-cost healthcare services. Needless to say, competition for patients encourages healthcare providers to reduce costs, lower prices, and increase quality. These steering restrictions inhibited competition among healthcare providers to provide higher quality, lower-cost services.

The resolution prevents Atrium from enforcing the steering restrictions in its contracts with major health insurers. If approved by the Court, it will restore competition between healthcare providers in Charlotte, North Carolina.

I would like to make a broader point about the Division’s settlements this week. The consent decrees in all three cases, like all other decrees the Division has entered into the past 13 months, include specific new provisions designed to improve their enforceability.

These provisions (i) address the burden of proof in a civil contempt action by providing that the preponderance standard will apply; (ii) make defendants responsible for reimbursing the government for all costs it incurs in connection with enforcing the decree; (iii) allow the United States to seek a one-time extension of the term of the decree in the event of a violation, or to terminate the decree early if continuation is no longer necessary or in the public interest. Another provision addresses interpretation of the decree by stating that courts can enforce any provisions that are stated specifically and in reasonable detail, whether or not they are clear and unambiguous on their face.

The Division serves as a guardian of American consumers, and we act in the public’s trust. When the Division enters into a consent decree to resolve charges of anticompetitive conduct, we will hold parties’ feet to the fire and enforce the decrees.

Finally, last Friday, three defendants pled guilty to conspiring to rig bids and allocate the market in auctions of foreclosed properties in Palm Beach County, Florida. This case is unlike the Division’s prior foreclosure auction prosecutions because the auction occurred online rather than in-person, and the collusion occurred primarily by text message rather than in-person. It is a good illustration of the fact that while defendants may use new platforms and technologies to commit antitrust crimes, the Division too is evolving and stands ready to prosecute these crimes in the digital age.

The conspiracy took place in the aftermath of the financial crisis, which affected the housing market nationwide and the Florida real estate market in particular. Defendants and their affiliated business entities were the largest buyers of foreclosed properties in Palm Beach County. Together, the commerce affected by the defendants’ collusion was $25 million.

The Division began an investigation into possible collusion in online foreclosure auctions in Palm Beach County, Florida after receiving an anonymous citizen complaint that included a link to a YouTube video detailing the collusion.

Co-conspirators texted each other to coordinate their bidding and facilitate the conspiracy to obtain foreclosed homes at suppressed prices. Most commonly, bidders would agree to stop bidding or to refrain from bidding at their co-conspirators’ request. In some instances, they lowered bids for each other’s benefit.

After learning of the investigation, one of the defendants used and encouraged other co-conspirators to use a text messaging application to continue colluding. He believed that law enforcement would be unable to read or trace any messages sent through the application.

The three defendants were indicted by a grand jury in November 2017. Since then, all three have pleaded guilty.

I will conclude by taking this opportunity to highlight the outstanding attorneys and economists at the Antitrust Division. They are the core of executing the Division’s mission and work tirelessly in their commitment to protect competition and consumers.

It has been a busy year at the Antitrust Division. We have been working hard on behalf of America’s consumers and taxpayers, and look forward to continuing our efforts on their behalf in the year to come.

Thank you.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Deputy Attorney General Rod Rosenstein Delivers Remarks at the Interpol 87th General Assembly

Source: United States Attorneys General 13

Remarks as prepared for delivery

It is a privilege to join you at this 87^th INTERPOL General Assembly. I am grateful to the United Arab Emirates for hosting our conference. Thank you President Kim Jong Yang for your exceptional leadership and for providing stability to INTERPOL.

Our theme this year is innovation. Many digital innovations affect law enforcement, from the rise of cybercrime, to the increasing importance of electronic evidence, to encryption and the dark net.

In addressing these innovations, we must respect the primary value that is constant in our work: the rule of law. Law provides the framework for civilized people to conduct their lives. At its best, law reflects moral choices; principled decisions that promote the best interests of society, and protect the fundamental rights of citizens.

The term “rule of law” describes the government’s obligation to follow neutral principles and fair processes. The ideal dates at least to the time of Greek philosopher Aristotle, who wrote, “It is more proper that law should govern than any one of the citizens: upon the same principle, if it is advantageous to place the supreme power in some particular persons, they should be appointed to be only guardians, and the servants of the law.”

The rule of law is indispensable to a thriving and vibrant society. It shields citizens from government overreach. It allows businesses to invest with confidence. It gives innovators protection for their discoveries. It keeps people safe from dangerous criminals. And it allows us to resolve differences peacefully through reason and logic.

When we follow the rule of law, it does not always yield the outcome that we prefer. In fact, one indicator that we are following the law is when we respect a result although we do not agree with it. We respect it because it is required by an objective analysis of the facts and a rational application of the rules.

The rule of law is not simply about words written on paper. The culture of a society and the character of the people who enforce the law determine whether the rule of law endures.

Since we met last year in Beijing, the news media has reported several prominent challenges to the rule of law, including the lawless attacks on Sergei and Yulia Skripal and Jamal Khashoggi. Last month, international attention focused on INTERPOL, as a result of the disappearance of President Meng Hongwei. Such events give rise to questions about whether our member countries abide by shared principles. In evaluating our actions at this General Assembly, observers may ask whether our votes reflect the values that we profess. We must stand for the rule of law.

INTERPOL exists to promote international police coordination and discourage departures from the law. We represent diverse forms of government. But if we serve with integrity, each of us functions as a trustee for our fellow citizens.

When our successors look back on how we dealt with the issues of our era, they will ask whether we honored our fiduciary duties.

First, did we develop the knowledge to understand our challenges?

Second, did we inculcate the wisdom to solve them?

Third, did we demonstrate the courage to defend our principles?

Fourth, did we maintain the resolve to achieve our goals?

I traveled here to speak about INTERPOL’s role in responding to the major innovation of our lives: the rise of a cyber-connected world.

The Internet holds immeasurable promise as a repository of ideas, and as a forum for speech and commerce. It connects citizens across cultures and countries. It is accessible to the rich and the poor, the powerful and the powerless. It creates efficiencies and innovations that immensely improve our lives.

But like every innovation that offers opportunities for good, the Internet also can be exploited by wrongdoers. Today, there is a growing divergence between the Internet as it is, and the Internet as it could be.

Malicious actors use the Internet for evil ends. Cyber criminals employ modern technologies to damage information systems, steal data, commit fraud, violate privacy, attack critical infrastructure, and sexually exploit children. They also launch misleading schemes to influence people’s opinions, seeking to foment division and disrupt democratic processes.

The Internet enables attacks on businesses, government agencies, and individual citizens that cause damage costing billions of dollars. And new technologies allow criminals to conceal themselves, which frustrates law enforcement’s efforts to keep honest citizens safe.

We must acknowledge the divergence between the Internet in theory and the Internet in practice. Closing that gap will ensure the viability of an open Internet governed by the rule of law.

Enforcing the law on the Internet requires rapid and accurate detection of criminal activity; cooperation among law enforcers from different nations; prosecution of accused criminals in judicial systems that provide due process of law; and just punishment of guilty offenders. It means not tolerating virtual online locations where crime is unchallenged. It means not condoning physical safe havens for cyber criminals.

Detecting, disrupting, deterring, and prosecuting malicious cyber activity are among our highest law enforcement priorities in the United States. The cyber threats we face are varied and evolving, and our resolve to keep our people safe must extend to every corner of the Internet.

My office recently issued a comprehensive report about our work to combat cybercrime. It describes the global challenges posed by cyber-enabled crime. It explains how hostile cyber actors damage computer systems, steal data, engage in cyber fraud, violate personal privacy, infiltrate critical infrastructure, and pursue malign foreign influence operations. The report also details our efforts to detect and disrupt those threats, and our commitment to inform citizens about the dangers.

The perceived anonymity of the Internet attracts many criminals, including terrorists and those trafficking in child pornography, illicit weapons, illegal and deadly drugs, murder-for-hire, malware, and stolen identities. The barriers to entry are low. Criminal opportunities are on offer for anyone with an Internet browser and an inclination to break the law.

Yet our police agencies repeatedly demonstrate that with the support of international partners, we can find and dismantle malign internet operations. We identify anonymous users who commit illegal activity, seize their infrastructure and proceeds, and pursue criminal charges against them. Criminals operating on the dark web should be on notice that our investigative tools allow us to expose them.

We must not allow cybercriminals to hide behind cryptocurrencies. Virtual currencies have some legitimate uses. But bad actors are using them to fund crimes and to hide illicit proceeds. For example, Bitcoin was the exclusive method of payment for the WannaCry ransomware attack that spread around the globe, causing billions of dollars in losses.

In addition, fraudsters use the lure of coin offerings and the promise of new currencies to bilk unsuspecting investors, promote scams, and engage in market manipulation. The challenges of regulating, seizing, and tracing virtual currencies demand a multinational response. We must work together to make clear that the rule of law can reach the entire blockchain.

To that end, last year, prosecutors in the United States announced the indictment of Alexander Vinnick and the virtual currency exchange he allegedly operated. That exchange received more than $4 billion of virtual currency. It was designed without any means to control money laundering, so predictably it served as a hub for international criminals seeking to hide and launder ill-gotten gains.

We filed criminal charges and assessed a $110 million civil penalty against the exchange for willfully violating our anti-money laundering laws, as well as a $12 million penalty against Vinnick.

To prevent virtual currency from being abused by criminals, terrorist financiers, or sanctions evaders, all of us must implement policies that mitigate the risks posed by the new technology. My country includes virtual currencies in our anti-money laundering regulations. And the Financial Action Task Force urges all nations to make clear that global anti-money laundering standards apply to virtual currency products and service providers. We must guard against abuses of digital currency.

We also need to protect against abuses of encrypted communications. Encryption can be useful in the fight against cybercrime. Encrypting data makes it more safe and secure. But the proliferation of warrant-proof encryption also poses a challenge to effective law enforcement.

Encryption technologies designed to be impervious to legal process impede our ability to access investigative data. In September, the chief law enforcement officials of the United States, the United Kingdom, Canada, Australia, and New Zealand joined together to issue a “Statement of Principles on Access to Evidence and Encryption.”

While acknowledging the benefits of encryption, they called for urgent, sustained attention and informed discussion about the increasing difficulty law enforcement agencies face in accessing evidence of criminal conduct.

We will continue to work closely with technology companies to establish responsible practices that consider both privacy concerns and public safety imperatives.

On the Internet, data is decentralized, information flows across continents, and online activities are dispersed across global networks. Cybercrime knows no borders. As a result, international cooperation is indispensable. INTERPOL is central to that cooperation.

We must ensure that appropriate criminal laws are enforced. Each of us must do our part to bring malicious actors to justice. We rely on international partners to locate, arrest, and extradite cybercriminals so that they may be held accountable. Cybercriminals should find no safe haven, either on the dark web or within national borders.

In the United States, we continue to faithfully discharge our responsibility to extradite fugitives. In the last five years, we extradited 95 Americans, honoring inquiries whenever the requesting state presents sufficient evidence of criminality.

For example, last year the United States sent Shawn Gregory Towner to Ireland. Towner was arrested in Ireland in 2006 after authorities found him watching images of child sexual abuse on his laptop in Dublin, but he fled to the United States after being released on bail. My country located Towner and sent him to Ireland to stand trial.

We process extraditions without regard to the nationality of the offender.

But that cooperation must be reciprocated.

International cooperation was essential to our successful dismantlement of the Kelihos botnet, a global network of tens of thousands of infected computers. Criminals used the network to harvest login credentials, distribute hundreds of millions of spam e-mails, and install ransomware and other malicious software.

In 2017, prosecutors obtained judicial orders authorizing law enforcement to neutralize the botnet by seizing control of malicious domains and redirecting traffic to servers we controlled.

Disabling the botnet was only part of the equation. The criminals responsible for creating and administering the botnet also should be held accountable. American prosecutors charged Peter Levashov of St. Petersburg, Russia for multiple offenses stemming from his control and operation of the Kelihos botnet. Levashov is a cybercriminal who operated multiple botnets with impunity for nearly two decades.

Spanish authorities arrested Levashov and extradited him to the United States. In September, Levashov was found guilty in a fair and public judicial proceeding.

Levashov’s extradition represented effective coordination with our foreign partners. Unfortunately, not every case is a success story. In some instances, nations shield their citizens from the rule of law with schemes that waste resources, cause needless delay, thwart investigative efforts, and undermine justice.

