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Category: India

  • MIL-OSI Global: Nigeria’s Brics partnership: economist outlines potential benefits

    Source: The Conversation – Africa – By Stephen Onyeiwu, Professor of Economics & Business, Allegheny College

    During its 16th annual summit in Kazan, