Category: Europe

MIL-Evening Report: The extreme floods which devastated Spain are hitting more often. Is Australia ready for the next one?

Source: The Conversation (Au and NZ) – By Conrad Wasko, ARC DECRA Fellow in Hydrology, University of Sydney

Spain is still reeling from recent floods in the Valencia region. In some areas, a year’s worth of rain fell in a single day. Sudden torrents raced through towns and cities. Over 200 people are dead. Rapid analysis suggests daily rainfall extremes in this region and season have become twice as common over the last 75 years and become 12% more intense.

The World Meteorological Organisation has pointed out that climate change is steadily increasing the risk of extreme floods like these. Warmer air can hold more water vapour, about 7% more per degree Celsius of warming. More moisture generally leads to more intense rainfall, and therefore more extreme floods.

The physics of how temperature influences the atmosphere’s capacity to hold moisture has been known for close to 200 years. But we’ve learned something worrying more recently. When water vapour condenses to form rain droplets, it releases heat which can fuel stronger convection and boost updrafts of air currents in storms. This means the intensity of extreme rainfall could increase not just 7% per degree of warming, but over twice that rate.

Last week, CSIRO and the Australian Bureau of Meteorology released their biennial report on the State of the Climate, which found “heavy short-term rainfall events are becoming more intense”. Australia, the report states, has already warmed 1.5°C since national records began in 1910. In recent years, extreme rains have triggered devastating floods in New South Wales and Queensland.

The question now is – are we prepared for these more damaging floods? This year, Australia updated the climate change section of Australia’s flood design guidance. But while this will help ensure that future infrastructure is better able to weather extreme floods, our current bridges, roads and stormwater drains have not been built to weather these increases in extreme rainfall. Similarly, our flood planning levels – used to determine where houses, offices, hospitals and so forth can be built – have generally not factored in the reality of the threat.

More floods and more extreme

Many of us would have learned about the water cycle in school. Water evaporates from seas and lakes before falling as rain and filling lakes and rivers, which eventually makes it back to the sea.

Unfortunately, climate change is making this cycle more intense, as detailed in a recent Intergovernmental Panel on Climate Change report. Rain is more likely to fall in intense short-duration bursts which are more likely to trigger floods.

This year alone, we have seen disastrous and deadly floods from extreme storms across the Americas, Asia and Europe. Scientific analysis has showed these floods were more severe due to human-caused climate change.

Australia is not immune. The devastating northern New South Wales floods of 2022 took 24 lives and ravaged towns such as Lismore. These floods are the most expensive natural disaster to date in Australia, costing A$5.65 billion in damages.

How do you prepare for worse floods?

When urban planners set flood planning levels, or engineers begin designing a new bridge or rail line, they have to take floods into account. To do so, they will inevitably reach for the local bible, Australia’s flood design guidance.

Before 2024, this document allowed for a 5% increase in rainfall intensity per degree of global warming, and generally applied it only to infrastructure intended for a very long lifespan. This clashed with most scientific studies on the topic both globally and in Australia, which showed much greater increases, and that these increases are already being witnessed.

To provide better flood guidance, we and our colleagues undertook a comprehensive review of over 300 scientific papers covering climate change in Australia and extreme rainfall.

The review proved we had been underestimating the threat of extreme rains and subsequent floods. Rain events over a 24-hour period leading to flooding are likely to increase at 8% per degree of warming, not 5%. Hourly rainfall extremes are likely increasing even faster, at 15% per degree.

Worse, these are just the central estimates. The wide range of plausible values suggests some rain events could eclipse these. For daily or longer extreme rains, the range is 2–15%. For hourly or shorter periods, that figure is 7–28% for hourly or shorter duration.

Over the month of February in 2022, the Lismore region had about 600–800 mm of rain – much more than a normal February, which might see closer to 150 mm on average. These floods took place with just 1.1°C of warming since the pre-industrial period. On our current path, it’s possible the world could warm another 1.5°C or more by the end of this century. If this happens, these rainfall totals could be substantially higher and more likely to cause even worse flood impacts.

These new figures have now been included in the August update of Australia’s flood design guidance. This is good news. It means future decisions on infrastructure and planning can now be well informed by the latest science on how climate change influences flood risk.

Over time, this will ensure essential infrastructure can be built to endure worse floods. It will affect the design and construction of everything from local stormwater drains to levees, bridges, culverts and dam spillways.

Preparing for extreme floods is complex. Pictured: water spilling out from a manhole during Spain’s floods.
Fernando Astasio Avila/Shutterstock

Local councils can use it to set the height of floor levels for property development. State and federal decision-makers can use it in planning for responses to flood emergencies.

Does it mean we can avoid disastrous floods like those in Spain and Lismore? Yes and no. We now have the knowledge and tools to adapt to the increased risk levels already arriving. Yet implementing this will be challenging. In many cases, it will require retrofitting or redesigning existing infrastructure to withstand more intense flooding.

Climate change is no longer something we can file under “problem for the future”. It’s here already. The flood risks we face today are already substantially worse than 25 years ago, and will continue to worsen. We must accelerate how we plan for extreme, rapid rainfall creating catastrophic floods like those in Spain.

Conrad Wasko receives funding from The University of Sydney and the Australian Research Council. Conrad has previously received funding from the Department of Climate Change, Energy, the Environment and Water.

Andrew Dowdy receives funding from University of Melbourne, including through the Centre of Excellence for Climate Extremes and the Melbourne Energy Institute.

Seth Westra is a Professor of Hydrology and Climate Risk at the University of Adelaide, Director of Research for the One Basin Cooperative Research Centre, and Chair of the Systems Cooperative. Seth receives funding from state and federal governments support decision making under hydrological or climatic uncertainty.

– ref. The extreme floods which devastated Spain are hitting more often. Is Australia ready for the next one? – https://theconversation.com/the-extreme-floods-which-devastated-spain-are-hitting-more-often-is-australia-ready-for-the-next-one-242686

MIL OSI Analysis – EveningReport.nz –

January 26, 2025

MIL-OSI: Aktia Bank Plc’s Interim Report January–September 2024: Stable quarterly result and positive trend in asset management

Source: GlobeNewswire (MIL-OSI)

Aktia Bank Plc
Stock Exchange Release
6 November 2024 at 8.00 a.m.

Aktia Bank Plc’s Interim Report January–September 2024: Stable quarterly result and positive trend in asset management

The quarter in short

Comparable operating profit: EUR 31.5 million, somewhat higher than last year (31.0).
Comparable cost/income ratio: 0.56 (0.55).
Comparable return on equity (ROE): 15.0 (15.8)%; the difference is mainly due to a higher average equity.
Net commission income: 3% higher than last year thanks to higher net income from funds and card operations.
Assets under management: Increased in the quarter, driven by positive net subscriptions and favourable market development.
Net interest income: 7% lower than last year due to the impact of non-standard interest terms for certain corporate accounts and falling interest rates.
Net income from life insurance: Strong development due to good sales, low loss ratio and good investment performance.
Comparable operating expenses: Good cost control despite continued investments in IT.
Credit losses: Provisions decreased compared to last year.
The share of assets under management classified as sustainable under Article 8/9 increased to 98.1% from 95.3% last year.

Outlook 2024 (unchanged)

Aktia’s comparable operating profit for 2024 is expected to be higher than the EUR 104.8 million reported for 2023.

The outlook has been prepared based on the following expectations:

Despite market uncertainty and a probable decline in interest rates, the net interest income is expected to be higher than in 2023.
Net commission income is expected to be somewhat higher than in 2023, provided that the market conditions are favourable.
The life insurance business is expected to develop steadily. However, the result may be affected by changes in market values.
Total operating expenses are expected to remain on approximately the same level as in 2023, given the absence of stability contribution offset by higher expected IT expenses.
Impairments and provisions for credit losses are expected to increase slightly compared to the 2023 level, given the current market situation.

Aleksi Lehtonen, CEO:

I have said in various contexts that only a company with thriving employees can have genuinely satisfied customers. During the year, we have seen the results of Aktia’s employee surveys moving in the right direction. Therefore, it is not surprising – but all the more pleasing – that we have also seen a significant improvement in customer satisfaction.

The very comprehensive EPSI Rating study, published in the third quarter, shows how our customer satisfaction develops and where we stand compared to the sector. Aktia has improved significantly in all the sub-areas covered by the EPSI study, and our overall result is now very close to the “very satisfied” threshold. This year, Aktia was the bank improving the most in the ranking. The study shows that our customers to a large extent are also likely to recommend Aktia.

I am happy and grateful for this feedback and especially for the fact that our customers explicitly feel appreciated and cared for. This is in line with the direct feedback I have received when attending customer meetings: Aktia’s customers appreciate personal service and there exists a strong trust. My message regarding both employee and customer satisfaction is the same: we are moving in the right direction, but there is still work to be done. We can become even better, and we need to prove ourselves worthy of our customers’ confidence every day.

As an asset manager, customer confidence is of the utmost importance to us in our aim to be the best partner for those who want to increase their wealth over time. We fulfil our purpose, to create wealth, by thinking further with our customers and always making sure that our customers have a good wealth plan. Managing and increasing wealth in a well-planned way is to act responsibly, not only for ourselves, but also for those close to us. It should also be noted that a large part of the wealth in Finland will be transferred to the next generation within a decade, which requires a great deal of planning.

Continued stable performance

The financial result remained stable in the third quarter. The comparable operating profit of EUR 31.5 million was well in line with the two previous quarters of 2024 and was 2% higher than in the third quarter of 2023, which was the best quarter last year performance-wise. Our comparable return on equity (ROE) was 15% and the comparable cost-to-income ratio was 0.56 – both again at a better level than our long-term objectives of ROE of at least 12% and cost-to-income ratio below 0.60.

The good result was driven by higher net commission income, strong net income from life insurance and continued cost control. On the other hand, the net interest income for the quarter was still partly burdened by the non-standard corporate interest rates announced in July. We revised the accounts in the third quarter, and the terms for corporate accounts are now up to date.

Positive net subscriptions and improvement in the housing market

The positive development in asset management continued. I am very pleased that customer assets under management continued to increase and especially that net subscriptions were positive during the quarter. Overall, the inflow into Aktia’s own funds has been strong this year and in September, Aktia Fund Management Company was among the best in Finland measured in net subscriptions. The fact that a significant proportion of investments are made in insurance wrappers shows that capitalisation redemption contracts and unit-linked insurance play an important role in our customers’ investment solutions. There is a clear confidence in Aktia’s investment solutions, and the best recognition we can get is when customers trust us to manage their wealth.

There are also encouraging signs in the housing market, and we have noted a growing trend in the number of loan applications, which started to pick up in the summer. In the third quarter, we already saw growth in the loan book among Premium and Private banking customers, although the total loan book decreased slightly as a result of amortisations.

Value creation through updated strategy

As I have mentioned earlier, we are currently reviewing the Group’s overall strategy and long-term financial objectives. Our current strategy period extends to 2025, and now is the time to reflect and choose our priorities for the coming years. The work is progressing well and we look forward to being able to tell about our strategic priorities in more detail. However, the purpose of our activities remains the same: to create prosperity – for our customers, employees, owners, and society as a whole.

Key Figures

(EUR million)	Q3/2024	Q3/2023	∆ %	1–9/2024	1–9/2023	∆ %	Q2/2024	∆ %	1–12/2023
Net interest income	36.1	38.6	-7%	114.0	102.3	11 %	38.8	-7%	140.4
Net commission income	30.9	30.0	3%	91.8	90.6	1 %	30.8	0%	120.4
Net income from life insurance	8.9	5.1	74%	23.9	18.0	33 %	7.4	21%	24.1
Total operating income	76.1	74.3	2%	230.1	212.9	8 %	76.7	-1%	287.4
Operating expenses	-43.1	-40.8	6%	-129.3	-130.1	-1 %	-44.8	-4%	-176.6
Impairment of credits and other commitments	-1.8	-2.3	-23%	-6.3	-4.5	39%	-1.8	-3%	-7.0
Operating profit	31.2	31.0	1%	94.6	78.1	21%	30.1	4%	102.6
Comparable operating income¹	76.1	74.3	2%	230.1	212.7	8 %	76.7	-1%	287.2
Comparable operating expenses¹	-42.8	-40.8	5%	-127.7	-128.7	-1%	-44.1	-3%	-174.2
Comparable operating profit¹	31.5	31.0	2%	96.2	79.2	21%	30.8	2%	104.8
Cost-to-income ratio	0.57	0.55	3%	0.56	0.61	-8%	0.58	-3%	0.61
Comparable cost-to-income ratio¹	0.56	0.55	3%	0.55	0.61	-8%	0.57	-2%	0.61
Earnings per share (EPS), EUR	0.34	0.33	3%	1.05	0.85	23%	0.33	3%	1.12
Comparable earnings per share (EPS), EUR, euro¹	0.34	0.33	4%	1.06	0.86	23%	0.34	1%	1.15
Return on equity (ROE), %	14.9	15.8	-0,9*	15.3	13.7	1,6*	14.5	0,3*	13.3
Comparable return on equity (ROE), %¹	15.0	15.8	-0,8*	15.6	13.9	1,7*	14.9	0,1*	13.6
Common Equity Tier 1 capital ratio (CET1), %²	11.9	11.0	0,9*	11.9	11.0	0,9*	11.5	0,4*	11.3

1) Alternative performance measures
2) At the end of the period
* The change is calculated in percentage points

Briefing for analysts, investors and media

Aktia’s results briefing for analysts, investors and media will be held in English on Wednesday 6 November 2024 at 10.30 a.m. Aktia’s CEO Aleksi Lehtonen and interim CFO Karri Varis will present the results.

The briefing can be viewed live as a webcast or as a recording after the event at https://aktia.videosync.fi/aktia-pankki-oyj-q3-report-2024. Questions can be submitted in writing during the live webcast.

AKTIA BANK PLC

For more information:
Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 September 2024 amounted to EUR 14.3 billion, and the balance sheet total was EUR 12.0 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

Attachment

Aktia Bank Plc Interim report 1–9_2024

The MIL Network –

January 26, 2025

MIL-OSI: Credit Agricole Sa: Third quarter and first nine months 2024 results – VERY STRONG QUARTER, 2024 INCOME TARGET CONFIRMED

Source: GlobeNewswire (MIL-OSI)

VERY STRONG QUARTER, 2024 INCOME TARGET CONFIRMED
CASA AND CAG STATED AND UNDERLYING DATA Q3-2024

	CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying		Stated	Underlying
Revenues		€6,487m +2.3% Q3/Q3	€6,484m +7.0% Q3/Q3		€9,213m -0.4% Q3/Q3	€9,210m +4.1% Q3/Q3
Expenses		-€3,689m +9.2% Q3/Q3	-€3,654m +8.2% Q3/Q3		-€5,590m +6.2% Q3/Q3	-€5,556m +5.5% Q3/Q3
Gross Operating Income		€2,799m -5.7% Q3/Q3	€2,830m +5.5% Q3/Q3		€3,623m -9.1% Q3/Q3	€3,654m +2.0% Q3/Q3
Cost of risk		-€433m +0.9% Q3/Q3	-€433m +0.9% Q3/Q3		-€801m +15.6% Q3/Q3	-€801m +15.6% Q3/Q3
Net income group share		€1,666m -4.7% Q3/Q3	€1,686m +10.9% Q3/Q3		€2,080m -12.8% Q3/Q3	€2,100m +1.5% Q3/Q3
C/I ratio		56.9% +3.6 pp Q3/Q3	56.4% +0.6 pp Q3/Q3		60.7% +3.7 pp Q3/Q3	60.3% +0.8 pp Q3/Q3
RESULTS UP FOR THE FIRST NINE MONTHS OF THE YEAR; TARGET CONFIRMED OF >€6BN IN NET INCOME GROUP SHARE FOR 2024 STRONG QUARTERLY RESULT +8.2% growth in net income Group share excluding base effect related to reversals of Home Purchase Savings Plan provisions in Q3-23 High level of revenues, sharply up in underlying vision Low cost/income ratio; support for business line development with a +4.1% increase in recurring expenses STRONG ACTIVITY IN ALL BUSINESS LINES Solid performance in retail banking and consumer finance, supported by a good level of customer capture, higher on-balance sheet deposits in France and stable on-balance sheet deposits in Italy, gradual recovery in home loan activity and increased corporate loan production in France, continued momentum in international loan activity, and consumer finance activity stable at a high level Excellent business momentum in CIB, asset management and insurance, reflected in high gross inflows in life insurance, continued brisk business in property and casualty and personal insurance, solid level of inflows and a record level of assets under management, CIB business still robust and record nine-month revenues CONTINUED STRATEGIC PROJECTS Partnership with GAC in China on leasing and in Europe on automotive financing Signing of an agreement to acquire Merca Leasing Acquisition of Nexity Property Management VERY SOLID CAPITAL AND LIQUIDITY POSITIONS Crédit Agricole S.A. phased-in CET1 11.7% CA Group phased-in CET1 17.4%

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

“The Group reports solid results this quarter. These results reinforce its desire to be useful to all its customers and to play a leading role in actively supporting the economy.”

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

“Quarter after quarter, the Group publishes high-level results confirming the outlook for a 2024 result that is one year ahead of Crédit Agricole S.A.’s Ambitions for 2025.”

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 the third quarter of 2024, the Group recorded +482,000 new customers in retail banking, and the customer base grew by +104,000 customers. More specifically, over the quarter, the Group recorded +383,000 new customers for Retail Banking in France and +99,000 new International Retail Banking customers (Italy and Poland), and the customer base also grew (+64,000 and +40,000 customers, respectively).

At 30 September 2024, retail banking on-balance sheet deposits totalled €830 billion, up +2.8% year-on-year in France and Italy (+3.1% for Regional Banks and LCL and -0.4% in Italy). Outstanding loans totalled €876 billion, up +0.4% year-on-year in France and Italy (+0.2% for Regional Banks and LCL and +3.0% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +20% for the Regional Banks and +73% for LCL compared to the second quarter of 2024, and -11% and +17% respectively compared to the third quarter of 2023. In Italy, home loan production was down -12% for CA Italy due to a base effect related to successful marketing campaigns in the third quarter of 2023. However, they were still up on second quarter 2024. The property and casualty insurance equipment rate¹ rose to 43.8% for the Regional Banks (+0.7 percentage points compared to the third quarter of 2023), 27.9% for LCL (+0.3 percentage point) and 20.0% for CA Italy (+1.7 percentage point).

In asset management, inflows remained healthy (+€14.4 billion excluding an insurance mandate withdrawal totalling -€11.6 billion), particularly with regard to medium/long-term assets excluding JVs (+€9 billion). Commercial momentum within JVs was also solid. In savings/retirement, Crédit Agricole Assurances posted a high level of gross inflows (€7.2 billion, up +56% year-on-year), the unit-linked rate remained high in production (32.8%), and net inflows were positive (+€1.6 billion) and growing. In property and casualty insurance, the portfolio grew by +5.1% year-on-year to 16.6 million policies. Assets under management were once again at their highest level ever, rising compared to the end of September 2023 in asset management (€2,192 billion, or +11.1%), life insurance (€343.2 billion, or +5.8%) and wealth management, which benefited from the integration of Degroof Petercam (IWM and Private Banking of LCL €274 billion, or +46.9%).

SFS business line registered an activity stable at a high level, with an increase in consumer finance outstandings at CAPFM (+5.2% compared to the end of September 2023), driven by automotive activities, which account for 53%² of total outstandings, and growth in production and leasing outstandings at CAL&F (€20.1 billion, or +8.8% compared to the end of September 2023).

Momentum is strong in Large Customers, with record revenues in corporate and investment banking (best nine-month cumulative total), with capital markets and investment banking being driven by capital market activities, and financing activities benefiting from growth in commercial banking. CACEIS also posted a high level of assets under custody (€5,061 billion, +12.1% compared to the end of September 2023) and assets under administration (€3,386 billion, +4.2% compared to the end of September 2023). It benefited during the quarter from strong commercial momentum and positive market effects.

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

Continued support of transition

Crédit Agricole Assurances has set out its new climate commitments, announcing its target to reduce carbon intensity of its portfolio³ by -50% by 2029 (compared to 2019).

Crédit Agricole Group has also decided to participate in CDC’s energy and ecological transition financing support scheme. The Group will thus be able to raise up to €5.3 billion in liquidity by November 2025, exclusively for financing new projects contributing to the energy and ecological transition.

The Group is continuing the mass roll-out of financing and investment to promote the transition. As such, the Crédit Agricole Group doubled its exposure to low-carbon energy financing⁴ between the end of 2020 and September 2024, with €21.9 billion at 30 September 2024. In addition, Crédit Agricole Assurances’s financing of renewable energy production capacity increased by +17% compared to the end of 2022, representing 13.8 gigawatts at 30 June 2024.

Lastly, Crédit Agricole CIB’s green loan portfolio⁵ grew by +67% between the end of 2022 and September 2024, and represented €20.7 billion at 30 September 2024.

Group results

In the third quarter of 2024, the Crédit Agricole Group’s stated net income Group share came to €2,080 million, down -12.8% compared to the third quarter of 2023. This was due to significant specific items in the third quarter of 2023.

Specific items in the third quarter of 2024 had a negative net impact of -€20 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 +€3 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 -€14 million in net income Group share of Large Customers, the Degroof Petercam integration costs of -€6 million in net income Group share of Asset Gathering, and the acquisition costs of Degroof Petercam totalling -€2 million in net income Group share of private banking.

Specific items in the third quarter of 2023 had a cumulative positive impact of +€317 million in net income Group share and comprised DVA and hedging items for +€1 million under Large Customers, reversals of the Home Purchase Savings Plan provisions for +€297 million (+€38 million for LCL, +€171 million for the Corporate Centre and +€88 million for the Regional Banks), and the impact of the SFS division’s Mobility⁶ business for -€26 million under the equity method and +€45 million under gains and losses on other assets.

Excluding these specific items, Crédit Agricole Group’s underlying net income Group share⁷ amounted to €2,100 million, up +1.5% compared to third quarter 2023.

Crédit Agricole Group – Stated and underlying results, Q3-24 and Q3-23

€m	Q3-24 stated	Specific items	Q3-24 underlying	Q3-23 stated	Specific items	Q3-23 underlying	∆ Q3/Q3 stated	∆ Q3/Q3 underlying

Revenues	9,213	3	9,210	9,249	402	8,847	(0.4%)	+4.1%
Operating expenses excl.SRF	(5,590)	(34)	(5,556)	(5,265)	0	(5,265)	+6.2%	+5.5%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,623	(31)	3,654	3,984	402	3,582	(9.1%)	+2.0%
Cost of risk	(801)	0	(801)	(693)	0	(693)	+15.6%	+15.6%
Equity-accounted entities	61	–	61	37	(26)	63	+65.7%	(3.5%)
Net income on other assets	(5)	(3)	(2)	69	61	9	n.m.	n.m.
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	2,877	(34)	2,912	3,397	436	2,961	(15.3%)	(1.6%)
Tax	(587)	8	(595)	(810)	(120)	(691)	(27.6%)	(13.8%)
Net income from discont’d or held-for-sale ope.	–	–	–	2	–	2	(100.0%)	(100.0%)
Net income	2,291	(26)	2,317	2,588	317	2,272	(11.5%)	+2.0%
Non controlling interests	(211)	6	(217)	(204)	–	(204)	+3.4%	+6.5%
Net income Group Share	2,080	(20)	2,100	2,384	317	2,068	(12.8%)	+1.5%
Cost/Income ratio excl.SRF (%)	60.7%		60.3%	56.9%		59.5%	+3.7 pp	+0.8 pp

In the third quarter of 2024, underlying revenues amounted to €9,210 million, up +4.1% compared to the third quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking (+1.8%), while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, and the Large Customers division enjoyed a high level of revenues across all of its business lines, in addition to the integration of ISB. Meanwhile, revenues were down slightly for International Retail Banking and Specialised Financial Services, which were penalised by the drop in interest rates. Underlying operating expenses increased by +5.5% in the third quarter of 2024 to €5,556 million. This was due to scope effects, base effects on taxes and support for business line development. Overall, the Group saw its underlying cost/income ratio reach 60.3% in the third quarter of 2024, a moderate rise of +0.8 percentage point. As a result, the underlying gross operating income stood at €3,654 million, up +2.0% compared to the third quarter of 2023.

The underlying cost of credit risk stood at -€801 million, a year-on-year increase of +15.6%. This figure comprises an addition of -€93 million for prudential provisions on performing loans (stages 1 and 2), an addition of -€709 million for the cost of proven risk (stage 3), the consequence of an increase in defaults in the corporate market, and additional provisioning for a number of corporate-specific files. There was also a reversal of +€1 million on 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 third quarter were unchanged from the second quarter, with a favourable scenario (French GDP at +1.2% in 2024, +1.5% in 2025) and an unfavourable scenario (French GDP at -0.2% in 2024 and +0.5% in 2025). The cost of risk/outstandings⁸reached 26 basis points over a four rolling quarter period and 27 basis points on an annualised quarterly basis⁹.

Underlying pre-tax income stood at €2,912 million, a year-on-year decrease of -1.6%. This includes the contribution from equity-accounted entities of €61 million (down -3.5%) and net income on other assets, which came to -€2 million this quarter. The underlying tax charge fell by -13.8% over the period, the tax rate this quarter falling by -3.0 percentage points to 20.9%. Underlying net income before non-controlling interests was up +2.0% to €2,317 million. Non-controlling interests rose +6.5%. Lastly, underlying net income Group share was €2,100 million, +1.5% higher than in the third quarter of 2023.

Crédit Agricole Group – Stated and underlying results 9M-24 and 9M-23

€m	9M-24 stated	Specific items	9M-24 underlying	9M-23 stated	Specific items	9M-23 underlying	∆ 9M/9M stated	∆ 9M/9M underlying

Revenues	28,244	117	28,127	27,722	758	26,965	+1.9%	+4.3%
Operating expenses excl.SRF	(16,866)	(84)	(16,782)	(15,782)	(18)	(15,764)	+6.9%	+6.5%
SRF	–	–	–	(620)	–	(620)	(100.0%)	(100.0%)
Gross operating income	11,378	33	11,345	11,321	739	10,581	+0.5%	+7.2%
Cost of risk	(2,324)	(20)	(2,304)	(2,179)	(84)	(2,095)	+6.6%	+10.0%
Equity-accounted entities	203	(0)	203	190	(39)	229	+6.7%	(11.2%)
Net income on other assets	(19)	(23)	4	107	89	18	n.m.	(78.5%)
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	9,238	(10)	9,248	9,438	705	8,733	(2.1%)	+5.9%
Tax	(2,104)	(4)	(2,100)	(2,293)	(180)	(2,113)	(8.2%)	(0.6%)
Net income from discont’d or held-for-sale ope.	–	–	–	7	–	7	(100.0%)	(100.0%)
Net income	7,134	(14)	7,148	7,153	525	6,628	(0.3%)	+7.9%
Non controlling interests	(643)	17	(659)	(619)	(0)	(619)	+3.8%	+6.5%
Net income Group Share	6,491	3	6,489	6,534	525	6,009	(0.6%)	+8.0%
Cost/Income ratio excl.SRF (%)	59.7%		59.7%	56.9%		58.5%	+2.8 pp	+1.2 pp

In the first nine months of 2024, stated net income Group share amounted to €6,491 million, compared with €6,534 million in the first nine months of 2023, a difference of just -0.6%.

Specific items for the first nine months of 2024 include the specific items of the Regional Banks for the first nine months of 2024 (+€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 €6,489 million, up +8.0% compared to the first nine months of 2023.

Underlying revenues totalled €28,127 million, up +4.3% compared to the first nine months of 2023. This increase is attributable to growth in all business lines, reaching a total, excluding the Corporate Centre division, of +4.6% compared to the first nine months of 2023.

Underlying operating expenses amounted to -€16,782 million, up +6.5% excluding SRF compared to the first nine months of 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 the first nine months of 2024 was 59.7%, up +1.2 percentage points compared to the first nine months of 2023 excluding SRF. The SRF stood at -€620 million in 2023.

Underlying gross operating income totalled €11,345 million, up +7.2% compared to the first nine months of 2023.

The underlying cost of risk for the first nine months of 2024 rose to -€2,304 million (of which -€178 million in cost of risk on performing loans (stages 1 and 2), -€2,148 million in cost of proven risk, and +€22 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +10.0% compared to the first nine months of 2023.

As at 30 September 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 September 2024 (€11.7 billion for Regional Banks), 41% of which represented provisioning of performing loans (47% 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 September 2024 was 82.8%.

Underlying net income on other assets stood at €4 million in the first nine months of 2024, versus €18 million in the first nine months of 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +5.9% to €9,248 million. The tax charge was -€2,100 million, a change of just -0.6%, with an underlying effective tax rate of 23.2%, down -1.6 percentage points compared to the first nine months of 2023. Underlying net income before non-controlling interests was therefore up by +7.9%. Non-controlling interests amounted to -€659 million in the first nine months of 2023, up +6.5%.