Consider the prosecution of accused hacker Aleksey Belan. Belan is a Russian national who was indicted in the United States for massive computer breaches on American companies. After the United States issued an arrest warrant, Belan was reportedly arrested in 2013. But he was permitted to return to Russia.

A second indictment alleges that in 2014, after Belan returned to Russia, Russian intelligence agents recruited him to carry out one of the largest data breaches in history, stealing information from more than 500 million individual email accounts of people around the world.

The rule of law suffers when cybercriminals are given safe havens. The United States will continue to promote the rule of law by identifying, exposing, and seeking to extradite perpetrators who harm innocent people. And we will continue to support legitimate investigations and prosecutions conducted by our INTERPOL partners.

At the same time, we will expose schemes to manipulate the extradition process. We will identify nations that routinely block the fair administration of justice and fail to act in good faith, with a sincere commitment to holding criminals accountable.

As cyber threats grow in scale and sophistication, we increasingly need to search throughout the world for evidence, witnesses, and defendants. Our responses must be as innovative as the criminal activity. We depend on expeditious international cooperation and coordination in dismantling malicious criminal operations.

Child exploitation cases provide a useful model for international coordination. INTERPOL’s International Child Sexual Exploitation image and video database uses image and video comparison software to identify and locate child sexual exploitation victims and their abusers. The database has led to the arrest of nearly 6,300 offenders. Recently, it helped authorities rescue five victims in Spain. That is a superb example of innovative law enforcement.

In my country, we play a leading role by identifying cases in which child exploitation materials are generated from or hosted in other countries. Then we disseminate the information to the appropriate INTERPOL member countries. Our partners often request follow-up information to assist in their own investigations. Last year, almost nine million investigative leads were distributed through this program, resulting in many arrests and prosecutions.

Children around the world are safer when our law enforcement agencies work together – quickly, and with methods like those pioneered by INTERPOL.

Finally, I am proud that the United States takes seriously our responsibility to help secure evidence that our international partners need for their investigations. We receive thousands of requests for mutual legal assistance each year, and we do all that we can to comply. We employ expert attorneys and staff dedicated to assisting with foreign requests for electronic evidence. We devote additional resources when necessary to meet your needs.

We call upon each of you to do the same. By devoting appropriate resources to international cooperation efforts, we can properly address the increasing threat of cybercrime.

My country recently enacted a new law to remove legal impediments to compliance with foreign court orders in cases that involve serious crimes. The legislation demonstrates our commitment to the vision of the Budapest Convention on Cybercrime, the primary treaty for harmonizing national interests and enhancing international cooperation against cybercrime. Sixty-one nations have fully ratified the treaty, agreeing that national laws should include authority to compel providers to disclose data they control, even when it is held elsewhere.

New cyber conventions are sometimes proposed that would limit the free flow of information between nations. But that would dangerously impede efforts to investigate cybercrime. It would protect criminals and allow cyber threats to proliferate and grow in scale and sophistication. That is untenable in a world in which criminals using computers shielded by layers of anonymity can harm innocent victims in any one of our nations, anywhere in the world. Such limitations would be a step backward, not an innovative law enforcement approach.

No nation should exempt itself from just and reasonable law enforcement cooperation. No nation will be more prosperous, more secure, or more respected because it supports cybercriminals.

My fellow delegates, there is a parable about three stonecutters asked to describe what they are doing. They answer in varying ways. The first stonecutter focuses on how the job benefits him. He says, “I am earning a living.” The second man narrowly describes his personal task: “I am cutting stone.” The third man has a very different perspective. Instead of focusing solely on his work, he explains what it means to others: “I am helping these stonecutters build a shrine.”

Similarly, each of us helps to construct a legacy. INTERPOL delegates should always support leaders and policies that promote international police coordination and preserve the rule of law – in practice, and not just in theory. We must uphold the rule of law, so it will be there for us when we need it.

When our successors speak of our time here, give them reason to say that we understood the challenges; we found the solutions; we defended our principles, and we stayed the course to support liberty and justice for all.

I am honored to work with you in advancing the INTERPOL mission and making the world safer and more prosperous for all law-abiding citizens. Shukran. Thank you very much.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Deputy Attorney General Rod J. Rosenstein Delivers Remarks at the Department of Justice American Indian and Alaska Native Heritage Month Observance Program

Source: United States Attorneys General 13

Remarks as prepared for delivery

Thank you, Tracy, for your kind introduction. I appreciate your devoted service as Director of the Office of Tribal Justice. I first met Tracy more than 20 years ago when we were young attorneys in the Criminal Division. I am grateful to the employees of the Office of Tribal Justice for everything that they do to promote public safety in Indian Country.

I also want to thank everyone throughout the Department who works to improve our relationship with tribes and to further tribal justice, as well as those who worked to create today’s event.

It is my great privilege to join you in celebrating American Indian and Alaska Native Heritage Month.

The theme for this year’s observance is, “Sovereignty, Trust and Resilience.” It encourages us to reflect on the important contributions of Native Americans and Alaska Natives to the Department, and to our nation’s economic, academic, and cultural institutions.

American Indians and Alaska Natives are an indispensable part of our national fabric. They are business owners, teachers, first responders, law enforcement offices, and community leaders. They serve with honor in our Armed Forces. And they work proudly in the Department of Justice.

President Donald Trump said last month, “Native Americans have fortified our country with their traditions and values, making tremendous contributions to every aspect of our national life. We remain committed to preserving and protecting Native American cultures, languages, and history, while ensuring prosperity and opportunity for all Native Americans.”

Consistent with the President’s words, we recognize the many contributions and sacrifices by members of this community. Today, we recommit ourselves to ensuring opportunities for all Americans. Every American enriches the quality and character of our great nation.

The Department of Justice plays a unique role in the government-to-government relationship between the United States and Tribal Nations.

Our U.S. Attorney’s Offices and law enforcement components, such as the FBI and the DEA, are responsible for investigations, prosecutions, and victim services in 51 judicial districts that include Indian country. Federal prosecutors exercise criminal jurisdiction over 250 distinct regions of Indian country, covering more than 55 million acres of land.

Our offices work together with Tribal law enforcement, state and local law enforcement agencies, and the Bureau of Indian Affairs to improve the safety and security of Native American and Alaska Native communities.

The Justice Department also handles a large caseload of civil litigation in Indian country. Our civil cases include matters relating to environmental and natural resources, Tribal treaty rights, and Native Americans’ civil rights.

Our grant making components provided over $259 million to Tribes last year. Those components include the Office of Justice Programs, the Office for Victims of Crime, the Office on Violence Against Women, and the Office of Community Oriented Policing Services. Their grants support police, serve victims, combat domestic violence and sexual abuse, and strengthen tribal justice systems.

We are particularly proud of the Tribal Access Program. That effort is coordinated by the Office of Tribal Justice and the Department’s Chief Information Officer. It provides computer kiosks that allow Tribes to access federal crime databases. The kiosks allow Tribes to protect victims of domestic violence, identify sex offenders, keep guns out of criminals’ hands, and help locate missing people.

There are many success stories involving the kiosks.

Last year, the Gila River Police Department received a report about a sexual assault against a juvenile. Police quickly identified a suspect, and a warrant followed. But the suspect fled.

Using a kiosk, tribal police entered the warrant into the FBI’s National Crime Information Center, which we call NCIC. NCIC is a computerized index of criminal justice information. One of its most important functions is to help police apprehend fugitives.

When police encountered the suspect outside Tribal territory, an NCIC check revealed the tribal warrant. Police took the suspect into custody and transported him to the tribal jail where he was booked using a federal workstation.

Successes likes that would not be possible without the kiosk system. Since the program started in 2015, 47 participating Tribes have entered more than 600 sex offender registrations into the system. Participating Tribes also have entered arrest data that prevents criminals from purchasing firearms. And Tribes have conducted more than 4,500 fingerprint-based record checks for civil purposes, including employment.

The total number of tribes with kiosk access will expand to 114 by the end of 2019.

We are also proud of the Department’s new program to appoint Special Assistant United States Attorneys to work on Tribal issues. The initiative, funded through the Office on Violence Against Women, hires prosecutors to bring cases in both tribal and federal courts. That increases prosecution capacity and helps to prevent criminals from avoiding prosecution because of jurisdiction or sovereignty issues. It will promote the goal of ensuring that every perpetrator of domestic or sexual violence is brought to justice.

These initiatives demonstrate our Department’s steadfast commitment to improving public safety in Indian country by promoting coordination among tribal, state, and federal law enforcement agencies.

As part of our observance today, we are fortunate that John Tahsuda is here as a guest speaker.

Mr. Tahsuda is an enrolled member of the Kiowa Tribe of Oklahoma. He earned a Bachelor of Science degree from Oklahoma State University, and a law degree from Cornell Law School.

Mr. Tahsuda then worked as the acting general counsel of the Oneida Indian Nation of New York. He also taught classes at Cornell Law School about federal Indian law, policy, and history.

Mr. Tahsuda later served as general counsel and legislative director of the National Indian Gaming Association, where he monitored legislation and policy issues affecting the organization’s 180 member tribes and assisted with their lobbying efforts.

In 2002, Mr. Tahsuda joined the staff of the U.S. Senate Committee on Indian Affairs, first as senior counsel and later as staff director. He handled policy and legislation affecting gaming, federal recognition, self-governance, and Indian health care.

From 2007 through 2017, Mr. Tahsuda worked in the private sector, providing clients with advocacy and counsel services about tribal affairs policy issues.

Last year, Mr. Tahsuda was appointed as the Principal Deputy Assistant Secretary for Indian Affairs at the Department of the Interior. Indian Affairs manages Federal trust, treaty, and other responsibilities to 573 federally recognized Indian Tribes. Mr. Tahsuda helps to develop and interpret policies affecting Indian Affairs bureaus, offices, and programs.

He is a strong advocate for Indian country issues, and we are grateful to him for joining us today. Please welcome John Tahsuda.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Deputy Attorney General Rod J. Rosenstein Delivers Remarks at the “SamSam” Ransomware Press Conference

Source: United States Attorneys General 13

Remarks as prepared for delivery

Good morning. I am joined by Criminal Division Assistant Attorney General Brian Benczkowski, New Jersey U.S. Attorney Craig Carpenito, and FBI Executive Assistant Director Amy Hess.

Also on stage are the two prosecutors handling this matter: Assistant U.S. Attorney Justin Herring, and Computer Crimes and Intellectual Property Section Senior Counsel William Hall Jr.

A federal grand jury in New Jersey indicted two Iranian citizens for a three-year scheme that involved hacking into computers of hospitals, municipalities, public institutions, and businesses. It involved a high-tech, sophisticated extortion plot.

The defendants allegedly hijacked victims’ computer systems and shut them down until the victims paid a “ransom.”

The conspirators collected more than $6 million in extortion payments and caused more than $30 million in losses.

Many of the victims were public agencies with missions that involve saving lives and performing other critical functions for the American people.

The indictment was returned on November 26, and unsealed today in Newark, New Jersey. It alleges that Faramarz Shahi Savandi and Mohammad Mehdi Shah Mansouri used sophisticated software to execute their computer hacking and extortion scheme.

Acting from inside Iran, the men developed and deployed a form of ransomware that they named “SamSam.” Ransomware is a destructive computer code that encrypts victims’ computers and then holds the computers “hostage” until a “ransom” fee is paid.

Starting in January 2016, the defendants gained access to victims’ computers by exploiting cyber security weaknesses. After gaining access to the computers, they remotely installed ransomware. The ransomware encrypted computer data, crippling the ability of the victims to operate their businesses and provide critical services to the public.

The victims included two major municipalities – the City of Atlanta, Georgia and the City of Newark, New Jersey. The defendants also sought to interrupt critical transportation infrastructure by infiltrating the Port of San Diego, California, and the Colorado Department of Transportation.

In addition, the defendants infected the computers of six health-care related entities from across the country, impairing the ability of these businesses to provide health care to sick and injured people.

The defendants chose to focus their scheme on public entities, hospitals, and municipalities. They knew that shutting down those computer systems could cause significant harm to innocent victims.

The indictment alleges that the defendants demanded payment from their victims in the form of the virtual currency known as Bitcoin. Bitcoin contributes to the increasing sophistication of criminal schemes. It is a common currency for criminal schemes, including websites that distribute child pornography and deadly opioid drugs, and ransomware and other tools of extortion.

The defendants allegedly communicated with victims using Tor, an encrypted computer network designed to facilitate anonymous communication over the Internet.

We support the use of encryption to safeguard private information and strengthen cybersecurity. But this case highlights another example of the challenges posed to law enforcement by encryption designed to resist law enforcement.

