Category: Europe

MIL-OSI Russia: Production complex to be built in Lublin with city support

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

As part of the implementation of a large-scale investment project (MaIP), construction of an industrial complex has begun in the Lyublino district of the South-Eastern Administrative District. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“The industrial park will appear in the largest industrial cluster of the city, which is distinguished by its developed infrastructure and convenient transport logistics. In the production complex with a total area of more than 13 thousand square meters, enterprises of the electronic, pulp and paper, construction and light industries will be able to operate. Private investments in the implementation of this large-scale investment project will exceed one billion rubles,” Vladimir Efimov noted.

Large-scale investment projects are one of the key measures to support industry in the capital.

“Moscow is a city that rationally places manufacturing enterprises. On behalf of Sergei Sobyanin, we are providing investors with land on special terms for the construction of modern industrial infrastructure in exchange for localizing production and creating new jobs. For example, 260 people will be able to work in the manufacturing complex in the Lyublino district,” said the Deputy Mayor of Moscow for Transport and Industry

Maxim Liksutov.

The facility will be located at the address: Stavropolskaya Street, Buildings 37–41. The largest wholesale and retail trading platforms working with customers from all over Russia are located in the immediate vicinity.

According to the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman, for the implementation of this large-scale investment project, the city provided the development company with 0.9 hectares of land at a preferential rate of one ruble per year. The complex includes 23 production boxes, the size of which can be adjusted – combined both horizontally and vertically. The territory will also accommodate a parking lot for 44 cars.

The status of MAIP can be obtained by investors who plan to build important facilities for the city. These can be technology parks, sports, educational and multifunctional complexes. For the construction of production facilities, by decision of the Mayor of Moscow, special conditions have been in effect since March 2022 – preferential land lease at a rate of one ruble per year. This is one of the key measures to support the capital’s business.

On the instructions of Sergei Sobyanin, the city is paying special attention to the quality of industrial infrastructure facilities.

Chairman of the Committee for State Construction Supervision (Mosgosstroynadzor) of the city of Moscow Anton Slobodchikov emphasized that the construction of the production complex, consisting of two- and four-story blocks, will be supervised by the department at all stages. The developer has already sent a notice to Mosgosstroynadzor about the start of work on the site, and inspectors have drawn up a program of on-site inspections. As part of the supervisory activities, the structures and materials used will be assessed for compliance with the approved design solutions.

Previously Mayor of Moscow told, that since 2022 the city has provided entrepreneurs with about 700 hectares of land without bidding for the implementation of large-scale investment projects.

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: //vv.mos.ru/nevs/ite/149704073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Free buses made over three thousand trips to the Moskino cinema park

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Free shuttle buses to the Moskino cinema park have already made more than three thousand trips, the Deputy Mayor of Moscow for Transport and Industry reported Maxim Liksutov.

“In early autumn 2024, Vladimir Putin and Sergei Sobyanin opened

first of all “Moskino” cinema park in the Krasnopakhorsky district of the capital. For the convenience of visitors, in December we launched free shuttle routes to the cinema park. During this time, 12 modern buses have already made more than three thousand trips. Transport runs on the days the cinema park is open and departs from the final points every 25 minutes,” said Maxim Liksutov.

Two free routes start from the nearest metro stations: MK1 from Teply Stan and MK2 from Salaryevo. They are served by 12 modern large-class buses. The schedule was compiled taking into account the operating hours of the cinema park.

“In six months, the Moskino Cinema Park has become not only an interesting filming location, but also a popular cultural and recreational spot for Muscovites and guests of the capital. The launch of shuttles jointly with the Department of Transport and Development of Road Transport Infrastructure has largely helped us solve the problem of transport accessibility of the cinema park. Now visiting the new site has become not only interesting, but also comfortable,” said the Minister of the Moscow Government, head of the capital’s Department of Culture

Alexey Fursin.

There are also buses to the cinema park. express routes, effective from summer 2024. You can check the schedule atunified transport portal, and quickly learn about current changes – intelegram channel.

In accordance with the objectives of the national project “Infrastructure for life” In Moscow, much attention is paid to the modernization of social and municipal infrastructure, including increasing the number of convenient public transport routes and updating rolling stock. In addition, within the framework of the national project, Moscow has begun developing the Central Transport Hub. It will become a single circuit with predictable suburban rail transport for more than 30 million residents of 11 regions of Russia.

The Moskino Cinema Park is part of Sergei Sobyanin’s Moscow — City of Cinema project and an object of the Moscow film cluster. The first stage of development has already been completed: 18 natural sites, four pavilions and six infrastructure facilities have been built, including the sets of Moscow Center, Moscow of the 1940s, Vitebsk Station, Yurovo Airport, Moscow Cathedral Square, Deaf Village, Partisan Village, County Town, Cowboy Town, St. Petersburg Bar and other sites.

The Moscow Film Cluster is an infrastructure facility, services and facilities for filmmakers, which are being developed by the Moscow Government within the framework of the Moscow — City of Cinema project. Its structure includes the Moskino film park, the Gorky Film Studio (sites on Sergei Eisenstein Street and Valdaisky Proyezd), the Moskino film factory, the Moskino cinema chain, the film commission and the Moskino film platform.

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: //vv.mos.ru/nevs/ite/149721073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: DIT of Moscow: you can now pay for travel on the M-12 highway and the Central Ring Road on the mos.ru portal

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

In the capital, car owners can now pay for travel on toll sections of the M-12 “Vostok” highway (Moscow – Kazan) and the Central Ring Road (TsKAD) in the “My Payments” service on the mos.ru portal. In the capital Department of Information Technology told how to use it and save time when searching and paying travel bills.

“We continue to expand the functionality of the My Payments service so that city residents can solve even more everyday tasks online on mos.ru. In 2023, portal users were able to pay for travel on Bagration Avenue and the Moscow High-Speed Diameter (MSD), as well as top up their transponder account in their familiar interface. Now you can also pay for travel on the M-12 Vostok and Central Ring Road highways on mos.ru. This is especially convenient for those who often use the My Payments service to pay for other city services,” said Vladimir Novikov, Director of the Department for Support of Citywide Payment Systems of the Moscow Department of Information Technology.

How to find and pay a toll road bill on mos.ru

In order to pay for travel on the M-12 Vostok highway, the Central Ring Road and Bagration Avenue, you don’t have to look for the bill: on the day of the trip, it will automatically appear in the My Payments service if the user has indicated the vehicle registration number in their personal account on the mos.ru portal. In addition, you can find the bill using the Vehicle Registration Certificate widget. In the window that opens, you must indicate the state registration number of the vehicle, as well as the series and number of the vehicle registration certificate (STS). After that, the user will see all unpaid bills. Information about the vehicle can be saved in the profile so that you don’t have to enter it again in the future. In addition, it is suggested set up a subscription to receive notifications about new accounts. To do this, in your personal account on mos.ru, select the “Profile” section and go to the “Subscription settings” tab. In the required categories, check the convenient form for receiving notifications – by email or via push notifications.

You can also pay your bills for travel on the Moscow High-Speed Diameter in the My Payments service. More information about travel on the Moscow High-Speed Diameter — on the websiteYou can also pay for travel through mobile applications “Parkings of Russia”, “Main Road” and on the website “Avtodor – toll roads”.

How to top up your transponder account for automatic fare payment

On mos.ru in the service “My payments” you can top up your personal account of the transponder. This is a small electronic device that is placed on the windshield of the car and allows you to write off funds for travel on toll sections of roads automatically.

The transponder account number is automatically displayed in the My Payments service if the user has specified the same phone number in their profile on the mos.ru portal and in the contract with the toll road operator. If the numbers do not match, you can add the transponder yourself. To do this, in the Documents and Data section, go to the Transport tab, click Add Transponder and fill out the form. The service will automatically generate a payment template, which will be displayed along with the personal account balance in the corresponding section.

Thanks to this, you will not need to enter the transponder data and other information manually each time, just click the “Top up” button. If several transponders from different operators are used, the service will create a template for each of them, where the balance and recommended amount for topping up will be displayed.

Drivers can now top up the transponders of two toll road operators on mos.ru — JSC New Quality Roads and LLC United Toll Collection Systems. They allow paying for travel on any Russian toll roads and road sections. You can find out more about all the options for paying bills for travel on toll roads in the My Payments service in the instructions.

In addition, in the My Payments service on mos.ru, the Moscow State Services and My Moscow applications, car owners can pay fines and bills for the towing of vehicles. They are automatically displayed in the Bills for Payment section if the driver’s license and STS data are specified in the personal account. You can also find the required bill using the Vehicle Certificate widget in the My Payments service.

The My Payments service on the mos.ru portal and in the Moscow State Services and My Moscow mobile applications is one of the most popular ways to pay bills for services among residents, legal entities and entrepreneurs of the capital. It allows you to pay for about nine thousand different state and commercial city services. Over the seven years of operation, Muscovites paid with its help over 107 million accounts. More information about all the possibilities of the service “My payments” can be found in the instructions.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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

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

https: //vv.mos.ru/nevs/ite/149638073/

MIL OSI Russia News –

February 5, 2025

MIL-OSI: Crédit Agricole Assurances : Record activity driven by all our business lines – Strong growth of result

Source: GlobeNewswire (MIL-OSI)

Press release Paris, February 5, 2025

Record activity driven by all our business lines
Strong growth of result

2024 KEY FIGURES:

Premium income¹at a record high of 43.6 billion euros, up +17.2%²
Net inflows of +6.6 billion euros, including +2.2 billion euros on the General Account
Net income Group share of 1,959 million euros³, up +11,5%²
Solvency II prudential ratio above 200%

« In 2024, in a context of increased protection needs in the face of uncertainties in our environment, Crédit Agricole Assurances enjoyed very buoyant activity in all our business lines, in France and internationally. This development momentum, which is fully reflected in our published results and in the increase in our satisfaction and recommendation rates, demonstrates that we are fully focused on the delivery of our missions: planning and repairing. Finally, as a witness of the vulnerabilities of the regions and a partner in their transformation, we have continued our societal commitment, like the recent launch of a new debt fund, intended to finance French and European companies deploying projects contributing to a less carbon-intensive economy. I would like to thank all our colleagues and partner banks for their commitment, as well as our clients for their continued trust ».

Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

ACTING IN THE INTERESTS OF OUR CLIENTS AND SOCIETY

Customer satisfaction at the heart of our purpose

Customer satisfaction rates of 97% in savings/retirement⁴ and 91% in property and casualty insurance⁵ testify from Crédit Agricole Assurances’ quality of the customer relationship, the management of contracts, benefits and claims, which are a priority.

In 2024, Crédit Agricole Assurances further redesigned its digital customer journeys. For example, customers can now make voluntary payments on their savings contracts autonomously using Ma Banque mobile app⁶; in property and casualty insurance, home, car and health insurance solutions are now fully available in self-care on the Ma Banque⁶ and LCL Mes Comptes apps.

A strong commitment to environmental responsibility

As a committed player in the circular economy, Crédit Agricole Assurances launched in June 2024, via Pacifica, its property and casualty insurance subsidiary in France, a new home insurance offer, accessible to all, focussing on the repair or refurbished household appliances and IT after a claim. This new offer can be underwritten autonomously via the online customer page, the banking application or directly at Crédit Agricole Group branches.

Crédit Agricole Assurances, as a player mobilised to finance the ecological transition, created in June 2024 via its subsidiary Spirica, the “Fonds Euro Objectif Climat”. As the first General Account fund under Article 9 of the SFDR regulation in the market, this innovation is in line with Crédit Agricole Assurances’ societal and environmental commitment and meets the concerns of its customers.