Underlying net income Group share for first nine months of 2024 thus stood at €6,489 million, up +8.0% compared to the first nine months of 2023.

Regional banks

Gross customer capture stands at +275,000 new customers and the customer base grew by +27,000 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.

Loan production was down -7% compared to the third quarter of 2023, reflecting the -11% drop in home loans and the decline in specialised markets. Home loan production has been gradually recovering since the beginning of the year (+20% compared to the second quarter 2024). The average lending production rate for home loans stood at 3.47%¹⁰ over July and August 2024, -16 basis points lower than in the second quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+27 basis points compared to the third quarter of 2023). Outstanding loans totalled €646 billion at the end of September 2024, stable year-on-year across all markets but up slightly by +0.5% over the quarter.

Customer assets were up +3.6% year-on-year to reach €903 billion at the end of September 2024. This growth was driven both by on-balance sheet deposits, which reached €601 billion (+2.5% compared to end September year-on-year), and off-balance sheet deposits, which reached €302 billion (+5.9% year-on-year) benefiting from favourable market effects and strong inflows in unit-linked bonds (€8 billion cumulative year-on-year). The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.6% and +1% respectively from end-June 2024.

The equipment rate for property and casualty insurance¹¹ was 43.8% at the end of September 2024 and continues to rise (up +0.7 percentage point compared to the end of September 2023). In terms of payment instruments, the number of cards rose by +1.7% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.9 percentage points year-on-year to account for 16.0% of total cards.

In the third quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend¹² stood at €3,220 million, down -2.1% compared to the third quarter of 2023, notably impacted by a base effect of +€118 million¹³ related to the reversal of the Home Purchase Savings Plan provision in the third quarter of 2023. Excluding this item, revenues were up +1.5% year-on-year, the decline in the net interest margin (-11.6% excluding the Home Purchase Savings Plan¹³ base effect) being offset by the rise in portfolio revenues (+41.8%) and fee and commission income (+4.9%), itself driven by buoyant business in life insurance and account management. Operating expenses were up +3.5%, due to an increase in staff costs, property expenses and IT costs. Gross operating income was down -15.3% year-on-year (-3.8% excluding the Home Purchase Savings Plan¹³ base effect). The cost of risk was up by +43.7% compared to the third quarter of 2023 to stand at -€369 million. mainly due to the increase in proven risk in the corporate sector. Cost of risk/outstandings remained under control, at 22 basis points.

The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend,¹² amounted to €351 million, down -38.0% compared to the third quarter of 2023 (-26.5% excluding the base effect¹³).

The Regional Banks’ contribution to net income Group share was €371 million in the third quarter of 2024, down -36.9% compared to the third quarter of 2023.

In the first nine months of 2024, revenues including the SAS Rue La Boétie dividend were up +2.2% compared to the same period in 2023. Operating expenses rose by +1.7%, resulting in a rise in gross operating income of +3% for the first nine months of 2024. Finally, with a cost of risk up +29%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,051 million, up +0.5% compared to the first nine months of 2023 (+1.9% excluding the Home Purchase Savings Plan base effect).

The Regional Banks’ contribution to the results of Crédit Agricole Group in the first nine months of 2024 amounted to €1,021 million in stated net income Group share (-28.1% compared to the same period in 2023), with revenues of €9,834 million (-2%), expenses of -€7,453 (+3.3%) and a cost of risk of -€1,056 million (+27%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 5 November 2024 to examine the financial statements for third quarter 2024.

Crédit Agricole S.A. – Stated and underlying results, Q3-24 and Q3-23

€m	Q3-24 stated	Specific items	Q3-24 underlying	Q3-23 stated	Specific items	Q3-23 underlying	∆ Q3/Q3 stated	∆ Q3/Q3 underlying

Revenues	6,487	3	6,484	6,343	284	6,060	+2.3%	+7.0%
Operating expenses excl.SRF	(3,689)	(34)	(3,654)	(3,376)	0	(3,376)	+9.2%	+8.2%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	2,799	(31)	2,830	2,967	284	2,684	(5.7%)	+5.5%
Cost of risk	(433)	0	(433)	(429)	0	(429)	+0.9%	+0.9%
Equity-accounted entities	42	–	42	23	(26)	50	+81.3%	(15.3%)
Net income on other assets	(4)	(3)	(1)	69	61	8	n.m.	n.m.
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	2,404	(34)	2,438	2,630	318	2,312	(8.6%)	+5.4%
Tax	(476)	8	(484)	(633)	(89)	(544)	(24.8%)	(11.0%)
Net income from discont’d or held-for-sale ope.	–	–	–	2	–	2	n.m.	n.m.
Net income	1,928	(26)	1,954	1,999	229	1,770	(3.5%)	+10.4%
Non controlling interests	(262)	6	(268)	(251)	(2)	(250)	+4.2%	+7.5%
Net income Group Share	1,666	(20)	1,686	1,748	227	1,520	(4.7%)	+10.9%
Earnings per share (€)	0.50	(0.01)	0.51	0.53	0.07	0.46	(5.5%)	+11.4%
Cost/Income ratio excl. SRF (%)	56.9%		56.4%	53.2%		55.7%	+3.6 pp	+0.6 pp

In the third quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,666 million, down -4.7% compared to the third quarter of 2023, having benefited from non-recurring items related to reversals of the Home Purchase Savings Plan provisions (see below). This was an excellent result for the third quarter of 2024, based on high revenues and a cost/income ratio kept at a low level.

Specific items for this quarter had a cumulative impact of -€20 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 +€3 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 -€6 million in the net income Group share in Asset Gathering; ISB integration costs for -€14 million in the net income Group share in Large Customers, and the acquisition costs of Degroof Petercam for -€2 million in the net income Group share in Asset Gathering.

Specific items for the third quarter of 2023 had a cumulative impact of +€227 million on net income Group share, and comprised recurring accounting items amounting to +€208 million (primarily reversals of Home Purchase Savings Plan provisions for +€37 million at LCL and +€171 million at the Corporate Centre). Non-recurring items were related to the ongoing reorganisation of the SFS division’s Mobility business amounting to +€19 million.

Excluding a positive base effect related to the reversals of Home Purchase Savings Plan provisions, net income Group share was up +8.2% for the period.

Excluding specific items, underlying net income Group share¹⁴ stood at €1,686 million in the third quarter of 2024, up +10.9% compared to the third quarter of 2023.

In the third quarter of 2024, underlying revenues were at a high level, standing at €6,484 million. They were up sharply by +7.0% compared to the third quarter of 2023. This growth was driven by the Asset Gathering business line, which recorded growth of +12.9% as a result of strong business momentum and the integration of Degroof Petercam¹⁵; the Large Customers business line (+8.7%), which saw good results from all business lines with continued revenue growth in the third quarter in Corporate and Investment Banking, in addition to an improvement in the net interest margin and fee and commission income within CACEIS; Specialised Financial Services (-1.5%), which benefited from favourable scope and volume effects as well as a more stable margin in the Personal Finance and Mobility business line; French Retail Banking (+3.7%), which was boosted by an improved net interest margin and higher fee and commission income; and lastly, International Retail Banking (-1.8%), which was essentially impacted by the decline in the net interest margin in Italy. The Corporate Centre division recorded an increase in revenues of +€43 million.

Underlying operating expenses totalled -€3,654 million in the third quarter of 2024, an increase of +8.2% compared to the third quarter of 2023, reflecting the support given to business line development. The -€278 million year-on-year increase in expenses was mainly due to a -€112 million scope effect,¹⁶ integration costs of -€29 million¹⁷, and a positive tax-related base effect of -€30 million. Recurring expenses were up by -€141 million, or +4.1% (-€38 million in staff costs, -€76 million in IT investments and -€27 million in other expenses).

The underlying cost/income ratio in the third quarter of 2024 thus stood at 56.4%, an increase of +0.6 percentage points compared to the third quarter of 2023.

Underlying gross operating income in the third quarter of 2024 stood at €2,830 million, an increase of +5.5% compared to the third quarter of 2023. It was up +4.2% when restated solely for reversals of the Home Purchase Savings Plan provisions.

As at 30 September 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 (43% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.5%. The coverage ratio¹⁸ was high at 71.4%, up +0.1 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., a -€0.1 billion decline from end-June 2024. Of those loan loss reserves, 34% were for performing loans (percentage in line with previous quarters).

The underlying cost of risk showed a net addition of -€433 million, up +0.9% from the third quarter of 2023, which included a -€38 million addition for performing loans (stages 1 and 2) (versus a reversal of +€59 million in the third quarter of 2023) and -€388 million in provisioning for proven risks (stage 3) (versus -€487 million in the third quarter of 2023). There was also a small addition of -€7 million for other items (legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (unchanged from end-September 2023), 19% from LCL (16% at end-September 2023), 14% from International Retail Banking (28% at end-September 2023), 4% from Large Customers (3% at end-September 2023) and 8% from the Corporate Centre (zero at end-September 2023). The increase in the cost of risk for the Corporate Centre was mainly due to the increase in the risk on financing secured by Foncaris. 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 third quarter were unchanged from the second quarter, with a favourable scenario (French GDP at +1.2% in 2024, +1.5% in 2025) and an unfavourable scenario (French GDP at -0.2% in 2024 and +0.5% in 2025). In the third quarter of 2024, the cost of risk/outstandings was 32 basis points over a rolling four-quarter period¹⁹ and 32 basis points on an annualised quarterly basis²⁰ (an improvement of 1 basis point compared to the third quarter of 2023 for both bases).

The underlying contribution from equity-accounted entities amounted to €42 million in the third quarter of 2024, down -15.3% compared to the third quarter of 2023, driven in particular by the strong growth of equity-accounted entities in asset management and a decline in the Personal Finance and Mobility business line.

Underlying income²¹before tax, discontinued operations and non-controlling interests was up +5.4% to €2,438 million. The underlying effective tax rate stood at 20.2%, i.e. down -3.8 percentage points compared to the third quarter of 2023. The underlying tax charge was -€484 million, down -11% mainly due to the impact of reduced-tax disposals of equity interests and the revaluation of securities at fair value in the Insurance business line, partially offset by the increase in the tax rate in Ukraine. Underlying net income before non-controlling interests was up +10.4% to €1,954 million. Non-controlling interests amounted to -€268 million in the third quarter of 2024, an increase of +7.5%.

Underlying earnings per share in third quarter of 2024 reached €0.51, increasing by +11.4% compared to the third quarter of 2023.

Crédit Agricole S.A. – Stated and underlying results, 9M-24 and 9M-23

€m	9M-24 stated	Specific items	9M-24 underlying	9M-23 stated	Specific items	9M-23 underlying	∆ 9M/9M stated	∆ 9M/9M underlying

Revenues	20,089	53	20,036	19,140	598	18,542	+5.0%	+8.1%
Operating expenses excl.SRF	(10,978)	(84)	(10,894)	(9,922)	(18)	(9,904)	+10.6%	+10.0%
SRF	–	–	–	(509)	–	(509)	(100.0%)	(100.0%)
Gross operating income	9,111	(30)	9,141	8,709	580	8,129	+4.6%	+12.5%
Cost of risk	(1,256)	(20)	(1,236)	(1,338)	(84)	(1,253)	(6.1%)	(1.3%)
Equity-accounted entities	132	(0)	132	136	(39)	175	(3.4%)	(24.7%)
Net income on other assets	5	(23)	28	102	89	13	(95.3%)	x 2.1
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	7,991	(73)	8,064	7,609	545	7,064	+5.0%	+14.2%
Tax	(1,790)	12	(1,803)	(1,832)	(149)	(1,682)	(2.3%)	+7.1%
Net income from discont’d or held-for-sale ope.	–	–	–	7	–	7	n.m.	n.m.
Net income	6,201	(61)	6,262	5,785	396	5,389	+7.2%	+16.2%
Non controlling interests	(803)	16	(820)	(771)	(2)	(769)	+4.2%	+6.6%
Net income Group Share	5,397	(45)	5,442	5,014	394	4,620	+7.6%	+17.8%
Earnings per share (€)	1.59	(0.01)	1.60	1.53	0.13	1.40	+3.8%	+14.5%
Cost/Income ratio excl.SRF (%)	54.6%		54.4%	51.8%		53.4%	+2.8 pp	+1.0 pp

In the first nine months of 2024, stated net income Group share amounted to €5,397 million, compared with €5,014 million in the first nine months of 2023, an increase of +7.6%.

Specific items in the first nine months of 2024 had a negative impact of -€45 million on stated net income Group share, and comprise +€39 million in recurring accounting items and -€84 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 +€33 million and loan book hedging for +€5 million). Non-recurring items relate to the costs of integrating and acquiring Degroof Petercam (-€27 million) within the Asset Gathering division, the costs of integrating (-€37 million) and acquiring (-€17 million) ISB 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 €5,442 million, up +17.8% compared to the first nine months of 2023.

Underlying revenues were up +8.1% compared to the first nine months of 2023, driven by all business lines. Underlying operating expenses were +10% 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 SRF²² building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, an increase of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €9,141 million, up +12.5% compared to the first nine months of 2023. The underlying cost of risk decreased by -1.3% over the period to -€1,236 million, versus -€1,253 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €132 million, down -24.7% over the period.

Underlying earnings per share were €1.60 per share in the first nine months of 2024, up +14.5% compared to the first nine months of 2023.

Underlying RoTE ²³, which is calculated on the basis of an annualised underlying Net Income Group Share ²⁴ 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 14.5% over the first nine months of 2024, up by +1 percentage point compared to the first nine months of 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 third quarter of 2024, assets under management in the Asset Gathering division (AG) totalled €2,809 billion, up +€46 billion over the quarter (or +1.7%), mainly due to a positive market effect and a good level of net inflows in the three business lines of Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +13.1%.

Insurance activity (Crédit Agricole Assurances) was very strong with total premium income of €9.7 billion – a record level for a third quarter – up +38.9% compared to the third quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total, overall premium income stood at €32.8 billion, up +18.2% compared to the first nine months of 2023.

In Savings/Retirement, third-quarter premium income stood at €7.2 billion, up +56.4% compared to the third 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. The unit-linked rate accounted for 32.8% of gross inflows, down -7.5 percentage points compared to the third quarter of 2023. This decline is linked to the recovery in gross euro inflows and less favourable market conditions for unit-linked products, in particular the reduced attractiveness of unit-linked bond products. Net inflows totalled +€1.6 billion this quarter, on par with last quarter. This level is made up of positive net inflows from unit-linked contracts (+€0.9 billion) and also from euro funds (+€0.8 billion). In total, Savings/Retirement premium income reached €23.9 billion at the end of September, up +23.1% compared to the end of September 2023.

Assets under management (savings, retirement and funeral insurance), which stood at €343.2 billion, continued to rise and reached their highest level ever. They were up +€19.0 billion over one year, or +5.8%, and +€12.9 billion since the beginning of the year, or +3.9%. The growth of assets under management was supported by a positive market effect and positive net inflows. Unit-linked contracts reached 29.9% of assets under management, up +2.3 percentage points over one year and +1.0 percentage point compared to the end of December 2023.

In property and casualty insurance, premium income stood at €1.2 billion in the third quarter of 2024, up +9.2%²⁵ compared to the third quarter of 2023. This growth was driven by volume and price effects. Indeed, at the end of September 2024, the portfolio stood at nearly 16.6 million²⁶ contracts, up +5.1% year-on-year. At the same time, the average premium was up, benefiting from rate revisions in addition to changes in the product mix. Lastly, the combined ratio at the end of September 2024 stood at 95.5%²⁷, a deterioration of +0.3 percentage point year-on-year due to the unfavourable impact of discounting. In total, at the end of September 2024, premium income stood at €4.9 billion, an increase of +7.8% compared to the first nine months of 2023.

In death & disability/creditor/group insurance, premium income for the third quarter of 2024 stood at €1.3 billion, up +2.2% compared to the third quarter of 2023. Creditor insurance premium income rose by +1.6% compared to the third quarter of 2023, thanks to an upturn in consumer finance and good performance in real estate. Death and disability was up +3.5% compared to the third quarter of 2023, mainly driven by group insurance, which posted an increase of +9.5%. In group insurance, an agreement was signed with Industries Electriques et Gazières in October 2024, with effect from the second half of 2025. In total, at the end of September, premium income from personal protection stood at €4.0 billion, an increase of +5.7% compared to the first nine months of 2023.

In Asset Management (Amundi), Amundi’s assets under management saw a +11.1% increase year-on-year at 30 September 2024 and a +1.6% increase over the quarter to €2,192 billion, an all-time high. The +€35.4 billion increase in assets under management over the quarter was due to a positive market and foreign exchange impact of +€32.5 billion and positive net inflows of +€2.9 billion.

This quarter’s net inflows include the exit from a mandate worth €11.6 billion with a European insurer, which was not generating much revenue. Adjusted for this outflow, net inflows for the quarter stood at +€14.4 billion, including +€9.1 billion in medium- and long-term assets²⁸, driven by active management and ETFs. Structured products and real and alternative assets also recorded positive inflows, while treasury products²⁸ were stable. Lastly, the JVs continued their solid commercial momentum, with net inflows of +€5.3 billion, reflecting a positive contribution from India and South Korea.

By customer segment, Retail inflows (+€6.3 billion in the third quarter of 2024) were driven by the excellent momentum of third-party distributors (+€6.8 billion), across all regions and with good diversification of inflows by asset class. Excluding the loss of the insurance mandate mentioned above, the Institutional segment recorded very positive inflows in MLT assets across all segments, in particular Institutional and Sovereign, and on mandates from insurers in the Crédit Agricole Groupe and the Société Générale group, thanks to the continued recovery in the euro-denominated life insurance policies market in France during the quarter. Treasury products, on the other hand, experienced sharp seasonal outflows in this segment.

In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €274 billion at the end of September 2024, and were up +2.7% compared to June 2024 and +46.9% compared to September 2023.

Indosuez Wealth Management had assets under management of €209.2 billion²⁹ at the end of September, up +2.1%, or +€4.2 billion, compared to the end of June 2024 due to a positive market effect of +€2.5 billion and good level of activity with positive net inflows of +€1.8 billion, driven in particular by Switzerland and Asia. The quarter also saw Degroof Petercam funds begin to be marketed to Indosuez clients. Compared with the end of September 2023, assets under management were up by +€84.3 billion (or +67.5%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024), a positive market effect and a good level of net inflows.

In LCL’s Private Banking division, assets under management at the end of September totalled €64.8 billion, up by +€1.0 billion or +1.5% compared to the end of June 2024, thanks to a positive market effect and positive net inflows. Compared with the end of September 2023, assets under management were up by +€3.2 billion (or +5.3%), mainly due to a positive market effect, and also to positive net inflows.

Results of the Asset Gathering division

In the third quarter of 2024, AG generated €1,870 million in revenues, up +12.9% compared to the third quarter of 2023. Expenses rose by +20.9% to -€868 million. Thus, the cost/income ratio stood at 46.4%, up +3.0 percentage points compared to the third quarter of 2023. Gross operating income stood at €1,002 million, up +6.9% compared to the third quarter of 2023. Taxes stood at -€157 million, compared with -€221 million at the end of September 2023 (down -29.1%). The net income Group share of AG stood at €728 million, up +17.1% compared to the third quarter of 2023.

At the end of September 2024, AG generated revenues of €5,603 million, up +9.1% compared to the end of September 2023. The increase is explained by a very high level of revenues in all three business lines: Insurance, Asset Management and Wealth Management. Costs excluding SRF increased +13.4%. As a result, the cost/income ratio excluding SRF stood at 43.5%, up +1.6 percentage points compared to the end of September 2023. Gross operating income stood at €3,168 million, an increase of +6.3% compared to the end of September 2023. Taxes stood at -€659 million, compared with -€699 million at the end of September 2023 (down -5.7%). The net income Group share of AG stood at €2,180 million, up +9.3% compared to the first nine months of 2023. Net income Group share increased between the first nine months of 2023 and the first nine months of 2024 in Asset Management (+10.2%) and the Insurance business lines (+11.3%), but was down in Wealth Management (-18.9%).

At the end of September 2024, the Asset Gathering division contributed by 37% to the underlying net income Group share of the Crédit Agricole S.A. core businesses (excluding Corporate Centre division) and 27% to underlying revenues excluding the Corporate Centre division.

As at 30 September 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €58.7 billion, including €35.7 billion for Insurance, €14.1 billion for Asset Management and €8.9 billion for Wealth Management.

The underlying RoNE (return on normalised equity) stood at 27.1% for the first nine months of 2024.

Insurance results

In the third quarter of 2024, insurance revenues amounted to €635 million, down -1.2% compared to the third quarter of 2023. This includes €418 million from savings/retirement³⁰, €117 million from personal protection³¹ and €40 million from property and casualty insurance³². Against a backdrop of increased business activity, the decline in revenues is explained in particular by the change in Property & Casualty claims, which were low in the third quarter of 2023 and higher in the third quarter of 2024, particularly for crop insurance, as well as by an unfavourable effect linked to the replacement of AT1 debt (for which the expense was recorded as minority interests) by Tier 2 debt (the cost of which is deducted from revenues).

The contractual service margin (CSM) stood at €24.9 billion, up +4.5% since 31 December 2023. In the first nine months of 2024, the impact of the stock revaluation was positive, and the impact of new business exceeded the CSM allocation.

Non-attributable expenses for the quarter stood at €85 million, up +5.1% over the third quarter of 2023. Gross operating income stood at €550 million, down -2.1% compared to the third quarter of 2023. Taxes stood at -€51 million, compared with -€131 million for the third quarter of 2023. This decline is due to a re-estimation of the tax rate including the impact of reduced-tax disposals of equity interests and the revaluation of securities at fair value, which took place during the quarter. Net income Group share stood at €478 million, up +16.2% compared to the third quarter of 2023.

Revenues from insurance in the first nine months of 2024 came to €2,130 million, up +5.4% compared to the total at the end of September 2023. Non-attributable expenses came to €264 million, i.e. an increase of +11.4%. The cost/income ratio stood at 12.4%, below the target ceiling of 15% set by the Medium-Term Plan. Gross operating income stood at €1,866 million, up +4.6% compared to the first nine months of 2023. The tax charge stood at -€354 million, below the September 2023 level of -€411 million. Net income Group share amounted to €1,466 million, up +11.3% compared to the first nine months of 2023.

Insurance contributed by 25% to the underlying net income Group share of the Crédit Agricole S.A. core businesses (excluding the Corporate Centre division) at the end of September 2024 and by 10% to their underlying revenues.

Asset Management results

In the third quarter of 2024, revenues amounted to €838 million, showing double-digit growth (+10.3% compared to the third quarter of 2023). The +9.2% increase in management fee and commission income compared to the third quarter of 2023 reflects the good level of activity and the increase in average assets under management excluding JVs (which increased by +8.6% over the same period, and by +1.2% between the second and third quarter). Performance fees increased by +€10 million compared with the third quarter of 2023, but there were fewer crystallisation dates in the third quarter than in the second or fourth quarters. Amundi Technology’s revenues increased by +41.8% compared to the third quarter of 2023. Financial revenues were down by -10.6% compared to third quarter of 2023. Operating expenses stood at -€466 million, up +7.5% mainly due to the consolidation of Alpha Associates, accelerated investment and the impact of revenue growth on variable compensation. The jaws effect was positive over the quarter. The cost/income ratio thus stood at 55.6%, an improvement year-on-year (-1.5 percentage point). Gross operating income increased by +14.1% compared to the third quarter of 2023. The contribution from equity-accounted entities, comprising the contribution from Amundi’s Asian joint ventures, stood at €33 million, up +36.4% from the third quarter of 2023, driven mainly by the strong growth of the contribution from SBI MF in India. The income tax charge stood at -€92 million, up +14.9%. Net income before non-controlling interests was €312 million, up +16.4% compared to the total at the end of September 2023. Net income Group share stood at €208 million, up +16.8% compared to the third quarter of 2023.

In the first nine months of 2024, revenues rose by +7.2% in asset management, reflecting sustained growth in management fee and commission income and a sharp increase in Amundi Technology revenues (€54m, +28.2%) and net financial income. Performance fees were down slightly (-2.0%). Operating expenses excluding SRF increased by +6.3%. The cost/income ratio excluding SRF was 55.3%, stable compared to the total at the end of September 2023. As a result, gross operating income was up +8.8% compared to the first nine months of 2023. The net income of equity-accounted entities increased by +28.4%. All in all, net income Group share for the half-year stood at €623 million, an increase of +10.2%.

Asset management contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end September 2024 and by 12% to their underlying revenues.

At 30 September 2024, equity allocated to the Asset Management business line amounted to €1.3 billion, while risk-weighted assets totalled €14.1 billion.

Wealth Management results³³

Revenues of Wealth Management stood at €397 million in the third quarter of 2024, up +56.6% compared to the third quarter of 2023. Revenues benefited from the impact of the integration of Degroof Petercam in June 2024; excluding this effect, they were supported by the good momentum of management fee and commission income, which offset the erosion of interest revenues. Expenses totalled -€317 million, up +55.5% compared to the third quarter of 2023, due to the impact of the integration of Degroof Petercam in June 2024³⁴ and integration costs of -€8 million in the third quarter. Restated for these impacts, growth in expenses is stable (+0.2% compared to the third quarter of 2023). The cost/income ratio in the third quarter of 2024 stood at 79.9%, down -0.6 percentage points compared to the third quarter of 2023. Gross operating income stood at €80 million, up +61.4% compared to the third quarter of 2023. Cost of risk was -€11 million in the third quarter of 2024, including the recognition of litigations and provisions for various cases. Net income on other assets stood at -€3 million in the third quarter of 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income Group share amounted to €42 million, up +30.6% compared to the third quarter of 2023.

In the first nine months of 2024, Wealth Management’s revenues rose by +24.7% compared to the end of September 2023, notably benefiting from the integration of Degroof Petercam in June 2024 to reach €967 million. Expenses excluding SRF rose by +29.3% due to the impact of the integration of Degroof Petercam in June 2024 and the €14 million in integration costs. Restated for these impacts, growth in expenses is under control, increasing by +3.6% compared to the first nine months of 2023, due in particular to an unfavourable base effect in 2023. Gross operating income thus rose by +10.0% to €181 million. The cost of risk was -€12 million at the end of September 2024 (it was +€1 million at the end of September 2023). Net income on other assets stood at -€23 million at the end of September 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income Group share stood at €91 million for the first nine months of 2024, down -18.9% compared to the first nine months of 2023, but up +4.5% after restatement for integration and acquisition costs.

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

At 30 September 2024, equity allocated to Wealth Management was €0.8 billion and risk-weighted assets totalled €8.9 billion.

Activity of the Large Customers division

Corporate and Investment Banking (CIB) once again posted a very good performance in the third quarter of 2024 (best third quarter and best year-to-date in terms of both revenues and results). Asset servicing also recorded strong business momentum during the period.

CIB third-quarter underlying revenues rose sharply to €1,528 million, an increase of +8.0% compared to the third quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +7.2% compared to the third quarter of 2023, at €809 million. This was mainly due to the excellent performance of Commercial Banking (+9.5% compared to the third quarter of 2023), driven by the development of Corporate activities, especially in the Telecom sector, and a good level of revenues from asset financing and project financing. Capital Markets and Investment Banking also reported revenue growth of +9.0% compared to the third quarter of 2023, at €719 million, driven by the continued high level of performance of Capital Markets (+6.2% compared to the third quarter of 2023 for FICC) and the good level of activity in Investment Banking, (+22.8% compared to the third quarter of 2023), confirming the trend observed at the end of the first half of 2024.

Financing activities thus confirmed its leading position in syndicated loans (#2 in France³⁵ and #2 in EMEA³⁵). Crédit Agricole CIB reaffirmed its strong position in bond issues (#3 All bonds in EUR Worldwide³⁵) and was ranked #2 in Green, Social & Sustainable bonds in EUR³⁶. Average regulatory VaR stood at €10.1 million in the third quarter of 2024, unchanged from the second quarter of 2024 when it was €10.1 million. It remained at a level that reflected prudent risk management.

In addition, the third quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) customer portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Customer migration is expected to continue until the end of 2024. As a reminder, ISB integration costs will be recorded during the year for an amount of around €80 million to €100 million, including €25.9 million in the third quarter of 2024, i.e. €70 million recorded in the first nine months of 2024.

In the third quarter of 2024, solid customer business and market effects supported growth in assets over the year. Assets under custody increased by +1.9% at the end of September 2024 compared to the end of June 2024 and increased by +12.1% compared to the end of September 2023, to reach €5,061 billion. Assets under administration were down -1.2% over the quarter (planned exit of some ISB customers) and up +4.2% year-on-year, reaching €3,386 billion at the end of September 2024.