Sophisticated encryption technologies like the Tor network are used by cybercriminals to commit serious offenses. These sophisticated technologies pose a real threat to the government’s ability to keep people safe and ensure that criminals and terrorists are caught and brought to justice.

Every sector of our economy is a target of malicious cyber activity. But the events described in this Indictment highlight the urgent need for municipalities, public utilities, health care institutions, universities and other public organizations to enhance their cyber security.

Publicly revealing this nefarious hacking scheme makes it harder for the perpetrators, and others like them, to do business in the future. As a result of the Indictment, the defendants are now fugitives from justice. They face arrest and extradition to the United States in many nations that honor the rule of law.

We call on all civilized nations to prevent their citizens from using the internet to perpetrate fraud schemes in foreign countries.

By making clear that criminal actions have consequences, we deter schemes to victimize the United States government, businesses, and citizens, and we help to protect foreign allies.

This case demonstrates the Department of Justice’s commitment to identifying and prosecuting cybercriminals, regardless of where they base their operations.

We are grateful for outstanding work and collaboration between American and international law enforcement partners in this investigation. In particular, I want to thank two United Kingdom agencies – the National Crime Agency, and the West Yorkshire Police – and two Canadian agencies, the Calgary Police Service, and the Royal Canadian Mounted Police.

Our National Security Division and our Criminal Division’s Office of International Affairs also provided critical support.

Next, I want to invite Assistant Attorney General Brian Benczkowski to provide some remarks.

MIL Security OSI –

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 Security: Twenty-Nine Individuals Sentenced to 378 Combined Years in Federal Prison for Running Armed Fentanyl and Methamphetamine Trafficking Ring

Source: Federal Bureau of Investigation FBI Crime News (b)

EVANSVILE- 29 defendants have been sentenced to a combined 378 years in federal prison for their roles in a large methamphetamine and fentanyl drug trafficking organization that operated in Southern Indiana.

According to court documents, between January 2020 and November 2021, the following 29 individuals conspired together to distribute a total of nearly 500 pounds of methamphetamine and over three kilograms of fentanyl. This investigation led to the seizure of over 80 pounds of methamphetamine, over 560 grams of fentanyl, and $240,000 in United States currency.

Jeramey Smith served as the leader of the drug trafficking operation. Smith began obtaining multiple pound quantities of crystal methamphetamine from Julian Green in early 2020 until April of 2021 when he changed his source of supply to a cartel linked individual based in Houston, Texas. In June of 2021, Smith was robbed of a large amount of cash and was unable to pay his supplier for the lost product. Smith resorted back to Green to obtain the crystal methamphetamine.

DeJarnett was one of Smith’s top methamphetamine customers, often purchasing up to 20 pounds at a time. After Smith obtained the methamphetamine from either Green or his Mexican source of supply, he then distributed the methamphetamine to mid -level distributors in Indianapolis and Evansville.

In September 2021, Smith branched out to also begin selling large quantities of fentanyl-laced pills. Smith would obtain fentanyl powder from Markey and/or Moore, who would then press the powder into pills. Smith then used his same distributors to distribute the fentanyl throughout Southern Indiana. Law enforcement seized an automated pill press during the course of the investigation. Smith also used violence and intimidation to further his drug business by having his distributors robbed of their drug proceeds at gun point.

Additionally, several members of the drug trafficking used firearms to protect themselves and their profits. In total, law enforcement officers seized over 30 firearms from the defendants during court-authorized searches at multiple locations in Indianapolis and Evansville.

The charges and sentences are described below:

Defendant	Charge(s)	Prison Sentence
Jeramey Smith, 35 Indianapolis, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Conspiracy to Possess with the Intent to Distribute Fentanyl Felon in Possession of a Firearm Obstruction of Commerce by Robbery	240 months (20 years) 5 years supervised release
Julian Green, 36 Indianapolis, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Felon in Possession of a Firearm	210 months (17.5 years) Indianapolis, IN
Hannah Kissel, 28 Indianapolis, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Conspiracy to Possess with the Intent to Distribute Fentanyl	97 months (8 years) 3 years supervised release
Jordan Wilson, 41 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Conspiracy to Possess with the Intent to Distribute Fentanyl Felon in Possession of a Firearm	216 months (15.7 years) 5 years supervised release
Timothy Rice, 35 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine	204 months (17 years) 5 years supervised release
Archilles Johnson, 40 Evansville, IN	Conspiracy to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Deonte Howard, 36 Evansville, IN	Conspiracy to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Julie Hunt, 37 Petersburg, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Conspiracy to Possess with the Intent to Distribute Fentanyl	60 months (5 years) 3 years supervised release
Torrance Mimms, 34 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Keisha Jewell, 40 Princeton, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Conspiracy to Possess with the Intent to Distribute Fentanyl	108 years (9 years) 3 years supervised release
Davion Hays, 38 Evansville, IN	Conspiracy to Distribute Methamphetamine	144 months (12 years) 5 years supervised release
Jason Mitchell, 43 Henderson, KY	Conspiracy to Distribute Methamphetamine	204 months (17 years) 5 years supervised release
Denny Taylor, 49 Princeton, IN	Conspiracy to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Aaron Hardiman, 42 Princeton, IN	Conspiracy to Distribute Fentanyl	120 months (10 years) 5 years supervised release
Roman Wills, 43 Evansville, IN	Conspiracy to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Michael Sanders, 48 Owensboro, KY	Conspiracy to Possess with the Intent to Distribute Methamphetamine	168 months (14 years) 5 years supervised release
Gregory Snyder, 62 Evansville, IN	Conspiracy to Distribute Methamphetamine	36 months (3 years) 4 years supervised release
Joshua Gahagan, 41 Evansville, IN	Conspiracy to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Gregory Markey, 35 Indianapolis, IN	Conspiracy to Possess with the Intent to Distribute Fentanyl	168 months (14 years) 5 years supervised release
L.C. Moore, II, 31 Indianapolis, IN	Conspiracy to Possess with the Intent to Distribute Fentanyl	120 months (5 years) 5 years supervised release
Dominique Baquet, 31 Indianapolis, IN	Obstruction of Commerce by Robbery	57 months (4.7 years) 3 years supervised release
Antonio DeJarnett, 36 Evansville, IN	Conspiracy to Distribute Methamphetamine	264 months (22 years) 5 years supervised release
Ryan Pinkston, 42 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Felon in Possession of Ammunition	240 months (20 years) 5 years supervised release
Robert Embry, 46 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine	60 months (5 years) 5 years supervised release
Becky Edwards, 39 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine	120 months (10 years) 5 years supervised release
Edward Meredith, 59 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine	120 months (10 years) 5 years supervised release
Joshua Wilson, 33 Evansville, IN	Use of a Communication Facility with the Intent to Commit or Facilitate the Distribution of Methamphetamine	30 months (2.5 years) No supervised release
Tabitha Seabeck, 32 Henderson, KY	Conspiracy to Possess with the Intent to Distribute Methamphetamine	180 months (15 years) 5 years supervised release
Zachary Addison, 42 Evansville, IN	Conspiracy to Possess with the Intent to Distribute Methamphetamine Felon in Possession of a Firearm	300 months (25 years) 5 years supervised release

Defendant

Charge(s)

Prison Sentence

Jeramey Smith, 35
Indianapolis, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Conspiracy to Possess with the Intent to Distribute Fentanyl

Felon in Possession of a Firearm

Obstruction of Commerce by Robbery

240 months (20 years)

5 years supervised release

Julian Green, 36

Indianapolis, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Felon in Possession of a Firearm

210 months (17.5 years)

Indianapolis, IN

Hannah Kissel, 28

Indianapolis, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Conspiracy to Possess with the Intent to Distribute Fentanyl

97 months (8 years)

3 years supervised release

Jordan Wilson, 41

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Conspiracy to Possess with the Intent to Distribute Fentanyl

Felon in Possession of a Firearm

216 months (15.7 years)

5 years supervised release

Timothy Rice, 35

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

204 months (17 years)

5 years supervised release

Archilles Johnson, 40

Evansville, IN

Conspiracy to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Deonte Howard, 36

Evansville, IN

Conspiracy to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Julie Hunt, 37

Petersburg, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Conspiracy to Possess with the Intent to Distribute Fentanyl

60 months (5 years)

3 years supervised release

Torrance Mimms, 34

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Keisha Jewell, 40

Princeton, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Conspiracy to Possess with the Intent to Distribute Fentanyl

108 years (9 years)

3 years supervised release

Davion Hays, 38

Evansville, IN

Conspiracy to Distribute Methamphetamine

144 months (12 years)

5 years supervised release

Jason Mitchell, 43

Henderson, KY

Conspiracy to Distribute Methamphetamine

204 months (17 years)

5 years supervised release

Denny Taylor, 49

Princeton, IN

Conspiracy to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Aaron Hardiman, 42

Princeton, IN

Conspiracy to Distribute Fentanyl

120 months (10 years)

5 years supervised release

Roman Wills, 43

Evansville, IN

Conspiracy to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Michael Sanders, 48

Owensboro, KY

Conspiracy to Possess with the Intent to Distribute Methamphetamine

168 months (14 years)

5 years supervised release

Gregory Snyder, 62

Evansville, IN

Conspiracy to Distribute Methamphetamine

36 months (3 years)

4 years supervised release

Joshua Gahagan, 41

Evansville, IN

Conspiracy to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Gregory Markey, 35

Indianapolis, IN

Conspiracy to Possess with the Intent to Distribute Fentanyl

168 months (14 years)

5 years supervised release

L.C. Moore, II, 31

Indianapolis, IN

Conspiracy to Possess with the Intent to Distribute Fentanyl

120 months (5 years)

5 years supervised release

Dominique Baquet, 31

Indianapolis, IN

Obstruction of Commerce by Robbery

57 months (4.7 years)

3 years supervised release

Antonio DeJarnett, 36

Evansville, IN

Conspiracy to Distribute Methamphetamine

264 months (22 years)

5 years supervised release

Ryan Pinkston, 42

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Felon in Possession of Ammunition

240 months (20 years)

5 years supervised release

Robert Embry, 46

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

60 months (5 years)

5 years supervised release

Becky Edwards, 39

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

120 months (10 years)

5 years supervised release

Edward Meredith, 59

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

120 months (10 years)

5 years supervised release

Joshua Wilson, 33

Evansville, IN

Use of a Communication Facility with the Intent to Commit or Facilitate the Distribution of Methamphetamine

30 months (2.5 years)

No supervised release

Tabitha Seabeck, 32

Henderson, KY

Conspiracy to Possess with the Intent to Distribute Methamphetamine

180 months (15 years)

5 years supervised release

Zachary Addison, 42

Evansville, IN

Conspiracy to Possess with the Intent to Distribute Methamphetamine

Felon in Possession of a Firearm

300 months (25 years)

5 years supervised release

“The members of this conspiracy will spend decades in federal prison for pumping pounds of methamphetamine and fentanyl onto our streets,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “Drug use devastates so many families and kills hundreds of Hoosiers every year. That’s why we will work with our federal, state, and local law enforcement partners to dismantle armed organizations trafficking in deadly drugs. The sentences imposed in this case demonstrate our continued commitment to protecting the public from these dangerous criminals.”

“Dismantling a major drug trafficking organization that was responsible for distributing multi-hundred-pound quantities of methamphetamine and kilogram quantities of fentanyl onto the streets of Indiana was a big win for law enforcement. Because of the exceptional collaborative efforts by law enforcement, we were able to achieve this remarkable outcome,” said DEA Assistant Special Agent in Charge, Michael Gannon. “This investigation was a wonderful victory for all Hoosiers and sends a crystal-clear message to major drug dealers we will continue working together with our partners to dismantle their illicit operations.”

“This sentencing is a significant victory in the relentless fight against the trafficking of deadly drugs and underscores the FBI’s commitment to pursue those who wreak havoc on our communities through their illegal drug trade,” said FBI Indianapolis Special Agent in Charge Herbert J. Stapleton. “The FBI will continue to work with our law enforcement partners to ensure those who endanger public safety and contribute to this crisis are held accountable.”

“I would like to thank the dedicated Evansville Police Officers and Vanderburgh County Sheriff’s Office Deputies as well as our federal partners in the DEA and US Attorney’s Office for their roles in getting these individuals off our streets. The manufacturing and distribution of methamphetamine and fentanyl have brought death and destruction to our communities and have done irreversible damage to families in the worst way possible. This community will not tolerate that kind of behavior and illegal activity, and we will use every resource available to us to stop it and put dealers behind bars.”