In addition, by strengthening its targets for reducing the carbon footprint⁷ of investment portfolios⁸ by the end of 2029 (-50% compared to the end of 2019), and by putting in place a new sector policy on the oil and gas sector, Crédit Agricole Assurances, a leading institutional investor in renewable energies, reaffirms its active contribution to the transition to a low-carbon economy. In this context, in September 2024, Crédit Agricole Assurances signed a lease before completion for a 20,000 m² office building in Paris with EssilorLuxottica, a world leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. This service sector property complex, which will be delivered at the end of 2027, will aim for the highest environmental certifications on the market; HQE level Excellent, BREEAM level Excellent, Ready to Osmoz, BBCA (Low Carbon Renovation), BBC (Low-Consumption Building) and WiredScore level Gold.

EXCELLENT PERFORMANCE CONFIRMING OUR POSITION AS A LEADING PLAYER

Over the full year 2024, Crédit Agricole Assurances generated premium income¹ of €43.6 billion, at the highest level in history, up +17.2%² compared to the end of December 2023. The level of activity is high both in France (+13.1%) and internationally (+44.0%²), in all business lines, mainly in savings and retirement thanks to the success of commercial campaigns in France (+15.9%) and the reshaping of international product offering (+54.3%).

In savings and retirement, premium income¹ reached €32.1 billion at end-December 2024, up +21.5% year-on-year, fuelled by the keen interest on payment bonus campaigns on the General Account and digital journeys in France, as well as the recovery of international activity. Combined with the acquisition of a significant group retirement contract, these factors contributed to a high level of gross inflows⁹ on the General Account, at €20.7 billion (+44.6%). Unit-linked gross inflows⁹ totalled €11.4 billion, down -6.2% year-on-year, following less favourable market conditions, notably a lower attractiveness of unit-linked bond products. As a result, the share of unit-linked within gross inflows⁹ fell to 35.5% (-10.4 points year-on-year).

Net inflows⁹ amounted to +€6.6 billion, up +€6.9 billion over one year. By product, net inflows amounted to +€4.4 billion on unit-linked and +€2.2 billion on the General Account, back in positive territory for the last three quarters (+€8.6 billion over one year on the General Account).

Life insurance outstandings¹⁰ reached €347.3 billion at the end of December 2024, up +5.1% over one year, thanks to a positive market effect and net inflows. Unit-linked outstandings amounted to €104.1 billion (+9.1% since January 1, 2024). General Account outstandings have risen by +3.5% since January 1, 2024 to reach a total of €243.2 billion. Unit-linked represented 30.0% of total life insurance outstandings at the end of December 2024 (+1.1 points year-on-year).

In a dynamic competitive environment, Crédit Agricole Assurances pursues its objective of supporting its customers in building up their wealth by offering attractive returns on their savings. Accordingly, Crédit Agricole Assurances, through its subsidiary Predica, offers a stable General Account profit-sharing rate life insurance contracts, which can reach up to 3.85%. This is made possible in particular by the mobilisation of the policyholder participation reserve (PPE), which amounted to €7.5 billion at the end of 2024, representing 3.3%¹¹ of General Account outstandings.

In property and casualty¹², the business continued its momentum, with gross written premiums¹ up +8.2% compared to the end of December 2023, reaching €6.2 billion thanks to gains in market share in value and volume. By including CATU, a Polish non-life insurance subsidiary, the portfolio grew by +5.3% to nearly 16.7 million contracts, representing a net addition of more than 563,000 policies over the year; in addition to the price increases induced by climate change and inflation of repair costs, the average premium is boosted by changes in the product mix.

Equipment rates within the Crédit Agricole Group’s banking networks kept growing year-on-year, at the Regional Banks (43.9%¹³, up +0,8 point), LCL (27.9%¹³, up +0.4 point) and CA Italia (20.0%¹⁴, up +1.2 points).

In personal protection (death and disability/creditor/group insurance¹⁵), gross written premiums¹ were up +4.6% compared to the end of December 2023, at €5.3 billion, mainly thanks to group insurance (+21.8%) and individual death and disability (+6.6%).
One of the successes of 2024 in group insurance is the signing of an agreement with the Industries Electriques et Gazières (IEG) to insure and manage supplementary health coverage for statutory employees, as of July 1, 2025. This new scheme covers a total of 310,000 beneficiaries for €70 million in annual premiums.

EARNINGS GROWTH DRIVEN BY BUSINESS GROWTH

Crédit Agricole Assurances’ net income Group share amounted to €1,959 million, up +11.5%² year-on-year, reflecting in particular a very good performance in property and casualty, a good increase in life insurance outstandings¹⁰ and dynamic activity in the other business lines.

The combined ratio¹⁶ stood at 94.4%, an improvement of -2.7 points year-on-year due to (i) relatively favourable claims in 2024, whereas 2023 was marked by significant climate claims in the last quarter, (ii) partly mitigated by a lesser impact of the discounting effect (+1.6 points). The all years discounted claims ratio net of reinsurance amounted to 70.2%, down -2.2 points year-on-year. It included 1.1% of natural catastrophes¹⁷, down -0,5 point compared to 2023.
The net combined ratio excluding discounting stood at 96.4%, down -4.3 points over the year.

The Contractual Service Margin¹⁸ amounted to €25.2 billion at the end of December 2024, up +5.8% year-on-year. It includes a stock revaluation effect – excluding new business – of +€1.1 billion, notably in relation to technical assumptions review. The contribution from new business of +€2.4 billion, driven by revenue growth, was higher than the release to P&L (-€2.1 billion).
The contractual service margin allocation factor stood at 7.7%¹⁹ for 2024.

SOLVENCY

At the end of December 2024, Crédit Agricole Assurances once again demonstrated its strength, with a Solvency II prudential ratio above 200%.

RATINGS

Rating agency	Date of last review	Main operating subsidiaries	Crédit Agricole Assurances	Outlook	Subordinated debt
S&P Global Ratings	October 3, 2024	A+	A	Stable	BBB+

KEY EVENTS SINCE THE LAST PUBLICATION

About Crédit Agricole Assurances
Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros.
www.ca-assurances.com

Press contacts

Nicolas Leviaux +33 (0)1 57 72 09 50 / +33 (0)6 19 60 48 53

Julien Badé +33 (0)1 57 72 93 40 / +33 (0)7 85 18 68 05

service.presse@ca-assurances.fr

Investor relations contacts

Yael Beer-Gabel +33 (0)1 57 72 66 84

Gaël Hoyer +33 (0)1 57 72 62 22

Sophie Santourian +33 (0)1 57 72 43 42

Cécile Roy +33 (0)1 57 72 61 86

relations.investisseurs@ca-assurances.fr

Appendix – Activity analysis by geographic area

Geographic area	2024 revenues¹ In billion euros	2023 revenues¹ In billion euros	Change over 1 year At constant scope
France	36.6	32.4	+13.1%
Italy	4.8	3.6	+32.2%
Rest of the world	2.2	1.3	+75.6%

1 Non-GAAP revenues
2 Excluding the 1^stconsolidation of CATU (Crédit Agricole Towaraystow Ubezpieczeń, property and casualty insurance subsidiary in Poland) on 30 June 2024 with retroactive effect from 1 January 2024, changes are: +17.1% for total premium income, +43.6% for international premium income and +11.5% for the net income Group share
3 The contribution to the net income Group share of Crédit Agricole S.A. amounted to €1,884 million. The difference with Crédit Agricole Assurances’ net income Group share was mainly due to consolidation restatements, including subordinated (RT1) debt coupons for €45 million.
4 Survey conducted among 3,896 individual customers, holders of life insurance or individual retirement savings plans, of the 39 Regional Banks and LCL from February to November 2024, following a recent event on their contract. Result: 97% of satisfied customers of which 23% extremely satisfied.
5 Survey conducted among 4,506 Pacifica individual customers who had a property and casualty claim between 1 October 2023 and 30 September 2024
6 Banking application of the Crédit Agricole Regional Banks
7 In tonnes of CO₂equivalent per million euros invested
8 Investment portfolios listed in equities and corporate and real estate bonds held directly
9 In local GAAP
10 Savings, retirement, death and disability (funeral)
11 France life scope
12 At constant scope: +7.8% growth in non-life gross written premiums, +3,2% increase in the portfolio, net addition of more than 509,000 policies; at end-December 2024, CATU’s portfolio comprised more than 335,000 policies, including net addition of more than 54,000 policies over the year
13 Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances’ non-life insurance subsidiary
14 Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances’ non-life insurance subsidiary
15 Excluding savings/retirement
16 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums
17 Impact of undiscounted Cat Nat claims in France (Pacifica), all years, net of reinsurance, as a percentage of gross earned premiums
18 CSM or Contractual Service Margin: corresponds to the expected profits by the insurer on the insurance activity, over the duration of the contract, for profitable contracts, for Savings, Retirement, Death and Disability and Creditor products
19 Annualised CSM allocation factor = CSM release to P&L / (opening CSM stock + revaluation of stock + new business)

Attachment

Press release – 12M 2024 results

The MIL Network –

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: Planisware receives EcoVadis Gold Medal for its sustainable development performance
Source: GlobeNewswire (MIL-OSI)

Planisware receives EcoVadis Gold Medal for its sustainable development performance

Paris, France, February 5, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, has been awarded the Ecovadis Gold Medal, the world’s leading CSR assessment organization, for its commitment to sustainable development. After being awarded the silver medal the previous year, the gold medal award also recognizes Planisware’s continuous progress in CSR.

EcoVadis evaluates over 130,000 companies in more than 220 sectors and 180 countries on the basis of 21 sustainability criteria divided into 4 main themes: environment, labor and human rights, ethics and sustainable procurement. On this basis, EcoVadis assigns a score from 0 to 100, as well a medal, associated with the score obtained.

With a score of 79/100, Planisware is now one of EcoVadis’ top-rated companies over the last 12 months. This places Planisware among the top 5% of companies rated in December 2024, and also places itself among the top 2% of companies in its sector.

Loïc Sautour, Chief Executive Officer at Planisware, commented: “Receiving the EcoVadis Gold Medal is a recognition of our commitment to an ambitious CSR policy. At Planisware, we firmly believe that economic performance and social responsibility go hand in hand, and this distinction encourages us to continue innovating while respecting the highest environmental and ethical standards. Following our IPO and our recent inclusion in the SBF 120, this distinction illustrates Planisware’s rapid progress and ongoing commitment to building a more responsible society.“

This gold medal testifies to the significant progress made by Planisware in recent years to promote an ambitious and consistent CSR approach among its employees, customers and suppliers. It highlights the remarkable achievements of 2024, including:
- The publication of its first Extra-Financial Performance Declaration (“DPEF”), a key step illustrating Planisware’s commitment to integrating CSR at the heart of its strategy and providing greater transparency on its actions in this area.
- Strengthening its internal policies and procedures, with the aim of adopting the highest standards in environmental sustainability, sustainable procurement, business ethics and the defense of human rights.
- The structuring and launch of concrete initiatives designed to remedy the shortcomings identified in previous assessments, turning lessons learned into drivers for continuous improvement.
- Optimized KPI monitoring, enabling more accurate measurement of the impact of deployed policies, while reinforcing the monitoring of key indicators to guarantee tangible, sustainable results.
Contact

About Planisware

Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

For more information, visit https://planisware.com/ and connect with Planisware on LinkedIn.

Attachment
- Planisware receives EcoVadis Gold Medal
The MIL Network –
February 5, 2025
MIL-OSI Russia: City fountains have begun to prepare for the new season

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Specialists from the city’s municipal services complex have begun preparing the capital’s fountains for the new season. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

“Fountains are rightfully considered the calling card and decoration of the capital, there are both traditional structures, and dry, floating, musical and light-dynamic. We usually launch fountains at the end of April, so we have already begun to carry out preparatory activities in full,” noted Petr Biryukov.

The specialists checked the structures that are underground and in the collectors of the structures. Now the experts are carrying out scheduled repairs of electromechanical equipment and underwater lighting, control systems and automation of all communications. Attention is also paid to hydraulic diagnostics. Pumping equipment, filters and jet-forming elements are put in order, ventilation and heating systems of the premises of pumping stations are checked.

When the weather in the capital is stable above zero, the fountains will be unpreserved, washed with a special shampoo, the nozzles will be adjusted and the external lighting lamps will be checked. If necessary, the facing of the bowls and parapets will be put in order.

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: //vv.mos.ru/nevs/ite/149725073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI: Alm. Brand A/S – Interim report Q4 2024
Source: GlobeNewswire (MIL-OSI)

Highly satisfactory Q4 performance
- The insurance service result for Q4 2024 was a profit of DKK 440 million (Q4 2023: DKK 287 million), equivalent to a combined ratio of 84.5 (Q4 2023: 89.3), driven by favourable developments both in Personal Lines and Commercial Lines
- Insurance revenue grew by 6.2% to DKK 2,845 million (Q4 2023: DKK 2,680 million), driven by sustained strong premium growth of 7.2% in Personal Lines and premium growth of 5.1% in Commercial Lines
- The undiscounted underlying claims ratio fell by 1.9 percentage points to 63.8% (Q4 2023: 65.7%), driven by the effects of profitability-enhancing measures in Personal Lines
- The expense ratio fell to 18.0 (Q4 2023: 19.0), and the implementation of synergy initiatives generated a positive accounting effect of DKK 138 million in Q4 2024 (Q4 2023: DKK 75 million)
- Satisfactory investment result of DKK 74 million (Q4 2023: DKK 140 million)
Full-year performance
- The insurance service result for 2024 was DKK 1,443 million (2023: DKK 1,215 million), equivalent to a combined ratio of 87.0 (2023: 88.4), which was better than the most recently announced full-year guidance and driven in particular by a lower level of major claims
- The expense ratio dropped to 18.3 in 2024 (2023: 19.0) in line with our plans to reach the targets set by end-2025.
- The consolidated profit before tax and excluding special costs for continuing activities was DKK 1,747 million in 2024 (2023: DKK 1,447 million)
- For 2025, Alm. Brand Group expects to report an insurance service result of DKK 1.5-1.7 billion excluding run-off gains or losses, an expense ratio of about 17% and a combined ratio of about 85.5-87.5 in line with the targets set in 2022
- The Board of Directors recommends that an ordinary dividend of DKK 0.6 per share be paid in respect of the 2024 financial year. Alm. Brand Group is furthermore launching a new DKK 100 million share buyback programme related to the profit for 2024, corresponding to a payout ratio of 96% of the adjusted profit after tax including the already completed share buyback programme of DKK 150 million
- Alm. Brand Group still expects to distribute DKK 1.6 billion related to the divestment of the Energi & Marine business in the form of a share buyback programme to be launched upon closing of the transaction
- At 31 December 2024, Alm. Brand Group had an SCR ratio of 181% after deduction of the total amount distributed in respect of 2024
CEO Rasmus Werner Nielsen is pleased with the performance:

“Seen overall, 2024 was a year in which many people in Denmark needed their insurance company. We helped process claims from more than 430,000 of our customers. In particular, motor-related and travel insurance claims gave rise to many enquiries, whereas weather-related events were not as dramatic as in 2023.

We’re pleased that more and more people choose to become customers of Alm. Brand Group, and we’re extremely satisfied with the financial results we generated in the final quarter of the year, which marked a strong finish to the year. The strong performance underlines the strength of our large, Denmark-based group. We’re entering 2025 in good shape, and we’re well on the way to realising the targets we set for the merger of Codan and Alm. Brand.”

This interim report and related materials are available at Alm. Brand Group’s investor website: Q4 2024

Webcast and conference call
Alm. Brand will host a conference call for investors and analysts today, Wednesday 5 February 2025 at 11:00 a.m. The conference call and presentation will be available on Alm. Brand Group’s investor website:

Conference call dial-in numbers for investors and analysts (pin: 551812):

United Kingdom: +44 20 3936 2999
USA: +1 646 664 1960
Denmark: +45 89 87 50 45

Link to webcast: https://events.q4inc.com/attendee/748881636

Contact
Please direct any questions regarding this announcement to:

Investors and equity analysts:

Head of IR, Rating & ESG Reporting
Mads Thinggaard
Mobile no. +45 2025 5469

Press:

Media Relations Manager
Mikkel Luplau Schmidt
Mobile no. +45 2052 3883

Attachments
- AS 7 2025 – Preliminary statement of financial results 2024
- AB GROUP 4Q 2024 English
The MIL Network –
February 5, 2025
MIL-OSI China: Spanish potter shapes fusion of Eastern and Western art in China’s ‘porcelain capital’

Source: China State Council Information Office 3

This photo taken on May 1, 2023 shows a view of the Taoxichuan Ceramic Art Avenue at night in Jingdezhen, east China’s Jiangxi Province. (Xinhua)

In the quiet of winter, the cherry trees in the courtyard have withered, yet the fruits continue to flourish in the porcelain works of Spanish ceramic artist Jaume Ribalta.

The 32-year-old artist, who has spent the past three years wandering through Jingdezhen, dubbed China’s “porcelain capital”, in Jiangxi Province, draws inspiration from his surroundings to craft pieces that seamlessly blend nature with artistry.

Ribalta settled in Xianghu Village, a hub for ceramic artists in Jingdezhen, where he established his studio and now feels at home, deeply immersed in the rhythms of rural Chinese life.

Amid the Spring Festival aura, Ribalta’s studio courtyard hums with festive energy, as red lanterns sway among the greenery, festive paintings adorn the doors, and traditional decorations like spring couplets and Chinese knots complete the scene, marking a joyful celebration of the season.

“Over the years, I’ve created a Zodiac series of teacups, each featuring a different Chinese zodiac animal in my designs. Last year it was the dragon, and this year it’s the snake,” he explains. “I’ve grown to love this traditional Chinese cultural element and have continued to incorporate it into my work.”

His studio is filled with Chinese elements — antique furniture, a portrait of Confucius, and traditional ink landscape paintings — each detail reflecting Ribalta’s deep appreciation for Chinese culture.

“I learned Chinese painting from books, with masters like Qi Baishi serving as my ‘teachers,’” he said. Beyond this, Ribalta has expertly fused his Spanish heritage with Chinese artistry, drawing inspiration from the black-and-white ceramic designs of his hometown, Barcelona. He employs traditional blue-and-white porcelain techniques to craft distinctive works that seamlessly blend Eastern and Western artistic styles.

Jingdezhen’s history of ceramics spans over 2,000 years, and its role as an official and royal kiln elevated its porcelain-making techniques to the highest level in history. Driven by a passion for ceramics, thousands of foreign artists have migrated to Jingdezhen, a city with a population of less than 900,000, in recent years. During the peak period, there was one foreigner among every six migrants.

The open, inclusive and eclectic creative environment of Jingdezhen has allowed foreign drifters like Ribalta, despite initial language barriers, to quickly adapt to local life. For him, Jingdezhen is a vast cultural heritage, where every corner offers fertile ground for ceramic artistry.

In addition to the many ceramic studios nearby, Ribalta said another reason he was drawn to this particular village is its proximity to Jingdezhen Ceramic University.

“Engaging in conversations with young ceramic artists and students, exploring how to blend tradition with innovation, is key to keeping my inspiration alive,” he said.

For Ribalta, Jingdezhen was the obvious choice for his ceramic art, as the city is like “an art utopia,” boasting an omnipresent artistic atmosphere and a warm, free-spirited environment. However, creating individual ceramic pieces is not his sole ambition. He said that his goal for the year 2025 is to create a cultural landmark for the village.

He pulled up his design concept on his phone, explaining how blue-and-white porcelain could move beyond its traditional role as vessels and be repurposed as striking wall decorations.

“In Spain and Portugal, ceramics are often used in architectural decoration,” he said. “China has many exquisite, large blue-and-white porcelain vases, but their application in architectural settings is relatively rare. I hope to integrate ceramics into architecture in a public space someday, creating a monumental scene that blends Chinese and Western cultures with my own hands.”

MIL OSI China News –

February 5, 2025
MIL-OSI: Melexis Q4 and FY 2024 results – Full year sales of 932.8 million EUR
Source: GlobeNewswire (MIL-OSI)

^{Regulated information}

Intermediate declaration by the Board of Directors

Ieper, Belgium – February 5th, 2025, 07.00 hrs CET

Dear,

Please find herewith the link to our most recent press release:

https://www.melexis.com/en/news/2025/financial/melexis-q4-2024-results

Attachment
- PR_ENG_Melexis_Q4 2024
The MIL Network –
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 USA: Video: Kaine Issues Open Letter to Federal Workers Urging Strength, Promising Support

US Senate News:

Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – U.S. Senator Tim Kaine (D-VA) spoke on the Senate floor today to share an open letter to federal workers in Virginia and across the country, urging them to keep serving everyday Americans and to resist President Trump’s sham buyout offer, and promising to do everything in his power to prevent the Trump Administration from gutting the nonpartisan civil service—including by collecting stories from federal workers through his website, which will continue to be updated with FAQs and other helpful resources.

Broadcast-quality video of Kaine’s speech is available here.

“The Trump Administration has made plain that it wants to kick you around—by blocking your ability to administer federal resources, censuring your free speech, locking you out of your work buildings, demonizing you in the press, and sending you ominous, and at times threatening, messages,” wrote Kaine in the letter. “These actions are shameful and harmful not only to you, but to Americans across the country that you serve.”

“America needs you—that has never been clearer than in the wake of Trump’s federal funding freeze last week. I heard from folks in every corner of Virginia about the invaluable support they receive from federal workers like you,” Kaine continued.

“I know it has been—and will continue to be—tough. Donald Trump and his cronies are determined to do anything they can to knock you off course. They’ve even dangled a phony buyout in your face. But make no mistake: that buyout is a trap,” Kaine cautioned. “Donald Trump has no authority to offer you a resignation buyout. Don’t trust a guy with a long history of stiffing contractors by taking him up on a sham deal that he won’t follow through on.”

Kaine has been a staunch advocate for America’s nonpartisan, merit-based civil service, and has vigorously opposed Trump’s efforts to gut the federal workforce. He has introduced bipartisan, bicameral legislation, titled the Saving the Civil Service Act, to prevent federal workers from being frivolously reclassified and fired en masse for political reasons. On February 4, 2025, Kaine took to the Senate floor to highlight the real-world ramifications of the Trump Administration’s assault on the civil service and federal agencies, from making it harder for Virginia veterans to set up doctor’s appointments to ceding international influence to adversaries like Russia and China.

“You aren’t alone,” said Kaine in the letter. “I’m going to be here with you, every day, working alongside you in service.”

The full text of the letter is available below.

Dear Federal Workers:

As you are all too aware, we are in a dark time. The Trump Administration has made plain that it wants to kick you around—by blocking your ability to administer federal resources, censuring your free speech, locking you out of your work buildings, demonizing you in the press, and sending you ominous, and at times threatening, messages. These actions are shameful and harmful not only to you, but to Americans across the country that you serve.

But especially in the darkest of times, we must stay focused on finding our guiding lights. I hope you will let the call to service that you answered when you first swore your oaths as federal employees serve as that light.

My advice to you today is simple, even if it’s not easy: Don’t give up. Keep serving everyday folks.

You are here because of your expertise. You are here because of your patriotism. You are here because you know the value in dedicating your life to serving your fellow Americans.

America needs you—that has never been clearer than in the wake of Trump’s federal funding freeze last week. I heard from folks in every corner of Virginia about the invaluable support they receive from federal workers like you.

Across the country, Americans are counting on you to deliver crucial services—from inspecting our food to make sure it’s safe, to protecting our national security. From administering Social Security benefits, to supporting our allies around the world and keeping the influence of China, Iran, and Russia at bay.

I know it has been—and will continue to be—tough. Donald Trump and his cronies are determined to do anything they can to knock you off course. They’ve even dangled a phony buyout in your face. But make no mistake: that buyout is a trap. Donald Trump has no authority to offer you a resignation buyout. Don’t trust a guy with a long history of stiffing contractors by taking him up on a sham deal that he won’t follow through on.

But you aren’t alone. I’m going to be here with you, every day, working alongside you in service.

I want to share with you some specific ways in which I want to be a resource to you. On my website, kaine.senate.gov, I am collecting stories from federal workers about what you are experiencing. Under no circumstances will I share publicly any information you send me without your consent. You can also choose to submit your stories anonymously if you prefer.

I will also be updating my webpage with information that may be helpful to you, including summarizes of your rights, recourse you can seek if you believe you are being illegally terminated, and answers to other frequently asked questions my office is receiving.

Please know, that I’m going to do everything I can to stand up for you—just like you’re standing up for the American people. Thank you for your service.

MIL OSI USA News –

February 5, 2025
MIL-OSI: Equinor fourth quarter and full year 2024 results
Source: GlobeNewswire (MIL-OSI)

Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.

The fourth quarter and full year results were characterised by:
- Solid financial performance and 21% return on average capital employed* in 2024
- Strong operational performance with stable oil and gas production
- Continued industrial progress and value driven transactions
Capital distribution
- Proposed fourth quarter cash dividend of USD 0.37 per share
- Announced share buy-back of up to USD 5 billion for 2025
- Expected total capital distribution for 2025 of up to USD 9 billion
- Stronger expected free cash flow*, supporting sustained competitive capital distribution
Equinor is well positioned for stronger cash flow and growth:
- Strategy to deliver competitive shareholder returns. Consistent value driven execution – expecting above 15% return on average capital employed* towards 2030
- Strengthening free cash flow*, expecting USD 23 billion for 2025-2027 by reducing capex and addressing costs
- Increasing oil and gas production, expecting more than 10% growth from 2024-2027
- Reducing investments to renewables and low carbon solutions to around USD 5 billion in total after project financing for 2025-2027
- Lowering expected capacity in renewables to 10-12 gigawatt by 2030
Anders Opedal, President and CEO of Equinor ASA:

“Equinor is well positioned for further growth and competitive shareholder returns. We expect to deliver industry-leading return on average capital employed, above 15% all the way to 2030. Our oil and gas production outlook is increased to more than 10% growth from 2024 to 2027. We strengthen our expected free cash flow significantly compared to last year’s outlook. We do this by high-grading the portfolio, reducing the investment outlook for renewables and low carbon solutions and improving cost across our organisation.”

“Today we announce total capital distribution of up to USD 9 billion for 2025. Supported by stronger free cash flow, we expect to continue to grow the quarterly cash dividend and use share buy backs to ensure a competitive capital distribution also going forward.”

“We have a consistent growth strategy and our strategic direction remains the same. We continue to reduce emissions from our production and build profitable business in renewables and low carbon solutions towards our net zero ambition in 2050. By adapting to market situation and opportunities, we are set to create shareholder value for decades to come.”

“In 2024 we delivered solid financial results and high production through strong operational performance. We now expect the 2025 Johan Sverdrup production to be close to the level of the last two years. This shows how we work systematically to improve our producing assets to remain a safe and reliable provider of energy.”

Strong operational performance

Equinor had strong operational performance and stable production levels in the fourth quarter. The total equity production was 2,072 mboe per day, down from 2,197 mboe in the same quarter last year.

On the Norwegian continental shelf (NCS), production levels were sustained by the ramp-up of Breidablikk and the addition of new gas wells. However, the production levels are lower compared to the same period last year, due to natural decline, outage at Sleipner B and planned maintenance. For the full year, Equinor sustained high production level at the NCS, with record high production from the Troll and Johan Sverdrup fields.

The production at the Johan Sverdrup field is expected to continue to be close to 2023 and 2024 levels in 2025. The recovery rate ambition has been increased from 65% in the plan for development and operations to 75% now, including Johan Sverdrup phase 3. Effective turnarounds and lower unplanned losses contributed to the slight increase in production from the NCS in 2024 compared to 2023.

Internationally, the upstream business delivered lower production for the fourth quarter compared to the same period in 2023. The divestments in Azerbaijan and Nigeria, natural decline, higher turnaround activities and curtailments in the US contributed to the decline also for the full year. The decline was partially offset by the ramp up of new wells on stream and volumes from the Buzzard field in the UK.

In the quarter, Equinor completed 10 offshore exploration wells with 4 commercial discoveries. The Himalia and Cappahayden wells were expensed during the quarter.

The addition of onshore power plants in Brazil and Poland during 2023, along with the start-up of the Mendubim solar projects in 2024, contributed to a 19% increase in renewables power generation in the quarter and a 51% increase for the full year compared to the same periods in 2023.

Solid financial results in the fourth quarter

Equinor delivered adjusted operating income* of USD 7.90 billion. and USD 2.29 billion after tax* in the fourth quarter of 2024.

In the quarter, Equinor recognised net impairments of USD 280 million, primarily related to acquired early phase project rights within onshore markets in renewables.

Equinor realised a European gas price of USD 13.5 per mmbtu and realised liquids prices were USD 68.5 per bbl in the fourth quarter.

The Marketing, Midstream and Processing segment delivered solid results through equity and third-party LNG trading. These results were further supported by physical and financial trading of LPG.

A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 9.81 billion for the fourth quarter. Cash flow from operations after taxes paid* ended at USD 3.91 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 17.9 billion for the year.

Equinor paid two NCS tax instalments of a total of USD 5.78 billion in the quarter.

Organic capital expenditure* was USD 3.37 billion for the quarter, and USD 12.1 billion for the full year. Total capital expenditure was USD 5.41 billion for the fourth quarter and USD 16.7 billion for 2024.

After taxes, capital distribution to shareholders and investments, net cash flow* ended at negative USD 4.57 billion for the fourth quarter and at negative USD 12.2 billion for the full year. Equinor retains a strong financial position with net debt to capital employed adjusted ratio* at 11.9% by the end of the fourth quarter, compared to negative 2.0% at the end of the third quarter of 2024. The ratio is impacted by the Ørsted acquisitions and working capital effects over year-end to take advantage of commodity market situations.

Strategic progress

Equinor continues to develop the portfolio and deliver on its strategy in the quarter.

On the NCS, Equinor increased ownership to 69.5% in the Halten East Unit in The Norwegian Sea, an important project in a core area with strong profitability and low emissions. A discovery was made near the Fram field in the North Sea. The activity level on the NCS is high with 19 ongoing projects towards 2027.

The international portfolio will be strengthened by the agreement to establish UK’s largest independent oil and gas company with Shell. The new company is expected to produce over 140,000 barrels of oil equivalent per day in 2025 and play a crucial role in securing UK’s energy supply. Equinor increased its stake in the Northern Marcellus asset in the US and exited the upstream businesses in Azerbaijan and Nigeria.

A major milestone in the carbon capture and storage portfolio was realised with the final investment decision and financial close on two of UK’s first carbon capture and storage infrastructure projects.

The acquisition of a 10% stake in Ørsted was completed in the quarter giving Equinor exposure to premium offshore wind assets in operation and a solid project pipeline.

In 2024 Equinor added proved reserves mainly through estimate revisions, transactions and improved recovery projects. The reserve replacement ratio (RRR) in 2024 was 151%.

Absolute scope 1+2 GHG emissions for Equinor’s operated production, on a 100% basis, were 11.0 million tonnes CO2e in 2024. This represents a decrease of 0.60 million tonnes CO2e compared to last year.

The twelve-month average serious incident frequency (SIF) for the period was 0.3, a decrease from 2023. The 2024 result represents the lowest frequency on record.

Competitive capital distribution

The board of directors proposes to the annual general meeting an ordinary cash dividend of USD 0.37 per share for the fourth quarter 2024, an increase of USD 0.02 per share from the third quarter of 2024, in line with previously announced ambition. The Equinor share will trade ex-dividend on Oslo Børs from and including 15 May and New York Stock Exchange from and including 16 May 2025.

The interim cash dividends for the first, second and third quarter of 2025, are to be decided by the board of directors on a quarterly basis and in line with the company’s dividend policy, subject to existing and renewed authorisation from the annual general meeting, and are expected to be at the same level as for the fourth quarter of 2024.

The fourth tranche of the share buy-back programme for 2024 was completed on 14 January 2025 with a total value of USD 1.6 billion. Following this, the total share buy-backs under the share buy-back programme for 2024 amounts to USD 6 billion.

The board of directors has decided to announce share buy-back for 2025 of up to USD 5 billion in total to conclude the two-year programme for 2024–2025. The 2025 share buy-back programme will be subject to market outlook and balance sheet strength. The first tranche of up to USD 1.2 billion of the 2025 share buy-back programme will commence on 6 February and end no later than 2 April 2025. Commencement of new share buy-back tranches after the first tranche will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to existing and new board authorisations for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

Capital markets update: Firm strategic direction – stronger free cash flow* and growth

Equinor maintains a firm strategic direction and has taken action to strengthen free cash flow* and returns(1). With a profitable project portfolio and strict capital discipline, Equinor expects to deliver high-value production growth in selected markets creating value for shareholders.

Key messages:
- Firm strategy – high returns: Remaining value driven in the execution. Expecting return on average capital employed* above 15% to 2030
- Strengthening free cash flow*: Expecting strengthened free cash flow* to USD 23 billion for 2025 – 2027 by reducing capex and addressing costs
- Increasing production growth: Expecting above 10% oil and gas production growth driven by developing an attractive project portfolio and value adding transactions, increasing expected 2030 production from 2 to 2.2 million boe per day
- Building resilient business for the future: Lowering investment outlook for renewables and low-carbon solutions to adapt to market conditions and further strengthen value creation for shareholders. Lowering 2030 renewable capacity ambition to 10-12 gigawatt including financial investments, and introducing range for ambition for net carbon intensity reduction. Maintaining strategic direction towards net zero
Growth in free cash flow*

Equinor has significantly increased the free cash flow* outlook by reducing investments and addressing costs. Expected organic capital expenditure* of USD 13 billion for 2025 and on average for the period 2025–2027. After project financing of Empire Wind I, organic capital expenditure* is expected at USD 11 billion for 2025 and on average USD 12.5 billion for 2026–2027.

Stronger free cash flow provides capacity for Equinor to continue to deliver competitive capital distribution.

Equinor also strengthens its resilience and can be cash flow neutral after all investments at an oil price around 50 dollars per barrel.

Oil and gas – delivering long term value

Equinor expects an oil and gas production growth of above 10% from 2024 to 2027. In 2030 expected production is around 2.2 million boe per day, up from previous expectation of around 2 million. For the NCS, production is expected to maintain at a high level of around 1.2 million boe per day all the way to 2035.

Equinor will continue to develop existing fields and an attractive project portfolio both on the NCS and internationally. Driving increased recovery and exploration near infrastructure is expected to bring high value volumes with short lead time, low cost and low emissions.

From the international upstream portfolio, Equinor expects the annual free cash flow* to grow to more than USD 5 billion in 2030.