Results of the Large Customers division

In the third quarter of 2024, stated revenues of the Large Customers division once again reached a record level of €2,054 million, up +8.8% compared to the third quarter of 2023, buoyed by excellent performance in the Corporate and Investment Banking and Asset Servicing business lines. The division’s specific items this quarter had an impact of +€2.8 million on Corporate and Investment Banking and comprised the DVA, the issuer spread portion of the FVA and secured lending amounting to +€3.6 million, and loan book hedging totalling -€0.8 million. Operating expenses were up compared to the third quarter of 2023 (+8.8%), due, on the one hand, to IT investments and the development of the business lines’ activity and, on the other hand, to the recognition of ISB integration costs of -€25.9 million, restated as specific items. As a result, the division’s gross operating income was up +8.8% from the third quarter of 2023 to €814 million. The division recorded an overall net addition for cost of risk of -€19 million in the third quarter of 2024, compared with an addition of -€13 million in the third quarter of 2023. Stated pre-tax income totalled €800 million, an increase over the period (+8.2%). The tax charge was
-€234 million. Lastly, stated Net income Group share reached €520 million in the third quarter of 2024, compared with stated income of €488 million in the third quarter of 2023. Underlying net income Group share came to €532 million in the third quarter of 2024, versus €488 million in the third quarter of 2023.

Over the first nine months of 2024, stated revenues of the Large Customers division amounted to a record high of €6,543 million, i.e. +12.0% compared to the first nine months of 2023. Operating expenses excluding SRF rose +13.4% compared to the same period to -€3,298 million, largely related to employee expenses and IT investments, and including ISB integration costs of -€70 million. Gross operating income for the first nine months of 2024 totalled €2,802 million, representing an increase of +25.4% compared to the first nine months of 2023. Over the period, the cost of risk recorded a net addition of -€25 million, compared to an addition of -€81 million in the same period. The business line’s contribution to stated Net income Group share was €1,936 million, a strong increase of +30.3% compared to the first nine months of 2023. Underlying net income Group share came to €1,935 million in the first nine months of 2024, versus €1,520 million in the first nine months of 2023.

The division contributed 33% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end September 2024 and 31% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the equity allocated to the division was €13.3 billion and its risk-weighted assets were €140.5 billion.

Underlying RoNE (return on normalised equity) stood at 19.0% at the end of September 2024.

Corporate and Investment Banking results

In the third quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,531 million, up +8.2% from the third quarter of 2023. The Corporate and Investment Banking division’s specific items this quarter had an impact of +€2.8 million and comprised the DVA, the issuer spread portion of the FVA, and secured lending amounting to +€3.6 million, and loan book hedging totalling -€0.8 million. Operating expenses rose by +7.2% to -€864 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.5% compared to the third quarter of 2023, taking it to a high level of +€667 million. The cost/income ratio was 56.4%, a slight change of -0.5 percentage point over the period. The cost of risk recorded a limited net provision of -€14 million, stable compared to the third quarter of 2023. Lastly, pre-tax income in the third quarter of 2024 stood at €653 million, versus €596 million in the third quarter of 2023. The tax charge stood at -€195 million. Lastly, stated net income Group share rose sharply by +10.3% to €446 million in the third quarter of 2024.

Over the first nine months of 2024, stated revenues rose by +7.6% compared to the excellent level recorded in the first nine months of 2023, to a record level of €4,995 million. The specific items over the period had an impact of +€52.2 million and comprised the DVA (the issuer spread portion of the FVA and secured lending) amounting to +€45.8 million, and loan book hedging totalling +€6.3 million. Operating expenses excluding SRF rose +5.1%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. Thus, gross operating income of €2,370 million was up sharply (+26.5% compared to the first nine months of 2023). The cost of risk recorded a net provision of -€7 million in the first nine months of 2024, compared to a net provision of -€80 million in the first nine months of 2023. The income tax charge stood at -€609 million, up +27.1%. Lastly, stated net income Group share stood at €1,715 million for the first nine months of 2024, an increase of +33.6% over the period, the highest historical level. Underlying Net income Group share stood at €1,677 million over the first nine months of 2024, versus €1,318 million over the same period in 2023.

Risk-weighted assets at the end of September 2024 were down -€2.7 billion compared to the end of June 2024 at €128.6 billion, still well under control with business growth.

Asset servicing results

In the third quarter of 2024, the revenues of Asset Servicing were up +10.7% compared to the third quarter of 2023, standing at €523 million. This rise was driven in particular by high fee and commission income, itself driven by the increase in assets and by the favourable trend in NIM. Operating expenses rose by +12.8% to
-€376 million, including -€4 million in scope effects linked to the consolidation of the remaining ISB entities and a -€25.8 million in ISB integration costs restated as specific items. Excluding these effects, the increase in expenses was +5.5% compared to the third quarter of 2023. As a result, gross operating income was up by +5.7% to €147 million in the third quarter of 2024. Thus, the cost/income ratio stood at 71.9%, up +1.3 percentage points. Excluding ISB integration costs and the consolidation of the remaining ISB entities, it stood at 66.2%, an improvement of 3.3 percentage points compared to the third quarter of 2023. The quarter also recorded +€6 million in income from equity-accounted entities. Net income thus totalled €109 million, down -10.8% compared to the third quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to stated net income Group share totalled €74 million in the third quarter of 2024, down -11.7% compared to the third quarter of 2023. Excluding ISB integration costs, net income Group share was up +4.8% compared to the third quarter of 2023.

Stated revenues for the first nine months of 2024 were up +28.7% 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. Expenses excluding SRF were up +39.2% and included a scope effect of -€207 million over the first six months of 2024 and -€70 million in ISB integration costs. Gross operating income was up +20.0% compared to the first nine months of 2023. The cost/income ratio stood at 72.1%, an improvement of 5.5 points compared to the third quarter of 2023. Net income thus rose by +10.1%. The overall contribution of the business line to net income Group share in the first nine months of 2024 was €221 million, a +9.3% increase compared to the first nine months of 2023.

Specialised financial services activity

Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €11.6 billion in the third quarter of 2024, stable compared to the third quarter of 2023. The share of automotive financing³⁷ in quarterly new business production stood at 50.6% this quarter. The average customer rate for production was down -24 basis points from the second quarter of 2024. CAPFM’s assets under management stood at €116.8 billion at the end of September 2024, up +5.2% compared to the end of September 2023, driven by all activities (Automotive +6,9%³⁸; LCL and Regional Banks +5.6%; Other entities +3.3%). Lastly, consolidated outstandings totalled €68.9 billion at the end of September 2024, up +4.7% compared to the third quarter of 2023.

CAPFM has announced a number of recent developments: a plan to acquire 50% of GAC Leasing; a pan-European partnership with GAC Motor International to entrust CA Auto Bank with the financing of vehicles made by Chinese manufacturer GAC; a partnership with FATEC to offer a fleet management service to its customers; and an agreement with EDF to ramp up the installation of electric charging stations in France.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +13.6% compared to the third quarter of 2023. It was driven by all business lines, and was particularly strong in property leasing and renewable energy financing. Property leasing continued to grow in France and abroad. Leasing outstandings rose +8.8% year-on-year, both in France (+6.7%) and internationally (+17.4%), to reach €20.1 billion at the end of September 2024 (of which €15.9 billion in France and €4.2 billion internationally). Commercial factoring production fell by -17% compared to the third quarter of 2023. As a reminder, the third quarter of 2023 was marked by record production in Germany. Factoring outstandings at the end of September 2024 were stable compared to the end of September 2023.

On 31 October 2024, Crédit Agricole Leasing & Factoring announced that it had signed an agreement to acquire Merca Leasing in Germany.

Specialised financial services’ results

The revenues of Specialised Financial Services rose to €869 million in the third quarter of 2024, down slightly by -1.6% compared to the third quarter of 2023. Expenses stood at -€437 million, up +3.1% compared to the third quarter of 2023. The cost/income ratio stood at 48%, up +2.3 percentage points compared to the same period in 2023. Gross operating income thus stood at €433 million, down -5.9% compared to the third quarter of 2023. Cost of risk reached -€223 million, stable compared to the third quarter of 2023. Net income from equity-accounted entities rose significantly (x4.5 compared to the third quarter of 2023) to €23 million. Excluding the base effect³⁹ related to the reorganisation of Mobility activities at CAPFM, the change was -20.7%. Net income on other assets stood at -€2 million, versus €57 million in the third quarter of 2023. Excluding the base effect³⁹ related to the reorganisation of Mobility activities at CAPFM, the change was -52.5%. The division’s Net income Group share amounted to €172 million, down -15.6% compared to the same period in 2023, and down -7% excluding the base effect³⁹.

Over the first nine months of 2024, revenues for the Specialised Financial Services division fell by-4.1%, but rose by +7.8% excluding the base effect⁴⁰ related to the reorganisation of Mobility activities at CAPFM, compared to the first nine months of 2023. This favourable trend was driven by a good performance in CAL&F (+8.5%) and by higher revenues for CAPFM excluding the base effect⁴⁰ (+7,6%), 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. Underlying costs excluding SRF increased by +8.9% compared to the first nine months of 2023. Expenses excluding SRF, the base effect⁴⁰ and scope effects rose by +3.1%. The cost/income ratio stood at 51.2%, or +6.1 percentage points versus the same period in 2023; excluding the base effect⁴⁰, the change was +1.3 percentage points. The cost of risk was down -4.9% compared to the first nine months of 2023, to -€653 million, and up +8.4% excluding the base effect⁴⁰. This increase incorporated in particular the impact of scope effects. The contribution from equity-accounted entities was down -8.5% versus the same period in 2023, and down -35.9% excluding the base effect⁴⁰, 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 -€3 million at the end of September 2024, compared to €81 million at the end of September 2023 (-€7 million excluding the base effect⁴⁰). Net income Group share thus came to €502 million, down -21% compared to the first nine months of 2023, but up +5.4% excluding the base effect⁴⁰ related to the reorganisation of 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 the end of September 2024 and 13% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the equity allocated to the division was €6.8 billion and its risk-weighted assets were €71.8 billion.

The underlying RoNE (return on normalised equity) stood at 9.0% for the first nine months of 2024.

Personal Finance and Mobility results

CAPFM revenues totalled €678 million in the third quarter of 2024, down -4.2% compared to the third quarter of 2023. The price effect remained negative in the third quarter of 2024 compared to the third quarter of 2023, but stabilised compared to the second quarter of 2024, thanks in particular to an improved production margin rate over the last few quarters (stable in the third quarter of 2024 compared to the second quarter of 2024, and up by +86 basis points compared to the third quarter of 2023). Expenses remained under control at -€338 million, up +2.4% compared to the same period in 2023. Gross operating income stood at €340 million, down -10%. The cost/income ratio stood at 49.8%, up +3.2 percentage points compared to the same period in 2023. The cost of risk stood at -€201 million, down -2.4% from the third quarter of 2023. The cost of risk/outstandings thus stood at 112 basis points⁴¹, an improvement of -16 basis points compared to the third quarter of 2023. The Non Performing Loans ratio was 4.5% at the end of June 2024, up +0.2 percentage point compared to the end of June 2024, while the coverage ratio reached 74.2%, down -1.6 percentage points compared to the end of June 2024. The contribution from equity-accounted entities rose sharply (x5.1) compared to the same period in 2023, and fell by -20.7% excluding the base effect related to the reorganisation of Mobility activities³⁹. Net income on other assets amounted to -€2 million in the third quarter of 2024, compared to €57 million in the third quarter of 2023. Excluding the base effect³⁹, net income on other assets of the third quarter of 203 amounted to -€4 million. As a result, net income Group share totalled €118 million in the third quarter of 2024, i.e. -20.9% compared to the same period the previous year. Excluding the base effect³⁹, net income Group share was down -9.3%.

In the first nine months of 2024, CAPFM’s revenues totalled €2,042 million, down -7.1% compared with the first nine months of 2023, but up +7.6% excluding the base effect related to the reorganisation of Mobility activities⁴². Revenues benefited from scope effects related to the strategic pivot around Mobility, leading to the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and the consolidation of the 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. Expenses excluding SRF stood at -€1,035 million, an increase of +9.9% on 2023. Expenses excluding SRF, excluding the base effect⁴² and scope effects, were up +2.2%. Gross operating income therefore came in at €1,007 million, which was a drop of -19% but an increase of +4.7% excluding the base effect⁴². The cost/income ratio stood at 50.7%, or +7.9 percentage points versus the same period in 2023. When restated for the base effect, the change was +2.1 percentage points. Cost of risk fell -7.3% compared with the first nine months of 2023 to -€591 million, but rose +6.8% when the base effect⁴² is excluded. This rise notably includes the impact of scope effects. The contribution from equity-accounted entities was down -5.4% versus the same period in 2023, and down -33.1% excluding the base effect⁴² 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. Income on other assets fell -55.5%, or -63,4% excluding the base effect⁴². As a result, net income Group share stood at €349 million in the first nine months of 2024, i.e. -31.3% from the same period one year earlier. Excluding the base effect⁴², net income Group share was stable at -0.1% compared with the same period in 2023.

Leasing & Factoring results

CAL&F’s revenues totalled €192 million, up +8.5% compared with the third quarter of 2023. This increase was driven by all business lines and benefited from volume effects (increase in factored revenues and equipment leasing outstandings). Expenses remained under control with an increase of +4.8%, while the cost/income ratio stood at 51.6%, an improvement of -1.8 percentage points from the third quarter of 2023. Gross operating income rose +12.7% to €93 million, with a positive jaws effect of +3.7 percentage points. Cost of risk totalled -€22 million, up +25.1% compared with the same period in 2023, linked to economic conditions in the corporate market. Cost of risk/outstandings stood at 22 basis points⁴¹, down slightly from the third quarter of 2023. As a result, net income Group share was €54 million, down -1.8% compared with the third quarter of 2023.

In the first nine months of 2024, revenues totalled €563 million, an increase of +8.5% compared with the first nine months of 2023. Costs excluding SRF increased by +5.7% to €298 million. Gross operating income rose sharply to €265 million, a +19.8% increase compared with the first nine months of 2023. The underlying cost/income ratio excluding SRF amounted to 53%, an improvement of -1.4 percentage points compared with the first nine months of 2023. Cost of risk was up compared with the same period of 2023 (+26.7%). The business line’s contribution to underlying net income Group share was €153 million, up +20.2% compared with the first nine months of 2023.

Crédit Agricole S.A. Retail Banking activity

Activity in Crédit Agricole S.A.’s Retail Banking business was solid during the quarter, with customer capture continuing at a good pace and 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 third quarter of 2024, activity remained buoyant with the confirmed recovery in mortgage lending and the continued stabilisation of the mix of inflows.

Gross customer capture for the quarter stood at 76,000 new customers and net customer capture came in at 9,700 customers. The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.3 percentage points to stand at 27.9% at end-September 2024.

Loan production totalled €7.5 billion, representing a year-on-year increase of +11%. The third quarter of 2024 confirmed the recovery in home loan production (+17% compared to the third quarter of 2023 and +73% compared to the second quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.38%, down -46 basis points from the second quarter of 2024 and -32 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 solid momentum continued in the corporate market (+16% year on year). Production for small businesses declined in a competitive market and challenging economic environment.

Outstanding loans stood at €169 billion at end-September 2024, representing a quarter-on-quarter increase of +0.4% and a year-on-year increase of +0.5% (of which +0.6% for home loans, +0.7% for loans to small businesses, +1.0% for consumer finance and -0.1% for corporate loans). Customer assets totalled €253.3 billion at end-September 2024, up +5.1% year on year, driven by interest-earning deposits and off-balance sheet funds. Customer assets also edged up +0.6% during the quarter. This was accompanied by the continued stabilisation of demand deposit volumes (+0.4% compared with end-June 2024) in a still-uncertain environment, as well as term deposits (-2.9% compared with end-June 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 third quarter of 2024, CA Italy posted a gross customer capture of 43,000, while the customer base grew by around 13,000 customers.

Loan outstandings at CA Italy stood at €61.3 billion⁴³ at end-September 2024, up +3.0% compared with end-September 2023. This was despite the downturn in the Italian market⁴⁴, mostly in the retail segment, which posted an increase in outstandings of +3.6%. Loan production, buoyed by the solid momentum in all markets, rose 7.5% compared with the third quarter of 2023. Home loan production remained steady (+7% compared with the second quarter of 2024), despite a -12% year-on-year decline due to a base effect linked to the success of the promotional campaign which ran in the third quarter of 2023. The loan stock rate was down -17 basis points on the second quarter of 2024, in line with the general trend in Italian market rates.

Customer assets at end-September 2024 totalled €117.4 billion, up +3.7% compared with end-September 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.4%, while the cost of inflows decreased. Lastly, off-balance sheet deposits rose +9.2%, benefiting from a market effect and positive net inflows.

CA Italy’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance increased to 20.0%, up 1.7 percentage points compared with the third quarter of 2023.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were up +4.2% at current exchange rates at end-September 2024 compared with end-September 2023 (+6.7% at constant exchange rates). Customer assets rose slightly by +0.4% over the same period at current exchange rates (+8.1% at constant exchange rates).

In Poland in particular, loan outstandings increased by +11.8% versus September 2023 (+3.6% at constant exchange rates) and customer assets by +14% (+5.5% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +32.4% compared with the third quarter of 2023 at current exchange rates (up +26% at constant exchange rates).

In Egypt, loan outstandings rose -18.3% between end-September 2024 and end-September 2023 (+34.6% at constant exchange rates). Over the same period, inflows fell by -36.6% but were still up +4% at constant exchange rates.

The surplus of deposits over loans in Poland and Egypt amounted to €1.6 billion at 30 September 2024, and totalled €3.2 billion including Ukraine.

French retail banking results

In the third quarter of 2024, LCL’s revenues stood at €979 million, down -1.7% compared with the third quarter of 2023 due to a base effect related to the reversal of the provision for Home Purchase Saving Plans in the third quarter of 2023⁴⁵. Excluding this base effect, revenues grew by +3.7% as a result of both net interest margin and fee and commission income. Net interest margin, excluding the Home Purchase Saving Plan base effect⁴⁵, rose +2.3%⁴⁵ year on year, benefiting from positive exceptional items related to the revaluation of equity investments. In addition, the increase in the cost of funding continued to weigh on the net interest margin, partially offset by the positive impact of gradual loan repricing and the favourable impact of the contribution of macro-hedging (virtually unchanged year on year). Fee and commission income was up +5.1% compared with the third quarter of 2023, driven by all activities.

Expenses rose +3.2% to stand at -€608 million. The increase for the period is mainly related to the increase in property expenses and IT costs. The cost/income ratio stood at 62.1%, a rise of +2.9 percentage points compared with the third quarter of 2023. Gross operating income was down -8.8%, to €371 million (up +4.5% excluding the Home Purchase Saving Plan base effect⁴⁵).

The cost of risk was up +17% compared with the third quarter of 2023 to -€82 million (including +€18 million in cost of risk on performing loans, -€94 million in proven risk, and -€5 million in other risks). This increase was mainly due to corporate specific files and to the consumer finance segment. The cost of risk/outstandings remained under control, at 23 basis points. The coverage ratio stood at 59.8% at end-September 2024 (-1 percentage point compared with end-June 2024). The Non Performing Loans ratio reached 2.1% at end-September 2024, stable compared with end-June 2024 (+0.1 percentage point). As a result, net income Group share decreased by -19.2% compared with the third quarter of 2024 (-6.2% excluding the Home Purchase Saving Plan base effect⁴⁵).

In the first nine months of 2024, LCL revenues totalled €2,912 million, a +0.7% increase compared with the first nine months of 2023. The net interest margin was slightly up (+0.5%), benefiting from gradual loan repricing and the positive impact of macro-hedging, in the context of rising refinancing and funding costs, and positive exceptional items in the second and third quarters of 2024 (positive valuation effects on equity investments). Fee and commission income was up +0.9% compared with the first nine months of 2023 (impacted by the base effect of Image cheque in 2023⁴⁶, particularly in the life insurance and payment instrument segments. Expenses excluding SRF rose +3.4% over the period as a result of the increase in staff and IT costs, partially offset by a one-off impact on taxation and a base effect related to end-of-career allowances. The cost/income ratio excluding SRF stood at 61.8% (+1.6 percentage points compared with the first nine months of 2023). Gross operating income grew slightly by +0.5% year on year. Cost of risk increased by +44.3%, impacted by the rise in proven risk from corporates and recent consumer finance production. All in all, the business line’s contribution to net income Group share stood at €607 million, down -9.8% (-5% excluding Home Purchase Saving Plan base effect)

In the end, 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 the first nine months of 2024 and 14% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the equity allocated to the business line stood at €5.3 billion and risk-weighted assets amounted to €55.3 billion. LCL’s underlying RoNE (return on normalised equity) stood at 14.4% for the first nine months of 2024.

International Retail Banking results⁴⁷

In the third quarter of 2024, revenues for International Retail Banking totalled €1,006 million, falling slightly by -1.8% (+1.2% at constant exchange rates) compared with the third quarter of 2023. Operating expenses were under control at €519 million, an increase of +3.1% (+4.4% at constant exchange rates) Gross operating income consequently totalled €486 million, down -6.5% (-2.1% at constant exchange rates) for the period. Cost of risk amounted to -€59 million, down -51.1% compared with the third quarter of 2023 (-50.1% at constant exchange rates).

All in all, net income Group share for CA Italy, CA Egypt, CA Poland and CA Ukraine amounted to €194 million in the third quarter of 2024, up +13.9% (-12.9% at constant exchange rates). This included a negative impact of -€40 million following the change in the corporate income tax rate in Ukraine.

For the first nine months of 2024, International Retail Banking revenues rose by +3.9% to €3,090 million (+0.6% at constant exchange rates). Expenses excluding SRF and DGS stood at -€1,522 million, an increase of 2.1% compared with the first nine months of 2023. Gross operating income totalled €1,510 million, up +4.6% (+1.1% at constant exchange rates). Cost of risk fell by -41.0% (-23.0% at constant exchange rates) to -€213 million compared with the first nine months of 2023. In the end, net income Group share for International Retail Banking came to €678 million, versus €600 million in the first nine months of 2023, and included a negative impact of around -€40 million following the change in corporate income tax rate in Ukraine.

In the first nine months of 2024, International Retail Banking contributed 12% 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 30 September 2024, the capital allocated to International Retail Banking was €4.4 billion and risk-weighted assets totalled €46.3 billion.

Results in Italy

In the third quarter of 2024, revenues for Crédit Agricole Italy amounted to €764 million, down -2.5% compared with the third quarter of 2023. Revenues were impacted by a -2.5% decline in net interest margin compared with the third quarter of 2023 but were boosted by fee and commission income from assets under management, which remained relatively unchanged at +0.7%. Operating expenses were stable at 0.9% compared with the third quarter of 2023.

Cost of risk amounted to -€48 million in the third quarter of 2024, down -43.4% from the third quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁴⁸ stood at 44 basis points, an improvement of 6 basis points compared with the second quarter of 2024. The Non Performing Loans ratio improved compared with the first quarter of 2024 to stand at 3.0%, while the coverage ratio was 73.6% (+1.2 percentage points compared with the second quarter of 2024). Net income Group share for CA Italy was €164 million, down -1.3% compared with the third quarter of 2023.

In the first nine months of 2024, revenues for Crédit Agricole Italy rose slightly by +0.8% to €2,323 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,161 million, a slight decrease of -0.2% compared with the first nine months of 2023. Gross operating income stood at €1,105 million, a slight increase of +0.3% compared with the first nine months of 2023. Cost of risk amounted to -€170 million, down -27.2% compared with the first nine months of 2023. As a result, CA Italy’s net income Group share totalled €497 million, an increase of +4.4% compared with the first nine months of 2023.

CA Italy’s underlying RoNE (return on normalised equity) was 22.6% at 30 September 2024.

International Retail Banking results – excluding Italy

In the third quarter of 2024, revenues for International Retail Banking excluding Italy totalled €242 million, up +0.4% (+14.8% at constant exchange rates) compared with the third quarter of 2023. Revenues in Poland were up +22.2% compared with the third quarter of 2023 (+16.1% at constant exchange rates), boosted by a higher net interest margin and a strong upwards trend in fee and commission income. Revenues in Egypt were down (-19.9% compared with the third quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound), but were particularly buoyant at constant exchange rates (+32.7%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €122 million, up +11.0% compared with the third quarter of 2023 (+17.8% at constant exchange rates). Gross operating income amounted to €120 million, a decrease of -8.5% (+11.8% at constant exchange rates) compared with the third quarter of 2023. Cost of risk amounted to -€11 million, down -68.9% (-68.9% at constant exchange rates). Furthermore, at end-September 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 121% and 139% respectively. In Ukraine, the local coverage ratio remains prudent (335%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €30 million, down 49.1% compared with the third quarter of 2023.

In the first nine months of 2024, revenues for International Retail Banking excluding Italy totalled €767 million, up +14.3% (+25.0% at constant exchange rates) compared with the first nine months of 2023, driven by the increase in net interest margin. Operating expenses amounted to -€361 million, up +10.2% compared with the first nine months of 2023 (+12.8% at constant exchange rates). The cost/income ratio at end-September 2024 was 47.1% (an improvement of 1.8 points on the cost/income ratio at end-September 2023). Thanks to strong growth in revenues, gross operating income came to €406 million, up 18.3% (+38.4% at constant exchange rates) from the first nine months of 2023. Cost of risk amounted to -€43 million, down -66.4% (-65.8% at constant exchange rates) compared with the first nine months of 2023. All in all, International Retail Banking excluding Italy contributed €182 million to net income Group share.

The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 33.0% at 30 September 2024.

At 30 September 2024, the entire Retail Banking business line contributed 22% 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 30 September 2024, the division’s equity amounted to €9.7 billion. Its risk-weighted assets totalled €101.6 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€161 million in the third quarter of 2024, down -€106 million compared with the third quarter of 2023. The negative contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€161 million) and other items (+€1 million).
The contribution of the “structural” component (-€161 million) decreased by -€138 million compared with the third 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 -€140 million in the third quarter of 2024, down -€75 million, notably due to a base effect of -€171 million related to reversals of provisions for Home Purchase Saving Plans recorded in the third quarter of 2023.
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 -€28 million in the third quarter of 2024, down -€65 million from the third quarter of 2023. This was due to the unfavourable impact of the revaluation of Banco BPM securities for -€35 million (+€5 million in the third quarter of 2024, against +€40 million in the third quarter of 2023), as well as a deterioration in the portfolio which pushed up the cost of potential risk (stages 1 and 2), particularly on financing guaranteed by Foncaris⁴⁹
Group support functions. Their contribution amounted to +€7 million this quarter (+€3 million compared with the third quarter of 2023).

The contribution of “other items” was up +€32 million compared with the third 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 -€211 million in revenues and +€211 million in expenses.

In the first nine months of 2024, underlying net income Group share of the Corporate Centre division was -€506 million, down -€131 million compared with the first nine months of 2023. The structural component contributed -€513 million and other items of the division recorded a positive contribution of +€7 million in the first nine months.
The “structural” component contribution was down -€2 million compared with the first nine months of 2023. It 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 -€767 million in the first nine months of 2024, down -€55 million compared with the first nine months of 2023, including a base effect of -€171 million related to the reversal of the provision for Home Purchase Saving Plans recorded in the third quarter of 2023;
Business lines not attached to the core businesses, such as CACIF (private equity), CA Immobilier and BforBank: their contribution, at +€234 million in the first nine months of 2024, was up on the first nine months of 2023 (+€46 million), primarily due to the end of the SRF building-up period (-€77 million in the first half of 2023), as well as the impact of the valuation and dividend of Banco BPM securities for +€99 million;
The Group’s support functions: their contribution for the first nine months of 2024 was +€20 million, up +€7 million compared with the first nine months of 2023.

The contribution of “other items” was down -€129 million compared with the first nine months of 2023.

At 30 September 2024, risk-weighted assets stood at €29.6 billion.

Financial strength

Crédit Agricole Group

At 30 September 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.4%, an increase of +0.1 percentage point compared with end-June 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.6 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.3%.

During the third 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 lines organic growth impacted the Group’s CET1 ratio by -27 basis points (see below).
The methodological and other effects have a favourable impact of +4 basis points and include the contribution of the capital increase reserved for employees and a favourable change in unrealised gains and/or losses.

The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 21.0% at end-September 2024.

The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-June 2024, well above the regulatory requirement of 3.5%.

Risk-weighted assets for the Crédit Agricole Group amounted to €636 billion, up +€8.2 billion compared with 30 June 2024. The change can be broken down by business line as follows: Retail Banking +€7.3 billion, Asset Gathering +€3.2 billion (including +€3.1 billion in Insurance equity-accounted value), Specialised Financial Services +€0.3 billion, Large Customers -€2.3 billion (benefiting from favourable foreign exchange and regulatory impacts for Crédit Agricole CIB) and Corporate Centre -€0.2 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 capital.