This case was investigated by the Drug Enforcement Administration’s Evansville Resident Office, with the FBI, Bureau of Alcohol, Tobacco, Firearms and Explosives, Evansville Vanderburgh County Joint Task Force, DEA Indianapolis and Indianapolis Metro Drug Task Force providing valuable assistance. The sentenced were imposed by U.S. District Court Judge Matthew P. Brookman.

Acting U.S. Attorney John E. Childress thanked Assistant United States Attorneys Lauren Wheatley and Jeremy Kemper, who prosecuted this case.

According to the Drug Enforcement Administration, as little as two milligrams of fentanyl can be fatal, depending on a person’s body size, tolerance, and past usage—a tiny amount that can fit on the tip of a pencil. Seven out of ten illegal fentanyl tablets seized from U.S. streets and analyzed by the DEA have been found to contain a potentially lethal dose of the drug.

One Pill Can Kill: Avoid pills bought on the street because One Pill Can Kill. Fentanyl has now become the leading cause of death for adults in the United States. Fentanyl is a highly potent opioid that drug dealers dilute with cutting agents to make counterfeit prescription pills that appear to be Oxycodone, Percocet, Xanax, and other drugs. Fake prescription pills laced with fentanyl are usually shaped and colored to look like pills sold at pharmacies. For example, fake prescription pills known as “M30s” imitate Oxycodone obtained from a pharmacy, but when sold on the street the pills routinely contain fentanyl. These pills are usually round tablets and often light blue in color, though they may be in different shapes and a rainbow of colors. They often have “M” and “30” imprinted on opposite sides of the pill. Do not take these or any other pills bought on the street – they are routinely fake and poisonous, and you won’t know until it’s too late.

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MIL Security OSI –

February 6, 2025

MIL-OSI Security: Convicted Felon Sentenced to Seven Years for Possession of Firearm

Source: Federal Bureau of Investigation (FBI) State Crime News

Tampa, FL – U.S. District Judge Thomas P. Barber has sentenced Sherron Gary (41, Tampa) to seven years in federal prison for possessing a firearm and ammunition as a convicted felon. Gary pleaded guilty in October 2024.

According to court documents, on April 9, 2023, officers with the Tampa Police Department (TPD) attempted a traffic stop on a vehicle driven by Gary after observing the vehicle had a broken taillight. Gary failed to pull over and instead fled from the officers at a high rate of speed. A police helicopter followed Gary. After Gary’s vehicle was boxed in by law enforcement, Gary fled from the officers on foot, which the helicopter was also able to capture.

As Gary fled, the helicopter crew observed Gary discard an item as he was running that resembled a firearm. TPD officers apprehended Gary. After the arrest, the helicopter crew directed officers back to the location where they had observed Gary discard the firearm. Officers located a 9mm Walther Creed semiautomatic pistol at the location.

At the time, Gary had four prior felony convictions, including aggravated battery and armed burglary of a dwelling, trafficking of cocaine, delivery of cocaine, and delivery of cocaine within 1,000 feet of church. As a convicted felon, Gary is prohibited from possessing firearms or ammunition under federal law.

This case was investigated by the Federal Bureau of Investigation, the Tampa Police Department, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. It was prosecuted by Assistant United States Attorney Samantha Newman. The forfeiture was handled by Assistant United States Attorney Suzanne Nebesky.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Serial Fraudster Sentenced to 10 Years in Federal Prison for Stealing Nearly $3 Million and Five Indianapolis Homes

Source: Federal Bureau of Investigation (FBI) State Crime News

EVANSVILLE— James Henley, 35, of Greenwood, Indiana, has been sentenced to ten years in federal prison, followed by three years of supervised release after pleading guilty to aggravated identity theft, conspiracy to commit access device fraud, two counts of money laundering, and eight counts of wire fraud. Henley has also been ordered to pay $1,887,426.63 in restitution.

According to court documents, over the course of three years, Henley orchestrated multiple large and complex fraud schemes, resulting in a total loss of $2,927,758.95 to individual homeowners, an Indiana attorney, a bank, and ten state governments. As part of his fraud schemes, Henley registered five fake businesses (OnTrack Real Estate Solutions, LDI Investments Corp, Lucario Investments, 317 Traffic, and Henley Real Estate Solutions) with the states of Indiana and Kentucky, claiming to serve as the Chief Executive Officer for most of them. None of the businesses were legitimate. Instead, Henley used the businesses to mask his identity, make his schemes appear more credible, and launder the stolen money.

Henley’s schemes are broken down as follows:

COVID-19 Fraud:

Between May 2020 and March 2021, James Henley, his wife Jameka Henley, and his associate Jimmie Bickers used the stolen personally identifiable information of 76 real individuals to submit 120 unemployment insurance applications to ten states during the COVID-19 pandemic. Once the applications were approved, the trio used 65 unemployment insurance debit cards to make purchases at retailers and withdraw cash at ATMs in the Evansville and Indianapolis areas. The states paid a total of $1,119,426.63 in unemployment benefits in connection with the group’s fraudulent applications. In July 2020, Henley used funds withdrawn from ATMs to buy a Chevrolet Camaro for $22,801.

Bickers and Jameka Henley have been formally charged for their roles in this scheme but have not pleaded guilty.

Home Title Fraud:

Between December 2021 and May 2023, Henley stole five homes in Indianapolis by filing fraudulent deeds with the Marion County Recorder’s Office. Through the filings, Henley claimed that the homeowners had sold their homes to his fake businesses, but, in reality, he had never even spoken with the homeowners. Unbeknownst to the victims, Henley filed these fraudulent deeds and then sold the homes for significantly less than their market value, pocketing more than $260,000 in profits.

Henley also attempted to steal and sell an additional 14 homes in Indianapolis and Evansville. With one exception, the individuals who bought the homes from Henley took possession and ultimately kept the homes.

For one homeowner, the property Henley stole was her childhood home. She purchased the home while her mother was in the hospital with the hope that, when her mother’s condition improved, her mother would be able to live out her remaining years in the house.

Mortgage Fraud:

In November 2021, an associate of Henley’s purchased a home in Indianapolis, using a mortgage loan from a bank. In April 2022, Henley filed a fraudulent document with the Marion County Recorder’s Office to make it seem as if the mortgage loan had been paid off, when it had not been paid. Henley then filed a deed naming himself a joint owner of the home. Henley and his associate subsequently sold the property for $255,000, pocketing all the proceeds, even though the bank should have received the majority of the funds.

Auto Loan Fraud:

In March 2023, Henley purchased a Dodge Durango in Indianapolis for $71,479, using an auto loan from Everwise Credit Union. A few months later, in June 2023, Henley purchased a Chevrolet Silverado in Plainfield for $54,270, using a second loan from Everwise Credit Union.

In October 2023, Henley connected a JPMorgan Chase bank account to his auto loans, via Everwise’s online payment portal. Henley falsely represented that the Chase account belonged to Jimmie Bickers, and that he had authority to make payments on his loans using funds from the Chase account.

The Chase account was actually an Indiana attorney’s Interest on Lawyers’ Trust Account (IOLTA), which is a highly regulated bank account used by lawyers to hold client funds. The interest earned on IOLTA accounts is used to fund grants for nonprofit groups that promote pro bono and access to justice programs. Henley did not have the attorney’s permission to access or withdraw funds from the IOLTA account.

Between October and November 2023, Henley used the IOLTA account to make two payments, totaling $98,000, toward his auto loans.

Henley has prior felony convictions for financial crimes, including theft, forgery, and fraud.

“James Henley went to great lengths to coordinate exceptionally greedy, complex schemes that exploited hard-working families and state government programs,” said John E. Childress, Acting U.S. Attorney for the Southern District of Indiana. “Undeterred by prior felony convictions for the same conduct, this defendant stole over a million dollars, wreaking financial and logistical havoc on hundreds of victims. The Department of Justice will continue to work with our law enforcement partners to investigate allegations of fraud and seek prosecution as appropriate.”

“James Henley filed fraudulent unemployment insurance (UI) claims in the names of identity theft victims in order to receive UI benefits to which he was not entitled. He enriched himself by defrauding a program that was intended to assist struggling American workers during an unprecedented global pandemic,” said Megan Howell, Acting Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General. “We and our law enforcement partners are committed to protecting the integrity of the UI system from those who seek to exploit this critical benefit program.”

“This lengthy prison sentence sends a clear message: individuals who attempt to exploit and commit financial crime and identity theft will be brought to justice,” said Ramsey E. Covington, Acting Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “IRS Criminal Investigation and our fellow law enforcement partners are committed to protecting the integrity of our financial institutions and will continue to hold criminals like James Henley accountable to the fullest extent of the law.”

“This case should serve as a powerful reminder that individuals with a history of financial crimes will face significant consequences when they demonstrate a blatant disregard for the law and continue to exploit and deceive others for personal gain,” said FBI Indianapolis Special Agent in Charge Herbert J. Stapleton. “The FBI, working alongside our law enforcement partners, will continue to hold those who perpetuate such offenses accountable and protect the public from those who manipulate the system for their own benefit.”

The Federal Bureau of Investigation, Internal Revenue Service-Criminal Investigation, Department of Labor-Office of the Inspector General, and the Indiana Attorney General’s Office Homeowner Protection Unit investigated this case. The sentence was imposed by U.S. District Judge Matthew B. Brookman.

Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Matthew Miller, who prosecuted this case.

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 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.

Anyone with information about allegations of attempted fraud involving COVID‑19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form

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MIL Security OSI –

February 6, 2025
MIL-OSI Security: Providence Man Pleads Guilty to Fentanyl Trafficking Charge

Source: Office of United States Attorneys

PROVIDENCE, RI – A Providence man who was the target of an FBI Safe Streets Task Force investigation into drug trafficking pleaded guilty on Tuesday in federal court to a charge of possession with intent to distribute fentanyl, announced United States Attorney Zachary A. Cunha.

According to charging documents and information presented to the court, a court authorized search of the Providence residence of Montrell Dennis, 34, on May 3, 2024, resulted in the discovery of several plastic baggies containing fentanyl and an assortment of other drugs. Toxicology reports of the seized narcotics indicate there were 29.4 grams of a mixture containing Fentanyl, Heroin, Cocaine, and Xylazine and 1.37 grams of crack cocaine. Multiple digital scales, multiple smartphones, and two firearms were also seized.

Dennis, who has been detained since his arrest on May 3, 2025, is scheduled to be sentenced on April 22, 2025. The defendant’s sentence will be determined by a federal district judge after consideration of the U.S. Sentencing Guidelines and other statutory factors.

The case is being prosecuted by Assistant United States Attorneys Peter I. Roklan and Taylor A. Dean.

The matter was investigated by the FBI Rhode Island Safe Streets Gang Task Force.

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MIL Security OSI –

February 6, 2025
MIL-OSI Security: Lycoming County Man Charged With Child Exploitation Crimes

Source: Office of United States Attorneys

SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Christopher Stout, age 48, a resident of Lycoming County, Pennsylvania, was indicted on February 4, 2025, by a federal grand jury with production of child pornography, online enticement, receipt of child pornography, and possession of child pornography.

According to Acting United States Attorney John C. Gurganus, the indictment alleges that Stout used the internet and an electronic device to persuade and coerce a minor to engage in sexual conduct and to produce child pornography. The indictment also alleges that on or about July 28, 2024, Stout received child pornography and on August 23, 2024, Stout possessed child pornography.

The investigation was conducted by the Federal Bureau of Investigations –Philadelphia-RAC Williamsport, the Hughesville Borough Police Department, the Pennsylvania State Police, and the Lycoming County District Attorney’s Office. Assistant United States Attorney Tatum R. Wilson is prosecuting the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc.

The maximum penalty under federal law for the crimes charged in the Indictment is life imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

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MIL Security OSI –

February 6, 2025
MIL-OSI Security: Jacksonville Convicted Child Sex Offender Pleads Guilty To Attempting To Entice A 13-Year-Old To Engage In Sexual Activity

Source: Office of United States Attorneys

Jacksonville, Florida – United States Attorney Roger B. Handberg announces that Jeremy Wayne Leggett (38, Jacksonville) has pleaded guilty to attempting to entice a child to engage in sexual activity. Leggett faces a minimum penalty of 10 years, up to life, in federal prison, and a potential lifetime term of supervised release. Leggett is a registered child sex offender, having been previously convicted in Florida in 2020 of traveling to meet a minor to commit an unlawful sexual offense and transmitting harmful materials to a minor. Leggett was arrested on June 19, 2023, and has been in custody since then. His sentencing hearing is scheduled for April 28, 2025.