A CO2 intensity* around 6 kg per boe is expected by 2030 and the company is on track to deliver on the 2030 ambition of net 50 percent reduction in operated scope 1 and 2 CO2 emissions.

Renewables and low carbon – adjusting ambitions to realities

Equinor has high-graded the project portfolios in renewables and low carbon solutions, and reduced cost and early phase spend to improve the value creation for shareholders.The portfolio is expected to deliver more than 10% life-cycle equity returns. For renewables, the ambition for installed capacity is reduced to 10-12 gigawatt by 2030, including the Ørsted and Scatec ownership positions.

Equinor demonstrates a leading position in carbon capture and storage and has projects with a storage capacity of 2.3 million tonnes CO2 installed or under development. The ambition to store 30-50 million tonnes of CO2 per annum by 2035 is maintained, and Equinor has secured licenses with capacity to store more than 60 million tonnes annually.

To underline that value creation is at the core of decision making, the ambition to allocate 50% of gross capital expenditures to renewables and low carbon solutions by 2030 is retired.

Updated Energy transition plan

The Energy transition plan describes how Equinor creates value, cuts emissions and develops new energy solutions to reach net zero by 2050. The ambition for cutting scope 1 and 2 emissions by 50% within 2030 is upheld.

The pace of transition depends on frame conditions and market opportunities to create value. Adjusting to the market situation and opportunity set, the range for the net carbon intensity (NCI) ambition will be 15-20% in 2030 and 30-40% in 2035.

Updated outlook for 2025:
- Organic capex expenditures* are estimated at USD 13 billion for 2025 (2).
- Oil & gas production for 2025 is estimated to grow 4% compared to 2024 level.
This press release contains Forward Looking Statements. Please see the Forward Looking Statement disclaimer published on Equinor.com/investors/cmu-2025-forward-looking-statements.

– – –

* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

(1) All forward looking financial numbers are based on Brent blend 70 USD/bbl, Henry Hub 3.5 USD/MMBtu and European gas price 2025: 13 USD/MMBtu, 2026: 11 USD/MMBtu and thereafter: 9 USD/MMBtu

(2) USD/NOK exchange rate assumption of 11

– – –

Further information from:

Investor relations
Bård Glad Pedersen, Senior vice president Investor relations,
+47 918 01 791 (mobile)

Press
Sissel Rinde, Vice president Media relations,
+47 412 60 584 (mobile)

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachments
- Equinor 4Q 2024 Financial Statements and Review
- CEO and CFO presentation Equinor Q4 2024 – CMU 2025
The MIL Network –
February 5, 2025
MIL-OSI Russia: Over the past seven years, more than a million vehicles have been registered at government service centers

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

More than a million vehicles have been registered at government service centers in seven years. Today, this can be done at flagship offices, as well as at the My Documents centers in the Krasnoselsky and Danilovsky districts. State Traffic Inspectorate employees will help register a vehicle, make changes to registration data, or deregister it.

You can get the service by appointment on the mos.ru portal. To do this, go to the service catalog, select the “Transport” section, the “Purchase, sale, registration of cars and motorcycles” subsection, click on the “Sign up for traffic police registration actions at government service centers” button, and then select a suitable time and office.

After this, you should arrive at the specialized parking lot at the appointed time. The administrator at the reception will issue an electronic queue ticket and help pay the state fee at the bank terminals located in the office, and the State Traffic Inspectorate employee will draw up the necessary documents. At the equipped site, specialists will inspect the vehicle.

When submitting an application viagovernment services portal you need to fill out an application and pay the state fee online. At the office, get a ticket for an appointment with the State Traffic Inspectorate employees, who will carry out all the necessary administrative procedures to provide the state service for registering a vehicle.

“My Documents” provides more than 300 government services, 99 percent of which can be obtained on an extraterritorial basis. Government service centers are open daily: flagship centers – from 10:00 to 22:00, district centers – from 08:00 to 20:00.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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MIL OSI Russia News –

February 5, 2025
MIL-Evening Report: In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue

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

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

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

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

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

What’s happened so far?

We know this decision will cause deaths.

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

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

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

Programs providing landmine clearing and counterterrorism training ceased.

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

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

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

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

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

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

A more unequal and unstable world

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

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

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

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

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

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

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

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

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

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

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

A power that’s no longer super

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

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

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

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

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

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

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

Australia needs to help fill the gap

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI United Kingdom: New UK support for Ukraine drives forward 100 Year Partnership
Source: United Kingdom – Executive Government & Departments

The UK will boost Ukrainian grain supplies to Syria as the Foreign Secretary drives forward the 100 Year Partnership on visit to Kyiv.
The UK’s immediate support for Ukraine and the longer-term partnership between our two countries both top of the agenda in Foreign Secretary’s visit to Kyiv.

New UK support totalling £55m will boost resilience and growth in the UK and Ukraine.

Visiting Kyiv today, David Lammy will see first-hand how UK support is putting Ukraine in the strongest possible position as it enters its fourth year of Russia’s full-scale invasion.

Delivering on commitments made to President Zelenskyy by Prime Minister Keir Starmer two weeks ago, the UK is providing £3 million for deliveries of Ukrainian grain and other food produce to Syria.

Working with the World Food Programme, this planned support will provide a lifeline to the most vulnerable in Syria unlike Russian grain supplies to the brutal Assad regime which attempted to buy favour, loading costly debt on the Syrian state.

These malign efforts from Russia often likely used produce from illegally occupied Ukrainian land. Russia is estimated to be taking 4.3 million tonnes of grain each year from temporarily occupied territories. It comes after the Prime Minister announced a new Grain Verification Scheme to track stolen grain from occupied Ukrainian territories last month. The UK developed the new scheme following an ask from Ukraine to the G7 to help trace snatched grain from Ukraine fields under Russian control, which is then relabelled and sold on.

Russia has repeatedly attacked Ukrainian port infrastructure and ships in the Black Sea, delaying vital food and aid from reaching the global south. These attacks hinder food supplies from reaching the most in need and help drive up food and fuel prices around the world.

However, Ukraine’s navy continues to fight back, having destroyed or damaged roughly one quarter of the Black Sea Fleet’s major combatant vessels, denying Russia control of the western Black Sea.

As part of the Foreign Secretary’s visit, he will meet with President Zelenskyy, Foreign Minister Sybiha, Prime Minister Shmyhal, and Deputy Prime Minister Stefanishyna, to reiterate the UK’s ongoing support and discuss first-hand how the UK and international partners can put Ukraine into the strongest position possible.

In his second official visit to Kyiv, Mr Lammy will announce £17 million for innovative energy projects to support the recovery and sustainability of Ukraine’s energy system. The InnovateUkraine competition will spur collaborations between British, Ukrainian and international businesses and research institutions to find the resilient, scalable and sustainable energy solutions of the future.

Despite relentless Russian attacks on their energy system, Ukrainians have shown that with the right support and international collaboration, they can use ingenuity and innovation to keep the lights on and defend themselves against Russia’s illegal invasion. Producing clean, reliable and affordable energy is a vital part of the struggle for Ukraine’s freedom and its defense against Russian attempts to use energy as a weapon.

Shoring up Ukraine’s private sector and the resilience of small and medium businesses, the new economic recovery programme, announced by the Prime Minister as part of the 100 Year Partnership, will receive a £10 million boost to help renew, rebuild and reform Ukraine’s economy for the future.

Foreign Secretary, David Lammy said:

Our support for Ukraine remains unbreakable. We are determined to put Ukraine in the strongest possible position, both in its fight against Russia and beyond, with our long-term relationship cemented by the 100 Year Partnership.

We believe in building for the future between our two countries, as well as supporting Ukraine in the present, as Russia’s barbaric and relentless attacks on vital infrastructure, communities, and businesses continue. That is why we are announcing more support for innovation in Ukraine, to rebuild a more resilient and sustainable society for years to come.

Delivering change at home, against the backdrop of an increasingly volatile world, means we must bolster the resilience of our partners.

A further £25 million of UK funding will support Ukraine to strengthen more inclusive, effective and efficient social systems and services. We will work with Ukraine to revitalise family and community-based services that meet the needs of women, children, people with disabilities and marginalised groups and ensure a safe and loving family for every child.

The UK’s SPIRIT programme will bolster Ukraine’s resilience against Russian aggression by helping Ukraine build a more resilient, prosperous and barrier-free future for all.

Announcements made today will open up opportunities for British business, by harnessing UK expertise, creating trade and investment opportunities, and building links between the UK and Ukraine for years to come.

Support announced today builds on the UK’s strong record as a leading bilateral donor, having committed £977 million in support, including £477 million in humanitarian assistance to Ukraine and the region since the start of the full-scale invasion. We will provide £282 million in support for 2024-25, in addition to the Prime Minister’s commitment to provide £3billion of military support to Ukraine, this year and for as long as it takes.

Background

More information on the UK’s support to Ukraine can be found here

More information on the 100 Year Partnership can be found here

The UK provided £35 million in emergency support for energy and most vulnerable in Ukraine in December

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Published 5 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI Russia: Food and clothing: how capital stores help residents of Kursk region

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Owners of capital shops continue to collect humanitarian aid for residents of Kursk Oblast. Many of them had previously sent parcels to fighters of a special military operation, so they were able to organize shipments to border regions when such a need arose.

In addition to long-life food products — cereals, sugar, and canned goods — the entrepreneurs purchased jars of baby food, water, and disposable tableware. They collected personal hygiene products, medicines, clothing, and bedding, as well as other material assistance.

Household chemicals and products

The Kursk Region received the most humanitarian aid from the Northern Administrative District of Moscow. Three stores in the Begovoy District sent food products to residents of the region, and five supermarkets in the Beskudnikovsky District sent household chemicals and hygiene products.

They included pasta, buckwheat and instant noodle sets in the parcels, and also transferred funds to charitable foundations. The same was done by a hardware store in the Voykovsky district and three grocery stores in the Sokol district.

A shopping mall, a gastromarket and a car dealership in the Levoberezhny district packed large humanitarian aid packages with clothes. For children, they put socks, hats and caps, mittens, trousers and shoes. The same packages were collected for adults, adding jackets and bed linen. One of the stores in Khovrino joined them.

Among the food collected were buckwheat, millet, pasta, flour, vegetable oil, stewed meat, canned pink salmon, condensed milk, cookies and candies, tea and instant coffee.

Employees of the shopping center on Semenovskaya Street in the Eastern Administrative District sent almost three thousand personal hygiene products and food products through the Moscow Help headquarters collection point. The distribution point of one of the marketplaces in Teply Stan transferred more than 300 kilograms of groceries and medicines to the Kursk Region.

How capital entrepreneurs – participants of city festivals help military personnel in the SVO zone Owners of capital shops send office supplies to the special military operation zone

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

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

https: //vv.mos.ru/nevs/ite/149699073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: “Chinese New Year”: How the capital was transformed for the “Winters in Moscow” festival

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

The festival “Chinese New Year in Moscow” invites city residents and tourists to stroll around the center of the capital, admire the bright and unusual decor and take spectacular photos. The main Chinese holiday is held as part of the project “Winter in Moscow”.

The streets and alleys of the city were brightly decorated for this event. For example, strollers can see red lanterns, coins with holes, golden carps, butterflies, knots knitted from threads, which in Chinese culture represent happiness, luck, prosperity and joy. Beautiful traditional decor will allow all visitors to feel the atmosphere of an oriental fairy tale and get charged with a great mood.