At 30 September 2024, Crédit Agricole Group posted a buffer of 670 basis points above the MDA trigger, i.e. €43 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 30 September 2024, Crédit Agricole Group posted a buffer of 196 basis points above the L-MDA trigger, i.e. €42 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 30 September 2024, Crédit Agricole S.A. posted a buffer of 280 basis points above the MDA trigger, i.e. €11 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

The issuance of a new AT1 instrument carried out by Crédit Agricole S.A. on 2 October 2024, for a nominal amount of US$1.25 billion, has a positive impact of 18 basis points on the Tier 1 and Total capital ratios of Crédit Agricole Group, as well as a positive impact of 5 basis points on its leverage ratio. This issuance also has a positive impact of 28 basis points on the Tier 1 and Total capital ratios of Crédit Agricole S.A. Taking this issuance into account in the solvency ratios at 30 September 2024, Crédit Agricole Group would post a buffer of 688 basis points above the MDA trigger, i.e. €44 billion in CET1 capital, and 201 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. Crédit Agricole S.A. would post a buffer of 308 basis points above the MDA trigger, i.e. €12 billion in CET1 capital.

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 0.01% systemic risk buffer for CA Group at 30 September 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 30 September 2024, Crédit Agricole Group’s TLAC ratio stood at 27.3% of RWA and 8.2% of leverage ratio exposure, excluding eligible senior preferred debt⁵⁰, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk weighted assets, increased by 20 basis points over the quarter, due to equity and eligible items increasing more rapidly than risk-weighted assets over the period. Expressed as a percentage of leverage ratio exposure (LRE), the TLAC ratio was up 20 basis points compared with June 2024.

The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 510 basis points higher, i.e. €32 billion, than the current requirement of 22.3% of RWA.

At end-September 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €1.25 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €35.2 billion.

MREL

The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 30 September 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 0.01% systemic risk buffer for CA Group at 30 September 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 30 September 2024, the Crédit Agricole Group had a total MREL ratio of 32.9% of RWA and 9.8% 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 30 September 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 22.5%;
6.25% of leverage exposure.

At 30 September 2024, Crédit Agricole Group had a subordinated MREL ratio of 27.3% of RWA and 8.2% 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 30 September 2024, Crédit Agricole Group had a buffer of 480 basis points above the M-MDA trigger, i.e. €31 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 30 September 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%, up +0.1 percentage point from end-June 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.1 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.7%.

During the third 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 25 euro cents per share in third quarter 2024 (-19 basis points).
Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by
-14 basis points, of which -5 basis points in the Insurance business line (increase in the equity-accounted value over the quarter).
Methodological and other effects had a positive impact of +10 basis points and included the contribution of the capital increase reserved for employees and a favourable trend in unrealised gains and/or losses.

The phased-in leverage ratio was 3.8% at end-September 2024, stable compared to end-June 2024 and above the 3% requirement.

The phased-in Tier 1 ratio stood at 13.2% and the phased-in total ratio at 17.3% this quarter.

Risk weighted assets for Crédit Agricole S.A. amounted to €402 billion at end of September 2024, up by +€3.1 billion compared to 30 June 2024. The change can be broken down by core business line as follows:

The Retail Banking divisions showed an increase of +€1.7 billion, particularly in France.
Asset Gathering posted an increase of +€3.2 billion, including +€3.1 billion in RWA for Insurance (increase in the equity-accounted value in the third quarter of 2024).
Specialised Financial Services remained stable at +€0.2 billion.
Large Customers recorded a decrease in risk-weighted assets of -€2.4 billion over the quarter, mainly as a result of foreign exchange and regulatory impacts in CIB.
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.

In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash balance sheet’s stable resources surplus is calculated quarterly.

The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is based on the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash balance sheet and whose definition is commonly accepted in the marketplace. It relates to the banking scope, with insurance activities being managed in accordance with their own specific regulatory constraints.

Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in terms of liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and other assets and liabilities were netted for a total of €68 billion at end-September 2024. Similarly, €157 billion in repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in order to build the cash balance sheet – for an amount totalling €181 billion at end September 2024 – relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by Corporate and Investment banking (CIB) and are included in the “Customer-related trading assets” section.

Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash balance sheet; the amount of centralised deposits (€105 billion at end-September 2024) is booked to assets under “Customer-related trading assets” and to liabilities under “Customer-related funds”.

In a final stage, other restatements reassign outstandings that accounting standards allocate to one section, when they are economically related to another. As such, Senior issuances placed through the banking networks as well as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and other refinancing transactions of the same type backed by customer loans, which accounting standards would classify as “Medium long-term market funds”, are reclassified as “Customer-related funds”.

Medium to long-term repurchase agreements are also included in “Long-term market funds”.

Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered as customers in the construction of the cash balance sheet.

Standing at €1,719 billion at 30 September 2024, the Group’s banking cash balance sheet shows a surplus of stable funding resources over stable application of funds of €188 billion, down -€10 billion compared with end-June 2024.

Total T-LTRO 3 outstandings for Crédit Agricole Group amounted to €0.7 billion at 30 September 2024.

Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 30 September 2024 (central bank deposits exceeding the amount of short-term net debt).

Medium-to-long-term market resources were €263 billion at 30 September 2024, up slightly from end-June 2024.

They included senior secured debt of €76 billion, senior preferred debt of €125 billion, senior non-preferred debt of €37 billion and Tier 2 securities amounting to €25 billion.

The Group’s liquidity reserves, at market value and after haircuts, amounted to €466 billion at 30 September 2024, down -€12 billion compared to 30 June 2024.

They covered short-term net debt more than two times over (excluding the replacements with Central Banks).

The decrease in liquidity reserves was mainly due to:

The decrease in Central Bank deposits for -€15 billion;
The decrease in eligible claims to Central Bank (mainly due to the temporary removal of TRICP credit claims with an internal rating) for -€3 billion;
The increase in the securities portfolio for +€6 billion (+€3 billion of HQLA securities/+€3 billion of non-HQLA securities).

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 €152 billion.

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

At 30 September 2024, the end of month LCR ratios were 147% for Crédit Agricole Group (representing a surplus of €97.7 billion) and 152% for Crédit Agricole S.A. (representing a surplus of €92.2 billion). They were higher than the Medium-Term Plan target (around 110%).

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 30 September 2024, the Group’s main issuers raised the equivalent of €51 billion⁵¹^,⁵²in medium-to-long-term debt on the markets, 47% of which was issued by Crédit Agricole S.A. In particular, the following amounts are noted for the Group:

Crédit Agricole CIB issued €17.9 billion in structured format, including €1.2 billion in Green Bond format;
Crédit Agricole Personal Finance & Mobility issued €2 billion equivalent in EMTN issuances through Crédit Agricole Auto Bank (CAAB) and €0.7 billion equivalent in securitisations;
CA Italy 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 two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format;
Crédit Agricole Assurances issued a €750 million Tier 2 10-year bullet subordinated bond and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September.

The Group’s medium-to-long-term financing can be broken down into the following categories:

€9.0 billion in secured financing;
€22.0 billion in plain-vanilla unsecured financing;
€17.9 billion in structured financing;
€2.3 billion in long-term institutional deposits and CDs.

In addition, €11.7 billion was raised through off-market issuances, split as follows:

€9.5 billion from banking networks (the Group’s retail banking or external networks);
€0.65 billion from supranational organisations or financial institutions;
€1.6 billion from national refinancing vehicles (including the credit institution CRH).

At 30 September 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion on the market⁵³^,⁵⁴representing 93% of its 2024 refinancing programme:

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-September. The financing comprised a variety of formats and currencies, including:

€6.3 billion⁵⁵;
6.35 billion 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-September, Crédit Agricole S.A. had issued 64% of its funding plan in currencies other than the euro⁵⁶^,⁵⁷.

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%.

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

Crédit Agricole Group – Specific items

	Q3-24		Q3-23		9M-24		9M-23
€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)	4	3	2	2	46	34	(21)	(15)
Loan portfolio hedges (LC)	(1)	(1)	(2)	(1)	6	5	(26)	(19)
Home Purchase Savings Plans (LCL)	–	–	52	38	1	1	52	38
Home Purchase Savings Plans (CC)	–	–	230	171	(0)	(0)	230	171
Home Purchase Savings Plans (RB)	–	–	118	88	63	47	118	88
Mobility activities reorganisation (SFS)	–	–	1	0	–	–	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	3	2	402	298	117	87	758	581
Degroof Petercam integration costs (AG)	(8)	(6)	–	–	(14)	(10)	–	–
ISB integration costs (LC)	(26)	(14)	–	–	(70)	(37)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(18)	(13)
Total impact on operating expenses	(34)	(20)	–	–	(84)	(47)	(18)	(13)
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)	–	–	(26)	(26)	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	(26)	(26)	–	–	(39)	(39)
Degroof Petercam aquisition costs (AG)	(3)	(2)	–	–	(23)	(17)	–	–
Mobility activities reorganisation (SFS)	–	–	61	45	–	–	89	57
Total impact on Net income on other assets	(3)	(2)	61	45	(23)	(17)	89	57

Total impact of specific items	(34)	(20)	436	317	(10)	3	705	525
Asset gathering	(11)	(8)	–	–	(37)	(27)	–	–
French Retail banking	–	–	170	126	65	48	233	189
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	35	19	–	–	247	159
Large customers	(23)	(12)	1	0	(18)	1	(47)	(35)
Corporate centre	–	–	230	171	(0)	(0)	272	213
* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific Items

	Q3-24		Q3-23		9M-24		9M-23
€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)	4	3	2	2	46	33	(21)	(15)
Loan portfolio hedges (LC)	(1)	(1)	(2)	(1)	6	5	(26)	(19)
Home Purchase Savings Plans (FRB)	–	–	52	37	3	2	52	37
Home Purchase Savings Plans (CC)	–	–	230	171	(2)	(1)	230	171
Mobility activities reorganisation (SFS)	–	–	1	0.5	–	–	300	214
Check Image Exchange penalty (CC)	–	–	–	–	–	–	42	42
Check Image Exchange penalty (LCL)	–	–	–	–	–	–	21	20
Total impact on revenues	3	2	284	209	53	39	598	450
Degroof Petercam integration costs (AG)	(8)	(6)	–	–	(14)	(10)	–	–
ISB integration costs (LC)	(26)	(14)	–	–	(70)	(37)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(18)	(13)
Total impact on operating expenses	(34)	(19)	–	–	(84)	(47)	(18)	(13)
Provision for risk Ukraine (IRB)	–	–	–	–	(20)	(20)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(85)	(61)
Total impact on cost of credit risk	–	–	–	–	(20)	(20)	(85)	(61)

Mobility activities reorganisation (SFS)	–	–	(26)	(26)	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	(26)	(26)	–	–	(39)	(39)
Degroof Petercam aquisition costs (AG)	(3)	(2)	–	–	(23)	(17)	–	–
Mobility activities reorganisation (SFS)	–	–	61	45	–	–	89	57
Total impact Net income on other assets	(3)	(2)	61	45	(23)	(17)	89	57

Total impact of specific items	(34)	(20)	318	227	(73)	(45)	545	394
Asset gathering	(11)	(8)	–	–	(37)	(26)	–	–
French Retail banking	–	–	52	37	3	2	73	57
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	35	19	–	–	247	159
Large customers	(23)	(12)	1	0	(18)	1	(47)	(34)
Corporate centre	–	–	230	171	(2)	(1)	272	213
* Impact before tax and before minority interests

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

Crédit Agricole Group – Results by business line, Q3-23 and Q3-24

	Q3-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,266	979	1,029	1,857	869	2,054	(842)	9,213
Operating expenses excl. SRF	(2,409)	(608)	(539)	(868)	(437)	(1,240)	511	(5,590)
SRF	–	–	–	–	–	–	–	–
Gross operating income	857	371	490	989	433	814	(331)	3,623
Cost of risk	(364)	(82)	(60)	(13)	(223)	(19)	(40)	(801)
Equity-accounted entities	0	–	–	33	23	6	–	61
Net income on other assets	0	0	0	(3)	(2)	(0)	(2)	(5)
Income before tax	493	290	430	1,006	231	801	(372)	2,877
Tax	(122)	(66)	(176)	(156)	(42)	(234)	210	(587)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	371	224	254	850	189	566	(162)	2,291
Non controlling interests	(1)	(0)	(40)	(128)	(17)	(35)	10	(211)
Net income Group Share	371	223	214	722	172	531	(153)	2,080

	Q3-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,345	996	1,046	1,657	883	1,888	(567)	9,249
Operating expenses excl. SRF	(2,328)	(589)	(522)	(718)	(424)	(1,139)	454	(5,265)
SRF	–	–	–	–	–	–	–	–
Gross operating income	1,018	407	524	939	460	749	(113)	3,984
Cost of risk	(254)	(70)	(126)	(0)	(224)	(13)	(6)	(693)
Equity-accounted entities	1	–	1	24	5	6	0	37
Net income on other assets	0	18	1	(5)	57	(2)	(0)	69
Income before tax	765	355	400	958	298	740	(119)	3,397
Tax	(178)	(79)	(118)	(221)	(77)	(203)	65	(810)
Net income from discont’d or held-for-sale ope.	(0)	–	2	–	(0)	–	–	2
Net income	587	277	284	737	220	537	(53)	2,588
Non controlling interests	(0)	(0)	(42)	(110)	(17)	(39)	4	(204)
Net income Group Share	587	277	242	628	204	497	(49)	2,384

Crédit Agricole Group – Results by business line, 9M-24 et 9M-23

	9M-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	9,834	2,912	3,161	5,596	2,605	6,544	(2,407)	28,244
Operating expenses excl. SRF	(7,453)	(1,801)	(1,637)	(2,435)	(1,333)	(3,741)	1,535	(16,866)
SRF	–	–	–	–	–	–	–	–
Gross operating income	2,381	1,111	1,523	3,161	1,272	2,803	(872)	11,378
Cost of risk	(1,056)	(295)	(219)	(18)	(653)	(25)	(59)	(2,324)
Equity-accounted entities	7	–	–	94	83	20	–	203
Net income on other assets	3	5	0	(23)	(3)	2	(3)	(19)
Income before tax	1,335	820	1,305	3,214	699	2,800	(935)	9,238
Tax	(313)	(185)	(436)	(658)	(138)	(717)	343	(2,104)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–	–
Net income	1,022	635	869	2,557	560	2,083	(592)	7,134
Non controlling interests	(1)	(0)	(129)	(364)	(59)	(104)	15	(643)
Net income Group Share	1,021	635	739	2,193	502	1,979	(577)	6,491

	9M-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	10,032	2,891	3,040	5,144	2,717	5,844	(1,946)	27,722
Operating expenses excl. SRF	(7,217)	(1,742)	(1,542)	(2,148)	(1,224)	(3,298)	1,389	(15,782)
SRF	(111)	(44)	(40)	(6)	(29)	(312)	(77)	(620)
Gross operating income	2,704	1,105	1,458	2,989	1,465	2,234	(634)	11,321
Cost of risk	(831)	(205)	(366)	(1)	(686)	(81)	(8)	(2,179)
Equity-accounted entities	9	–	1	73	90	17	–	190
Net income on other assets	6	21	1	(5)	81	3	(1)	107
Income before tax	1,887	921	1,095	3,057	950	2,173	(643)	9,438
Tax	(467)	(217)	(321)	(696)	(254)	(561)	222	(2,293)
Net income from discontinued or held-for-sale operations	(0)	–	7	1	(0)	–	–	7
Net income	1,421	704	781	2,361	696	1,612	(421)	7,153
Non controlling interests	(1)	(0)	(121)	(343)	(61)	(93)	(0)	(619)
Net income Group Share	1,420	704	660	2,018	635	1,519	(421)	6,534

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

Crédit Agricole S.A. – Results by business line, Q3-24 et Q3-23

	Q3-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,870	2,054	869	979	1,006	(290)	6,487
Operating expenses excl. SRF	(868)	(1,240)	(437)	(608)	(519)	(17)	(3,689)
SRF	–	–	–	–	–	–	–
Gross operating income	1,002	814	433	371	486	(307)	2,799
Cost of risk	(13)	(19)	(223)	(82)	(59)	(37)	(433)
Equity-accounted entities	33	6	23	–	–	(19)	42
Net income on other assets	(3)	(0)	(2)	0	0	0	(4)
Income before tax	1,019	800	231	290	427	(363)	2,404
Tax	(157)	(234)	(42)	(66)	(176)	199	(476)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	862	566	189	224	252	(164)	1,928
Non controlling interests	(135)	(46)	(17)	(10)	(58)	4	(262)
Net income Group Share	728	520	172	214	194	(161)	1,666

	Q3-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,656	1,888	883	996	1,024	(103)	6,343
Operating expenses excl. SRF	(718)	(1,139)	(424)	(589)	(504)	(2)	(3,376)
SRF	–	–	–	–	–	–	–
Gross operating income	937	748	460	407	520	(105)	2,967
Cost of risk	(0)	(13)	(224)	(70)	(121)	(2)	(429)
Equity-accounted entities	24	6	5	–	1	(12)	23
Net income on other assets	(5)	(2)	57	18	1	(0)	69
Income before tax	956	739	298	355	401	(119)	2,630
Tax	(221)	(203)	(77)	(79)	(118)	65	(633)
Net income from discontinued or held-for-sale operations	–	–	(0)	–	2	–	2
Net income	736	536	220	277	285	(55)	1,999
Non controlling interests	(114)	(48)	(17)	(12)	(60)	0	(251)
Net income Group Share	621	488	204	264	225	(55)	1,748

Crédit Agricole S.A. – Results by business line, 9M-24 et 9M-23

	9M-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	5,603	6,543	2,605	2,912	3,090	(665)	20,089
Operating expenses excl. SRF	(2,435)	(3,741)	(1,333)	(1,801)	(1,580)	(88)	(10,978)
SRF	–	–	–	–	–	–	–
Gross operating income	3,168	2,802	1,272	1,111	1,510	(752)	9,111
Cost of risk	(18)	(25)	(653)	(295)	(213)	(53)	(1,256)
Equity-accounted entities	94	20	83	–	–	(65)	132
Net income on other assets	(23)	2	(3)	5	0	24	5
Change in value of goodwill	–	–	–	–	–	–	–
Income before tax	3,221	2,800	699	820	1,297	(846)	7,991
Tax	(659)	(717)	(138)	(185)	(435)	343	(1,790)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	2,563	2,083	560	635	862	(503)	6,201
Non controlling interests	(382)	(147)	(59)	(28)	(184)	(3)	(803)
Net income Group Share	2,180	1,936	502	607	678	(506)	5,397

	9M-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	5,133	5,844	2,717	2,891	2,975	(421)	19,140
Operating expenses excl. SRF	(2,148)	(3,298)	(1,224)	(1,742)	(1,491)	(20)	(9,922)
SRF	(6)	(312)	(29)	(44)	(40)	(77)	(509)
Gross operating income	2,979	2,234	1,465	1,105	1,444	(519)	8,709
Cost of risk	(1)	(81)	(686)	(205)	(362)	(2)	(1,338)
Equity-accounted entities	73	17	90	–	2	(45)	136
Net income on other assets	(5)	3	81	21	1	(0)	102
Change in value of goodwill	–	–	–	–	–	–	–
Income before tax	3,047	2,173	950	921	1,085	(566)	7,609
Tax	(699)	(561)	(254)	(217)	(320)	218	(1,832)
Net income from discontinued or held-for-sale operations	1	–	(0)	–	7	–	7
Net income	2,349	1,612	696	704	772	(348)	5,785
Non controlling interests	(353)	(125)	(61)	(31)	(172)	(27)	(771)
Net income Group Share	1,996	1,486	635	673	600	(375)	5,014

Appendix 4 – Data per share

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

(€m)		Q3-2024	Q3-2023	9M-24	9M-23

Net income Group share – stated		1,666	1,748	5,397	5,014
– Interests on AT1, including issuance costs, before tax		(130)	(136)	(351)	(371)
– Foreign exchange impact on reimbursed AT1		(19)	–	(266)	–
NIGS attributable to ordinary shares – stated	[A]	1,517	1,612	4,780	4,643
Average number shares in issue, excluding treasury shares (m)	[B]	3,031	3,043	3,007	3,031
Net earnings per share – stated	[A]/[B]	0.50 €	0.53 €	1.59 €	1.53 €
Underlying net income Group share (NIGS)		1,686	1,520	5,442	4,620
Underlying NIGS attributable to ordinary shares	[C]	1,537	1,384	4,825	4,249
Net earnings per share – underlying	[C]/[B]	0.51 €	0.46 €	1.60 €	1.40 €


(€m)				30/09/2024	30/09/2023
Shareholder’s equity Group share				71,386	69,416
– AT1 issuances				(6,102)	(7,235)
– Unrealised gains and losses on OCI – Group share				1,042	1,644
Net book value (NBV), not revaluated, attributable to ordin. sh.	[D]			66,326	63,825
– Goodwill & intangibles* – Group share				(17,778)	(17,255)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.	[E]			48,548	46,570
Total shares in issue, excluding treasury shares (period end, m)	[F]			3,040	3,052
NBV per share , after deduction of dividend to pay (€)	[D]/[F]			21.8 €	20.9 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]			16.0 €	15.3 €
* including goodwill in the equity-accounted entities

(€m)				9M-24	9M-23
Net income Group share – stated	[K]			5,397	5,014
Impairment of intangible assets	[L]			0	0
IFRIC	[M]			-110	-542
Stated NIGS annualised	[N] = ([K]-[L]-[M])*2+[M]			7,233	6,866
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised	[O]			-734	-495
Stated result adjusted	[P] = [N]+[O]			6,499	6,371
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3)	[J]			45,219	43,200
Stated ROTE adjusted (%)	= [P] / [J]			14.4%	14.7%
Underlying Net income Group share	[Q]			5,442	4,620
Underlying NIGS annualised	[R] = ([Q]-[M])*2+[M]			7,293	6,341
Underlying NIGS adjusted	[S] = [R]+[O]			6,559	5,846
Underlying ROTE adjusted(%)	= [S] / [J]			14.5%	13.5%
*** 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 30/09/2024 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁸

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 own funds and eligible liabilities buffer required to absorb losses in the event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of eligible capital and 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 capital, 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 capital 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 third quarter and the first nine months of 2024 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/en/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 nine-month period ending 30 September 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

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.

Financial Agenda

05 February 2025        Publication of the 2024 fourth quarter and full year results
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

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 50% reduction in the carbon footprint (tonnes of CO₂ equivalent/€m invested) of its equity-listed and corporate bond investment portfolios and directly held property. (The previous target was a 25% reduction in the carbon footprint of its equity-listed and corporate bond investment portfolio in 2025 vs 2019.)

4 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.
5 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
6 The reorganisation of the Mobility activities of the CA Consumer Finance Group had a non-recurring impact in Q3 2023 due to the transfer of business assets, indemnities received and paid, the accounting treatment of the 100% consolidation of CA Auto Bank (formerly FCA Bank) and the reorganisation of the automotive financing activities within the CA Consumer Finance Group (particularly the review of application solutions).
7 See Appendixes for more details on specific items.
8 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
9 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
10 Average rate of loans to monthly production for July and August 2024.
11 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
12 SAS Rue La Boétie dividend paid annually in Q2
13 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q3-23 totalling +€118m in revenues and +€88m in net income Group share.

14 Underlying, excluding specific items.
15 Scope effect of Degroof Petercam revenues: +€140 million in the third quarter of 2024.
16 Scope effect in expenses in the third quarter of 2024: Degroof Petercam for -€104 million and miscellaneous others.
17 Costs related to the integration of ISB (CACEIS): -€26 million in third quarter 2024 versus -€5 million in third quarter 2023; costs related to the integration of Degroof Petercam: -€8 million in third quarter 2024.

18 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.
19 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
20 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
21 See Appendixes for more details on specific items.
22 SRF costs amounted to -€509 million over the first nine months of 2023

23 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
24 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
25 Property and casualty insurance premium income includes a scope effect linked to the first consolidation of CATU (a property and casualty insurance entity in Poland): Impact of +0.5% on growth in property and casualty insurance premium income (+8.7% change in premium income excluding CATU between the third quarter of 2023 and the third quarter of 2024); Impact of +2.0% on portfolio growth, i.e. an impact of 314,000 contracts (+3.1% growth excluding CATU between September 2023 and September 2024).

26 Scope: property and casualty in France and abroad
27 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income) to gross earned premiums; the ratio is calculated for the first nine months of 2024. The net combined ratio excluding the effect of discounting for the first nine months of 2024 is 97.7% (-0.2 percentage point year-on-year).
28 Excl. JVs
29 Excluding assets under custody for institutional clients
30 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
31 Amount of allocation of CSM and RA
32 Net of cost of reinsurance, excluding financial results
33 Indosuez Wealth Management scope
34 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €140m and expenses of -€104m (excluding integration costs partly borne by Degroof Petercam)

35 Refinitiv LSEG
36 Bloomberg in EUR
37 CA Auto Bank, automotive JVs and auto activities of other entities
38 CA Auto Bank and automotive JVs
39 Base effect related to the reorganisation of Mobility activities in Q3-23: +€1m in revenues, -€26m in equity-accounted entities, +€61m in net income on other assets, -€16m in corporate income tax, i.e. +€19m in net income Group share
40 Base effect related to the reorganisation of Mobility activities in 9M-23: +€300 million in revenues, -€18 million in expenses, -€85 million in cost of risk, -€39 million in equity-accounted entities, +€89 million in net income on other assets, -€89 million in corporate income tax, i.e. +€159 million in net income Group share.
41 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.
42 Base effect related to the reorganisation of Mobility activities in 9M-23: +€300 million in revenues, -€18 million in expenses, -€85 million in cost of risk, -€39 million in equity-accounted entities, +€89 million in net income on other assets, -€89 million in corporate income tax, i.e. +€159 million in net income Group share.
43 Net of POCI outstandings
44 Source: Abi Monthly Outlook, July 2024: -1.9% June/June and -1.2% year to date for all loans
45 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q2-23 of +€52 million in revenues and +€37 million in net income Group share.
46 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
47 At 30 September 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

48 Over a rolling four quarter period.
49 A credit institution that is a wholly owned subsidiary of Crédit Agricole S.A. Large credit exposures borne by the Regional Banks must be presented to Foncaris, which partially guarantees such exposures.
50 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to waive the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2024.
51 Gross amount before buy-backs and amortisations
52 Excl. AT1 issuances
53 Gross amount before buy-backs and amortisations
54 Excl. AT1 issuances
55 Excl. senior secured debt
56 Excl. senior secured debt
57 Excl. AT1 issuances
58 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

CASA_PR_2024-Q3 results

The MIL Network –

January 26, 2025

MIL-OSI Russia: Historical reconstructions, creative master classes and more: what awaits guests of the Moskino cinema park this weekend

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

This weekend, visitors to the Moskino Cinema Park will be able to travel to the lands of Red Rus’ in the 11th century and witness the bloody struggle for territories bordering the Polish Principality. On November 9 and 10, reenactors will recreate events related to the campaigns of Yaroslav the Wise. Thematic excursions, exhibitions and historical master classes have also been prepared for guests. Live music will also be playing in the cinema park all weekend.

Entrance to events on November 9 and 10 by tickets. You can buy and pay for them only online, cash payment is not provided. In case of visiting only the cinema, purchasing a ticket to enter the Moskino cinema park is not required. Parking in a personal car when visiting the cinema park is free.

See historical battles and master ancient crafts

These days, the Moskino cinema park will become the arena of events from 1030–1031. The border towns of Przemysl and Cherven, first annexed after the Baptism of Rus during the reign of Vladimir the Saint, had been the subject of a dispute between the neighbors since the 10th century. It was these lands that Yaroslav’s brother Svyatopolk the Accursed gave to the Polish king in exchange for troops to help in the struggle for power over Rus. Prince Yaroslav the Wise put an end to his brother’s claims and recaptured the territories on the border with Poland.

Guests of the Moskino cinema park will see military shows and professional productions dedicated to the events of those years. At 11:00 and 16:00 viewers will see the drill training of squads dressed in authentic costumes of warriors of those times.

At the Cathedral Square site at 12:00 you can cheer for the participants of the squad tournament, and at 14:00 you can listen to a lecture on “Clothing of the inhabitants of Rus”. At 17:30 you can see the battle of the troops of Yaroslav the Wise and the army of the Polish king Boleslav I. About 80 people will take part in the detailed reconstruction.

At 15:00 in the culinary lecture hall, everyone will be shown how to prepare dishes according to old and traditional recipes. Among them are meat and bean soups, homemade cheese, smoked brisket, onion jam, as well as juicy chicken on the fire, pork ribs smoked in a cauldron and hearty pork roast.

These days, the cinema park will organize three excursion routes at once through several exhibitions. The first exhibition will show unique costumes from the 9th–11th centuries, the second will demonstrate various military equipment from the 11th century. During a visit to the third exhibition, guests will learn the most interesting details related to the life of Rus’ in the 11th century. The excursions last 20 minutes and will take place in turns throughout the day — from 10:00 to 18:00. The meeting place is the stele near the display cases with historical exhibits.

At the master classes, participants will be offered to try themselves in the role of a blacksmith and candle maker, master the technique of printing on fabric, the basics of calligraphy and carpet weaving, learn the basics of wood and soapstone carving, and also take part in the production of beads and amulet dolls, practice minting coins and soap making. Guests will learn how jewelers worked without microscopes and bright lighting, how armor was created, visit a warrior school and military training classes, and visit a gunsmith and tanner.