According to court documents, on June 16, 2023, an undercover FBI agent (UC) in the Jacksonville area, posing as a minor child, was working online in a particular social media application (app) to identify individuals seeking to contact and engage in sexual activity with children. The UC engaged in an online conversation with an app user “dAddi” who posted a notice in a public chatroom that read “Lookingfor[under 18 emoji] wannaspoiladaughter.” During this online conversation, user “dAddi,” who was subsequently identified as Leggett, was advised that the “child” was 13 years old. Leggett asked if the “child” “[l]ike[d] older men,” and sent the “child” a photo of himself. After more conversation, Leggett suggested that they meet in person for sexual activity, and he sent the “child” an explicit photo of himself. On June 17, 18, and 19, 2023, Leggett reinitiated text messages with the UC and continued attempting to persuade the “child” to meet for sex and to send him sexually suggestive photos.

On June 19, 2023, Leggett and the “child” made arrangements to meet at a location in Jacksonville. Later that evening, Leggett went to the agreed-upon location and drove around the parking lot for about 30 minutes. When law enforcement officers attempted to make contact with Leggett, he quickly reversed his vehicle and fled the scene. A short time later, officers with the Jacksonville Sheriff’s Office and FBI agents located Leggett at a home in Jacksonville and he was arrested.

This case was investigated by the Federal Bureau of Investigation, the Jacksonville Sheriff’s Office, and the Naval Criminal Investigative Service. It is being prosecuted by Assistant United States Attorney D. Rodney Brown.

It is another case brought as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue child victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

February 6, 2025
MIL-OSI: New Chargeflow Research Shows that As Many as 80 Percent of Chargebacks Are Abusive
Source: GlobeNewswire (MIL-OSI)

TEL AVIV, Israel and WILMINGTON, Del., Feb. 05, 2025 (GLOBE NEWSWIRE) — Chargeflow, the pioneering chargeback platform tailored exclusively for online businesses, today announced a new research report, The Psychology of Chargebacks: Uncovering Why Consumers Dispute Charges. Featuring insights from 701 consumers, the research shows that customer demands for immediate issue resolution and other factors are leading to soaring incidents of unfriendly fraud that could be costing merchants as much as $117 billion annually.

According to Mastercard’s 2024 Outlook: Strategic Insights for Issuers and Merchants report, U.S. chargeback transaction volume is expected to reach 146 million chargebacks in 2026. In its latest report, Chargeflow provides details that look beyond this growth to show why customers are choosing to file chargebacks over resolving issues directly with merchants.

Prompt Customer Service is Critical
Customers who have experienced issues with a merchant expect the situation to be resolved quickly. In fact, many give merchants zero opportunity to remedy a problem. When asked how long they would typically wait to file a chargeback after encountering an issue, 23 percent stated they would file immediately. Another 38 percent stated they would wait just 1-3 days, while 23 percent said they were happy with response times between 4-7 days. The bottom line, customers are giving merchants’ customer service teams little to no time to identify the issue and de-escalate any problems before disputes are filed.

Lack of Immediate Communication Opens Door for Chargebacks
Customers value merchant communications when it comes to resolving issues. According to the research, 64 percent say it’s important they receive immediate communication from a merchant regarding a complaint, with an additional 31 percent saying it is somewhat important. Their goal is unanimous–90 percent of consumers report they typically try to resolve a matter with the merchant before initiating a chargeback.

While customers seek resolution, their patience quickly runs thin. According to the research, 85 percent of customers are likely or somewhat likely to move forward and file a chargeback if a merchant doesn’t respond to their complaint within a reasonable timeframe. With such demands, it should come as no surprise that 80 percent of those who initiated a chargeback said they were never contacted by a merchant with customer service teams that are likely understaffed and overburdened.

Dispute Policies Encourage Chargebacks
Overworked teams are not the only issue. Customer-first dispute policies also lead to chargeback success rates that do little to dissuade customers from acting—only 12 percent report having had a chargeback denied. Eight percent of respondents said they had a chargeback refuted for insufficient evidence, 3 percent said their claim was denied because merchants provided counterevidence, and 2 percent for a policy violation. With that level of success, it’s not surprising that 98 percent of consumers have had a neutral to highly satisfactory experience with the chargeback process offered by their bank or credit card.

“The industry is acutely aware that chargebacks are soaring but there is far less clarity on what’s driving this surge. This research shows that a lack of patience on the side of customers is driving a vast majority of chargebacks that are not only unnecessary but also costing merchants billions of dollars,” said Ariel Chen, Co-Founder and CEO of Chargeflow. “This situation is exacerbated by the use of customer-first dispute policies which make it more appealing to file a dispute than to work with customer service teams towards a resolution. Stopping this cycle requires merchants to improve their support systems to the point where resolving an issue is a more attractive option to customers.”

Bad Customer Experiences Also Drive Chargebacks
Customer reliance on chargebacks is not only tied to perceived poor service resolution. The Chargeflow research found a direct correlation between customer experiences and chargeback. For example, when asked about the likelihood of initiating a chargeback if they encountered an issue with a purchase, 27 percent of respondents stated they were highly likely, and 35 percent stated they were somewhat likely. Only 11 percent of customers said they are somewhat unlikely and very unlikely. This finding is consistent with the core theme that consumers view chargeback as a standard tool for addressing perceived problems with a merchant.

Lack of Awareness Leads Consumers to Unknowingly Committing Friendly Fraud

Chargeflow’s The Psychology of Chargebacks report found that nearly 80 percent of chargeback cases result from friendly fraud. Despite this figure, this new research finds that most customers are unaware they are engaging in such activity. When asked if they initiated a false chargeback (when they knew the merchant was in the right and they should not), only 2.9 percent of respondents said they had done so. That means close to 97 percent believe they have not incorrectly filed a chargeback—rates that cannot be correct.

In fact, the research found that only 9 percent of respondents said they filed a chargeback because they disagreed with a brand, its values, or its customer experience. As a result, consumers likely believe that they have rightly used their customer protections and not purposely or maliciously attached merchants.

Survey Methodology
This survey features data gathered from responses from a population sample of 700 people. Of this group, there was a near-even split between four age demographics: 18-34 (20 percent), 35-44 (28 percent), 45-54 (27), and 55-99 (25 percent). Forty-four percent of respondents listed as Male and 56 percent as female. The margin of error rests at 4 percent, with a confidence level of 95 percent.

To access the complete Psychology of Chargebacks: Analyzing the Hidden Factors That Push Consumers to Dispute Charges report, please visit here.

About Chargeflow
Chargeflow is the world’s first fully automated chargeback management solution, designed for eCommerce merchants by eCommerce entrepreneurs. Chargeflow leverages technology and generative AI, along with human expertise, to help recover lost revenue and alleviate chargeback pains for online merchants. Chargeflow has an industry-leading win rate and guarantees return on investment, providing a risk-free entry for any business interested in using its service. For more information, please visit https://www.chargeflow.io/.

Media Contact:
Doug Fraim
Public Relations Manager, Chargeflow
press@chargeflow.io

Chargebacks represent a significant challenge in the global financial landscape, impacting merchants across various industries. Here’s an overview of the worldwide chargeback volume, both in terms of the number of chargebacks and their monetary value:

Number of Chargebacks:
- 2023 Data: In 2023, the global ecosystem experienced approximately 238 million chargebacks. Projections indicate that by 2026, this number could rise to around 337 million, marking a 42% increase. citeturn0search0
Monetary Value of Chargebacks:
- 2023 Estimates: The total cost associated with chargebacks worldwide was projected to reach $117.46 billion in 2023. This figure encompasses various expenses, including lost sales revenue, fees, and administrative costs borne by merchants and financial institutions. citeturn0search2
- U.S. Specific Data: Focusing on the United States, cardholders disputed at least $65.2 billion worth of charges in 2023. When considering additional factors such as the broader financial impact on merchants, the total cost to U.S. merchants was estimated at approximately $243.75 billion. citeturn0search1
Average Cost per Chargeback:
- Per Incident Cost: On average, each chargeback in 2023 cost merchants about $191. This estimate is based on an average disputed transaction amount of $90 and includes various associated costs. citeturn0search2
These statistics underscore the substantial financial impact of chargebacks on businesses globally. The rising trend in both the number and value of chargebacks highlights the importance for merchants to implement effective prevention and management strategies to mitigate potential losses.

The MIL Network –
February 6, 2025

MIL-OSI USA: U.S. International Trade in Goods and Services, December and Annual 2024

Source: US Bureau of Economic Analysis

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:	$98.4 Billion	+24.7%°
Exports:	$266.5 Billion	–2.6%°
Imports:	$364.9 Billion	+3.5%°
Next release: Thursday, March 6, 2025 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 5, 2025

Exports, Imports, and Balance (exhibit 1)

December exports were $266.5 billion, $7.1 billion less than November exports. December imports were $364.9 billion, $12.4 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $18.9 billion to $123.0 billion and a decrease in the services surplus of $0.6 billion to $24.5 billion.

For 2024, the goods and services deficit increased $133.5 billion, or 17.0 percent, from 2023. Exports increased $119.8 billion or 3.9 percent. Imports increased $253.3 billion or 6.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $4.7 billion to $83.8 billion for the three months ending in December.

Average exports decreased $1.2 billion to $268.8 billion in December.
Average imports increased $3.5 billion to $352.7 billion in December.

Year-over-year, the average goods and services deficit increased $19.2 billion from the three months ending in December 2023.

Average exports increased $9.8 billion from December 2023.
Average imports increased $29.0 billion from December 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $7.5 billion to $170.2 billion in December.

Exports of goods on a Census basis decreased $6.7 billion.

Consumer goods decreased $1.8 billion.
- Pharmaceutical preparations decreased $1.4 billion.
Industrial supplies and materials decreased $1.8 billion.
- Crude oil decreased $0.9 billion.
- Other petroleum products decreased $0.3 billion.
- Other precious metals decreased $0.3 billion.
- Fertilizers, pesticides, and insecticides decreased $0.3 billion.
Capital goods decreased $1.4 billion.
- Computers decreased $0.9 billion.
- Civilian aircraft increased $1.4 billion.
Automotive vehicles, parts, and engines decreased $0.9 billion.
- Trucks, buses, and special purpose vehicles decreased $0.4 billion.
- Other automotive parts and accessories decreased $0.3 billion.

Net balance of payments adjustments decreased $0.8 billion.

Exports of services increased $0.4 billion to $96.3 billion in December.

Travel increased $0.3 billion.
Financial services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $11.4 billion to $293.1 billion in December.

Imports of goods on a Census basis increased $11.3 billion.

Industrial supplies and materials increased $10.8 billion.
- Finished metal shapes increased $9.2 billion.
- Nonmonetary gold increased $1.0 billion.
Consumer goods increased $2.2 billion.
- Toys, games, and sporting goods increased $0.8 billion.
- Cell phones and other household goods increased $0.8 billion.
Capital goods increased $1.3 billion.
- Computers increased $1.2 billion.
- Computer accessories increased $0.9 billion.
- Civilian aircraft decreased $1.1 billion.
Automotive vehicles, parts, and engines decreased $2.2 billion.
- Passenger cars decreased $1.6 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.0 billion to $71.8 billion in December.

Transport increased $0.5 billion.
Travel increased $0.3 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $14.9 billion, or 15.4 percent, to $111.9 billion in December, compared to a 17.3 percent increase in the nominal deficit.

Real exports of goods decreased $5.4 billion, or 3.7 percent, to $141.9 billion, compared to a 3.8 percent decrease in nominal exports.
Real imports of goods increased $9.5 billion, or 3.9 percent, to $253.8 billion, compared to a 4.0 percent increase in nominal imports.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to November exports

Exports of goods were revised up $0.1 billion.
Exports of services were revised up $0.1 billion.

Revisions to November imports

Imports of goods were revised up $0.8 billion.
Imports of services were revised up $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The December figures show surpluses, in billions of dollars, with Netherlands ($5.0), South and Central America ($3.5), United Kingdom ($2.3), Hong Kong ($0.7), Brazil ($0.4), Saudi Arabia ($0.4), Belgium ($0.3), and Australia ($0.2). Deficits were recorded, in billions of dollars, with China ($25.3), European Union ($20.4), Mexico ($15.2), Switzerland ($13.0), Vietnam ($11.4), Canada ($7.9), Germany ($7.6), Taiwan ($6.9), Ireland ($6.2), South Korea ($5.6), Japan ($5.5), India ($4.9), Italy ($4.1), Malaysia ($2.5), France ($1.1), Israel ($0.8), and Singapore ($0.4).