Triumphal Arch and a snake on a Christmas tree

The journey through the decorated sites of the Chinese New Year in Moscow festival should start with Manezhnaya Square. Here you will be greeted by pailou — an ornamented triumphal gate. This is a traditional Chinese structure that used to be erected in honor of rulers, heroes or important events. Next to the pailou, light arches decorated with red and gold Chinese lanterns and inscriptions with New Year greetings sparkle. In the center of the square is a giant inflatable dragon. Since ancient times, this mythical animal has personified strength, wisdom and luck. On the New Year tree under the light tent, you can see the symbol of the year — a huge snake. It wraps around a fluffy beauty. And the top of another tree, slightly smaller, is conquered by a funny inflatable panda. Also nearby is a multi-colored big cat, which has become a favorite of children and adults.

The entire Manezhnaya Square is framed by Chinese lanterns, creating a sense of a fairy tale. The shopping chalets are also beautifully decorated. They depict traditional Chinese hieroglyphs, which contain wishes of prosperity, happiness and well-being for each guest.

From Manezhnaya Square, go to Revolution Square. Visitors will definitely notice the lushly decorated Christmas trees of different sizes. Plastic toys stand out on the branches of the New Year’s beauties, which reflect a combination of Chinese symbols and festive glitter. These are traditional Chinese coins with holes, tambourines, golden carp, and butterflies, which symbolize joy in China. In addition, the square is decorated with red lanterns, golden knots, diamond-shaped pictures with Chinese wishes for family happiness. And beautiful Chinese music sounds for guests here.

Terracotta warriors of antiquity and golden carps

In the passage between Manezhnaya Square and Revolution Square, a unique exhibition awaits guests. It is dedicated to the majestic terracotta army of Emperor Qin Shi Huangdi (3rd century BC). Visitors are presented with copies of clay figures of Chinese infantrymen, archers, and crossbowmen. Among the exhibits, you can also see the emperor himself surrounded by his entourage. Each statue is made with special attention to detail. This allows you to learn what the military uniform of both ordinary soldiers and military leaders looked like. At the exhibition, you can get acquainted with museum exhibits of different types of traditional Chinese weapons: swords, pikes, crossbows. A fragment of a historical Chinese street complements the exhibition. Here, guests are invited to stop and take beautiful and atmospheric photos as a keepsake.

Afterwards, you can look at Nikolskaya Street and admire the Christmas trees with Chinese lanterns. Then it is worth going to Kamergersky Lane to see a large inflatable dragon. It is located next to the openwork light arch. The dragon’s head also decorates the main Christmas tree in Kamergersky Lane. And on the green beauty there are also decorations in the form of red berries, chests, and golden carp. Visitors can also see decorative Chinese abacuses, elegant hieroglyphs, and knots knitted from threads, symbolizing happiness, on the tree.

Plush Pandas and Lucky Coins

The next stop for strollers is Tverskaya Square. Everyone who gets here will be greeted by a large, friendly snake that smiles at visitors. This sculpture is impressive in size: seven meters high and four meters wide. It was created by Moscow craftsmen, hand-painted with fabulous patterns. In addition, Tverskaya Square is decorated with hundreds of Chinese coins of different sizes. They are a symbol of wealth and luck, and are also considered a talisman that brings harmony.

You can finish your walk around the venues of the Chinese New Year in Moscow festival on Tverskoy Boulevard. There is an unusual exhibition called “From the Life of a Panda”. In glass pavilions there are huge plush pandas two meters tall. The toys hold tea ceremonies, pose among the blossoming sakura and launch a dragon. They also play the balalaika together with the Russian bear and are sent into space.

Moscow is holding a large-scale celebration of the Lunar New Year until February 9. This is a continuation of the events held as part of the cross-cultural Years of Russia and China. Russian and Chinese artists perform at the festival venues, thematic quizzes and prize draws are held, master classes and lectures are organized, and guests can also try exquisite dishes of Chinese cuisine. The central streets of the city are decorated in traditional oriental style.

The festival is organized by the Government of Moscow with the support of the Ministry of Foreign Affairs of the Russian Federation and the Embassy of the People’s Republic of China in Russia.

The Winter in Moscow project is the main event of the season, which brings together all the entertainment of the winter capital from December 1 to February 28. Guests of the capital are offered a huge selection of events in the open air and in the city’s cultural and sports institutions. They can skate, watch ice shows, drink aromatic tea with hot buns and get acquainted with traditions. Visitors also have the opportunity to give gifts to people who find themselves in a difficult life situation, and do much more. The atmosphere of winter traditions has embraced the entire city – more than 1.9 thousand sites are open. The project organically intertwined with the largest festivals of the capital “Moscow Estates”, “Moscow Tea Party”, “City of Light” and many others. All information about the project and the events of the winter season can be found in a special mos.ru section.

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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.

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MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Chinese style: exhibition of designer fir trees opened as part of Winter in Moscow

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Moscow continues to amaze with creative projects, inspiring young designers to create unique decorations for the city. The square near the Central Department Store has once again turned into an open-air gallery – an exhibition of designer Christmas trees dedicated to Chinese New Year. The festival is held within the framework of the project “Winter in Moscow”.

The exhibit featured various Russian brands. Designers transformed the familiar New Year tree into an art object that conveys their aesthetics and philosophy.

One tree was decorated with elements dedicated to Chinese mythology. The moon symbolizes the Lunar New Year, and the rabbit figures recall the Eastern legend, according to which rabbits cook sticky rice on the moon – a popular holiday delicacy. The arch on the tree represents the transition from the past to the future, and gifts wrapped in red cloth with gold tassels symbolize prosperity.

Another brand’s team created a tree-affirmation for the coming year. Red is a symbol of happiness and good fortune, and also part of the brand’s signature palette. The knots decorating the tree refer to the Chinese tradition: the more important the event, the bigger and larger the knot is tied.

Another tree attracts attention with its iridescent material, which seems to make you look at the familiar in a new way. White balls are reminiscent of traditional Chinese lanterns, combining Eastern culture with modern art.

A Russian accessories brand decorated a Christmas tree in the style of Chinese legends. According to legend, the red color scares away the Nian monster, and the lanterns are associated with the festival where people make wishes. The composition is complemented by red bows, symbolizing eternal love and family unity.

Another tree features toys in the form of graphic symbols and iconic brand avatars. Their design reflects key elements of the brand’s style, such as the earth, the astronaut and the tank, which have remained recognizable over the years.

Another brand has created a Christmas tree, a harbinger of spring. Its decorations are delicate pink flowers, which are traditionally used in Chinese decor. The composition is complemented by pompoms, referring to one of the brand’s collections.

Each tree at this exhibition has a unique story and cultural message that combines Eastern traditions and modern Russian design.

Moscow is hosting a large-scale celebration of the Lunar New Year until February 9. This is a continuation of the events held as part of the cross-cultural Years of Russia and China, dedicated to the 75th anniversary of the establishment of diplomatic relations between the countries. Russian and Chinese artists perform at nine central venues, thematic quizzes and prize draws are held, master classes and lectures are organized, and guests can also try exquisite Chinese cuisine. The central streets of the city are decorated in traditional oriental style.

Project “Winter in Moscow”— the main event of the season, which until February 28 brings together various events in the capital. Citizens and tourists are invited to remember traditions and history, warm up with tea and hot buns, go ice skating, watch ice shows, give gifts to people who find themselves in a difficult life situation, and show concern for those who need it.

Muscovites and guests of the capital are offered a huge selection of events in the open air and in cultural and sports institutions. The atmosphere of winter traditions has engulfed the entire city – more than 1.9 thousand sites are open. The largest festivals of the capital are organically woven into the project: “Moscow Estates”, “Moscow Tea Party”, “City of Light” and many others. All information about the project and the events of the winter season can be found inspecial section mos.ru.

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MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Online diagnostics for children with disabilities has become available in Moscow

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Experts City Psychological and Pedagogical Center can now remotely assess the developmental characteristics of children with disabilities and provide recommendations for their education and socialization. Every year, about 50 thousand Moscow families turn to specialists. This was reported by the press service of the capital Department of Education and Science.

“As a mother, I have already used the service in a new format. You can send all the documents to specialists in advance in electronic form and choose the time for your child to undergo online diagnostics. In format, it is similar to a distance lesson, based on the results of which psychologists, speech therapists and defectologists give feedback. Since March, the conclusion will be sent by e-mail. The procedure has become very convenient and fast, for most parents and children this is a huge saving of time and effort,” said Maya Bulaeva, deputy of the Moscow City Duma, director of the educational institution “School in Nekrasovka”.

Remote diagnostics are available for children over three years of age without hearing or vision impairments. The examination is carried out on a video conferencing platform. “Negotiation room”To connect, you will need a computer or tablet with a camera, microphone and a stable Internet connection. Recording is carried out through the portal Mos.ru.

The Central Psychological-Medical-Pedagogical Commission operates on the basis of the City Psychological-Pedagogical Center. Its specialists develop recommendations based on their own diagnostics and taking into account medical reports provided by the child’s parents.

“When parents are interested in their child’s development, the family’s life is scheduled down to the minute. Every day you need to manage to do a lot of things: take the child to kindergarten or school, to the pool, to developmental classes, repeat the speech therapist’s exercises at home. In this situation, time is the most important resource, and you begin to appreciate technologies that help you use it rationally. Online diagnostics of special children is a godsend for parents. The family does not need to waste time on the way there and back. This is especially important for children who have difficulty moving. During online testing, communication with the commission specialists takes place using a gadget. The child is at home, in a familiar environment. He is calm and comfortable, that is, the stress factor is excluded,” shared actress Evelina Bledans, mother of a child with Down syndrome.

For children with disabilities who have received a commission’s conclusion, special conditions are created in educational institutions. Adapted educational programs and manuals are developed, and assistance from tutors, assistants and other specialists is provided. Such children and disabled children can also participate in sports sections.

If a child has difficulties in mastering the school curriculum or social adaptation, support can be obtained from City Psychological and Pedagogical Center capital Department of Education and ScienceThe institution’s branches operate in every district of Moscow.

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MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Reconstruction of gas pipelines in Khoroshevsky district is 50 percent complete

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

In the Khoroshevsky district, specialists from the Moscow City Services Complex are upgrading low-pressure gas pipelines. They are currently installing new polyethylene pipes with a diameter of 110 and 225 millimeters inside the existing communications. The work is taking place on the section between 5th Magistralnaya Street and 2nd Khoroshevsky Drive.

During the reconstruction, both the traditional open-pit method and modern trenchless technologies are used – horizontal directional drilling and auger drilling. Gas workers began upgrading communications in June 2024 and have completed half of the total volume of work to date.

“Moscow is a complex labyrinth of underground utilities, and any modernization requires pinpoint precision. Within the framework of this project to modernize gas pipelines over 1,250 meters long, a combined approach is used. Where appropriate, open laying is used. However, understanding the importance of preserving the urban environment, in difficult areas we use advanced trenchless technologies, minimizing the impact on the surrounding infrastructure,” said Gasan Gasangadzhiev, General Director of Mosgaz JSC.

Horizontal directional drilling technology involves laying pipes underground using specialized drilling rigs. First, specialists make a pilot hole, then expand it to the required diameter and pull the pipe through it. This method eliminates the need for excavations on roads.

Auger boring also involves the use of a special drilling rig. In this case, there is no need to create a trench along the entire route of the communication line, as with the traditional open method.

As reported by the city services complex, the use of advanced technologies allows not only to speed up the process of modernizing communications, but also to minimize the impact on the environment, and not to disrupt the established rhythm of life in the area.

The reconstruction of gas pipelines in the Khoroshevsky district is planned to be completed at the end of this year. The new pipes will serve for more than 40 years.

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MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Over 30 Large Companies Will Offer Vacancies for Job Seekers with Disabilities

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

February 12 at a specialized employment center “My career” A meeting for job seekers with disabilities, “I Want to Work,” will be held. Employers from the industrial sector, information technology, transport and logistics, restaurant business, and charitable organizations will conduct interviews for dozens of open positions.