And military equipment from the 20th century can be seen in the parking lot in front of the Vadim Zadorozhny Museum of Equipment. The exhibition “Behind the Ribbon” presents airborne and infantry armored vehicles, support vehicles such as the BMD-1, BTR-60, BTR-70, Ural-375, GAZ-66, BTR-60 and others.

Get creative and go on a film trip

On 25 sites of the cinema park, all comers will find active games and other events. For example, you can shoot a bow, fight on tyambars and manually start a fire. Guests will also be offered to play board games “Tavley”, “Mill”, “Fox and Geese”, “Daldosa”.

You can also take a fascinating journey through your favorite films. For example, the Uyezdny Gorod site will host the premiere of a staged shoot based on Mikhail Kozakov’s famous film Pokrovskie Vorota. Guests will be able to play their favorite characters: Velyurov, Kostik, Margarita, or Khobotov. The shoot will take place from 10:00 to 18:00.

The Pitersky Bar venue will turn into the legendary Three Minnows tavern from the Buratino fairy tale. Guests will act out a scene fragment together with the fox Alice and the cat Basilio. You can take a souvenir photo dressed as the fairytale character.

At the Moscow in the 1940s site, you can immerse yourself in the atmosphere of the post-war capital, try on the image of the heroes of that time and take photos.

In the educational center of the Moskino cinema park, young Muscovites will take part in master classes. Thus, at the string art master class, children, under the guidance of experienced craftsmen, will create works of art by forming images from threads. And at another, they will make a movie clapperboard, a device used for sound synchronization during filming. Children will be taught how to depict emotions using face painting and oil paint at a master class on face painting with special paints. Participation in the master classes is paid.

On the first floor of the educational center you can also buy a ticket for a walking tour. Starting at 11:00, 12:00, 14:00 and 15:00.

Children are welcome in the Fairytale Park. In the castle, they will learn teamwork when moving cubes from one sector to another, and will demonstrate their accuracy in the Ring Toss. And at the Snake Catcher station, children will have a fun game with a rope and islands. In addition, children will take part in the Horseman relay race with a toy horse and sword, the Spinner game, and in balls.

Become a star and watch a movie

All visitors to the Media Academy of the film park will be able to unleash their creative potential this coming weekend. There will be classes on acting, where they will teach how to create memorable images, tell the secrets of stage speech, plasticity and movement, and also introduce various acting techniques.

Guests are also welcome to a dance master class, where participants will be able to create their own style of movement to music. And in the “Sing Like in the Movies!” classes, vocal teachers will teach you how to control your breathing, help you understand how to work with the diaphragm and make your voice beautiful and expressive. Entrance is paid.

Musical groups will perform at the Gonzaga Theatre. They will play pieces on ancient instruments such as the duduk and the bugle. In addition, viewers will be able to learn all the secrets of sword fights and understand how the knights fought in the legendary Soviet film The Ballad of the Valiant Knight Ivanhoe, the box office leader of 1983.

At the Moskino Kinopark cinema, adults will be able to watch the drama Love of the Soviet Union, which tells about the fates of people in the 1930s, and the film Time to Live, starring Florence Pugh and Andrew Garfield. For fans of family films, the program includes a new film, The Return of Kesha the Parrot. Guests will also enjoy fairy-tale adventures in the new fantasy Tinderbox, filmed in Karelia and in the reserves of the Novgorod Region. Tickets can be purchased on the website.

Weekend at the Moskino Cinema Park

Immerse yourself in the world of cinema, try yourself in various creative directions and simply enjoy free time with family and friends – this is the unique opportunity that the Moskino cinema park offers its guests.

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

The capital’s film cluster also includes the Maxim Gorky Film Studio (sites on Sergei Eisenstein Street and Valdaisky Proezd), the Moskino cinema chain, the Moskino film factory, the Moskino film commission, and the Moskino film platform.

The President of Russia and the Mayor of Moscow ceremoniously opened the Moskino cinema park From Ancient Rus’ to Our Time: Which Sites of the Moskino Cinema Park Can You Immerse Yourself in Different Eras Vitebsk railway station, Cathedral square and the plane cabin. Exploring the Moskino cinema park

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/146236073/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Global: US election results: Trump leads electoral college votes as Republicans regain Senate

Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

This is a rolling guide to articles and audio published by The Conversation in the immediate run-up to and aftermath of the election, with some explainers about the process. This page is updated from the top, so older references are moved down the page.

Good morning world. The United States has made its choice. And, as of 5am Donald Trump and the Republican Party will be the happier contenders, having so far won the most electoral college votes and the first swing states of North Carolina and Georgia, as well as regaining control of the Senate.

It’s been a turbulent four months since outgoing president Joe Biden announced he was terminating his bid for a second term and the battlelines between the two candidates, Donald Trump and Kamala Harris were drawn. Soon we will know who will lead the US for the next four years.

From here, with the help of some of the sharpest analysts of US politics, we’ll keep you updated and informed as the situation develops.

To get an idea of the scale of the task of counting votes, take a look at the below map of the US colour-coded by poll closing times. How long the count could take is anyone’s guess at this stage. Each state has its own rules.

Ahead of the polls closing Richard Hargy, an expert in US politics from Queen’s University Belfast, wrote a guide to the process, when the votes are counted and when we might start to see results.

Read more:
US election: what time do the polls close and when will the results be known? An expert explains

Delays are baked into the process, such as Pennsylvania, which doesn’t allow votes cast before election day or ballots posted in to be counted until polls close, which was at 8pm (1am GMT).

So we’ll just have to be patient. In the mean time, you can also read Hargy’s explainer on the “electoral college” system, which can mean that the candidate with the most votes may not win the presidency.

Read more:
US election: how does the electoral college voting system work?

Early voting and what it might mean

Scott Lucas, professor of international politics at University College Dublin, believes that in a cliffhanger election, a clue to the outcome may be in the size of turnout. More than 80 million Americans voted early – around half of the total turnout in 2020 and around one-third of the eligible electorate.

The 80 million figure takes on added significance with the recognition that it is not that distant from the 104 million who participated early in the “pandemic” election four years ago. And that 2020 ballot, with 158.4 million votes and almost 67% participation, was the largest turnout since 1900.

Who does that favour? Probably Kamala Harris and Tim Walz. Trumpists will turn out for their man come hell or high water. The large question mark has been whether potential Harris voters would sit on their hands, whether from lack of enthusiasm or dissatisfaction on issues such as Israel’s open-ended war on Gaza.

Any prediction in this election is a risk. But it might be worth setting a marker: if turnout matches or exceeds the record set in 2020, Kamala Harris could be on the way to the White House.

Tense moment for the US

During the campaign there have been two assassination attempts on former president Trump as well as arson attacks on ballot boxes and ballots damaged. In Arizona the Democratic party was forced to close one of its offices after it had been shot at three times.

Dafydd Townley, a fellow in international security at Portsmouth University, believes that there could be a reluctance to accept the result and that this could result in further disturbances. He has written about how much violence there has been during this campaign.

Read more:
US election: officials are issued with panic buttons as attacks on ballot boxes continue

Dafyyd Townley comments on post-election violence.

How race has played into the campaign

Rhianna Garrett, PhD researcher and global coordinator of the critical mixed race studies executive board at Loughborough University, says that Trump’s campaign has been “littered with attempts to weaponise” the multiracial heritage of his Democrat opponent Kamala Harris.

Much of this has been a dog-whistle attempt to stir up his own base, partly with fairly blatant appeals to latent feelings of racism, but also as a tool to position Harris as deceiving and untrustworthy by apparently blurring and shifting her own background.

In August, not long after Harris took over the Democrat ticket from Biden, Trump appeared at the National Association of Black Journalists conference when he wrongfully claimed that Harris was changing her identity, stating: “I didn’t know she was Black until a number of years ago when she happened to turn Black, and now she wants to be known as Black, So I don’t know. Is she Indian or is she Black?”.

For her part, Harris’s campaign has also used her multiracial heritage to further their political agendas. On the White House website, she is described as “the first woman, the first Black American, and the first South Asian American” to hold a vice-presidential position, which has effectively attempted to position her as a winner. Harris herself has also foregrounded “race” on her campaign website. In attempt to attack Trump’s campaign, she strategically aims to promote Black and Latino men specifically, as well as women’s rights. These are key voter groups she has aimed to mobilise through identity politics.

Trump and winning male voters

Donald Trump widened his appeal to male voters in this election, with polling indicating that he was picking up more support from Black and Latino men, as well as more young men more widely.

One reason for this may be that in 2024 young men are more conservative than any other group in the US. Another reason why gender has become a divisive issue is the overturning of Roe v Wade, the legal case that gave American women abortion rights.

Read more on the gender divide in this article from Natasha Lindstaedt, a professor of government at Essex University.

Read more:
US election: why more men and fewer white women say they will vote for Trump

A free speech campaign?

Julie Posetti, professor of journalism at City St George’s, University of London, and global director of research at the International Center for Journalists, recently conducted a survey of more than 1,000 Americans on their attitudes to the press.

Breaking down the results, they were able to build a picture of what people in the US think of targeting journalists for criticism and even abuse. You can read all about the study here.

Read more:
New survey finds an alarming tolerance for attacks on the press in the US – particularly among white, Republican men

When Trump speaks – his supporters hear him loud and clear

Channel 4 is showing pictures of the Trump party at the Palm Beach Convention Center, where the Maga faithful are celebrating the news that it appears that Trump has retaken Georgia in his second swing-state victory. Their idol is expected to join them soon.

While we wait for him to speak, here’s a fascinating piece on Trump’s rhetorical style by Loren D. Marsh of the Humboldt University of Berlin. His speeches have been ridiculed by his opponents during the campaign. They say he’s unfocused, rambling and at times nonsensical. He calls it the “weave” and says it’s genius. Marsh says that whatever you may think, it seems to work for his supporters.

Far from being a liability or an indication he is incapable of staying on message, Trump’s “weave” may well be his intuitive rhetorical strategy, a way of taking control of the media narrative.

Read more:
Trump’s speeches are chaotic, rambling, and extremely effective. Aristotle can explain why

A bad night for the pollsters

Natasha

– ref. US election results: Trump leads electoral college votes as Republicans regain Senate – https://theconversation.com/us-election-results-trump-leads-electoral-college-votes-as-republicans-regain-senate-241711

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Global: Trump takes first swing states of North Carolina and Georgia after voting passes peacefully

Source: The Conversation – UK – By Dafydd Townley, Teaching Fellow in International Security, University of Portsmouth

Donald Trump looked poised to take some key battleground states this morning as votes continue to be counted. The Republicans were also being predicted to take control of the Senate.

North Carolina with its 16 electoral college votes was called for Trump in the early hours of the morning, and another key east coast state, Georgia and its 16 electoral college votes, was also predicted to have been gained by Trump. Trump won other major states, from Iowa to Texas, with a strong showing at the polls.

As well as this, Republicans have taken back control of the Senate as they were forecast to, after Democrats lost their slender lead. If Trump is victorious, this will provide him with the congressional support he needs to get his appointees ratified and pass laws without obstruction.

Turnout has been impressive and initial speculation is that Trump has surpassed his rural support from 2020 while Democrat Kamala Harris only matched the suburban numbers that Biden achieved four years ago. NBC exit polls also showed Trump had more support from voters under 30 than any Republican candidate since 2008.

The BBC reported that early exit polls indicated that voters were most concerned with the state of the democracy (35%) with the economy coming a close second (31%).

These concerns have led to a turnout that will be just below the 2020 figures, according to Professor Michael McDonald, of the University of Florida.

In too-close-to-call battleground state Pennsylvania, it was reported that voters were queueing in their hundreds over an hour before the polls opened at 7am.

In Michigan, another key state in the election, officials said that those voters who had voted early – both the absentee and in-person votes – numbered almost as many as the total votes for the 2020 election.

Michigan’s Secretary of State, Jocelyn Benson, said that the state was “on pace to see another high turnout election with voters all across the state enthusiastic and engaged”. And much of it was done in a good atmosphere with election chairperson Jennifer Jenkins telling reporters that it was “good vibes all around”.

Safety concerns

Concerns about whether election day would pass peacefully have not kept voters away.

As revealed in a memo obtained by the non-partisan group, Property of the People, the Department of Homeland Security had issued a warning in September that election infrastructure was “an attractive target for some domestic violent extremists” particularly those with “election-related grievances” who seek to disrupt the democratic process and election operations.

In the nation’s capital, Washington DC, police arrested a man who was stopped during the screening process at the US Capitol visitor centre. Authorities stated that he smelled like gasoline and had a torch lighter, flare gun and papers he intended to deliver to Congress.

Capitol Police Chief J. Thomas Manger, speaking at a press conference shortly after the incident, stated that “there is no indication right now that it had anything to do with the election”.

The greatest threat to the smooth running of the election on polling day seemed not to come from domestic perpetrators but from foreign interference, particularly in the crucial swing state races.

Several polling stations in Georgia, Michigan, Arizona and Wisconsin were the victims of hoax bomb threats that caused temporary closures of the sites. The threats were believed to be sent by emails that were traced back to Russian email domains.

In Navajo County in Arizona, four polling stations were the target of bomb threats. Arizona Secretary of State Adrian Fontes told reporters that election officials in the state had “no reason to believe that any of our voters or any of our polling places are in any sort of jeopardy.”

“We also have reason to believe, although I won’t get into specifics, that this comes from one of our foreign enemies, namely Russia,” he continued.

In Pennsylvania, Governor Josh Shapiro announced at a press conference that there had been multiple bomb threats at polling stations and municipal centres across the state.

Shapiro, who was at one time thought of as a potential running mate for Harris, revealed that “state and local law enforcement – along with the FBI – are investigating these threats and thus far, there is no credible threat to the public”.

This came after reports emerged of at least ten polling locations in Philadelphia and in surrounding areas were sent a bomb threat via email at 6pm local time.

Republican Georgia Secretary of State Brad Raffensperger accused Russia of being the cause of the threats aimed at polling locations in the southern state. “They don’t want us to have a smooth, fair and accurate election, and if they can get us to fight among ourselves, they can count that as a victory,” he told reporters.

The FBI stated that it was aware of the threats and that many appeared “to originate from Russian email domains”. The Russian embassy in Washington denied the threats.

Last Thursday, Georgia was also the subject of what the US intelligence community called a disinformation campaign designed to cast doubt on the legitimacy of the election result through an online video that “depicted individuals claiming to be from Haiti and voting illegally in multiple counties in Georgia”.

Researchers at Clemson University in South Carolina identified the work as being that of Russian disinformation group Storm -1516. Darren Linvill of Clemson University, stated that Russian group had “turned their focus squarely on the US election.”

And the integrity of this election took a further hit when Republican candidate Donald Trump made unfounded accusations on social media platform Truth Social of election fraud in Philadelphia, a must-win state for the former president.

Philadelphia District Attorney Larry Krasner said through a spokesperson that “the only talk about massive cheating has come from one of the candidates, Donald J. Trump. There is no factual basis whatsoever within law enforcement to support this wild allegation”.

Experts have warned that such campaigns could give momentum to accusations that the election is not legitimate and that this, in turn, could trigger post-election violence.

As the results come in, America holds it breath that any potential transition of power will be more peaceful than four years ago.

Dafydd Townley 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 takes first swing states of North Carolina and Georgia after voting passes peacefully – https://theconversation.com/trump-takes-first-swing-states-of-north-carolina-and-georgia-after-voting-passes-peacefully-242716

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Russia: Sobyanin: Special attention is paid to architectural details of buildings during restoration

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The capital’s restorers are returning the original appearance of historical buildings in Moscow. In doing so, the specialists pay special attention to details. About this in his telegram channel written by Sergei Sobyanin.

“The architectural appearance of the capital has been formed over many centuries. Characteristic features

objects of cultural heritage give unique details. At restorations “They are always given special attention,” the Mayor of Moscow noted.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

For example, now specialists The skylights of the P.I. Tchaikovsky Concert Hall are being restored. These special roof structures are a rare element. They are necessary for natural lighting of the premises.

Craftsmen are also working on the facades of O. P. Korobkova’s mansion on Pyatnitskaya Street. The comprehensive restoration of the building was completed in 2015. It’s time to slightly update the base and tidy up the stucco decor, including the main decoration of the mansion – the supporting supports in the form of female figures. According to legend, one of the caryatids was created based on the portrait of the mistress of the house.

“They plan to put in order the massive stucco shield of the apartment building with the Alpine Rose restaurant on Pushchnaya Street. The facades, granite facing of the base, elements of the baluster with a handrail, finishing of the half-columns, flowerpots and pedestals of the parapet fencing of the roof will also be restored,” added Sergei Sobyanin.

In addition, restorers are going to return the historical appearance of the facades of the L.Ya. Geltishcheva mansion in Sredniy Ovchinnikovsky Lane. They will have to work especially carefully on the paired name monogram on the main facade, since the left one was completely lost.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/major/themes/11994050/

MIL OSI Russia News –

January 26, 2025

MIL-OSI: Report for the nine months ended 30 September 2024

Source: GlobeNewswire (MIL-OSI)

Highlights

Added 33 GWh of annual proportionate power generation in the SE3 and SE4 price areas through acquisitions and increased ownership in existing windfarms.
Power generation amounted to 620 GWh for the reporting period, which was approximately ten percent below expectations, due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices.
Continued progress on the Company’s greenfield projects, with additional land secured and the first projects in the UK and Germany approaching the ready-to-permit stage.

Consolidated financials – 9 months

Cash flows from investing activities amounted to MEUR 39.5 and was positively impacted by the sale of the Leikanger hydropower plant in the second quarter.
Cash flows from operating activities amounted to MEUR -3.6.

Proportionate financials – 9 months

Achieved electricity price amounted to EUR 35 per MWh, which resulted in a proportionate EBITDA of MEUR 6.9.
Proportionate net debt of MEUR 55.9, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

Financial Summary

Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

Expressed in MEUR	1 Jan 2024- 30 Sep 2024 9 months	1 Jul 2024- 30 Sep 2024 3 months	1 Jan 2023- 30 Sep 2023 9 months	1 Jul 2023- 30 Sep 2023 3 months	1 Jan 2023- 31 Dec 2023 12 months
Consolidated financials
Revenue	18.6	1.6	19.6	2.3	28.0
EBITDA	0.9	-7.1	-4.2	-6.7	-5.1
Operating profit (EBIT)	-11.2	-11.3	-12.6	-9.4	-17.0
Net result	-6.7	-11.1	-15.6	-7.8	-7.6
Earnings per share – EUR	-0.02	-0.04	-0.05	-0.03	-0.03
Earnings per share diluted – EUR	-0.02	-0.04	-0.05	-0.03	-0.03
Proportionate financials¹
Power generation (GWh)	620	164	539	161	765
Average price achieved per MWh – EUR	35	18	49	23	47
Operating expenses per MWh – EUR	18	21	18	20	18
Revenue	22.0	2.9	26.6	3.6	36.2
EBITDA	6.9	-4.9	4.0	-4.3	5.3
Operating profit (EBIT)	-8.1	-10.1	-7.8	-8.2	-11.0

¹ Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details see section Key Financial Data in the report for the interim report for the third quarter.

Comment from Daniel Fitzgerald, CEO of Orrön Energy AB
“The third quarter provided many opportunities for our business, in a period characterised by low and volatile electricity prices. We continued to grow our business through selective acquisitions and consolidation opportunities, and continued to lay the foundation for future growth through our greenfield projects across Europe. However, the third quarter was challenging from a revenue and electricity price perspective, impacting our financial results. In the Nordics this was primarily due to lower-than-expected electricity demand, low gas prices and an oversupply of electricity during peak hours. Despite these challenges, we successfully expanded our asset base through strategic acquisitions of shares and assets across wind farms and companies, delivered in line with our cost guidance and maintained high technical availability across our operational portfolio. Orrön Energy’s balance sheet remains robust and we have ample liquidity to continue to invest in growth while withstanding periods with lower electricity prices, allowing us to capitalise on opportunities when markets are weak.

Proportionate power generation amounted to 620 GWh for the reporting period and was below expectations due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices. I am pleased that we continue to achieve high technical availability across our operational assets, reaching an average of 96 percent in the third quarter, which demonstrates that we have the capacity to produce more if not for the weather conditions and low prices. Lower seasonal demand, coupled with high volatility in the electricity markets, resulted in a higher number of hours with low or negative electricity prices across the Nordics this summer. During these periods, we proactively curtailed production for short periods to avoid uneconomical power generation, returning to full operation once prices strengthened. As we move into winter, we expect to see higher demand which should help to strengthen electricity pricing into the fourth quarter this year and the first quarter next year, as already reflected in the futures price. Based on our power generation year to date, we now expect to produce around 900 GWh in 2024, depending on wind speeds and power prices during the fourth quarter.

The third quarter marks one year since the start of the Sudan trial in the Stockholm District Court, which will conclude in early 2026 with a verdict expected around the summer 2026. My view on this case remains unchanged and, if anything, it has strengthened over the past 12 months, and I expect a complete and unequivocal acquittal of all parties involved, given the baseless nature of the allegations. Once the trial is complete, we will no longer need to fund the ongoing legal costs related to this case which reduces our G&A expenses by around MEUR 7 per annum, leading to higher underlying EBITDA for the Company in the long term.

Strategic Growth
We have been active on the M&A front since the start of the summer, adding 33 GWh of annual power generation in the SE3 and SE4 price areas through increased ownership in various wind farms and companies. These investments strengthen our operational portfolio, and we will continue to seek opportunities to further consolidate ownership in assets that are complementary to our existing portfolio.

On the greenfield front, we continue to make good progress with our growth strategy. Having secured additional land, we are now moving closer to the ready-to-permit phase for our first large-scale projects in both the UK and Germany, where market valuations and demand for such projects remain high. Additionally, we have commissioned our first battery project in Sweden and continue to advance a pipeline of projects across wind, solar and batteries in the Nordics.

Financially Resilient
We remain in a financially robust position, with liquidity headroom exceeding MEUR 110. Proportionate revenues and other income amounted to MEUR 2.9 for the third quarter, which was impacted by low electricity prices, resulting in a proportionate EBITDA of MEUR -4.9 for the third quarter and MEUR 6.9 for the reporting period. Due to cost savings and phasing of investments into 2025, we are revising our capital expenditure guidance to MEUR 11 for 2024.

Looking Ahead
Throughout the remainder of the year, we will intensify our efforts on the greenfield side to reach the ready-to-permit phase for our first large-scale projects, while continuing to explore opportunities to capitalise on the current market conditions. Orrön Energy has a resilient financial position, enabling us to withstand periods of low pricing while still investing in accretive growth opportunities and acquisitions. I expect market conditions to improve as we come into the winter months, and over time, I am convinced that we will see further value creation through the growth in our core business and greenfield projects.

Once again, I thank our shareholders for their continued support and look forward to sharing updates as we continue to grow the business.”

Webcast
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast held on 8 August 2024 at 14.00 CEST. The presentation will be followed by a question-and-answer session.

Registration for the webcast presentation is available on the website and the below link:
https://vimeo.com/event/4678321/54544efc16

For further information, please contact:

Robert Eriksson
Director Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

Attachment

Q3 Report 2024 ENG

The MIL Network –

January 26, 2025

MIL-Evening Report: Donald Trump poised to become next US president, likely sweeping all the seven key states

Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

Donald Trump is set to accomplish the rare feat of winning the US presidential election after losing an earlier one.

The New York Times Needle gives Trump a 95% chance to win the Electoral College. He’s estimated to have won Georgia (16 electoral votes) by 2.5% over Democrat Kamala Harris and North Carolina (16) by 3.3%.

Other key states have not yet been called, but Trump has an 85% probability of winning Pennsylvania (19 electoral votes), a 71% chance to win Michigan (15), a 79% chance to win Wisconsin (ten) and an 83% chance to win Arizona (11). There are still no results from Nevada (six).

If Trump wins all the seven key states in which the “needle” favours him, he will win the Electoral College by a 312–226 margin.

The needle’s popular vote projection also favours Trump by 1.2%. If Trump wins the popular vote as well as the Electoral College, it will be the first time Republicans have won both since 2004. In 2000 and 2016, Republicans won the Electoral College but not the popular vote.

The main reasons for Trump’s victory were Joe Biden’s unpopularity, the US economy being only just above average, and record illegal immigration during Biden’s term. I’ve mentioned all these factors in my previous US election articles.

Abortion was not the vote-shifter Democrats expected. In lower-turnout elections such as the 2022 midterms and byelections, Democrats have performed well owing to voters motivated by abortion. But in this high-turnout presidential election, abortion was marginalised.

Polls understated Trump across the board, though they were not as bad as they were in 2020. Using Nate Silver’s aggregate of final polls, Trump outperformed his polls in the seven key states by two to three points. This is the third successive time that polls have underestimated Trump.

In the past, the Selzer Iowa poll has had outlier results that turned out to be accurate. This time the final Selzer poll gave Harris a three-point lead in Iowa, but Trump will win by 13 points according to the needle’s forecast.

Barack Obama won Florida in both 2008 and 2012, and Trump won it by one to three points in both 2016 and 2020. This year, Trump won Florida by 56–43. He won the heavily Hispanic Miami-Dade county by 55–44. At the 2016 presidential election, Hillary Clinton had defeated Trump in Miami-Dade by 63–34.

In some states that have nearly finished counting, such as Kentucky, there were swings across the board to Trump compared with 2020. It wasn’t just a rural swing to Trump as there were also swings in urban counties.

The New York Times said Trump had gained nine to ten points since 2020 in New York, New Jersey and Florida, all racially diverse states.

The only comfort for Democrats from this election is that the gap between the popular vote and the Electoral College “tipping point” state has almost disappeared, if the needle is right. Democrats will lose the popular vote by 1.2% but Pennsylvania, the tipping point state, by 2.2%. This will be a gap of 1.0%, down from nearly 3.9% in 2020.

Senate also ugly for Democrats

Democrats and allied independents held a 51–49 Senate majority coming into this election, but they were defending 23 of the 33 regular seats up for election. Senators have six-year terms with two from each of the 50 states.

Republicans have gained the Senate with a 51–42 lead over Democrats, after gaining West Virginia and Ohio from Democrats and defending Florida, Nebraska and Texas. Republicans lead Democrats in four more Senate races, so they could win a 55–45 Senate majority.

All of the House of Representatives is up for election every two years. Republicans currently have a 183–155 lead over Democrats. A majority requires 218 seats.

Adrian Beaumont 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. Donald Trump poised to become next US president, likely sweeping all the seven key states – https://theconversation.com/donald-trump-poised-to-become-next-us-president-likely-sweeping-all-the-seven-key-states-242766

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI United Kingdom: Poultry feed deal may raise prices for farmers in East Anglia
Source: United Kingdom – Executive Government & Departments

CMA’s Phase 1 investigation has found that Boparan’s deal to buy ForFarmers’ Burston feed mill could lead to farmers in East Anglia paying higher prices to feed their poultry.
iStock

A Phase 1 investigation by the Competition and Markets Authority (CMA) has found that Boparan’s proposed purchase of ForFarmers’ Burston feed mill site could lead to a substantial lessening of competition (SLC) in the supply of poultry feed to independent customers (such as farmers) in East Anglia.

The CMA has also found that as a result of the transaction, Boparan would have the ability and incentive to harm rival poultry meat producers, leading to higher poultry feed costs for chicken farmers and processors which could be ultimately passed to retailers and consumers.

ForFarmers and Boparan (through 2Agriculture) both manufacture and supply chicken and other types of poultry feed in the UK. 

The CMA’s investigation found that the deal could lead to reduced competition in the local area around Burston – 1 of the 2 feed mill sites Boparan is seeking to purchase from ForFarmers. The CMA is concerned that the deal could lead to less capacity for feed being supplied to independent farmers and processors resulting in higher costs and a reduction in quality of services.

The CMA did not find competition concerns in relation to the second feed mill site Boparan is planning to acquire in Radstock.

ForFarmers and Boparan have 5 working days to submit proposals to address the CMA’s concerns. If suitable proposals are not submitted, the CMA will progress to an in-depth Phase 2 investigation.

Joel Bamford, Executive Director of Mergers at the CMA, said:

We’re concerned that this deal could worsen competition between poultry feed suppliers in East Anglia – leading to higher costs for farmers which could then be passed down to shoppers.

It’s now up to the companies to offer solutions to address our concerns and avoid the deal moving to a full Phase 2 investigation.

For more information, visit the Boparan / ForFarmers (Burston and Radstock mills) case page.

Notes to Editors:

ForFarmers is a European manufacturer and supplier of animal feed, based in the Netherlands. 2Agriculture, a subsidiary of Boparan, is one of the UK’s largest suppliers of poultry feed by volume produced and uses its production to supply Hook 2 Sisters, a company affiliated with Boparan, as well as farmers on the open market.