The deficit with Switzerland increased $9.1 billion to $13.0 billion in December. Exports decreased $0.7 billion to $1.2 billion and imports increased $8.4 billion to $14.2 billion.
The deficit with Canada increased $2.9 billion to $7.9 billion in December. Exports decreased $0.4 billion to $29.1 billion and imports increased $2.5 billion to $37.0 billion.
The deficit with Ireland decreased $3.1 billion to $6.2 billion in December. Exports decreased $0.1 billion to $1.2 billion and imports decreased $3.2 billion to $7.5 billion.

Annual Summary for 2024

Exports, Imports, and Balance (exhibit 1)

For 2024, the goods and services deficit was $918.4 billion, up $133.5 billion from $784.9 billion in 2023. Exports were $3,191.6 billion, up $119.8 billion from 2023. Imports were $4,110.0 billion, up $253.3 billion from 2023.

The 2024 increase in the goods and services deficit reflected an increase in the goods deficit of $148.5 billion, or 14.0 percent, to $1,211.7 billion and an increase in the services surplus of $14.9 billion, or 5.4 percent, to $293.3 billion.

The goods and services deficit was 3.1 percent of current-dollar gross domestic product in 2024, up from 2.8 percent in 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $38.6 billion to $2,083.8 billion in 2024.

Exports of goods on a Census basis increased $47.1 billion.

Capital goods increased $40.2 billion.
- Computer accessories increased $11.3 billion.
- Civilian aircraft engines increased $8.7 billion.
- Computers increased $8.2 billion.
- Semiconductors increased $8.1 billion.
Other goods increased $17.9 billion. (See the “Notice” for more information.)
Automotive vehicles, parts, and engines decreased $10.8 billion.
- Other automotive parts and accessories decreased $4.3 billion.
- Passenger cars decreased $4.0 billion.
- Trucks, buses, and special purpose vehicles decreased $3.0 billion.

Net balance of payments adjustments decreased $8.5 billion.

Exports of services increased $81.2 billion to $1,107.8 billion in 2024.

Travel increased $26.3 billion.
Other business services increased $16.0 billion.
Telecommunications, computer, and information services increased $11.9 billion.
Financial services increased $11.6 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $187.1 billion to $3,295.6 billion in 2024.

Imports of goods on a Census basis increased $187.2 billion.

Capital goods increased $103.3 billion.
- Computer accessories increased $33.5 billion.
- Computers increased $28.3 billion.
- Semiconductors increased $9.4 billion.
- Other industrial machinery increased $9.0 billion.
Consumer goods increased $48.4 billion.
- Pharmaceutical preparations increased $43.6 billion.
Automotive vehicles, parts, and engines increased $16.1 billion.
- Passenger cars increased $10.0 billion.
- Other automotive parts and accessories increased $4.8 billion.
Foods, feeds, and beverages increased $15.9 billion.
- Meat products increased $3.5 billion.
- Fruits, frozen juices increased $2.3 billion.
- Bakery products increased $2.2 billion.
- Other foods increased $2.0 billion.
- Vegetables increased $1.7 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $66.2 billion to $814.4 billion in 2024.

Travel increased $19.2 billion.
Charges for the use of intellectual property increased $12.2 billion.
Transport increased $11.7 billion.
Insurance services increased $11.5 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $98.8 billion, or 9.6 percent, to $1,132.4 billion in 2024, compared to a 13.2 percent increase in the nominal deficit.

Real exports of goods increased $41.7 billion, or 2.5 percent, to $1,737.8 billion, compared to a 2.3 percent increase in nominal exports.
Real imports of goods increased $140.5 billion, or 5.1 percent, to $2,870.2 billion, compared to a 6.1 percent increase in nominal imports.

Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a)

The 2024 figures show surpluses, in billions of dollars, with Netherlands ($55.5), South and Central America ($47.3), Hong Kong ($21.9), Australia ($17.9), and United Kingdom ($11.9). Deficits were recorded, in billions of dollars, with China ($295.4), European Union ($235.6), Mexico ($171.8), Vietnam ($123.5), Ireland ($86.7), Germany ($84.8), Taiwan ($73.9), Japan ($68.5), South Korea ($66.0), Canada ($63.3), India ($45.7), Thailand ($45.6), Italy ($44.0), Switzerland ($38.5), Malaysia ($24.8), Indonesia ($17.9), France ($16.4), Austria ($13.1), and Sweden ($9.8).

The deficit with the European Union increased $26.9 billion to $235.6 billion in 2024. Exports increased $2.6 billion to $370.2 billion and imports increased $29.4 billion to $605.8 billion.
The deficit with Taiwan increased $26.1 billion to $73.9 billion in 2024. Exports increased $2.4 billion to $42.3 billion and imports increased $28.5 billion to $116.3 billion.
The surplus with the Netherlands increased $12.7 billion to $55.5 billion in 2024. Exports increased $8.3 billion to $89.6 billion and imports decreased $4.4 billion to $34.1 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Next release: March 6, 2025, at 8:30 a.m EST
U.S. International Trade in Goods and Services, January 2025

Notice

Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)

The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September through December 2024, which are derived from data compiled by Canada through the United States – Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.” Until then, please refer to the supplemental spreadsheet “CARM Exports to Canada Corrections,” which provides a breakdown of the late receipts by 1-digit end-use category. This spreadsheet will be updated as late export transactions are received to reflect reassignments from the initial “Other goods” category to the appropriate 1-digit end-use category.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on 800-549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.

Upcoming Changes to the Real (Chained-Dollar) Series

Effective with the release of the February 2025 statistics on April 3, 2025, the Census Bureau will continue to use the Bureau of Labor Statistics (BLS) U.S. Import and Export Price Indexes to calculate the chained-dollar series (exhibits 10 and 11). The BLS will be implementing changes to the indexes with the release of the February 2025 U.S. Import and Export Price Indexes on March 18, 2025. The changes to the indexes could impact the chained-dollar values. Please refer to the BLS notice for additional information on the Upcoming Change to Data Source for Import and Export Price Indexes: U.S. Bureau of Labor Statistics.

If you have any questions or need additional information, please contact the Census Bureau, Economic Statistical Methods Division, International Trade Statistical Methods Branch, on 301-763-3080.

MIL OSI USA News –

February 6, 2025

MIL-OSI Russia: Financial news: 05.02.2025, 10-52 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A106TV7 (VimpelK3R4) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

05.02.2025

10:52

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 05.02.2025, 10-52 (Moscow time), the values of the upper limit of the price corridor (up to 86.27) and the range of market risk assessment (up to 945.73 rubles, equivalent to a rate of 26.25%) of the RU000A106TV7 (VimpelK3R4) security were changed.

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

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

HTTPS: //VVV. MEEX.K.M.M.M.K.95

MIL OSI Russia News –

February 6, 2025
MIL-OSI Russia: Financial news: 05.02.2025, 12-18 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105DN0 (FSK RS BO6) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

05.02.2025

12:18

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 05.02.2025, 12-18 (Moscow time), the values of the upper limit of the price corridor (up to 86.52) and the range of market risk assessment (up to 929.95 rubles, equivalent to a rate of 21.25%) of the security RU000A105DN0 (FSK RS BO6) were changed.

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.Mom/NN77398

MIL OSI Russia News –

February 6, 2025
MIL-OSI Russia: Financial news: 05.02.2025, 13-45 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JWV89 (Akron B1P1) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

05.02.2025

13:45

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 05.02.2025, 13-45 (Moscow time), the values of the upper limit of the price corridor (up to 80.54) and the range of market risk assessment (up to 850.67 rubles, equivalent to a rate of 11.25%) of the security RU000A0JWV89 (Akron B1P1) were changed.

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

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

HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

February 6, 2025
MIL-OSI Asia-Pac: Fraudulent websites, internet banking login screens and mobile applications (Apps) related to China Construction Bank (Asia) Corporation Limited

Source: Hong Kong Government special administrative region

Fraudulent websites, internet banking login screens and mobile applications (Apps) related to China Construction Bank (Asia) Corporation Limited
Fraudulent websites, internet banking login screens and mobile applications (Apps) related to China Construction Bank (Asia) Corporation Limited
******************************************************************************************

The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by China Construction Bank (Asia) Corporation Limited relating to fraudulent websites, internet banking login screens and Apps, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website. The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks). Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites, login screens or Apps concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

Ends/Wednesday, February 5, 2025Issued at HKT 16:35

NNNN

MIL OSI Asia Pacific News –

February 6, 2025
MIL-OSI Europe: Briefing – Understanding EU counter-terrorism policy – 05-02-2025

Source: European Parliament

Faced with a persistent terrorist threat, the European Union (EU) is playing an increasingly ambitious role in counter-terrorism. While primary responsibility for combating crime and ensuring security lies with the Member States, the EU provides cooperation, coordination and (to some extent) harmonisation, as well as financial support, to address this borderless phenomenon. Moreover, awareness of the connection between development and stability, as well as between internal and external security, has come to shape EU action beyond Union borders. EU spending on counter-terrorism has increased over the years, to allow for better cooperation between national law enforcement authorities and enhanced support by the EU bodies in charge of security and justice, such as Europol, eu-LISA and Eurojust. The many new rules and instruments that have been adopted in recent years focus, among other things, on harmonising definitions of terrorist offences and sanctions, sharing information and data, protecting borders, countering terrorist financing and regulating firearms. However, implementing and evaluating the various measures is a challenging task. The European Parliament has played an active role not only in shaping legislation, but also in evaluating existing tools and gaps through the work accomplished by its Special Committee on Terrorism (TERR) in 2018. In line with the Parliament’s recommendations, as well as the priorities set by the European Commission and its counter-terrorism agenda presented in December 2020, EU counter-terrorism action has focused on doing more to anticipate threats, counter radicalisation, and reduce vulnerabilities by making critical infrastructures more resilient and improving the protection of public spaces. The EU will also continue to address the online dimension of various forms of extremism, in line with the regulations on dissemination of terrorist content online and on the provision of digital services in the EU. This briefing updates an earlier one, entitled Understanding EU counter-terrorism policy, published in 2023.

MIL OSI Europe News –

February 6, 2025
MIL-OSI Russia: Knowledge is a priority: GUU has become one of the most widely read universities in Russia

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

The State University of Management took second place among the most widely read economic higher education institutions in our country according to the Znanium Electronic Library System. The platform annually compiles a rating of the most widely read universities and secondary vocational education institutions, highlighting the top 30 leaders across the country and in individual areas of training.

The award ceremony took place at the International Scientific and Methodological Conference “Foresight of Education: Portrait of the Student of the Future”. The employees of the Scientific Library of the State University of Management took part in the ceremony: Director Olga Kharlamova, her deputy Ekaterina Bondarovich and leading specialist Evgeniya Drits.

Olga Anatolyevna noted that in modern conditions, the attention of library staff in educational organizations should be directed not only at students, but also at teachers, who play a key role in attracting students to use information and library resources, therefore the Scientific Library of the State University of Management regularly conducts advanced training programs for University teachers, informing them of new opportunities.

The conference also included a subject discussion entitled “Library Foresight: Portrait of the Reader of the Future”. Leaders and specialists of libraries and publishing houses discussed important topics: who is the reader of the future, is a library needed in the new realities, what competencies are necessary for a modern librarian, the role of a smart library and its place in the educational ecosystem of the university.

Representatives of electronic educational platforms and information resources such as Znanium, Book.ru, Aibuks.ru, University Library Online, IVIS company and Neopoisk LLC shared their views on what kind of reader they will be and what new services they will need.

Let us recall that, among other things, the Scientific Library is the organizer of the Inter-University Festival of Student Book Clubs “Living Hat”, creating a space for uniting reading youth and supporting the work of talented young authors, thereby educating the reader of the future, who understands the importance of cultural traditions.

Subscribe to the TG channel “Our GUU” Date of publication: 02/05/2025

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

MIL OSI Russia News –

February 6, 2025
MIL-OSI Global: Trump wants the US to ‘take over’ Gaza and relocate the people. Is this legal?

Source: The Conversation – Global Perspectives – By Tamer Morris, Senior lecturer, international law, University of Sydney

In an astonishing news conference in Washington, US President Donald Trump proposed the United States “take over” the Gaza Strip and permanently relocate the nearly two million Palestinians living there to neighbouring countries.