“Currently, more and more companies are ready to hire job seekers with special needs for in-demand vacancies. The services and events of the Moscow employment service, including the “I Want to Work” meeting, help find candidates with unique skills and abilities. It will give you the opportunity to consult with career experts, communicate directly with an employer, go through several interviews at once and find a job in one day. More than 30 large companies will offer about 100 jobs for candidates with special needs. The vacancies include a CNC machine operator, an arts and crafts master, a business analyst, and an international supply department manager,” said Roman Nikitin, First Deputy Director of the Moscow Employment Service and the “Professions of the Future” center.

The “I Want to Work” meeting will be held from 11:00 to 13:00 at the address: Sergius of Radonezh Street, Building 1, Building 1. Participation is free, but registration is required. pre-registration.

Leading Moscow enterprises and organizations are among the participating employers. For example, a radio engineering enterprise will present vacancies for a mechanic for mechanical assembly work, an assembler, a soldering worker, a painter, and an adjuster of electronic equipment and devices. A chain of children’s goods stores offers office positions for job seekers with disabilities. Among them, for example, a manager for work with key partners, as well as the head of the department for accounting of income and expenses.Department of Information Technology of the City of Moscow There are positions for business analysts, systems analysts, data analysts, technical writers and testers. One of the charitable foundations is looking for people willing to work as a psychologist, copywriter, content manager, illustrator, web designer. There are also positions for seamstresses, woodworkers and craftsmen in art workshops.

In addition, at the meeting, career mentors will tell you how to prepare for an interview and help you write a sales resume. Participants will be able to consult with lawyers, specialists in job quotas and starting your own business.

The Moscow Employment Service pays special attention to the professional development and employment of candidates with disabilities. Specialists work with each of them individually, taking into account their needs and health characteristics. Career mentors support applicants at all stages – from writing a resume to passing a probationary period, help people believe in themselves and develop in the direction that suits them, be it hired work or entrepreneurship. Career festivals and open selections with the participation of leading Moscow employers are held for applicants with health disabilities.

The Moscow City Employment Service is the largest state personnel operator that helps people find work. Its structure includes employment offices, many of which are located in the My Documents government service centers. The flagship centers are open at the following addresses: Kuusinen Street, Building 2, Block 1, and Shabolovka Street, Building 48. The specialized My Career employment center is located on Sergiya Radonezhskogo Street (Building 1, Bldg. 1).

In the center “Professions of the Future” (Shchepkina Street, Building 38, Building 1) in a maximum of 3.5 months you can master one of 75 in-demand professions in various sectors of the economy. Career mentors will help you find a job after completing your training. The center’s partners include more than three thousand employers.

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: //vv.mos.ru/nevs/ite/149649073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Cod, pollock and mackerel: what seasonal fish can be purchased at the Moscow-on-the-Wave markets

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

In February, the season of cod, pollock and mackerel, as well as Caspian sprat and Baltic herring (Baltic herring) begins in Russia. At fish markets “Moscow is on the wave” City dwellers can find this and other fish in different forms: salted, canned, smoked and fresh-frozen.

The assortment of markets is constantly expanding and supplemented – this is due to the season. Now the catch of valuable commercial fish – cod – is in full swing. Visitors to the markets are offered fresh-frozen steaks, carcasses, backs, cod liver, which is loved by many and is very healthy, as well as canned caviar from this fish. In addition, on the shelves you can find a real delicacy – cod tongues, a rare product that you will not find on supermarket shelves.

February is also the season for catching cod’s relative, pollock. At the Moscow-on-the-Wave markets, customers can buy this fish frozen, breaded, and also pollock caviar and liver. By the way, the caviar of this codfish is not inferior to the caviar of the cod itself in terms of useful properties, and in some ways even surpasses it. For example, it is less caloric and more saturated with protein.

The fat content of mackerel caught in winter is about 27 percent, and it is not considered high in calories. Lightly salted, hot and cold smoked mackerel, as well as fresh frozen, are available at fish markets.

Canned Caspian sprat, a legendary product that was included in the diet of Soviet cosmonauts, can also be bought by city residents at the fish markets in Kosino-Ukhtomsky and Mitino. Here it is available in different forms: in its own juice, tomato sauce and as sprats.

Baltic herring, or sprat, which contains retinol, zinc, iodine, magnesium and other essential microelements and vitamins, should be looked for in the smoked and salted fish sections of the markets.

The Moscow-on-the-Wave fish market opened in the Kosino-Ukhtomsky district in November 2023, and in Mitino on September 25, 2024. Sergei Sobyanin reported, that last year they were visited by more than 1.5 million people, and more than one thousand tons of products were sold.

The Moscow on the Wave markets offer a wide range of fish and seafood from three oceans and 13 seas that wash Russia. Residents and guests of the capital can buy fresh carp, chilled Murmansk salmon, red mullet on skewers, northern omul and whitefish in fresh-frozen and smoked form, as well as lightly salted tugunok, Olyutor herring and much more.

More information about the activity Department of Trade and Services Moscow cities can be found on the department’s official Telegram channel.

Sobyanin: More than 1.5 million people visited the Moscow on the Wave markets in 2024

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

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

https: //vv.mos.ru/nevs/ite/149718073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: To reconcile financial and personal accounts, Moscow entrepreneurs are increasingly turning to the service on mos.ru

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Last year, Moscow entrepreneurs used the financial and personal account reconciliation service (FPA) more than 1.2 million times. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

“The service for reconciling financial and personal accounts under lease or purchase and sale agreements for non-residential premises and land plots has appeared

on the mos.ru portal in 2015 and has been constantly improving since then. Now, with its help, you can find out basic information about the status of your personal account, make a payment, set up an automatic payment. All transactions are available online, which significantly saves time and makes it easier for entrepreneurs to do business. On the mos.ru portal, this is the most popular digital product among Moscow businesses, and the number of its users is only growing every year. If in 2021 the service was accessed more than 946 thousand times, then in 2024 – already over 1.2 million times,” said Maxim Gaman.

The growing popularity of the service is due to its constant improvement and the emergence of new features. For example, starting in December 2021, tenants and buyers of city real estate can order an extract through the financial and personal account reconciliation service. It is prepared in a few minutes, while containing all the current information on the state of the FLS. During the first year after the introduction of this option, an account statement was ordered more than 32 thousand times. By the end of 2024, this figure had more than tripled to 101 thousand times.

In December 2023, a new printed form of the payment schedule became available to users. It is generated within 5-10 minutes and sent to your personal account on the mos.ru portal, where entrepreneurs can check their debts on financial and personal accounts. Last year, tenants of city land plots, buildings and premises, as well as buyers of capital real estate, requested a payment schedule almost six thousand times. The user of the account reconciliation service can pay off the debt, as well as future transactions on the financial and personal account, right here by clicking the appropriate button.

As reported by the capital Department of Information TechnologyTo use the service, you need to go to the business services catalog on the portal (section “Land and Real Estate”) and find the service for reconciling financial and personal accounts.

Earlier Sergei Sobyanin reported, that the mos.ru portal has more than 200 tools for entrepreneurs. The service for reconciling financial and personal accounts under lease or sale and purchase agreements for non-residential premises and land is among the most popular of them.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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: //vv.mos.ru/nevs/ite/149712073/

MIL OSI Russia News –

February 5, 2025
MIL-Evening Report: Bold statement, or a product of misogyny? What Bianca Censori’s ‘naked dress’ says about fashion on the red carpet

Source: The Conversation (Au and NZ) – By Harriette Richards, Senior Lecturer, School of Fashion and Textiles, RMIT University

Despite the many musical achievements celebrated at this year’s Grammy Awards, it was Bianca Censori’s red carpet appearance that won the award for most headlines.

Walking the red carpet with her husband Ye (Kanye West), nominated for best rap song, Censori first appeared wrapped in an oversized black fur coat. As the couple stood to be photographed, she dropped the coat to reveal her outfit: a transparent mini dress with no underwear.

In contrast to Ye, dressed head to toe in black, Censori’s nudity was shocking – yet somewhat unsurprising. Censori has become well known for her revealing outfits.

In September 2023, Censori was photographed in Florence wearing sheer stockings and clutching a purple throw pillow to her chest in lieu of a top. Later that year, she was spotted in Miami wearing a skimpy metal mesh bikini and hugging onto a large fluffy cat soft toy. In 2024 she was seen in Los Angeles in a clear raincoat with nothing underneath and at a dinner in Italy wearing a sheer poncho, again with nothing underneath.

And so-called “naked dresses”, like the one Censori wore to the Grammys, have pushed the boundaries of red carpet attire since 1974, when Cher famously wore a barely-there Bob Mackie gown to the Met Gala.

Changing winds of fashion

Since then, many models and actresses have embraced revealing clothing choices. Rose McGowan famously attended the MTV Video Music Awards with Marilyn Manson in 1998 wearing a chain mail dress by designer Maja Hanson that bared all.

In 2014, Rihanna wore a daring sparkling gown at the CFDA Awards encrusted with 230,000 Swarovski crystals.

At the 2017 Met Gala, both Kendall Jenner and Bella Hadid wore transparent garments, Jenner in a La Perla slip and Hadid in a glittering Alexander Wang catsuit.

In 2022, when Florence Pugh wore a magnificent pink dress at a Valentino couture show in Rome, she garnered international attention for the way the outfit revealed her nipples.

For many commentators, these sheer, transparent or minimal garments have been bold fashion statements. They have also prompted conversations about misogyny and the policing of women’s bodies.

Some previous instances of naked dressing have been cause for celebration. They seem to have symbolised a feminist victory, indicating the power of women to take control of their appearance and their bodies. This has perhaps been why they have remained so popular.

However, as Donald Trump begins his second term as president with a new agenda for discriminatory gender politics, the trend now seems to be falling out of favour. Indeed, directly contrasting Censori’s look, the big names at Sunday’s event were wearing gowns that were all about design – not exposure.

Charli XCX wore a voluminous grey corseted dress straight from the Jean Paul Gaultier Spring/Summer 2025 couture show by Ludovic de Saint Sernin. Sabrina Carpenter lent into old Hollywood glamour in a custom baby blue, low backed gown by JW Anderson. And Beyoncé wore a custom glittering gold Schiaparelli gown and opera gloves designed by Daniel Roseberry.

Far from the positive responses some recent examples of naked dressing have garnered, commentary about Ye and Censori’s stunt – apparently an attempt to replicate Ye’s Vultures I album cover – bristled with concern, pity and accusations of abuse.

But is it art?

In large part, this response is because Censori has no voice. She does not give interviews or speak to the media. Her only form of communication is her body. That she frequently appears like a deer in headlights, her eyes wide and empty, provokes assumptions about her lack of autonomy in the choice to wear such daring outfits.

Ye’s reputation for controlling behaviour merely exacerbates these assumptions.

Some have argued the outfits Censori wears are a form of “performance art”. Whether or not she is complicit in their choreographed production is a source of much speculation.

Regardless of who orchestrates these stunts or what their purpose is (beyond mere attention seeking), they are undoubtedly gendered. It is Censori’s body on display; Ye’s body remains concealed beneath layers of oversized black garments.

They also call into question the very purpose of clothes as a practical protective layer between a vulnerable body and the world.

It must be remembered that Censori was not wearing nothing. She was wearing a dress that exposed everything. But protective layer it was not. She eschewed protection – from the elements and the gaze of the world – in favour of risk, revelation and shock.

For a pair who have capitalised on the attention received by wearing outlandishly revealing outfits, this new iteration seems to be a logical conclusion. But where does Censori go from here? There is nothing more to reveal.