In 2022, the CMA investigated a joint venture by ForFarmers and Boparan. Following a Phase 1 investigation, the CMA found that the merger gave rise to competition concerns in the local areas around four of the feed mills operated by the combined businesses, namely in Burston, Bury, Llay and Preston. The combined businesses would have accounted for 50 to 60% of the supply of meat poultry feed to third parties in three of these local areas (Burston, Bury and Llay) and 40 to 50% in the fourth local area (Preston). The companies offered proposals to address the CMA’s concerns at the time, but the CMA considered that these were unlikely to be sufficient in addressing its competition concerns and, as a result, the deal was referred for an in-depth Phase 2 investigation. Ultimately, the deal was abandoned by the Parties on 8 February 2023 during the CMA’s Phase 2 investigation. More information on the CMA’s previous investigation is available on the ForFarmers / Boparan JV case page.

The CMA has a statutory duty to promote competition for the benefit of consumers and assesses each case on its individual merits. This includes a duty to investigate mergers that could raise competition concerns in the UK where it has jurisdiction to do so. In this case, the CMA has concluded that the CMA has jurisdiction to review this merger because a relevant merger situation has been created: each of Boparan and ForFarmers’ Burston and Radstock feed mills is an enterprise that will cease to be distinct as a result of the merger and the turnover test is met. More information on the CMA’s mergers jurisdiction and procedure can be read on its guidance page.

All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.

All enquiries from the general public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or 020 3738 6000.

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Updates to this page

Published 6 November 2024
MIL OSI United Kingdom –
January 26, 2025
MIL-OSI: Aktia Bank Plc’s directed share issue as a part of the long-term share savings plan

Source: GlobeNewswire (MIL-OSI)

Aktia Bank Plc
Stock Exchange Release
6 November 2024 at 9.00 a.m.

Aktia Bank Plc’s directed share issue as a part of the long-term share savings plan

As part of the Aktia Group’s employee share savings plan AktiaUna 2024–2025, Aktia Bank Plc has issued a total of 105,167 new shares. The share issue is based on the authorisation by the Annual General Meeting of Shareholders held on 3 April 2024.

Aktia Bank Plc’s share savings plan AktiaUna is open for all employees in the group and a participant is offered the opportunity to save a proportion of his or her salary to be used for acquisition of Aktia shares (so called savings shares). The employee share savings plan is further described in Aktia’s annual and sustainability report.

The new shares are savings shares subscribed for the participants with the participants’ savings accrued during 1 April–30 September 2024. The subscription price is 8.36 euro per share, which is based on the volume weighted average share price on Nasdaq Helsinki Ltd during 1–31 October 2024 with a 10 per cent discount.

The new shares will be entered into the Trade Register approximately on 20 November 2024 and will be applied for public trading on Nasdaq Helsinki Ltd approximately as of 21 November 2024. The number of shares in Aktia after this share issue will increase up to 72,981,696 shares. The share subscription price will be credited in full to the company’s reserve for invested unrestricted equity.

AKTIA BANK PLC

For more information:
Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 September 2024 amounted to EUR 14.3 billion, and the balance sheet total was EUR 12.0 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

The MIL Network –

January 26, 2025
MIL-OSI: OSB GROUP PLC – Q3 Trading Update

Source: GlobeNewswire (MIL-OSI)

LEI: 213800ZBKL9BHSL2K459

OSB GROUP PLC: Trading update

Published: 6.11.2024

OSB GROUP PLC

Q3 Trading update

OSB GROUP PLC (OSBG or the Group), the specialist lending and retail savings group, today issues its trading update for the period from 1 July 2024 to date.

Key highlights for the period

The Group maintained its lending discipline with organic originations of £0.9bn in the third quarter of 2024 (Q3 2023: £1.3bn), as demand in our core sub-segments remained in line with previous expectations. Underlying¹ and statutory net loans increased by 2% in the nine months to 30 September to £26.3bn (31 December 2023: £25.7bn and £25.8bn, respectively). Our renewed focus on Commercial Mortgages, Bridging Finance and Asset Finance is progressing, with an increase in applications in each of these sub-segments received in the third quarter. We now expect underlying net loan book growth of slightly under 3% for 2024.

Underlying net interest margin guidance is unchanged at 230bps–240bps for 2024 as higher yielding mortgages in the back book roll off to current prevailing spreads and as the market observes slightly elevated fixed term retail deposit pricing. The Group continues to evaluate customer behaviour in the reversion period throughout the fourth quarter and will assess this as part of the usual year-end process. The potential future impact of Precise Buy-to-Let customers spending less time on reversion will reduce significantly over the next two years as these mortgages reach maturity.

The Group continues to focus on cost control with proactive actions to make its business-as-usual cost base more efficient. At the same time, we continue to invest in the digitalisation of our core platform and customer facing propositions. In October the Group launched the first product on its new savings platform to Kent Reliance customers and will expand the range of products available over the coming months. The expected underlying cost to income ratio remains at c.36% for 2024.

Three months plus arrears balances increased by 10bps to 1.7% as at 30 September (30 June 2024: 1.6%) in line with management expectations as long-term fixed rate mortgages mature and transfer to higher prevailing rates. The Group’s secured loan book benefitted from a small impairment release in the third quarter as the Group adopted improved forward-looking macroeconomic scenarios.

Capital and liquidity remain strong and the Group is reviewing the recently published Basel 3.1 capital standards which will be implemented on 1 January 2026. There remain areas of clarification and until these are finalised, our guidance on the impact for the Group at implementation is unchanged at slightly less than two percentage points on the Group’s CET1 ratio which stood at 16.2% at 30 June 2024. The Group has repurchased £32.1m worth of shares under the £50m repurchase programme announced in August.²

Andy Golding, CEO of OSB GROUP PLC, said:

“Looking forward, whilst challenges remain, there are signs of a gradual return of confidence in our core markets and we are seeing increased applications in our more cyclical businesses. The potential impact on the future plans of professional landlords due to the increase in stamp duty on second properties introduced following the recent budget is being monitored. We have a diversified loan book with proven capabilities in multi-property professional Buy-to-Let lending and specialist residential mortgages and continue to invest in our business to ensure it is fit for the future.”

1. Underlying refers to results which exclude acquisition-related items arising from the Combination with CCFS
2. As at market close on 5 November 2024

Financial calendar for 2025*

13 March 2025 2024 year end results

30 April 2025 Q1 trading update

8 May 2025 AGM

20 August 2025 2025 half year results

6 November 2025 Q3 trading update

* All dates are subject to change

Enquiries:

OSB GROUP PLC

Alastair Pate, Investor Relations        t: 01634 838 973

Brunswick Group

Robin Wrench / Simone Selzer        t: 020 7404 5959

About OSB GROUP PLC
OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the OSB Group. The Group provides specialist lending and retail savings and is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Group reports under two segments, OneSavings Bank and Charter Court Financial Services.

OneSavings Bank (OSB)
OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

OSB originates mortgages via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries and InterBay Commercial. It is differentiated through its use of highly skilled, bespoke underwriting and efficient operating model.

OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which includes online as well as a network of branches in the Southeast of England. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

Charter Court Financial Services Group (CCFS)
CCFS focuses on providing Buy-to-Let and specialist residential mortgages, mortgage servicing, administration and retail savings products. It operates through its brands: Precise and Charter Savings Bank.

It is differentiated through risk management expertise and automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.

CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

Important disclaimer

This document should be read in conjunction with any other documents or announcements distributed by OSB GROUP PLC (OSBG) through the Regulatory News Service (RNS). This document is not audited and contains certain forward-looking statements with respect to the business, strategy and plans of OSBG, its current goals, beliefs, intentions, strategies and expectations relating to its future financial condition, performance and results. Such forward-looking statements include, without limitation, those preceded by, followed by or that include the words ‘targets’, ‘believes’, ‘estimates’, ‘expects’, ‘aims’, ‘intends’, ‘will’, ‘may’, ‘anticipates’, ‘projects’, ‘plans’, ‘forecasts’, ‘outlook’, ‘likely’, ‘guidance’, ‘trends’, ‘future’, ‘would’, ‘could’, ‘should’ or similar expressions or negatives thereof but are not the exclusive means of identifying such statements. Statements that are not historical or current facts, including statements about OSBG’s, its directors’ and/or management’s beliefs and expectations, are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause actual business, strategy, plans and/or results (including but not limited to the payment of dividends) to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements made by OSBG or on its behalf include, but are not limited to: general economic and business conditions in the UK and internationally; market related trends and developments; fluctuations in exchange rates, stock markets, inflation, deflation, interest rates, energy prices and currencies; policies of the Bank of England, the European Central Bank and other G7 central banks; the ability to access sufficient sources of capital, liquidity and funding when required; changes to OSBG’s credit ratings; the ability to derive cost savings; changing demographic developments, and changing customer behaviour, including consumer spending, saving and borrowing habits; changes in customer preferences; changes to borrower or counterparty credit quality; instability in the global financial markets, including Eurozone instability, the potential for countries to exit the European Union (the EU) or the Eurozone, and the impact of any sovereign credit rating downgrade or other sovereign financial issues; technological changes and risks to cyber security; natural and other disasters, adverse weather and similar contingencies outside OSBG’s control; inadequate or failed internal or external processes, people and systems; terrorist acts and other acts of war (including, without limitation, the Russia-Ukraine war, the Israel-Hamas war and any continuation and escalation of such conflicts) or hostility and responses to those acts; the conflict in the Middle East; geopolitical events and diplomatic tensions; the impact of outbreaks, epidemics and pandemics or other such events; changes in laws, regulations, taxation, ESG reporting standards, accounting standards or practices, including as a result of the UK’s exit from the EU; regulatory capital or liquidity requirements and similar contingencies outside OSBG’s control; the policies and actions of governmental or regulatory authorities in the UK, the EU or elsewhere including the implementation and interpretation of key legislation and regulation; the ability to attract and retain senior management and other employees; the extent of any future impairment charges or write-downs caused by, but not limited to, depressed asset valuations, market disruptions and illiquid markets; market relating trends and developments; exposure to regulatory scrutiny, legal proceedings, regulatory investigations or complaints; changes in competition and pricing environments; the inability to hedge certain risks economically; the adequacy of loss reserves; the actions of competitors, including non-bank financial services and lending companies; the success of OSBG in managing the risks of the foregoing; and other risks inherent to the industries and markets in which OSBG operates.

Accordingly, no reliance may be placed on any forward-looking statement. Neither OSBG, nor any of its directors, officers or employees provides any representation, warranty or assurance that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements made in this document speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information of future events. Except as required by the Prudential Regulation Authority, the Financial Conduct Authority, the London Stock Exchange PLC or applicable law, OSBG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in OSBG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For additional information on possible risks to OSBG’s business, (which may cause actual results to differ materially from those expressed or implied in any forward-looking statement), please see the Risk review section in the OSBG Annual Report and Accounts 2023. Copies of this are available at www.osb.co.uk and on request from OSBG.

Nothing in this document or any subsequent discussion of this document constitutes or forms part of a public offer under any applicable law or an offer or the solicitation of an offer to purchase or sell any securities or financial instruments. Nor does it constitute advice or a recommendation with respect to such securities or financial instruments, or any invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000. Past performance cannot be relied on as a guide to future performance. Statements about historical performance must not be construed to indicate that future performance, share price or results in any future period will necessarily match or exceed those of any prior period. Nothing in this document is intended to be, or should be construed as, a profit forecast or estimate for any period.

In regard to any information provided by third parties, neither OSBG nor any of its directors, officers or employees explicitly or implicitly guarantees that such information is exact, up to date, accurate, comprehensive or complete. In no event shall OSBG be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, any third-party information contained herein. Moreover, in reproducing such information by any means, OSBG may introduce any changes it deems suitable, may omit partially or completely any aspect of the information from this document, and accepts no liability whatsoever for any resulting discrepancy.

Liability arising from anything in this document shall be governed by English law, and neither OSBG nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Nothing in this document shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given.

Non-IFRS performance measures

OSBG believes that any non-IFRS performance measures included in this document provide a more consistent basis for comparing the business’ performance between financial periods and provide more detail concerning the elements of performance which OSBG is most directly able to influence or which are relevant for an assessment of OSBG. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by the Board. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. For further details, refer to the Alternative Performance Measures section in the OSBG Annual Report and Accounts 2023. Copies of this are available at www.osb.co.uk and on request from OSBG.

The MIL Network –

January 26, 2025
MIL-OSI Economics: Luigi Federico Signorini: The journey to financial well-being through financial inclusion

Source: Bank for International Settlements

Today’s event will explore the connection between financial inclusion and financial well-being. Why is this important?

Financial inclusion has become a widely shared goal of government policies and a topic of interest for central banks and financial authorities at the international level. It has received a lot of attention over the years as an instrument to foster growth, reduce inequalities, increase employment, and alleviate poverty.¹ Financial inclusion may help people cope with macroeconomic and idiosyncratic shocks, as it facilitates financial planning and the intertemporal shift of financial resources.

From the policymaker’s standpoint financial inclusion is important as it improves the individual’s economic and financial well-being, whilst having a positive impact on the economy as whole. Studies find that the benefits of financial inclusion can be substantial even in countries with well-developed financial markets, because it can translate into higher wealth accumulation and greater resilience of low-income households. Other studies, focusing on emerging and developing countries, find that increased usage of bank accounts via debit cards has boosted the saving rate significantly because it reduces transaction costs for people to access their money.²

The digitalisation of finance has significantly contributed to promoting financial inclusion through more efficient and effective technologies and through increased competition, which leads to higher quality products and services and to lower costs. Over the last decades, notable progress has been made around the world in increasing access to financial products and services for more individuals, with 76 per cent of people worldwide having a bank or mobile money account in 2021. This represents a significant increase from 2011 when the figure stood at 51 per cent.³

Nonetheless, progress has been uneven across regions, even controlling for income levels. Increased access to digital financial products and services has not translated, in some cases, into higher actual usage of financial products and services. Moreover, in some instances, financial innovation has resulted in the lower financial inclusion of rural households⁴ or in the worsened financial well-being of individuals, particularly as the result of over-indebtedness and exposure to fraud and scams.⁵

Possible causes include market failures, lack of competition, inadequate consumer protection rules and an insufficient level of digital and financial literacy.⁶ Even in advanced countries – where the offer of financial services is regulated and transparent, and consumers are better protected from intermediaries’ improper behaviour – authorities continue to consider how to improve the regulatory environment to manage new risks.

A specific matter of concern is the exclusion of those who do not possess adequate digital skills for accessing and using the financial services. The data show that the elderly, those with lower education levels, and those living in rural areas suffer from limited access. The shift to digital channels will continue; appropriate actions need to be put into place to ensure that everybody can reap its benefits.

It is generally understood that financial inclusion has three dimensions: access, use and quality. The first is the possibility for individuals to access basic financial services and products. The second is the actual ability of individuals to use such services and products in an effective way. The third (and subtler) dimension consists in creating the conditions for financial services and products to work best to improve people’s financial well-being.

Progress along all three dimensions – access, use and quality – should ideally be simultaneous. Achieving better results on all three fronts is important to ensure the empowerment of consumers, so that markets can actually work in their best interest.

The first dimension requires good infrastructures, which are a prerequisite for enabling the efficient and secure provision of financial services. It also requires a competitive environment, to foster higher cost-efficiency, a more diversified offering of financial products and services, and greater consumer choice.

The second and third dimensions require consumer protection measures and financial education.

Ex ante transparency rules work to ensure that customers are well informed before purchasing a financial product. Ex post rules need to envisage effective recourse if something goes wrong. Conduct supervision monitors the correct implementation of rules. Free and open competition is once again essential to enable consumers to exploit the full potential of transparency and conduct rules.

Nothing, however, will work very well unless consumers are endowed with the minimum knowledge that is necessary (1) to make effective use of the information provided, (2) to activate in practice the tools through which services are offered, (3) to compare in a meaningful way the products offered on the market, and (4) to take full advantage of consumer protection rules. Therefore, financial and digital education initiatives are important.

Given the growing complexity of financial markets, and the new opportunities offered by digitalisation, the Global Partnership for Financial Inclusion (GPFI) has shifted its focus from simple access to financial services, which was originally its main objective, to fostering the use of financial services and understanding the conditions under which financial inclusion can enhance financial well-being.

Last September, Her Majesty Queen Máxima of the Netherlands, Honorary Patron of the GPFI, after having spent 15 years as United Nations Special Advocate for Inclusive Finance for Development was given a new role focusing specifically on financial health (Secretary-General’s Special Advocate for Financial Health). This also marks a change in perspective towards the need to focus on the actual outcomes of financial inclusion.

Data are useful. The Global Findex database, maintained by the World Bank, is a valuable tool for evaluating progress on access and usage of financial services. More work may be needed on the quality dimension; concepts, statistics and pre-conditions for comparability are all thorny issues, and it is probably appropriate to rely on a set of different indicators rather than concentrate on a single one.

Once again: the issue is empowerment, not paternalism – or, as one should perhaps say, parentalism. In all this, there should be no presumption that the regulator, even the best intentioned one, is in a position to take decisions for the consumer. Comprehensive financial education and a robust framework of consumer protection rules are the best tools available to us to enable consumers to make their choices in full awareness of the opportunities and risks.

MIL OSI Economics –

January 26, 2025
MIL-OSI Economics: Rosanna Costa: Medium – and long-run trends in interest rates – causes and implications for monetary policy

Source: Bank for International Settlements

1. Welcome Remarks

Good morning to all the speakers, discussants, the organizers of this event, Atif Mian, Sofia Bauducco, Mariana García and Lucciano Villacorta, and everyone who is here attending in person and to those following us via streaming. We welcome you to the twenty-seventh Annual Conference of the Central Bank of Chile entitled “Medium- and Long-Run Trends in Interest Rates: Causes and Implications for Monetary Policy.”

Since 1997, the Central Bank of Chile (BCCh) has been convening prominent scholars and policymakers to this Conference to discuss major issues in central banking and their implications for emerging economies. Since its inception, this Conference has served as a bridge between academics and policymakers. This version is no exception: fresh and thoughtful research will support the discussion over the next two days on a topic that is very much front and center on the policy agenda. We will enjoy the presentations of seven authors, seven discussants, two keynote speakers, and a policy panel.

2. Motivation and context

This year’s conference tackles a topic that is increasingly at the forefront of economic discussions: the future trajectory of long-run real interest rates, their potential determinants, and the implications for monetary policy. The timing of this topic couldn’t be more relevant, especially in light of the sharpest and most synchronized monetary tightening we have seen in decades.

As we all know, central banks in advanced economies have recently started lowering their policy rates and in many emerging economies this normalization process has been under way for some time now. Even so, policy rates had risen significantly over the past two years from their record lows in decades. This shift has sparked a lively debate regarding the future of medium- and long-run trends in the real rates; specifically, whether policy rates will revert to their pre-pandemic lows or will settle at a higher level.

Opinions on this matter vary widely among experts and I think there is not a clear consensus on what the long run interest rates will look like in the future. On the one hand, there are reasons to believe that real interest rates are likely to revert to their historical lows, as the key factors that were mainly thought to have driven these rates down over the past forty years-such as demographic shifts, stagnant productivity growth, increased market power, higher risk aversion and sustained demand for safe assets-do not seem likely to revert sufficiently to produce a significant and lasting increase in real interest rates in the coming years.

On the other hand, recent market indicators suggest that equilibrium long-term real interest rates have risen. Also, some new estimates of the natural interest rate-defined as the “long-run” equilibrium rate after shocks have dissipated-indicates that this rate may have risen in several advanced countries in the past few years. As I will discuss in a while, this shift could indicate that at least some structural drivers of real interest rates have changed direction or that the natural interest rate is adjusting to a new economic environment possibly characterized by higher levels of public debt.

The future evolution of the natural interest rate has significant implications for monetary policy. Accurately assessing the long-run trend of the natural rate is essential for central banks, as this rate serves as a crucial reference point for monetary policy. The difference between the real interest rate and the natural rate provides valuable insight into a central bank’s monetary stance and aids in evaluating various policy options.

However, the natural rate is an abstract concept, and its estimates often carry considerable uncertainty, particularly in the post-pandemic period. Since the natural rate is not directly observable, understanding its determinants has become vital for effective monetary policy. I am confident that the fruitful discussions we will have during this conference will deepen our understanding of these determinants and clarify where natural rates and other relevant interest rates may stand in the years ahead.

In these opening remarks, I would like to take a moment to briefly review the key empirical long run trends we have observed in interest rates, as well as the primary explanations put forth in the literature. Following that, I will walk you through the main agenda of the Conference.

3. Drivers behind the trends in interest rates

Over the past forty years (up to the Covid-19 pandemic in 2020-2021), we have seen a remarkable decline in nominal interest rates across the globe. For example, during the 1981 to 2020 period, nominal returns on U.S. Treasury bonds, both short and long term, dropped significantly. The 2-year Treasury Bills experienced a drop of around 14 percentage points, and 10-year bonds saw a decline of 13 percentage points. During this same period, inflation also fell, albeit to a lesser degree, leading to real rate declines of about 5 and 4 percentage points for the 2- and 10-year bonds, respectively, putting sovereign real interest rates close to zero and even in negative territory for some periods. The decline was not limited to sovereign bond rates; it was also present in the returns on other so-called “safe” assets. Importantly, this downward trend was not exclusive to the United States. Real long-term rates have declined by several percentage points since the early 1980s in both developed and emerging economies, so this appears to be a global phenomenon.

The global downward trend in observed risk-free rates over an extended period suggests a significant decline in the natural interest rate, often referred to as the “long-run” equilibrium rate. This secular decline has coincided with a relatively stable trajectory in the marginal product of capital, a stable trajectory on the returns on risky assets, and a stable trajectory in the investment rate, particularly in advanced economies. As a result, these patterns are often attributed to factors that have increased the overall supply of savings over the years, alongside factors that have redirected this excess in savings toward the demand for safe assets rather than productive investments.

In recent years, much of the literature has centered on the hypothesis of a “global saving glut.” This theory suggests that a significant excess of savings from certain countries and affluent groups has led to a marked shift toward safe assets. Consequently, there has been a notable increase in the prices of these assets, accompanied by a decline in interest rates.

One contributor to this phenomenon was the increased savings from emerging economies, particularly since the 1990s. Factors such as robust economic growth, soaring commodity prices, and high risk aversion all fueled greater savings in these regions. As a result, these economies channeled substantial portions of their savings into global markets, with a significant impact on interest rates in developed countries.

Another contributor to this saving glut was the increasing savings rates among the wealthiest households in developed nations. As income inequality has risen, rich households have saved a larger share of their income, further contributing to the excess savings phenomenon. Research indicates that the savings of the top 1% in the United States is comparable to the savings generated by the excess from emerging markets, a trend the literature refersto as the “saving glut of the rich.” This dynamic has profound implications for wealth distribution and economic stability.

Other mentioned explanations for the excess savings are linked to more structural factors, such as the secular stagnation hypothesis, which suggests a persistent decline in potential economic growth that limits investment opportunities, thereby driving savings toward safer assets. Additionally, demographic changes-including declining population growth and longer life expectancy-have influenced savings behavior across generations and regions.

Finally, rising risk aversion, the declining cost of investment goods, and the substantial increase in corporate power over recent years further explain why this increase in savings has been directed toward safe assets rather than productive investments.

Over the past 40 years, all these factors have shaped the dynamics of savings, investment, and, consequently, interest rates, each contributing with varying significance during different phases. Looking ahead, the trajectory of interest rates will heavily depend on the uncertain evolution of these drivers.

The outlook for these structural factors influencing real interest rates is mixed. On the one hand, several key factors behind the pre-pandemic decline in interest rates- such as low potential growth, rising inequality, increasing uncertainty, growing market power, and longer life expectancy- show no significant signs of changing direction. These forces suggest that real interest rates may revert to their declining pre-pandemic trend. On the other hand, additional factors could lead to a sustained rise in rates. These include a decrease in savings due to a growing inactive population, substantial fiscal deficits resulting in very high levels of debt, potential productivity gains from advancements in artificial intelligence, geopolitical risks and climate disasters affecting global savings, and significant investments in the green transition.

I hope our upcoming discussion will help clarify the direction of these drivers and enhance our understanding of where the natural interest rate may be headed in the future.

4. Conference contents

Let me now give a very brief overview of what we will be hearing today and tomorrow:

The Conference will start with the session “Interest Rates and Macroeconomic Policy” In this session, the paper by Francesco Bianchi, Renato Faccini and Leonardo Melosi examines the role of fiscal policy in shaping the future path of real interest rates. Then, the paper by Gabriel Jiménez, Dmitry Kuvshinov, José-Luis Peydró and Bjorn Richter will look at the links between the path of the monetary policy rate over time and the risk of banking crises from a historical perspective.

Then, we will continue with the first keynote speech, delivered by Ricardo Reis. He will address the implications of interest rate trends on inflation, as well as the subsequent effects of inflation on these trends.

We will then transition to our second academic session, which will focus on “Theories of Natural Interest Rates.” The natural interest rate, an abstract concept, is defined as the interest rate that prevails in long-term equilibrium once economic shocks have dissipated and prices are fully flexible. As a latent variable, understanding its determinants and refining its measurement is of paramount importance.

This session will begin with a paper by Ozge Akinci, Gianluca Beningno, Marco del Negro, and Albert Queralto, who propose a complementary concept referred to as the Financial (In) Stability Real Interest Rate. While the natural interest rate is typically associated with macroeconomic stability, this new concept emphasizes the critical importance of financial stability. Following this presentation, Galo Nuño will discuss three theories concerning natural interest rates. Traditional theories often highlight structural drivers such as technological advancement and demographic changes. However, Galo’s paper will challenge this conventional view, exploring how factors such as public debt, household inequality, the zero lower bound, and persistent negative supply shocks may influence natural interest rates.

To conclude this session, we will hear from Elías Albagli, Sofia Bauducco, Guillermo Carlomagno, Luis Gonzales, and Juan Marcos Wlasiuk, who will discuss the potential impacts of climate change and escalating geopolitical tensions on long-term interest rates.

The second day will begin with the keynote speech titled “Long-Run Interest Rates: Past, Present, and Future” by Atif Mian. He will explore the interconnections between interest rates and both private and public debt over time. Atif will first address the role of inequality in explaining the simultaneous decline in interest rates and the rise in debt over the past few decades. He will then examine the dynamics of debt, discussing an appropriate constraint on interest rates to prevent explosive borrowing. Finally, he will focus on estimating future yields.

Next, we will transition to the session titled “Interest Rates, Inflation, and Transmission to Emerging Markets.” This session will open with the paper “U.S. Anti-Inflationary Policy and Emerging Economies: 1980 vs. 2020s” by Drishan Banerjee, Galina Hale, and Harrison Shieh. Their paper analyzes macroeconomic data from advanced and emerging economies in the 1980s and 2020s to highlight differences in how U.S. monetary policies have impacted emerging markets in these two distinct periods. The second paper in this session, by Francisco Legaspe and Liliana Varela, will show how country-specific risks, such as political uncertainty and risk on debt repayment explain excess returns from investing in local currency assets in LATAM countries. Finally, a policy panel featuring Elias Albagli, Jean-Marc Natal, Boris Hofmann, and Ricardo Reis will offer insights into the future of interest rates and their implications for monetary policy in emerging economies.

5. Acknowledgements

I would like to especially thank Atif Mian for being the external organizer of this Conference, as well as locals Sofia Bauducco, Mariana García and Lucciano Villacorta for putting togethersuch a wonderful program. I also thank all the speakers and contributors and look forward to the Conference volume that we will publish in some months with its formatted contents.

Let me finish by thanking María José Reyes, Constanza Martinelli, Carolina Besa, Daniela Gaete, Daphne Guiloff, Pablo Barros, and both the Public Affairs Department and the Economic Research Department of the Central Bank of Chile for all their invaluable help managing the logistics of organizing this Annual Conference.

I wish you a fruitful discussion over the next two days.

Thank you.

MIL OSI Economics –

January 26, 2025
MIL-OSI Russia: Renovation program: 30 new buildings are being built on the site of old houses in the South-East Administrative District

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

In the South-Eastern Administrative District (SEAD) of the capital, 30 new buildings are being built on the site of old housing stock under the renovation program. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“The South-Eastern Administrative District is one of the leaders in relocating residents from old housing stock to new buildings under the renovation program. Thus, today in the southeast of the capital, 135 houses have been resettled, 81 of which have already been dismantled. Now 30 new buildings are being erected on the site of the demolition. The total area of apartments in them will exceed 480 thousand square meters. This will provide new housing to about 17 thousand city residents,” said Vladimir Efimov.

According to the renovation program in the South-East Administrative District, 818 houses are to be resettled. More than 164 thousand city residents will move into new apartments.

“The houses being built on the sites of demolished buildings are located in seven districts of the South-East Administrative District and are designed for approximately 8.5 thousand apartments. The leader in terms of construction is the Kuzminki district, where 10 residential complexes are being built under the renovation program – almost 2.9 thousand apartments with finished improved finishing will appear here. Nine houses are being built in Lublin, designed for a total of almost 2.6 thousand apartments, and in the Ryazan district – four buildings, which will house more than 1.7 thousand apartments,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy

Vladislav Ovchinsky.