Trump has previously called on Egypt and Jordan to resettle Palestinians from Gaza, which both countries firmly rejected.

His new comments – and the possibility of a US takeover of a sovereign territory – were immediately met with criticism and questions about the legality of such a move.

When asked what authority would allow the US to do this, Trump did not have an answer. He only noted it would be a “long-term ownership position”. He also did not rule out using US troops.

So, what does international law say about this idea?

Can the US take over a sovereign territory?

The quick answer is no – Trump can’t just take over someone else’s territory.

Since the end of the second world war in 1945, the use of force has been prohibited in international law. This is one of the foundations of international law since the creation of the United Nations.

The US could only take control of Gaza with the consent of the sovereign authority of the territory. Israel can’t cede Gaza to the US. The International Court of Justice has ruled that Gaza is an occupied territory – and that this occupation is illegal under international law.

So, for this to happen legally, Trump would require the consent of Palestine and the Palestinian people to take control of Gaza.

And what about removing a population?

One of the biggest obligations of an occupying power comes under Article 49 of the Geneva Conventions. This prohibits an occupying power from forcibly transferring or removing people from a territory.

All other states also have an obligation not to assist an occupying power in violating international humanitarian law. So that means if the US wanted to move the population of Gaza by force, Israel could not assist in this action. And likewise, the US cannot assist Israel in violating the rules.

Occupying powers are allowed to remove a population for the reason of safety.

Trump and his Middle East envoy who visited Gaza last week have repeatedly referenced how dangerous it is. Trump questioned how people could “want to stay” there, saying they have “no alternative” but to leave.

However, removing people for this reason has to only be temporary. Once it’s fine for someone to return, they must be returned.

What if people voluntarily leave?

Transferring a population has to be consensual. But in this specific case, it would mean the consent of all Palestinians in Gaza. The US could not force anyone to move who does not want to.

Further to this, a government, such as the Palestinian Authority, cannot give this consent on behalf of a people. People have a right to self-determination – the right to determine their own future.

A perfect example is migration – if a person migrates from one state to another, that is their right. It’s not displacement. But forcefully displacing them is not permitted.

And using what sounds like a threat would arguably not be consensual, either. This could be saying, for instance, “If you stay, you’ll die because there’s only going to be more war. But if you leave, there’s peace.” This is the threat of force.

Would forcing people to leave be ethnic cleansing?

Ethnic cleansing has not been defined in any treaty or convention.

However, most international law experts rely on the definition in the Commission of Experts report on the former state of Yugoslavia to the UN Security Council in 1994. It defined ethnic cleansing as:

rendering an area ethnically homogeneous by using force or intimidation to remove persons of given groups from the area.

So, under that definition, what is being suggested by Trump could be classified as ethnic cleansing – removing the Palestinian people from a certain geographical area through force or intimidation.

What can be done if Trump follows through?

If Trump follows through with this plan, it would be a violation of what is known as jus cogens, or the paramount, foundational rules that underpin international law.

And international law dictates that no country is allowed to cooperate with another in violating these rules and all countries must try to stop or prevent any potential violations. This could include placing sanctions on a country or not providing support to that country, for example, by selling it weapons.

A perfect example of this is when Russia illegally annexed Crimea in 2014, very few countries recognised the move. Russia’s full-scale invasion of Ukraine in 2022 was then followed by sanctions and the freezing of Russian assets, among other actions.

If Trump pursued this course of action, he too could be personally liable under international criminal law if he’s the one instigating the forcible transfer of a population.

The International Criminal Court has already issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, the former Israeli defence minister and a Hamas commander in relation to the conflict.

The risk of this kind of language

One of the dangers of this kind of rhetoric is the potential to dehumanise the enemy, or the other side.

Trump does this through statements such as, “You look over the decades, it’s all death in Gaza”, and resettling people in “nice homes where they can be happy” instead of being “knifed to death”. This language implies the situation in Gaza is due to the “uncivilised” nature of the population.

The risk at the moment, even if Trump doesn’t do what he says, is that the mere vocalisation of his proposal is dehumanising to the Palestinian people. And this, in turn, could lead to more violations of the rules of war and international humanitarian law.

The nonchalant way Trump is discussing things such as taking over a territory and moving a population gives the impression these rules can easily be broken, even if he doesn’t break them himself.

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

– ref. Trump wants the US to ‘take over’ Gaza and relocate the people. Is this legal? – https://theconversation.com/trump-wants-the-us-to-take-over-gaza-and-relocate-the-people-is-this-legal-249143

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI United Kingdom: Youth Justice Board publishes knife crime insights pack
Source: United Kingdom – Executive Government & Departments

The Youth Justice Board (YJB) is sharing its Knife Crime Insights Pack to add context to the YJB’s Annual Statistics which include data on knife crime and offensive weapons.
Evidence and insights

The YJB Annual Statistics highlight:

In the year ending March 2024, there were just over 3,200 knife or offensive weapon offences committed by children resulting in a caution or sentence, which is 6% fewer than the previous year but 20% greater than 10 years ago. This is the sixth consecutive year-on-year decrease.

In the latest year, the vast majority (99.7%) of knife or offensive weapon offences committed by children were possession offences and the remaining 0.1% were threatening with a knife or offensive weapon offences.

Out-of-court disposals are a method of resolving an investigation outside of court. In the year ending March 2024, 61% of disposals given to children for a knife or offensive weapon offence were a community sentence. This proportion is broadly stable over the last 10 years.

The proportion of children sentenced to immediate custody was 7% in the last year, which is the same level it has been for the last three years.

Included within the Knife Crime Insights Pack (PDF, 417 KB, 16 pages) are a number of evidence-based insights into what works and what doesn’t. There are also a number of recommendations informed by these insights, which are:

The YJB supports attempts to reduce knife supply.

The YJB supports individualised decisions on outcomes.

The YJB supports local strategies to address the conditions that sustain violence.

The YJB supports local partnerships working together to ensure that adults meet the needs of children.

Chief Executive, Stephanie Roberts-Bibby, said:

Any incidence of violence involving knives and weapons is one too many. This type of violence, specifically involving children, should not happen and when it does, it is an emotionally charged time for all involved, not least for the victims, their families and the communities who are so greatly impacted. My heart goes out to those affected.

Our Annual Statistics which we published last week show a worrying number of children still involved in offences involving weapons. While the overall picture is improving, it is important to consider the broader context, which is so often missed when we speak of individual tragedies.

To address knife crime adequately, it is vital that we understand the context in which children live their lives – so publicly and with an increasing use of social media and technology. This is exacerbated by the pandemic which will have affected maturation and development. It is essential that children have access to early intervention and the right support at the critical stages of their lives. Evidence shows this work is crucial in preventing further harm, reducing the number of victims and creating safer communities through steering children away from carrying weapons.

We cannot underestimate the importance of attendance in inclusive education as a protective factor in preventing children offending. Equally important is support from health services when appropriate. We will continue to do all we can to provide evidence-based advice to ministers and all partners responsible for preventing children offending, including local authorities, children’s social care, education, health, probation and police.

The pack is a comprehensive report which informs the basis of cross-sector discussions hosted by the YJB. The pack provides context to the landscape of knife crime by summarising facts, and insights gathered from experts who work with children in the youth justice system. It also provides recommendations based on the evidence. These insights draw attention to the significant role that early intervention, targeted prevention and diversion programs play in reducing knife crime by children.

Chair of the Youth Justice Board, Keith Fraser, commented:

Understanding the landscape of knife crime is essential to reducing the number of victims affected by it, which is why this insights pack was developed. It is also why senior experts and decision makers are routinely invited to discuss the insights and refine the recommendations.

We hear a lot in the press that “knife crime is an epidemic”. In actual fact, the statistics show that knife crime has been decreasing since 2019 and we want to continue this trend by highlighting what works based on the evidence.

There is very weak evidence to support that ‘scared straight’ initiatives, weapons amnesties, increased stop and search or mandatory sentencing have any sustained impact on knife crime in communities. Initiatives that do work are social skills training, mentoring and tailored support with education, housing and employment.

For more information access the full Knife Crime Insights Pack on the Youth Justice Resource Hub

ENDS

Youth Justice Board media enquiries

Youth Justice Board for England and Wales
Clive House
70 Petty France
London
SW1H 9EX

Email comms@yjb.gov.uk

For out-of-hours press queries 020 3334 3536

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Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI United Kingdom: expert reaction to observational study of cholesterol and glaucoma

Source: United Kingdom – Executive Government & Departments

February 4, 2025

An observational study published in British Journal of Ophthalmology looks at the association between cholesterol levels and glaucoma.

Rachel Richardson, Manager at the Methods Support Unit at Cochrane, said:

“Although this is an well-conducted study, the usual caveats for observational research apply. The authors have controlled for several factors that may also influence lipid levels and the development of glaucoma, including age and sex. However, there are other factors, such as diet, that have not been accounted for.

“It’s also important to consider the sample on which the study is based. The authors have used data from the UK Biobank Study, which is not fully representative of the UK population. The press release acknowledges that participants are predominantly of European ancestry, but there is also a ‘healthy volunteer’ bias. Participants in the UK Biobank Study tend to be healthier than average, so findings may not be applicable to the whole UK population. The authors were only able to use data from hospital inpatient records to ascertain who developed glaucoma, and this potentially misses people who developed glaucoma, but were not admitted to hospital. For example, records from opticians and GP practices were not used.

“Finally, it’s important to not only consider the effect estimate, but also the margins of error (confidence intervals). The authors state that people who had the highest level of HDL cholesterol were 10% more likely to develop glaucoma than those with the lowest level. However the lower confidence level for this estimate is 2%, and this could mean that there is a much smaller difference. Likewise, the authors state that people with the highest levels of LDL cholesterol were 8% less likely to develop glaucoma, but the upper confidence level for this estimate is 1%, which could again mean that there is a much smaller difference.

“The impact of all these limitations means that further research is needed to investigate these associations and look at the effects in more representative populations. This should be carried out before any changes are made to advice on lipid management.”

‘Associations between serum lipids and glaucoma: a cohort study of 400 229 UK Biobank participants’ by Yiyuan Ma et al. was published in British Journal of Ophthalmology at 23:30 UK time on 4^th February.

DOI: 10.1136/bjo-2024-326062

Declared interests

Rachel Richardson: I have no conflicts of interest to declare

MIL OSI United Kingdom –

February 5, 2025
MIL-Evening Report: Trump wants the US to ‘take over’ Gaza and relocate the people. Is this legal?

Source: The Conversation (Au and NZ) – By Tamer Morris, Senior lecturer, international law, University of Sydney

In an astonishing news conference in Washington, US President Donald Trump proposed the United States “take over” the Gaza Strip and permanently relocate the nearly two million Palestinians living there to neighbouring countries.

Trump has previously called on Egypt and Jordan to resettle Palestinians from Gaza, which both countries firmly rejected.

His new comments – and the possibility of a US takeover of a sovereign territory – were immediately met with criticism and questions about the legality of such a move.

When asked what authority would allow the US to do this, Trump did not have an answer. He only noted it would be a “long-term ownership position”. He also did not rule out using US troops.

So, what does international law say about this idea?

Can the US take over a sovereign territory?

The quick answer is no – Trump can’t just take over someone else’s territory.

Since the end of the second world war in 1945, the use of force has been prohibited in international law. This is one of the foundations of international law since the creation of the United Nations.

The US could only take control of Gaza with the consent of the sovereign authority of the territory. Israel can’t cede Gaza to the US. The International Court of Justice has ruled that Gaza is an occupied territory – and that this occupation is illegal under international law.

So, for this to happen legally, Trump would require the consent of Palestine and the Palestinian people to take control of Gaza.

And what about removing a population?

One of the biggest obligations of an occupying power comes under Article 49 of the Geneva Conventions. This prohibits an occupying power from forcibly transferring or removing people from a territory.

All other states also have an obligation not to assist an occupying power in violating international humanitarian law. So that means if the US wanted to move the population of Gaza by force, Israel could not assist in this action. And likewise, the US cannot assist Israel in violating the rules.

Occupying powers are allowed to remove a population for the reason of safety.

Trump and his Middle East envoy who visited Gaza last week have repeatedly referenced how dangerous it is. Trump questioned how people could “want to stay” there, saying they have “no alternative” but to leave.

However, removing people for this reason has to only be temporary. Once it’s fine for someone to return, they must be returned.

What if people voluntarily leave?