Harriette Richards 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. Bold statement, or a product of misogyny? What Bianca Censori’s ‘naked dress’ says about fashion on the red carpet – https://theconversation.com/bold-statement-or-a-product-of-misogyny-what-bianca-censoris-naked-dress-says-about-fashion-on-the-red-carpet-249001

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI USA: Murphy, Blumenthal, 35 Colleagues Raise Alarm Over Trump Administration Chaos At Critical National Security Agencies

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

February 04, 2025

WASHINGTON–U.S Senators Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, and Richard Blumenthal (D-Conn.) joined 35 of their Senate colleagues in sending a letter to Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID). USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability.
Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.
“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” the senators wrote.
The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”
“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” the senators added.
They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”
U.S. Senators Tim Kaine (D-Va.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), Ruben Gallego (D-Ariz.), Lisa Blunt Rochester (D-Del.), Michael Bennet (D-Colo.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Edward J. Markey (D-Mass.), Kirsten Gillibrand (D-N.Y.), Bernie Sanders (I-Vt.), Gary Peters (D-Mich.), Tammy Baldwin (D-Wis.), Ron Wyden (D-Ore.), Martin Heinrich (D-N.M.), Amy Klobuchar (D-Minn.), Tammy Duckworth (D-Ill.), Andy Kim (D-N.J.), Adam Schiff (D-Calif.), Angus S. King (I-Maine), Sheldon Whitehouse (D-R.I.), John Hickenlooper (D-Colo.), Mazie K. Hirono (D-Hawaii), Alex Padilla (D-Calif.), Tina Smith (D-Minn.), Catherine Cortez Masto (D-Nev.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Mark Kelly (D-Ariz.), Brian Schatz (D-Hawaii), Mark R. Warner (D-Va.), Chris Van Hollen (D-Md.), Chris Coons (D-Del.), and Elissa Slotkin (D-Mich.) also signed the letters.
Full text of the letter is available HERE.

MIL OSI USA News –

February 5, 2025
MIL-OSI Russia: NSU scientists create a database of samples from the Scientific and Educational Center “Evolution of the Earth” on the CoGIS platform

Translartion. Region: Russians Fedetion –

Source: Novosibirsk State University – Novosibirsk State University –

Employees Scientific and educational center “Evolution of the Earth” Faculty of Geology and Geophysics, Novosibirsk State University are creating a database that will combine information about all samples located in open exhibits and storage facilities. The result of this work should be the creation of a website for all those interested in geology and mineralogy. Third-party visitors will be able to see exhibits of the Evolution of the Earth Scientific and Educational Center here, and professional geologists and NSU employees will be able to obtain information about samples from the faculty’s closed storage facilities. Work on creating the database and the website is being carried out with the support of the program “Priority 2030”The software product is being created by the Novosibirsk IT company Data East, which employs graduates of the Faculty of Geology and Geophysics of NSU.

— The domestic geoinformation platform CoGIS allows specialists to create websites from ready-made modules without resorting to the services of programmers. They design the database themselves, create object cards and thus document museum exhibits. Each object contains a description and multimedia information — photos, videos, presentations. The interface is so simple that it can be easily mastered by both a scientist and a schoolchild. We expect that the CoGIS platform for the Scientific and Educational Center “Evolution of the Earth” and for the university as a whole will become a universal environment for storing and processing scientific and practical information, useful for student term papers and diploma papers, industrial practices, as well as for the implementation of research programs of the university, — said Mikhail Zadorozhny, GIS specialist at Data East.

— At the moment, the database is only being created and functions only for internal use. We have digitized all the samples exhibited in the expositions of the Scientific and Educational Center “Evolution of the Earth” — both inside its premises and in display cases located in the adjacent corridors. The samples that are in the faculty’s storage facilities have also been partially digitized. To date, the database contains information on more than three thousand samples. About the same number has been digitized, but has not yet been entered into the database. To do this, we, together with specialists from Data East, have created sample cards, in each of which we place an image of a mineral or rock and a number of its geological characteristics: name, chemical composition, weight, size, date of receipt in the storage of the Scientific and Educational Center “Evolution of the Earth”, place and date of extraction, name of the extractor. Of course, not every sample is provided with a full list of this data — often some characteristics are unknown to us. Not all samples are provided with a photo image — only the exposition ones and the most impressive in appearance. The rest will be accompanied only by descriptions at the first stage, said Olga Khokhryakova, a research fellow at the Evolution of the Earth Scientific and Educational Center.

The database compilers still have a lot of work ahead of them. Many of the specimens that require detailed descriptions and photographs are under glass, so the database contains incomplete data and “rough” photographs. The specimens from the Alexander Godovikov collection, located in the passage next to the exhibition halls of the Scientific and Educational Center “Evolution of the Earth”, have full descriptions. The remaining specimens, which are stored packed in boxes, will not be accompanied by photographs for now.

— The storage facilities of the Geological and Geophysical Faculty contain thousands of undescribed samples brought back from student practices and expeditions in the 1980s and 1990s. Before the creation of the Scientific and Educational Center “Evolution of the Earth” in the new building, there was an educational museum at the Geological and Geophysical Faculty (it was located in the laboratory building), and now its samples make up a significant part of the faculty’s collection. All the exhibits placed in display cases had descriptions and labels. In the new building, the collection was replenished with new samples. We also enter them into our database. But a considerable part of the minerals and rocks still remain unsorted. The samples are in boxes wrapped in old newspapers from the Soviet era. Now we sort them out, describe the contents and put them on the balance sheet. The most spectacular samples have been selected for placement in museum display cases or in educational collections intended for classrooms, — said Olga Khokhryakova.

In addition, the staff of the Scientific and Educational Center “Evolution of the Earth” work with unaccounted samples brought from geological practices and trips of the members of the student mineralogical society “Crystal”. For several decades, these samples were stored in the laboratory building of NSU, and now they have been transported to the storage facilities of the Scientific and Educational Center “Evolution of the Earth”. Some parcels with samples have not yet been unpacked. The most interesting and beautiful samples were previously selected and placed in display cases of the museum of the SMO “Crystal”, the rest did not have time to be sorted out. Now NSU geologists have taken up this work, dividing the samples into several categories. They combine samples, for example, by place of discovery, chemical composition or area of application. The volume of the collection to be sorted out is calculated not in the number of boxes, but in cubic meters. At the moment, there are 10 of them.

— We classify, systematize, arrange all the samples that come to us by storage location and enter them into the database, which allows us to quickly and easily find them in the storage facility when there is a need to form exhibitions, replenish educational collections or present them as illustrations on the Internet. We understand that a methodical description of all the samples will probably take a decade, so we decided to take a different approach: first, we select those samples that are interesting to us from an exhibition or educational point of view, and work with them. We will move on to less interesting samples later. We fill the database gradually, as we describe the samples, — Olga Khokhryakova explained.

According to the plan of the staff of the Scientific and Educational Center “Evolution of the Earth”, the database they are creating will not only be used internally. Access to the database is via the Internet, adding and viewing information occurs within the framework of the geoportal, which presents the mineralogical and paleontological expositions of the Scientific and Educational Center “Evolution of the Earth”. Different levels of access – for employees who can edit data, and for visitors who will visit the site to admire photographs of sparkling crystals and multi-colored stones, and at the same time learn interesting facts about them – are configured using CoGIS. Visitors to the geoportal will be able to familiarize themselves with the contents of the exhibition showcases of the Scientific and Educational Center “Evolution of the Earth” and with each exhibit presented on them separately. It is assumed that NSU employees and students will be able to see more information than all other visitors. For example, they will be able to get acquainted with archival and educational collections.

— Our website, thanks to its impressive design and beautiful photo illustrations, will attract the attention of schoolchildren and teachers. Having learned about us, teachers will be able to contact the Scientific and Educational Center “Evolution of the Earth” with a request for educational mineralogical collections, which would present, for example, minerals and rocks that are often found in our region, or samples necessary for mastering the curricula in geography and chemistry. Our employees form school collections at the request of teachers. One of them was transferred to Novosibirsk School No. 112 in November last year, — said Olga Khokhryakova.

The website, which contains a database of mineralogical and paleontological samples, is expected to become available to a wider audience later this year.

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 5, 2025
MIL-OSI China: Azerbaijan reacts to preliminary report on Aktau plane crash

Source: China State Council Information Office

Azerbaijan’s Ministry of Digital Development and Transport said the preliminary report released Tuesday on the Dec. 25 crash of an Embraer 190 aircraft near Aktau indicated the plane suffered damage due to external impact, dismissing bird strikes and cylinder explosions as causes.

In a statement reacting to the report, the ministry emphasized that the aircraft, operated by Azerbaijan Airlines, was fully airworthy at takeoff and experienced no mechanical failures before impact.

The ministry said that analysis of the flight recorders confirmed the aircraft lost GPS signals over Russian airspace and Grozny Airport with two external noises recorded 24 seconds apart, followed by the sequential failure of the hydraulic systems.

The fuselage suffered numerous through and blind damage, particularly in the aft section, vertical and horizontal stabilizers, left wing, and left engine, caused by foreign objects. No evidence of a bird strike or cylinder explosion was found, the ministry said citing the preliminary report.

Foreign objects, which did not belong to the aircraft, were discovered in the wreckage, and their exact origin would be determined through further expert examinations, the ministry added.

The crash occurred as Flight J2-8243 was en route from Baku to Grozny. The accident resulted in the deaths of two pilots, a senior flight attendant, and 35 passengers. Despite the severity of the crash, 29 people survived due to the crew’s emergency landing efforts, the ministry said.

Kazakhstan, as the country where the crash took place, is leading the investigation with Azerbaijan’s full participation. The final report on the accident’s causes is expected to be published within a year, in line with International Civil Aviation Organization (ICAO) regulations.

MIL OSI China 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 USA: February 4th, 2025 Heinrich Raises Alarm Over Trump-Caused Chaos at Critical National Security Agencies

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and 36 Senate colleagues sent a letter to Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID).

USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” Heinrich and colleagues wrote.

The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

The letter is led by U.S. Senator Tim Kaine (D-Va.). Alongside Heinrich, the letter was signed by U.S. Senators Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), Ruben Gallego (D-Ariz.), Lisa Blunt Rochester (D-Del.), Michael Bennet (D-Colo.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Edward J. Markey (D-Mass.), Kirsten Gillibrand (D-N.Y.), Bernie Sanders (I-Vt.), Gary Peters (D-Mich.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Ron Wyden (D-Ore.), Amy Klobuchar (D-Minn.), Tammy Duckworth (D-Ill.), Andy Kim (D-N.J.), Adam Schiff (D-Calif.), Angus S. King (I-Maine), Sheldon Whitehouse (D-R.I.), John Hickenlooper (D-Colo.), Mazie K. Hirono (D-Hawaii), Alex Padilla (D-Calif.), Tina Smith (D-Minn.), Catherine Cortez Masto (D-Nev.), Jack Reed (D-R.I.), Chris Murphy (D-Conn.), Jacky Rosen (D-Nev.), Mark Kelly (D-Ariz.), Brian Schatz (D-Hawaii), Mark R. Warner (D-Va.), Chris Van Hollen (D-Md.), Chris Coons (D-Del.), and Elissa Slotkin (D-Mich.).

The full text of the letter is available here.

MIL OSI USA News –

February 5, 2025

Category: Europe

How to find and pay a toll road bill on mos.ru

How to top up your transponder account for automatic fare payment

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

What’s happened so far?

A more unequal and unstable world

A power that’s no longer super

Australia needs to help fill the gap

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Household chemicals and products

Triumphal Arch and a snake on a Christmas tree

Terracotta warriors of antiquity and golden carps

Plush Pandas and Lucky Coins

Changing winds of fashion

But is it art?