In the South-Eastern Administrative District, 135 houses have already been resettled, where more than 24.6 thousand people lived. In the Lyublino district, almost 6.1 thousand city residents from 31 completely resettled houses have become the owners of new apartments. In Kuzminki, more than 5.8 thousand residents have moved from 29 completely vacated buildings, noted the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

In addition, in the Nizhegorodsky District, more than 3.5 thousand city residents from 24 resettled houses signed contracts for new apartments under the renovation program, in the Lefortovo District – over 2.5 thousand residents from 17 such houses. In the Ryazansky District, 16 buildings were completely resettled, almost 3.2 thousand people received new apartments.

As the Chairman of the Moscow State Construction Supervision Authority noted Anton Slobodchikov, the south-east of the capital is also leading in terms of the volume of prospective construction under the renovation program. Since the beginning of the year, the State Construction Supervision Committee of the City of Moscow has issued permits for the construction of seven buildings in the South-East Administrative District, designed for a total of more than 2.3 thousand apartments with an area of over 134.6 thousand square meters. New buildings will appear in the Vykhino-Zhulebino, Lyublino, Kuzminki and Ryazansky districts.

Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the relocation of over 47 thousand people was ensured. Earlier, Sergei Sobyanin ordered to increase the pace of implementation of the renovation program has doubled. For these purposes, the draft budget for three years 1.2 trillion rubles have been pledged.

Moscow is one of the leaders among regions in terms of construction rates and volumes. Over the past five years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled – from three million to five to seven million square meters per year. More information about the national projects being implemented in Moscow can be found find out here.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/146154073/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: 387 properties have been purchased by small and medium-sized businesses under preemptive rights since the beginning of the year

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Since the beginning of the year, tenants of capital real estate have bought out almost 400 properties under the right of first refusal. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

“Small and medium-sized businesses that rent buildings and non-residential premises from the city can buy them out under the right of first refusal. Over the first nine months of 2024, entrepreneurs have privatized 387 properties with a total area of almost 57 thousand square meters in this way. This is 32 percent more than in the same period last year, which indicates high business activity in the capital,” said Maxim Gaman.

Preemptive redemption is a measure to support small and medium-sized businesses. It is available to entrepreneurs who have been renting real estate from the city for at least one year and have been included inregister of small and medium-sized businesses (SMEs). The lease term for non-residential premises sold at auctions for small businesses is at least two years. The property has been in thelist of objects, intended for SMEs.

Transactions are concluded without holding auctions. The value of the object in this case is equal to the market value, it is determined by independent appraisers. Tenants can buy the property in installments from five to seven years. The overwhelming majority of entrepreneurs use this.

Among the registered properties are more than 380 premises with a total area of over 53.5 thousand square meters, as well as three buildings with an area of over 2.7 thousand square meters.

The most popular properties among entrepreneurs are in the city center. SMEs bought 65 premises and two separate buildings with a total area of almost 11.6 thousand square meters in the Central Administrative District. In the south of the capital, small and medium businesses registered 50 premises as their property, with a total area of approximately 6.6 thousand square meters, and in the southwest — more than 40 properties with an area of about eight thousand square meters.

To buy out the property, the tenant can use the state online service “Paid alienation of real estate leased by small and medium-sized businesses from the state property of the city of Moscow”. Sales and purchase agreements are concluded electronically.

Development of electronic services for business corresponds to the objectives of the national project “Digital Economy”. You can find out more about this and other national projects being implemented in Moscow Here.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/146230073/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: The Art of Numbers: Moscow to Select Best Accountants

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The “Stars of the Profession” tournament for employees of the capital’s centralized accounting departments will take place from November 18 to 22. It is timed to coincide with the professional holiday – Accountant’s Day.

“For the third year, our tournament has brought together the best employees of the city’s centralized accounting departments, inspiring them to further development. For them, this is an opportunity to go beyond their daily work, demonstrate their professional qualities, communicate with colleagues, exchange experiences and new ideas. And for us, it is an opportunity to form a team of like-minded people who are capable of not only maintaining a high level of professionalism, but also improving the centralized accounting system,” she noted.

Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

The project to centralize budget accounting has been implemented in Moscow since 2018. The unified model allows for the regulation and unification of accounting operations, the generation of reports automatically, and the increase in the productivity of accountants.

More details about the rules of participation in the tournament

The “Stars of the Profession” tournament is part of this large-scale project. One centralized accounting office can put up several teams of six people for the competition. Applications are accepted until November 14 on the website.

Accountants will have to make a video business card and go through three stages: two remote and one in-person. Participants will begin their path to victory on November 18 with an online test of logic, attention, as well as the ability to write texts and work with numbers. On November 19, there will be another test of knowledge of regulatory and legal acts in the field of accounting.

The teams that score the maximum points after two qualifying rounds will advance to the final. It will be held on November 22 in the Smart City pavilion at VDNKh. Ten finalists will compete there. They will be asked to solve accounting problems and analyze non-standard cases. The teams will be evaluated by a competent jury, which will include representatives of the Ministry of Finance and the Federal Treasury of the Russian Federation.

The five final rounds are united by the common theme “Back to the Future”. In the first round “Cyber Warm-up”, the captains will have to travel in virtual space and complete various tasks. In the second stage “Triathlon”, the teams will be divided into pairs, each of which will have to solve a professional case. In the “Relay” round, all members of each team will have to pass the test.

Only the five teams with the best results advance to the fourth round, called “Skeet Shooting”. This competition resembles a brain ring: the team that presses the button first is the one who answers. The most difficult final round is called “Grandmaster” – its results determine who will win the competition.

“The Moscow Government employs ambitious, talented and motivated specialists. Their development is one of the important focuses of attention for the HR Services Department. At the “Stars of the Profession” tournament, colleagues from centralized accounting departments can not only make a name for themselves and receive expert recognition, but also exchange best practices from their field,” noted the head of the HR Services Department of the Moscow Government.

Pavel Malykhin.

The organizers of the tournament “Stars of the Profession” are the capital’s departments of finance Andinformation technology, as well as the Moscow Government’s Personnel Services Department. You can watch the video broadcast of the final on the Telegram channel “Open Budget of Moscow”.

The first “Stars of the Profession” tournament was held in 2022. At that time, the event received a lot of positive feedback, so it was decided to make it an annual event. The project was recognized as the winner of the all-Russian competition “Best HR practices and initiatives in the system of state and municipal administration”, organized by the Ministry of Labor and Social Protection of the Russian Federation.

Moscow continues to develop a centralized accounting system. It is expected that by the end of 2025 it will cover more than 1.5 thousand, or almost 80 percent, of the capital’s state institutions. More information about the project is on the portal “Open Budget of the City of Moscow” and in the telegram channel “Open Budget of Moscow”.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/146238073/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: Excursion without a reason: Russpass offers original ideas for walks around the capital

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The online publication “Russpass-magazine” has published a selection of short routes around Moscow. City residents and tourists are invited to arrange city tour for the price of one trip with the Troika card, as well as take a walk near one of the city’s train stations.

Stations and squares

For many, getting to know Moscow begins at the train stations, where not only long-distance trains arrive, but also express trains from airports. Tourists are offered excursions to while away the time between trips.

So, you can take a fascinating walk by arriving at Paveletsky Station. Tourists from Saratov, Tambov, Volgograd and other cities of Russia, as well as passengers from Domodedovo Airport, arrive here. Not far from the station is Zatsepskaya Square, and if you go on foot in a straight line, then in half an hour you can reach Red Square. You can also take tram No. 38 and go to Krutitsky Podvorye. An alternative option is to stay in the vicinity of Paveletsky Station and go explore the alleys of the Zamoskvorechye district.

The city from the tram window

Interesting routes are not only in the center of the capital. Russpass offers to travel from the Voykovskaya metro station on tram No. 27. From the panoramic window you can see historical buildings and untouched islands of living nature. The tram goes past the complex of the Russian State Agrarian University – Moscow Agricultural Academy named after K.A. Timiryazev through former academic fields and forest dachas to the Dmitrovskaya metro station.

A Walk Around VDNKh and the History of Food: The Most Popular Audio Tours from the Russpass Service Travel Builder: Russpass Helped Tourists Plan 38,000 Trips

Service Rosspas launched in 2020. In four years, it has become an entire tourism ecosystem, with the help of which it is easy to plan a trip, book tickets and a hotel, and select excursions. Interesting facts about traveling in Russia are posted in the online publication “Russpass-magazine”. In addition, since June 2023, a portal has been operating for representatives of the tourism industry “Russpass. Business”.

The service was created on the initiative of the Moscow Government. The project is supervised by the capital Tourism Committee together with the city Department of Information Technology.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/146208073/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: Dmitry Chernyshenko: Patriotic routes will be an important topic of the anniversary forum “Travel!”

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Previous news Next news

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

Deputy Prime Minister Dmitry Chernyshenko held a meeting on organizing the fifth Travel! forum, which will take place on June 10–15 at VDNKh. The Roscongress Foundation will act as the event operator. In 2025, the business program events will be united under the general theme of Discover Russia, which implies both familiarizing Russians with the potential and opportunities of their country, and cooperation in the field of inbound tourism.

Opening the meeting, Dmitry Chernyshenko noted the high level of organization of the IV Russian Tourism Forum “Travel!” and the relevance of such events in modern conditions. “After the forum “Travel!” in June this year, many positive reviews were received, which indicates the relevance and significance of the event. The site was successfully chosen: the territory of VDNKh and the exhibition “Russia” created good conditions for guests and organizers. Today, interest in the forum is growing on the part of both Russian and foreign participants. An important theme of the upcoming fifth forum “Travel!” in the year of the 80th anniversary of Victory in the Great Patriotic War will be patriotic routes that will present the regions of our country,” said Dmitry Chernyshenko.

The Deputy Prime Minister noted that federal and regional authorities, tour operators and companies working in the tourism sector should be widely represented in the exhibition part of the forum. In particular, Dmitry Chernyshenko proposed holding an exhibition of domestic equipment manufacturers for the tourism industry as part of the forum, as well as organizing a platform for the presentation of investment projects by representatives of various industries, including those planned to be implemented with support under the national project “Tourism and Hospitality Industry”. In this way, business representatives will be able to find potential partners.

Adviser to the President of Russia, Executive Secretary of the Organizing Committee for the Preparation and Holding of the Russian Tourism Forum “Travel!” Anton Kobyakov noted that in 2024 the forum confirmed its social significance and high status as an anchor industry event, becoming a global discussion platform for discussing modern trends in the development of the tourism and hospitality industry. He spoke about the new concept of the event. “A new comprehensive approach to creating the concept and space of the forum for its guests will demonstrate the tourism potential of all 89 constituent entities of the Russian Federation and increase the international part of the exposition. Visitors will see the full diversity of travel in Russia and learn information about new resorts, tourism sites and travel formats. Traveling around the country, getting to know the sights and cultural features of a particular region contribute to the study of the culture and history of the country. Therefore, the national goal “Opportunities for Self-Realization and Talent Development” formed the basis of the national project “Tourism and Hospitality Industry”. I am sure that in order for more Russians to have the opportunity to study the cultures of peoples and the history of Russia, it is important to make travel around the country convenient, safe and interesting. This is one of the priority tasks of the entire tourism industry,” added Anton Kobyakov.

Next year, the Travel! forum will discuss medical tourism, which is in demand within the country and is also a tool for attracting foreign guests. A large block of the program will be devoted to inbound tourism. In 2025, it is planned to expand the geography of foreign participants from friendly countries; the Ministry of Foreign Affairs and the Ministry of Economic Development have been instructed to work on this issue.

“The goals of any tourism forum are to promote the tourism product and attract investment. We are preparing in this philosophy to give regions the opportunity to show themselves and present their achievements and products to foreign guests, and for foreign participants to demonstrate the tourism potential of their countries. This is why we now go to international exhibitions. People should come to us for this too. The festival program of the regions will take an important place this year. In addition, we have preliminarily formulated six tracks of the business program architecture. These are “digital”, transport, government regulation, personnel, development of tourist areas and a comprehensive tourist product,” said Deputy Minister of Economic Development Dmitry Vakhrukov.

Deputy Director of the Roscongress Foundation, Director of the Russian Tourism Forum “Travel!” Vladimir Zatynaiko spoke about the year-round ecosystem of projects, which includes network events on tourism in the constituent entities of the Russian Federation. “Congress, exhibition and business events dedicated to tourism are actively developing. Examples of such events include the Sustainable Tourism Development Forum “Travel!” in Petropavlovsk-Kamchatsky, “Discover the Far East” in Khabarovsk and the St. Petersburg International Tourism Forum “Travel Hub. Travel!”, which will be held in the Northern capital from December 4 to 6, where the results of the tourism sector in 2024 will be summarized. In this regard, the Russian Tourism Forum “Travel!” is the key, central event of the year, where the main areas of development of the industry are outlined,” Vladimir Zatynaiko noted.

This year, a program to promote Russia abroad under the Discover Russia brand was launched at the national level for the first time. The priority countries in 2024 were China, India, Bahrain and Saudi Arabia. Next year, it is planned to promote Russia’s tourism potential in Southeast Asia and expand its presence in the Persian Gulf countries.

As part of the event, Minister of Economic Development Maxim Reshetnikov will hold an all-Russian meeting with the regions, as well as a meeting with the industry community in the format of a business dialogue.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of national and international congress, exhibition, business, public, youth, sporting, and cultural events, created in accordance with the decision of the President of Russia.

The Fund was established in 2007 with the aim of promoting the development of economic potential, advancing national interests and strengthening the image of Russia. The Fund comprehensively studies, analyzes, forms and covers issues of the Russian and global economic agenda. Provides administration and facilitates the promotion of business projects and attracting investments, promotes the development of social entrepreneurship and charitable projects.

The Foundation’s events bring together participants from 209 countries and territories, more than 15,000 media representatives work annually at Roscongress venues, and more than 5,000 experts in Russia and abroad are involved in analytical and expert work.

The Foundation interacts with UN structures and other international organizations. It develops multi-format cooperation with 212 foreign economic partners, associations of industrialists and entrepreneurs, financial, trade and business associations in 86 countries of the world, with 293 Russian public organizations, federal and regional executive and legislative bodies of the Russian Federation.

Official telegram channels of the Roscongress Foundation: in Russian –t.te/Roscongress, in English –t.te/RoscongressDirect, in Spanish –t.te/RoscongressEsp, in Arabic –t.te/RosKongressArabik. Official website and information and analytical system of the Roscongress Foundation:roscongress.org.

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 –

January 26, 2025
MIL-OSI Russia: The Department of Construction Organization held the “Master’s Readings” for the first time

Translation. Region: Russian Federation –

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Participants of the scientific and practical seminar “Master’s Readings”

On November 2, the Department of Construction Organization of SPbGASU held a regional scientific and practical seminar “Master’s Readings”.

“This is our first experience, and I hope it will be positive. It is already positive – we have 24 reports,” said Maxim Molodtsov, associate professor of the construction organization department, at the opening of the seminar.

The presentations were devoted to topics relevant to the modern construction industry. Thus, students Bogdan Pismarkin, Aigul Orazdurdyeva and Daniil Koldyshev spoke about the creation of a digital platform with the working title “Jack of All Trades”. The platform is designed to search for and plan labor resources in construction. The students’ scientific supervisor is the head of the construction organization department Roman Motylev.

According to Aigul Orazdurdyeva, one of the most critical factors in the development of construction projects is the availability of labor resources at the right time in the right volume. Construction companies face a shortage of personnel, with the risk of hiring unskilled personnel; another difficulty is the large number of contractors and subcontractors.

The students managed to identify key problems: the lack of a universal platform for searching, selecting, checking and planning labor resources, which would combine the necessary functionality in one place; the lack of the ability to find workers with verified documents and confirmed qualifications in advance; the lack of a rating system that would inspire confidence in the customer and motivate them to perform work more efficiently.

According to Bogdan Pismarkin, in Soviet times, the issue of shortage of blue-collar workers was resolved with the help of vocational schools (PTU), which trained specialists for various industries. In the modern world, the situation has changed, government agencies no longer regulate this issue. The demand for higher education has grown, and the popularity of Internet professions is growing. There is a shortage of skilled workers, and people have to be hired from abroad. Digital platforms can simplify hiring, provide training and advanced training, and analyze labor market data.

The digital platform for searching and planning labor resources in construction is an innovative tool that automates the selection, verification, planning and management of personnel. The platform ensures effective interaction between customers and contractors. The product, which is being created by graduate students, will allow you to create an order in one place and respond to it, link the worker’s availability calendar with the construction schedule of the facility; automatically check documents before offering a worker to the company, and confirm qualifications using integration with government services for checking documents. A rating system and gamification elements are also provided, which will allow workers to grow professionally, and customers to receive higher quality work results.

“The digital platform will become a reliable assistant for both customers and contractors, providing a wide range of opportunities for solving all issues in the field of organizing labor resources,” Bogdan is confident.

Student Yulianna Bobrovskaya (supervised by Associate Professor of the Department of Construction Organization Maxim Molodtsov) suggests monitoring work at remote sites using modern equipment. The student is convinced that construction in remote areas contributes to their economic development, develops tourism, and reduces pressure on large cities. However, construction companies face a number of difficulties associated with the transportation of materials and equipment, shift work, and slow response to emerging problems. An unmanned aerial vehicle can simplify the developer’s work by filming the site in real time and transmitting information to an IT platform. A specialist will track what is happening and promptly make a decision.

As an example, Yulianna cited the domestic unmanned aerial vehicle Optiplane S2, which has been produced for seven years and is constantly being modernized. The device is easy to operate and can withstand minimal temperatures. In addition, the manufacturer provides instructions.

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 –

January 26, 2025
MIL-OSI: Crédit Agricole Assurances: Steady growth across all our business lines
Source: GlobeNewswire (MIL-OSI)

Release Paris, November 6^th 2024

Steady growth across all our business lines

9M 2024 KEY FIGURES:
- Total revenue¹of 32.8 billion euros, up +18.2%²
- Net inflows of +4.2 billion euros of which +1.1 billion on the General Account
- Contribution to Crédit Agricole S.A.’s Net Income Group Share²of 1,466 million euros, up +11.3%²
“These new interim results confirm the momentum already seen in the 1st half of last year in all our business lines, both in France and internationally. These results are driven by the commitment of Crédit Agricole Assurances teams and our partner banks; a commitment to serving our customers that is currently particularly expressed through the handling of the damages caused by storms Kirk and Leslie. In an uncertain economic and geopolitical environment, these results illustrate the increased need for protection expressed by our customers, as reflected in the increase in life outstandings entrusted to us, and in the growth in the number of solutions to deal with life’s hazards.

This confidence is also reflected in the latest S&P rating, which confirms our financial strength and the relevance of our model as an integrated insurer within the Crédit Agricole Group.

During this final quarter, in line with our social project, we will be focusing on the prevention and detection of health risks, which is the theme of the new edition of our Innov&Act start-up challenge. This will enable us to identify innovative projects to improve the response to our customers’ protection needs, and society as a whole.

Once again, I would like to thank all our team members, as well as Crédit Agricole’s Regional Banks and LCL for these great achievements”.

Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

STRONG PERFORMANCE DRIVEN IN PARTICULAR BY SAVINGS AND INTERNATIONAL

Over the first nine months of 2024, Crédit Agricole Assurances generated premium income¹ of €32.8 billion, up +18.2%² compared with end of September 2023, both in France (+12.6%) and international markets (+54.5%), driven by life insurance thanks to the reshaping of our international product offering and the success of payment bonus campaigns in France.

In savings/retirement, gross inflows reached €23.9 billion at the end of September 2024, up +23.1% compared to the end of September 2023, fueled by the commercial campaigns launched during the first quarter of 2024, and the recovery in international markets. Combined with the acquisition of a significant group retirement contract, this led to a high level of gross inflows³ on the General Account, at €15.6 billion (+43.8%). Unit-linked gross inflows³ amounted to €8.3 billion, slightly decreasing (-3.5%), due to less favorable market conditions, notably a reduced attractiveness of unit-linked bond products. Consequently, the share of unit-linked within gross inflows fell to 34.8% (down -9.5 points year-on-year).

Net inflows amounted to +€4.2 billion, up +€5.0 billion compared to end of September 2023. By product, net inflows amounted to +€3.1 billion on unit-linked and +€1.1 billion on General Account, back in positive territory since the last two quarters (+€6.3 billion over one year on General Account).

Life insurance outstandings⁴ reached €343.2 billion at the end of September 2024, up +3.9% over nine months, driven by a positive market effect and net inflows. Unit-linked outstandings exceeded the €100 billion mark for the first time, standing at €102.8 billion (+7.7% since January 1, 2024). General Account outstandings have risen by +2.4% since January 1, 2024, to €240.5 billion. Unit-linked represented 29.9% of total life insurance outstandings at the end of September 2024 (+1.0 point over nine months).

In property and casualty⁵, gross written premiums1 remained buoyant, rising by +7.8% compared to the end of September 2023, to €4.9 billion. Following the first consolidation of CATU, a Polish non-life insurance subsidiary, the portfolio grew by +5.1% to nearly 16.6 million policies, representing a net addition of more than 500,000 policies over the year; average premium rose as a result of price increases and changes in the product mix.

Equipment rates within the Crédit Agricole Group’s banking networks kept growing year-on-year, at the Regional Banks (43.8%⁶, up +0.7 point), LCL (27.9%⁶, up +0.3 point) and CA Italia (20.0%⁷, up +1.7 points).

In personal protection (death and disability/creditor/group insurance⁸), gross written premiums¹ was up +5.7% compared to the end of September 2023, at €4.0 billion, driven by growth in all segments: creditor insurance (+3.4%) benefiting from international single-premium contracts, group insurance (+21.6%) and individual death and disability (+5.6%).

RESULTS GROWTH IN LINE WITH BUSINESS GROWTH

The contribution of Crédit Agricole Assurances to Crédit Agricole S.A.’s Net Income Group Share amounted to €1,466 billion, up +11.3%² year-on-year, reflecting the strong performance across all business lines despite less favorable crop insurance claims than in the third quarter of 2023.

The combined ratio⁹ stood at 95.5%, up +0.3 point over the year due to unfavorable discounting effects. The undiscounted net combined ratio slightly improved to 97.7% (-0.2 point year-on-year).

The Contractual Service Margin¹⁰ reached €24.9 billion at the end of September 2024, up +4.5% since 31 December 2023, thanks to the contribution from new business and the stock revaluation in favourable market conditions.

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 largest insurer, is the company of the Crédit Agricole group, 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 products and services. 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. Crédit Agricole Assurances has 5,800 employees. Its premium income (“non-GAAP”) to the end of 2023 amounted to 37.2 billion euros.
www.ca-assurances.com

1 Non-GAAP revenue
2 On a like-for-like basis, 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: +18.1% for total revenue, +54.0% for international revenue and +11.2% for the contribution to Crédit Agricole S.A.’s Net Income Group Share
3 In local GAAP

4 Savings, retirement, death and disability (funeral)
5 On a like-for-like basis: +7.4% growth in non-life premium income, +3.1% increase in the portfolio; at the end of September 2024, CATU’s portfolio comprised more than 314,000 policies including net addition of +20,800 policies over the year
6 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
7 Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances’ non-life insurance subsidiary
8 Excluding savings/retirement
9 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums
10 CSM or Contractual Service Margin: corresponds to the profits expected by the insurer from the insurance business over the term of the contracts, for profitable contracts, for Savings, Retirement, Death & Disability and Creditor products.

Attachment
- Release – 9M 2024 results
The MIL Network –
January 26, 2025
MIL-OSI Russia: Sobyanin made a decision on prize payments to Moscow Paralympic athletes

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Moscow athletes – winners and medalists of the XVII Summer Paralympic Games 2024 in Paris (France), as well as their coaches will receive incentive payments from the city. This was reported in on your telegram channel Sergei Sobyanin reported.

“The winners and medalists of the XVII Summer Paralympic Games in Paris will receive prizes from the city. 15 Moscow athletes participated in the Games in neutral status. Five of them won medals,” the Mayor of Moscow wrote.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

The XVII Summer Paralympic Games were held in Paris from August 28 to September 8, 2024. They were attended by 15 Moscow athletes, they competed in a neutral status. They won five medals in disciplines for athletes with musculoskeletal disorders: two gold, one silver and two bronze.

The champions of the games were Maria Pavlova (swimming) and Khetag Khinchagov (athletics). The silver medal was won by Zoya Shchurova (swimming). The bronze medalists were Irina Vertinskaya (athletics) and Georgy Margiev (athletics).

Swimmer Maria Pavlova, who won the Paralympic gold medal in the 100m breaststroke for athletes with musculoskeletal disabilities, set a world record in this discipline – one minute 26.09 seconds. The previous world record belonged to her: on June 8, 2024, she showed a result of one minute 26.86 seconds.

The champions of the games will receive an incentive cash payment of four million rubles, the silver medalist – 2.5 million rubles, and the bronze medalists – 1.7 million rubles.

Prize money will also be paid to the four coaches who took part in training the athletes. They will receive half of the amount awarded to the athletes.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/major/themes/11995050/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: HSE and Yandex Present Report on Integration of Artificial Intelligence into Higher Education

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

The Higher School of Economics and Yandex Education have prepared a joint report, Artificial Intelligence in Education. It analyzes leading global practices that reveal the potential of artificial intelligence (AI) technologies in the educational sphere. The report is a map with cases of universities in different countries that are already using AI today. The goal of the project is to help Russian universities implement AI, based on the experience of other universities.

The study includes an extensive block of real cases and examples, including on the topic of the practical use of AI in the world’s leading universities: from helping students explain concepts and translate texts to structuring materials and preparing educational documents.

The authors analyzed a number of sociological studies around the world. The results of the analysis show that AI is already actively used in both educational (today 49% of students use generative technologies) and management and research activities. At the same time, 47% of students note the positive impact of text generative technologies on learning. As for the main ways of using new technologies, the most popular were clarifying concepts and working with questions for understanding specific disciplinary concepts (56% of those who use GPT), in second place were research tasks and working with literature (45%), in third place was translation of texts (42%), in fourth place was creation and analysis of texts (39%).

To make the material as interactive as possible, experts from the National Research University Higher School of Economics and Yandex Education have created a special online resource, which contains examples and cases. The platform is a live space that not only demonstrates examples of AI use, but also forms a picture of possible scenarios for its application in the educational environment. Universities that have AI application practices can send their cases to the authors through a special form on the site, and they will be added to the case library.

The report identifies key areas for integrating AI into the work of students, teachers, researchers, and managers. These areas may become the closest areas for AI development at universities. In this context, the Higher School of Economics has already adopted its own course on using AI in the learning process. The university has formulated an ethical and educational policy, including recommendations on when and to what extent AI should be used in independent work, as well as in which cases it is necessary to inform the teacher about the generated text. The HSE case demonstrates how the correct integration of technologies will allow students to develop the necessary skills for a full and fruitful educational process.

“At Yandex Education, we have seen how AI technologies have really begun to penetrate and take root in schools, universities, and EdTech platforms over the past year. It is important for the university community and bigtech to see where new growth points are emerging and how the potential of AI can be applied in education. That is why, together with the HSE, we conducted a study of Russian and foreign practices. They turned out to be very different and affect the management system, the life of a student, teachers, and even the didactics of higher education. At the same time, our goal was to create not a frozen picture, but a constantly updated digest of the best global practices. It is in them that university managers, teachers, and researchers will be able to find inspiration for new projects and changing their reality,” comments Kirill Barannikov, Head of Strategic Development of Higher Education at Yandex Education.

“At the Higher School of Economics, we focus on the opportunities that AI provides for improving the educational and scientific processes at the university. HSE is launching various initiatives aimed at supporting the correct use of AI by both teachers and students. At the same time, we advocate for compliance with ethical principles when using AI and were the first Russian university to adopt an ethical code for the use of artificial intelligence in the educational process,” said Evgeny Terentyev, Director Institute of Education HSE University, Head of International Laboratory for Evaluation of Practices and Innovations in Education.

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 –

January 26, 2025
MIL-OSI: Hapag-Lloyd Partners with HERE Technologies to Transform Global Supply Chain Visibility with Advanced Tracking Solution
Source: GlobeNewswire (MIL-OSI)
- Hapag-Lloyd has equipped over 1.5 million containers with advanced tracking devices, integrating HERE Tracking into their real-time tracking solution to enhance inland Estimated Time of Arrival (ETA) calculations across global transportation networks.
- HERE Tracking delivers precise, AI-powered ETAs, providing Hapag-Lloyd with critical data for better operational planning, control and customer satisfaction.
Hamburg, Germany and Amsterdam, Netherlands — Hapag-Lloyd, a global leader in container shipping, and HERE Technologies, the leading location data and technology company, today announced a strategic partnership focused on significantly improving visibility in global supply chains. HERE Tracking enhances Hapag-Lloyd’s existing real-time smart container tracking solution Live Position with predictive ETAs for inland transportation, driving operational efficiency and improving customer satisfaction.