Transferring a population has to be consensual. But in this specific case, it would mean the consent of all Palestinians in Gaza. The US could not force anyone to move who does not want to.

Further to this, a government, such as the Palestinian Authority, cannot give this consent on behalf of a people. People have a right to self-determination – the right to determine their own future.

A perfect example is migration – if a person migrates from one state to another, that is their right. It’s not displacement. But forcefully displacing them is not permitted.

And using what sounds like a threat would arguably not be consensual, either. This could be saying, for instance, “If you stay, you’ll die because there’s only going to be more war. But if you leave, there’s peace.” This is the threat of force.

Would forcing people to leave be ethnic cleansing?

Ethnic cleansing has not been defined in any treaty or convention.

However, most international law experts rely on the definition in the Commission of Experts report on the former state of Yugoslavia to the UN Security Council in 1994. It defined ethnic cleansing as:

rendering an area ethnically homogeneous by using force or intimidation to remove persons of given groups from the area.

So, under that definition, what is being suggested by Trump could be classified as ethnic cleansing – removing the Palestinian people from a certain geographical area through force or intimidation.

What can be done if Trump follows through?

If Trump follows through with this plan, it would be a violation of what is known as jus cogens, or the paramount, foundational rules that underpin international law.

And international law dictates that no country is allowed to cooperate with another in violating these rules and all countries must try to stop or prevent any potential violations. This could include placing sanctions on a country or not providing support to that country, for example, by selling it weapons.

A perfect example of this is when Russia illegally annexed Crimea in 2014, very few countries recognised the move. Russia’s full-scale invasion of Ukraine in 2022 was then followed by sanctions and the freezing of Russian assets, among other actions.

If Trump pursued this course of action, he too could be personally liable under international criminal law if he’s the one instigating the forcible transfer of a population.

The International Criminal Court has already issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, the former Israeli defence minister and a Hamas commander in relation to the conflict.

The risk of this kind of language

One of the dangers of this kind of rhetoric is the potential to dehumanise the enemy, or the other side.

Trump does this through statements such as, “You look over the decades, it’s all death in Gaza”, and resettling people in “nice homes where they can be happy” instead of being “knifed to death”. This language implies the situation in Gaza is due to the “uncivilised” nature of the population.

The risk at the moment, even if Trump doesn’t do what he says, is that the mere vocalisation of his proposal is dehumanising to the Palestinian people. And this, in turn, could lead to more violations of the rules of war and international humanitarian law.

The nonchalant way Trump is discussing things such as taking over a territory and moving a population gives the impression these rules can easily be broken, even if he doesn’t break them himself.

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

– ref. Trump wants the US to ‘take over’ Gaza and relocate the people. Is this legal? – https://theconversation.com/trump-wants-the-us-to-take-over-gaza-and-relocate-the-people-is-this-legal-249143

MIL OSI Analysis – EveningReport.nz –

February 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

Crédit Agricole Group

Group activity

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

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

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

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

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

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

Roll-out of strategic plan

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

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

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

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

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

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

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

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

Continued support for the energy transition

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

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

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

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

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

Group results

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group – Stated and underlying results 2024 and 2023

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

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

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

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

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

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

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

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

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

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

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

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

Regional banks

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

Crédit Agricole S.A.

Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

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

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

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

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

Results of the Asset Gathering division

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

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

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

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

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

Insurance results

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

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

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

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

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

Asset Management results

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

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

Wealth Management results⁵⁹

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

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

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

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

Activity of the Large Customers division

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

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

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

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

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

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

Results of the Large Customers division

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

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

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

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

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

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

Corporate and Investment Banking results

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

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

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

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

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

Asset servicing results

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

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

Specialised financial services activity

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

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

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

Specialised financial services’ results

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

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

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

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

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

Personal Finance and Mobility results

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

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

Leasing & Factoring results

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

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

Crédit Agricole S.A. Retail Banking activity

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

Retail banking activity in France

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

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

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

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

Retail banking activity in Italy

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

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

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

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

Crédit Agricole Group activity in Italy⁷⁶

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

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

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

International Retail Banking activity excluding Italy

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

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

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

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

French retail banking results

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

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

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

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

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

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

International Retail Banking results⁸⁵

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

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

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

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

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

Results in Italy

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

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

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

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

Results for Crédit Agricole Group in Italy⁸⁷

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

International Retail Banking results – excluding Italy

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

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

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

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

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

Corporate Centre results

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

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

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

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

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

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

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

Financial strength

Crédit Agricole Group

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

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

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

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

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

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

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

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

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

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

TLAC

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

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

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

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

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

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

MREL

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

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

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

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

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

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

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

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

Crédit Agricole S.A.

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

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

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

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

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

Preliminary presentation information:

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

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

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

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

Comments on the liquidity position:

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

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

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

This increase in liquidity reserves is notably explained by:

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

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

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

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

This included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Economic and financial environment

2024 retrospective

Continuing trend of disinflation and monetary easing

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

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

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

Financial markets

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

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

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

2025 Outlook

A highly conditional scenario

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group – Specific items

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

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

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

* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific items

Q4-24

Q4-23

2024

2023

€m

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

DVA (LC)

(26)

(19)

(15)

(11)

Loan portfolio hedges (LC)

(24)

(18)

Home Purchase Savings Plans (LCL)

–

Home Purchase Savings Plans (CC)

–

(2)

(1)

236

175

Mobility activities reorganisation (SFS)

–

300

214

Check Image Exchange penalty (CC)

–

Check Image Exchange penalty (LCL)

–

Total impact on revenues

₍₂₄₎

₍₁₇₎

₁₉

₁₄

₃₀

₂₁

₆₁₇

₄₆₄

_{Degroof Petercam integration costs (AG)}

₍₁₃₎

₍₉₎

_–

₍₂₆₎

₍₁₉₎

_–

_{ISB integration costs (LC)}

₍₂₇₎

₍₁₅₎

_–

₍₉₇₎

₍₅₂₎

_–

_{Mobility activities reorganisation (SFS)}

_–

₄

₃

_–

₍₁₄₎

₍₁₀₎

Total impact on expenses

₍₃₉₎

₍₂₅₎

₄

₃

₍₁₂₃₎

₍₇₁₎

₍₁₄₎

₍₁₀₎

Provision for risk Ukraine (IRB)

–

(20)

–

Mobility activities reorganisation (SFS)

–

(85)

(61)

Total impact on cost of credit risk

–

(20)

(85)

(61)

Mobility activities reorganisation (SFS)

–

(39)

Total impact equity-accounted entities

–

(39)

ISB integration costs (LC)

(2)

–

(2)

–

Degroof Petercam acquisition costs (AG)

–

(22)

(16)

–

Mobility activities reorganisation (SFS)

–

Total impact Net income on other assets

(1)

–

(24)

(16)

Mobility activities reorganisation (SFS)

–

Total impact on change of value of goodwill

–

Mobility activities reorganisation (SFS)

–

Total impact on tax

–

Total impact of specific items

(64)

(41)

(138)

(86)

580

425

Asset gathering

(12)

(9)

–

(49)

(35)

–

French Retail banking

–

International Retail banking

–

(20)

–

Specialised financial services

–

263

176

Large customers

(52)

(32)

(70)

(32)

(39)

(28)

Corporate centre

–

(2)

(1)

277

216

* Impact before tax and before minority interests

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix 4 – Data per share

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

(€m)

Q4-2024
Q4-2023

2024
2023

Net income Group share – stated

1,689
1,334

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

(112)
(87)

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

–
–

(266)
–
NIGS attributable to ordinary shares – stated

[A]
1,577
1,247

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

[B]
3,025
3,032

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

[A]/[B]
0.52 €
0.41 €

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

1,730
1,303

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

[C]
1,618
1,216

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

[C]/[B]
0.54 €
0.40 €

2.14 €
1.80 €

(€m)

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

74,710
71,086
– AT1 issuances

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

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

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

[D]

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

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

[E]

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

[F]

3,025
3,029

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

Dividend to pay (€)

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

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

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

20,4 €

1,05 €

14,7 €

15,7 €

€20.4

€1.05

€14.7

€15.7

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

(€m)

2024
2023
Net income Group share – stated

[K]

7,087
6,348
Impairment of intangible assets

[L]

0
0
Stated NIGS annualised

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

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

[O]

-729
-458
Stated result adjusted

[P] = [N]+[O]

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

[J]

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

= [P] / [J]

13.8%
13.6%
Underlying Net income Group share

[Q]

7,172
5,923
Underlying NIGS annualised

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

7,172
5,923
Underlying NIGS adjusted

[S] = [R]+[O]

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

= [S] / [J]

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

0.0%

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

Alternative Performance Indicators⁹⁹

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

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

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

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

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

Applicable standards and comparability

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

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

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

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

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

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

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

Financial Agenda

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

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

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


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

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

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

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

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

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

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

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

Attachment

EN_CASA_PR_2024-Q4

The MIL Network –

February 5, 2025

MIL-OSI Australia: Charges – Firearms Incident – Coconut Grove

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force have charged two men, 19 and 22-years-old, following a firearms incident in Coconut Grove yesterday.

Each have been charged with Aggravated Robbery, Theft and Recklessly Endangering Life – Aggravated.

They have been remanded to appear in Katherine Local Court on Thursday 6 February 2025.

A 22-year-old female was released pending further investigation.

Police continue to call for information in relation to the whereabouts of the alleged firearm that was used and anyone with information can call police on 131 444 and quote reference P25034096.

MIL OSI News –

February 5, 2025
MIL-OSI Australia: Firearms seized during targeted search at Perth

Source: Tasmania Police

Firearms seized during targeted search at Perth

Wednesday, 5 February 2025 – 1:56 pm.

Two people have been charged after police seized three illegal firearms, a quantity of methylamphetamine, and stolen property during a targeted search at Perth yesterday.
Members of Northern Drugs and Firearms Unit and Taskforce Raven executed a search warrant at the residence on Tuesday 4 February.
Police located and seized a .22 firearm – commonly referred to as a pen gun – which had been concealed.
An Adler Turkey 12-gauge lever action shotgun, and a Winchester .22 rifle were also located and seized, along with 30 grams of methylamphetamine, a large quantity of ammunition, and about $10,000 worth of stolen property.
A 34 year old Perth man was arrested and charged with multiple firearms offences, minor drug offences and unlawful possession of property.
A 31 year old Perth man was also arrested and charged with multiple firearms offences.
They will both appear in the Launceston Magistrates Court in April.
Detective Acting Inspector Jason Jones said any illicit firearm was a concern to Tasmania Police.
“Firearms in the wrong hands are dangerous, and police will continue to prioritise locating and seizing firearms that have been stolen or unlawfully obtained,” he said.
“We know that there are people out there in the community who know people in possession of illegal firearms. Please come forward and provide information so we can take these illegal firearms off the streets.”
If you have information about illegal firearms, contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au

MIL OSI News –

February 5, 2025
MIL-OSI New Zealand: Police appealing for information on stolen service medals, Waihi

Source: New Zealand Police (National News)

Police are appealing for information to reunite a number of service medals with their rightful owners after being stolen during a burglary in Waihi.

The selection of medals were among a range of property taken from an address on Trig Road North between 6pm on Sunday 1 February and 2pm on Monday 3 February.

The seven service medals are of extreme sentimental and historical value, and are of great importance to the victims and their family.

Other items stolen during the burglary include two Stihl chainsaws, a hedge cutter, a cordless drill, an angle grinder and battery, wedding rings, and other personal jewellery.

Police would like to hear from anyone who may have seen any suspicious activity in the Trig Road North area between Saturday evening and Monday afternoon.

Police are also appealing for any CCTV or dashcam footage in the area that may assist in our investigation locating the service medals and holding the alleged offenders to account.

If you have any information that may assist Police in our investigation, please contact Police online at 105.police.govt.nz, clicking “Update Report” or by calling 105.

You can also provide information in person at the Waihi Police Station or anonymously through Crime Stoppers via 0800 555 111.

Please use the reference number 250203/0911.

ENDS

MIL OSI New Zealand News –

February 5, 2025

Category: Crime

Can the US take over a sovereign territory?

And what about removing a population?

What if people voluntarily leave?

Would forcing people to leave be ethnic cleansing?

What can be done if Trump follows through?

The risk of this kind of language

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Updates to this page

February 4, 2025

Can the US take over a sovereign territory?

And what about removing a population?

What if people voluntarily leave?

Would forcing people to leave be ethnic cleansing?

What can be done if Trump follows through?

The risk of this kind of language