As supply chain disruptions continue to impact industries worldwide, the need for real-time visibility has never been greater. With the deployment of over 1.5 million container tracking devices to 90% of Hapag Lloyd’s total fleet, utilizing the HERE Tracking solution, Hapag-Lloyd can now accurately predict arrival of these containers across their rail, barge and truck transportation networks. The tracking devices will extend to Hapag-Lloyd’s entire fleet and include ETA prediction early next year.

By leveraging AI-powered, predictive ETAs from HERE, businesses and operations managers can rely on continuously updated data throughout the entire transport journey. This accuracy empowers more effective planning and decision-making, ultimately improving operational efficiency.

HERE Tracking, a versatile location service, offers customers the ability to monitor transportation in real time, both outdoors and indoors, and across multiple transportation modes. Along with predictive ETAs, the service also provides customizable geofencing for smart, event-based alerts and notifications and advanced post-trip analytics.

HERE Tracking is delivered via an application programming interface (API), offering seamless integration with existing enterprise software, and allowing customers to maintain full control of their data.

Jason Jameson, Chief Customer Officer at HERE Technologies, said: “We are excited to redefine the future of supply chain visibility together with Hapag-Lloyd and to provide their customers with the precise ETAs they need to stay competitive in a constantly evolving marketplace. We are looking forward to extending our partnership with Hapag-Lloyd to further enhance their service offerings for even greater operational efficiency and end-customer satisfaction.”

“As the first carrier to offer real-time visibility of our container locations through our Live Position product, Hapag-Lloyd is taking the next step with HERE to enhance inland ETA predictions,” said Patrick Briest, Head of Network & Operations IT Products at Hapag-Lloyd. “While we already know where each container is at any moment, our collaboration with HERE allows us to predict where it will be across any transport mode, in any country. This capability significantly boosts our operational planning and supports our customers with unparalleled precision in shipment timing.”

Media Contacts
HERE Technologies
Dr. Sebastian Kurme
+49 173 515 3549
sebastian.kurme@here.com

Anna Glockner
+44 7855 170344
anna.glockner@here.com

Hapag-Lloyd
Hanja Maria Richter
+49 40 3001 5102
HanjaMaria.Richter@hlag.com

Leon Schulz
+49 40 3001 4042
LeonJukka.Schulz@hlag.com

About HERE Technologies
HERE has been a pioneer in mapping and location technology for almost 40 years. Today, the HERE location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. From autonomous driving and seamless logistics to new mobility experiences, HERE allows its partners and customers to innovate while retaining control over their data and safeguarding privacy. Find out how HERE is moving the world forward at here.com.

About Hapag-Lloyd
With a fleet of 287 modern container ships and a total transport capacity of 2.2 million TEU, Hapag-Lloyd is one of the world’s leading liner shipping companies. In the Liner Shipping segment, the Company has around 13,700 employees and 400 offices in 140 countries. Hapag-Lloyd has a container capacity of 3.2 million TEU – including one of the largest and most modern fleets of reefer containers. A total of 114 liner services worldwide ensure fast and reliable connections between more than 600 ports on all the continents. In the Terminal & Infrastructure segment, Hapag-Lloyd has equity stakes in 20 terminals in Europe, Latin America, the United States, India and North Africa. Around 2,900 employees are assigned to the Terminal & Infrastructure segment and provide complementary logistics services at selected locations in addition to the terminal activities.

Attachment
- IMAGE_HERE_Hapag-LLoyd_partner_lockup
The MIL Network –
January 26, 2025
MIL-Evening Report: Black balls on Sydney beaches are likely ‘fatbergs’ showing traces of human faeces, methamphetamine and PFAS: new analysis

Source: The Conversation (Au and NZ) – By Jon Beves, Associate Professor of Chemistry, UNSW Sydney

Jon Beves, CC BY

The mysterious black balls that washed up on Sydney’s beaches in mid-October were likely lumps of “fatberg” containing traces of human faeces, methamphetamine and PFAS, according to a new detailed analysis of their composition.

Initial reports suggested the ominous lumps were probably tar balls from an oil spill. However, analysis with a barrage of scientific tests has revealed a more complicated picture.

The mysterious black balls

On October 16, the first reports emerged from Coogee Beach in Sydney’s east. Lifeguards reported numerous black spheres on the sand that appeared at first glance to be tar-like.

Similar sightings were soon reported at nearby Bondi, Bronte, Tamarama and Maroubra beaches, prompting immediate closures and cleanup efforts. Authorities initially feared these could be toxic “tar balls”, leading to health advisories and public warnings.

Preliminary testing by Randwick Council was consistent with tar balls made up of oil and debris.

Oil – or something more disgusting?

We set out to find out exactly what the black balls were made of and where they came from. We ran a wide range of tests and analyses with colleagues from UNSW in collaboration with the Mark Wainwright Analytical Centre and the the environmental forensics arm of the federal Department of Climate Change, Environment, Energy and Water (DCCEEW). We also collaborated with the NSW Environment Protection Authority (EPA), and Randwick Council.

Initial testing, based primarily on results from a technique called solid-state nuclear magnetic resonance spectroscopy, suggested the material resembled unrefined oil. However, further testing indicated a different, more disgusting, composition.

A cross section of one of the balls, showing its sandy coating and surface, some fibres, and the core.
Jake Ireland, CC BY

Analysing the elements involved revealed the black goop was mostly carbon. Radiocarbon dating then showed only about 30% of the carbon had a fossil origin, suggesting fossil fuels were not the major component of the balls.

We also identified significant levels of calcium, and much smaller amounts of various metals. Spectroscopic tests showed signatures in the black balls matching fats, oils and greasy molecules often found in soap scum, cooking oil and food sources. This pointed to human waste.

PFAS, drugs and signs of faeces

The next step was to see if we could dissolve the substance in organic solvents. Only about one-third to one-half of the mass dissolved this way.

We were able to take a closer look at the dissolved part using a technique called mass spectrometry, which identifies molecules by their weight and electric charge. This revealed molecules found in vehicle-grade fuels as well as organic molecules such as fatty acids and glycerides.

We also identified industrial perfluoroalkyl substances (PFAS or “forever chemicals”), steroidal compounds such as norgestrel, antihypertensive medications such as losartan, pesticides, and veterinary drugs. This is consistent with contamination from sewage and industrial runoff.

The crushed up interior of one ball, ready for testing.
Jon Beves, CC BY

There were also signs of human faecal waste, including a cholesterol byproduct called epicoprostanol and residues of recreational drugs including tetrahydrocannabinol (also known as THC, a compound found in the cannabis plant) and methamphetamine. This is consistent with contributions from domestic waste.

Analysing the part of the mass that we couldn’t dissolve proved more challenging. Here we tried solid-state nuclear magnetic resonance and a method called Fourier transform infrared spectroscopy, which uses infrared light to detect chemicals. The results suggested the presence of fats, but they were not definitive.

Were the blobs lumps of fatberg?

So what does all this mean? The high levels of fats, oils, greasy molecules and calcium, along with the low solubility, are consistent with a “fatberg”: a congealed mass of fats, oils and greasy molecules that can accumulate in sewage.

The detection of markers of human fecal matter, medication and recreational drugs suggest the origin may be sewage or other urban effluent. However, while the composition of these black balls suggests they may be similar to fatbergs, we cannot definitively confirm their exact origin.

The black ball incident does highlight the broader issue of pollution along Sydney’s coastline.

Recent reports indicate about 28% of monitored swimming sites in New South Wales are prone to pollution. Many receive poor water quality ratings, especially after rain. Beaches such as Gymea Bay, Coogee Beach, Malabar Beach, and Frenchmans Bay have been identified as areas of concern, with advisories against swimming due to contamination from human faecal matter.

Urban waste pollution

Analysing and understanding urban waste pollution is not an easy task. It requires a multi-disciplinary approach.

To unravel the complex composition of the blobs, we used carbon-14 dating, mass spectrometry, elemental analysis and microscopy techniques.

Even after all we did, we cannot yet draw definitive conclusions regarding the primary source of the blobs. This uncertainty reflects the broader challenges faced by scientists and environmental agencies in tracking and addressing pollution in coastal areas.

This incident underscores the importance of thorough scientific analysis in understanding environmental issues. By continuing to investigate the sources and composition of such pollutants, we can learn more about how urban waste management affects the health of our coasts.

This research was led by UNSW researchers, including Associate Professor Jon Beves, Dr Tim Barrows, Dr Martin Bucknall, Professor William Alexander Donald, Dr Albert Fahrenbach, Dr Sarah Hancock, Dr Christopher Hansen, Ms Lisa Hua, Dr Martina Lessio, Dr Chris Marjo, Associate Professor Vinh Nguyen, Dr Martin Peeks, Dr Aditya Rawal, Dr Chowdhury Sarowar, Professor Timothy Schmidt, Dr Jake Violi and Dr Helen Wang.

Jon Beves receives funding from the Australian Research Council and the Australian Renewable Energy Agency. He is affiliated with The Greens.

William Alexander Donald receives funding from the Australian Research Council, the US National Institutes of Health, iCare Dust Diseases Care, Coal Services NSW Health and Safety Trust, as well as industry-funded research contracts.

– ref. Black balls on Sydney beaches are likely ‘fatbergs’ showing traces of human faeces, methamphetamine and PFAS: new analysis – https://theconversation.com/black-balls-on-sydney-beaches-are-likely-fatbergs-showing-traces-of-human-faeces-methamphetamine-and-pfas-new-analysis-242681

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI Global: US election: Trump declares victory – ‘There’s never been anything like this’

Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

This is a rolling guide to articles and audio published by The Conversation in the immediate run-up to and aftermath of the election, with some explainers about the process. This page is updated from the top, so older references are moved down the page.

The United States has made its choice. At just before 8am GMT (3am Florida time) Donald Trump took to the stage at the West Palm Beach convention center and claimed victory for the Republican Party. His declaration came minutes after it was announced he was going to win in the key state of Pennsylvania with its 19 electoral college votes.

He thanked a large crowd of his adoring supporters, saying: “This was a movement like nobody’s ever seen before, and frankly, this was, I believe, the greatest political movement of all time. There’s never been anything like this in this country, and maybe beyond.”

It’s been a turbulent four months since outgoing president Joe Biden announced he was terminating his bid for a second term and the battlelines between the two candidates, Donald Trump and Kamala Harris were drawn. Soon we will know who will lead the US for the next four years.

From here, with the help of some of the sharpest analysts of US politics, we’ll keep you updated and informed as the situation develops.

Dafydd Townley, teaching fellow in international security at University of Portsmouth, has written an overview of how the election went down, with turnout looking high and no major incidents of violence, despite what look like numerous bomb hoaxes with possible Russian origins.

Turnout has been impressive and initial speculation is that Trump has surpassed his rural support from 2020 while Democrat Kamala Harris only matched the suburban numbers that Biden achieved four years ago. NBC exit polls also showed Trump had more support from voters under 30 than any Republican candidate since 2008.

Read more:
Trump takes first swing states after voting passes peacefully

The US has moved to the right

Natasha Lindstaedt says that academics and pundits got the polls badly wrong in 2024.

The polls were right – he had a lot more strength [than we all thought]. We thought the polls were seriously underestimating Kamala Harris and that she was doing far better than they were predicting, when they said it was a knife edge. But it turns out they were underestimating Trump.

The US has moved to the right. The abortion bill wasn’t overturned in Florida, Ted Cruz won by ten points in Texas, a state that we thought might be competitive. We thought with this Iowa poll that Harris might be more competitive with white voters. It’s been a great night for Trump and an absolute disaster for the Democrats.

She said that many people following the campaign thought that women were going to turn out and that would make the difference. But in fact it didn’t.

Trump gained a lot more than he had in 2020 – probably due to nostalgia of what his administration was like, looking at it through rose-coloured glasses, forgetting the chaos and all the upheaval he created himself. Now he’s going to inherit a great economy – and he’s going to take credit for it.

Trump wins Pennsylvania, declares victory

Donald Trump claimed victory in the 2024 presidential election. It followed hot on the heels of the networks announcing he had won the Commonwealth of Pennsylvania. Richard Hargy says the state has played an important part in the whole campaign, he says.

It was in Butler, Pennsylvania, last July, where Trump survived an assassination attempt during a campaign rally after a gunman opened fire from a nearby rooftop.

The Trump victory in Pennsylvania was greatly helped by the world’s richest man, Elon Musk’s intercession into the presidential election. He financed a multi-billion dollar door-knocking operation across the state and held events in support of Donald Trump.

On Monday a Pennsylvania judge had ruled that a $1-million-a-day voter sweepstake organised by Musk was legal and could continue into Tuesday’s election.

When will we know the result?

To get an idea of the scale of the task of counting votes, take a look at the below map of the US colour-coded by poll closing times. How long the count could take is anyone’s guess at this stage. Each state has its own rules.

Ahead of the polls closing Richard Hargy, an expert in US politics from Queen’s University Belfast, wrote a guide to the process, when the votes are counted and when we might start to see results.

Read more:
US election: what time do the polls close and when will the results be known? An expert explains

Delays are baked into the process, such as Pennsylvania, which doesn’t allow votes cast before election day or ballots posted in to be counted until polls close, which was at 8pm (1am GMT).

So we’ll just have to be patient. In the mean time, you can also read Hargy’s explainer on the “electoral college” system, which can mean that the candidate with the most votes may not win the presidency.

Read more:
US election: how does the electoral college voting system work?

Early voting and what it might mean

Scott Lucas, professor of international politics at University College Dublin, believes that in a cliffhanger election, a clue to the outcome may be in the size of turnout. More than 80 million Americans voted early – around half of the total turnout in 2020 and around one-third of the eligible electorate.

The 80 million figure takes on added significance with the recognition that it is not that distant from the 104 million who participated early in the “pandemic” election four years ago. And that 2020 ballot, with 158.4 million votes and almost 67% participation, was the largest turnout since 1900.

Who does that favour? Probably Kamala Harris and Tim Walz. Trumpists will turn out for their man come hell or high water. The large question mark has been whether potential Harris voters would sit on their hands, whether from lack of enthusiasm or dissatisfaction on issues such as Israel’s open-ended war on Gaza.

Any prediction in this election is a risk. But it might be worth setting a marker: if turnout matches or exceeds the record set in 2020, Kamala Harris could be on the way to the White House.

Tense moment for the US

During the campaign there have been two assassination attempts on former president Trump as well as arson attacks on ballot boxes and ballots damaged. In Arizona the Democratic party was forced to close one of its offices after it had been shot at three times.

Dafydd Townley, a fellow in international security at Portsmouth University, believes that there could be a reluctance to accept the result and that this could result in further disturbances. He has written about how much violence there has been during this campaign.

Read more:
US election: officials are issued with panic buttons as attacks on ballot boxes continue

Dafyyd Townley comments on post-election violence.

How race has played into the campaign

Rhianna Garrett, PhD researcher and global coordinator of the critical mixed race studies executive board at Loughborough University, says that Trump’s campaign has been “littered with attempts to weaponise” the multiracial heritage of his Democrat opponent Kamala Harris.

Much of this has been a dog-whistle attempt to stir up his own base, partly with fairly blatant appeals to latent feelings of racism, but also as a tool to position Harris as deceiving and untrustworthy by apparently blurring and shifting her own background.

In August, not long after Harris took over the Democrat ticket from Biden, Trump appeared at the National Association of Black Journalists conference when he wrongfully claimed that Harris was changing her identity, stating: “I didn’t know she was Black until a number of years ago when she happened to turn Black, and now she wants to be known as Black, So I don’t know. Is she Indian or is she Black?”.

For her part, Harris’s campaign has also used her multiracial heritage to further their political agendas. On the White House website, she is described as “the first woman, the first Black American, and the first South Asian American” to hold a vice-presidential position, which has effectively attempted to position her as a winner. Harris herself has also foregrounded “race” on her campaign website. In attempt to attack Trump’s campaign, she strategically aims to promote Black and Latino men specifically, as well as women’s rights. These are key voter groups she has aimed to mobilise through identity politics.

Trump and winning male voters

Donald Trump widened his appeal to male voters in this election, with polling indicating that he was picking up more support from Black and Latino men, as well as more young men more widely.

One reason for this may be that in 2024 young men are more conservative than any other group in the US. Another reason why gender has become a divisive issue is the overturning of Roe v Wade, the legal case that gave American women abortion rights.

Read more on the gender divide in this article from Natasha Lindstaedt, a professor of government at Essex University.

Read more:
US election: why more men and fewer white women say they will vote for Trump

A free speech campaign?

Julie Posetti, professor of journalism at City St George’s, University of London, and global director of research at the International Center for Journalists, recently conducted a survey of more than 1,000 Americans on their attitudes to the press.

Breaking down the results, they were able to build a picture of what people in the US think of targeting journalists for criticism and even abuse. You can read all about the study here.

Read more:
New survey finds an alarming tolerance for attacks on the press in the US – particularly among white, Republican men

When Trump speaks – his supporters hear him loud and clear

Channel 4 is showing pictures of the Trump party at the Palm Beach Convention Center, where the Maga faithful are celebrating the news that it appears that Trump has retaken Georgia in his second swing-state victory. Their idol is expected to join them soon.

While we wait for him to speak, here’s a fascinating piece on Trump’s rhetorical style by Loren D. Marsh of the Humboldt University of Berlin. His speeches have been ridiculed by his opponents during the campaign. They say he’s unfocused, rambling and at times nonsensical. He calls it the “weave” and says it’s genius. Marsh says that whatever you may think, it seems to work for his supporters.

Far from being a liability or an indication he is incapable of staying on message, Trump’s “weave” may well be his intuitive rhetorical strategy, a way of taking control of the media narrative.

Read more:
Trump’s speeches are chaotic, rambling, and extremely effective. Aristotle can explain why

– ref. US election: Trump declares victory – ‘There’s never been anything like this’ – https://theconversation.com/us-election-trump-declares-victory-theres-never-been-anything-like-this-241711

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Global: Trump takes first swing states after voting passes peacefully

Source: The Conversation – UK – By Dafydd Townley, Teaching Fellow in International Security, University of Portsmouth

Donald Trump looked poised to take some key battleground states this morning as votes continue to be counted. The Republicans were also being predicted to take control of the Senate.

North Carolina with its 16 electoral college votes was called for Trump in the early hours of the morning, and another key east coast state, Georgia and its 16 electoral college votes, was also predicted to have been gained by Trump. Trump won other major states, from Iowa to Texas, with a strong showing at the polls.

As well as this, Republicans have taken back control of the Senate as they were forecast to, after Democrats lost their slender lead. If Trump is victorious, this will provide him with the congressional support he needs to get his appointees ratified and pass laws without obstruction.

Turnout has been impressive and initial speculation is that Trump has surpassed his rural support from 2020 while Democrat Kamala Harris only matched the suburban numbers that Biden achieved four years ago. NBC exit polls also showed Trump had more support from voters under 30 than any Republican candidate since 2008.

The BBC reported that early exit polls indicated that voters were most concerned with the state of the democracy (35%) with the economy coming a close second (31%).

These concerns have led to a turnout that will be just below the 2020 figures, according to Professor Michael McDonald, of the University of Florida.

In too-close-to-call battleground state Pennsylvania, it was reported that voters were queueing in their hundreds over an hour before the polls opened at 7am.

In Michigan, another key state in the election, officials said that those voters who had voted early – both the absentee and in-person votes – numbered almost as many as the total votes for the 2020 election.

Michigan’s Secretary of State, Jocelyn Benson, said that the state was “on pace to see another high turnout election with voters all across the state enthusiastic and engaged”. And much of it was done in a good atmosphere with election chairperson Jennifer Jenkins telling reporters that it was “good vibes all around”.

Safety concerns

Concerns about whether election day would pass peacefully have not kept voters away.

As revealed in a memo obtained by the non-partisan group, Property of the People, the Department of Homeland Security had issued a warning in September that election infrastructure was “an attractive target for some domestic violent extremists” particularly those with “election-related grievances” who seek to disrupt the democratic process and election operations.

In the nation’s capital, Washington DC, police arrested a man who was stopped during the screening process at the US Capitol visitor centre. Authorities stated that he smelled like gasoline and had a torch lighter, flare gun and papers he intended to deliver to Congress.

Capitol Police Chief J. Thomas Manger, speaking at a press conference shortly after the incident, stated that “there is no indication right now that it had anything to do with the election”.

The greatest threat to the smooth running of the election on polling day seemed not to come from domestic perpetrators but from foreign interference, particularly in the crucial swing state races.

Several polling stations in Georgia, Michigan, Arizona and Wisconsin were the victims of hoax bomb threats that caused temporary closures of the sites. The threats were believed to be sent by emails that were traced back to Russian email domains.

In Navajo County in Arizona, four polling stations were the target of bomb threats. Arizona Secretary of State Adrian Fontes told reporters that election officials in the state had “no reason to believe that any of our voters or any of our polling places are in any sort of jeopardy.”

“We also have reason to believe, although I won’t get into specifics, that this comes from one of our foreign enemies, namely Russia,” he continued.

In Pennsylvania, Governor Josh Shapiro announced at a press conference that there had been multiple bomb threats at polling stations and municipal centres across the state.

Shapiro, who was at one time thought of as a potential running mate for Harris, revealed that “state and local law enforcement – along with the FBI – are investigating these threats and thus far, there is no credible threat to the public”.

This came after reports emerged of at least ten polling locations in Philadelphia and in surrounding areas were sent a bomb threat via email at 6pm local time.

Republican Georgia Secretary of State Brad Raffensperger accused Russia of being the cause of the threats aimed at polling locations in the southern state. “They don’t want us to have a smooth, fair and accurate election, and if they can get us to fight among ourselves, they can count that as a victory,” he told reporters.

The FBI stated that it was aware of the threats and that many appeared “to originate from Russian email domains”. The Russian embassy in Washington denied the threats.

Last Thursday, Georgia was also the subject of what the US intelligence community called a disinformation campaign designed to cast doubt on the legitimacy of the election result through an online video that “depicted individuals claiming to be from Haiti and voting illegally in multiple counties in Georgia”.

Researchers at Clemson University in South Carolina identified the work as being that of Russian disinformation group Storm-1516. Darren Linvill of Clemson University, stated that Russian group had “turned their focus squarely on the US election.”

And the integrity of this election took a further hit when Republican candidate Donald Trump made unfounded accusations on social media platform Truth Social of election fraud in Philadelphia, a must-win state for the former president.

Philadelphia District Attorney Larry Krasner said through a spokesperson that “the only talk about massive cheating has come from one of the candidates, Donald J. Trump. There is no factual basis whatsoever within law enforcement to support this wild allegation”.

Experts have warned that such campaigns could give momentum to accusations that the election is not legitimate and that this, in turn, could trigger post-election violence.

As the results come in, America holds it breath that any potential transition of power will be more peaceful than four years ago.

Dafydd Townley 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 takes first swing states after voting passes peacefully – https://theconversation.com/trump-takes-first-swing-states-after-voting-passes-peacefully-242716

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Russia: Polytechnicians are winners and prize winners of the Olympiad in engineering and computer graphics

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

A team of students from the Polytechnic University took part in the All-Russian and regional Olympiads in engineering and computer graphics (descriptive geometry).

The 23rd All-Russian Student Olympiad in Descriptive Geometry, Engineering and Computer Graphics “Geometryada” was held in Moscow at the Department of Engineering and Computer Graphics of the Russian Technological University – MIREA. Representatives of 22 Russian universities competed for the victory, including three from St. Petersburg – SPbPU, BSTU “VOENMEKH” named after D. F. Ustinov and SPbSUT named after prof. M. A. Bonch-Bruevich.

The Polytechnic University team participated in the Olympiad for the first time. The team included IMMiT students Kirill Khitushkin, Aidar Ibragimov, Matvey Leontyev, Anton Izyumov and Artem Doronin. In the team standings in the “Descriptive Geometry” section, the Polytechnics took third place. In the individual standings, Kirill Khitushkin also came in third. In the “Engineering Graphics” section, the SPbPU team entered the top ten.

The event was organized at the highest level. The opening ceremony left the most pleasant impressions. We successfully completed the tasks and gained valuable experience. We will look forward to participating next year to improve the result, – shared Matvey Leontiev.

The first experience of participation of the polytechnics can be considered definitely successful. A special role in such a significant result was played by serious regular training, which was provided by Associate Professor Tatyana Markova, who conducted systematic classes with candidates for the team, – noted Associate Professor of the Higher School of Design and Architecture of the Institute of Social Sciences Mikhail Kokorin, the head of the team.

Also, the regional student Olympiad in engineering and computer graphics (descriptive geometry) was held at BSTU “Voenmekh”, organized by the Committee for Science and Higher Education of St. Petersburg. The event was attended by 75 students from 12 St. Petersburg universities.

The Polytechnic University was represented by students of the Civil Engineering Institute majoring in Architectural Environment Design A. Glukhova and D. Otinova, as well as students of the Institute of Metallurgy and Metallurgy K. Khitushkin, A. Ibragimov, M. Leontyev, A. Izyumov and I. Zaborovsky. The team leader is Associate Professor of the Higher School of Design and Architecture of the Civil Engineering Institute Tatyana Markova.

The interuniversity jury checked and assessed the works, summed up the results. It included associate professors of the Higher School of Design and Architecture of the Institute of Social Sciences Mikhail Kokorin and Elena Knyazeva.

Polytechnician Kirill Khitushkin won the individual championship (29.63 points out of 30), Aidar Ibragimov took second place (28.5 points out of 30).

The Olympiad was memorable for its diverse tasks and the exciting search for solutions. It can be compared to solving a crossword or sudoku. The event flew by unnoticed, I wanted to stay longer and rack my brains, – said Daria Otinova.

As a result, the Polytechnic University was awarded second place. The victory in the Olympiad was won by the BSTU “Voenmekh” team, and the third place went to the A.F. Mozhaisky VKA.

The tasks were of a high level of complexity, but our students coped with them perfectly. We are proud of the guys and wish them further success in all their endeavors, – shared Elena Knyazeva.

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 –

January 26, 2025
MIL-OSI Russia: VDNKh invites you to free lectures as part of the International Week of Science and Peace

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

November 9 marks the beginning of the International Week of Science and Peace. On this day, free lectures for all comers will be held in the congress hall of the Cosmonautics and Aviation Center at VDNKh.

At 14:00 guests are invited to a lecture “Closed space: you can’t quarrel, you can’t come to an agreement”. They will tell you how people with different views can live together, whether it is possible to never quarrel, and how to prevent conflict from developing. The speaker will be Anna Yusupova, a leading researcher at the Laboratory of Social and Cognitive Psychology at the Institute of Medical and Biological Problems of the Russian Academy of Sciences (RAS). In addition, the lecture will discuss self-regulation and self-help techniques, formulate a personal roadmap – try to define topics, criteria and points of no return for yourself.

There will be a lecture at 16:00 “Achievements of Modern Physics”. Blogger, writer and popularizer of science Dmitry Pobedinsky will tell whether it is possible to meet life on other planets, create a code that cannot be deciphered and then crack it, and also what the Higgs boson hides. Guests will learn why the Universe is expanding. And there will also be talk about quantum computers, materials of the future and mysterious dark energy.

The lecture will start at 18:00 “Asteroids. Small bodies of the Solar system”. It will be read by Leonid Elenin, a research fellow at the Keldysh Institute of Applied Mathematics of the Russian Academy of Sciences and a discoverer of comets and asteroids. Asteroids are objects in the Solar System discovered in the 19th century by the Italian astronomer Giuseppe Piazzi. There are now more than a million of them known. Among the asteroids, there are some that can pose a serious threat to the Earth. Listeners will learn where they came from, how astronomers discovered the distant Edgeworth-Kuiper Belt, what connects these cosmic bodies with comets, how to deliver a particle of their relict matter to Earth, and whether it is possible to extract minerals from them.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/146215073/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: “Culture of Moscow”: a guide to highlights has appeared on the mos.ru portal

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

A section has opened on the mos.ru portal “Culture of Moscow”. It contains news, announcements of upcoming events, useful services and information about creative institutions. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

“The new online project has already combined information on more than 800 city sites: parks, libraries, theaters, museums and other spaces,” noted Natalia Sergunina.

The main page contains the main thematic blocks. One of them is “Events”.

“Here users can choose concerts, excursions or performances that interest them and immediately buy tickets. Currently, the poster presents more than 15 thousand events. The list will be constantly updated and supplemented,” said Natalia Sergunina.

The page has a convenient search system: by area, date and location of the institution. Here you can also find author’s selections, for example, “Five romantic performances” or “Six main exhibitions of autumn”.

Offers for children and teenagers are placed in a separate category. In the block “Education”There is information about creative educational institutions and various courses.

On the page “Libraries”Those interested can apply for a single library card, find the nearest library, look through the book catalogue and reserve publications.

In addition, in the section “Culture of Moscow”will regularly talk about famous Muscovites, as well as about city programs, special projects and promotions.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/146227073/

MIL OSI Russia News –

January 26, 2025

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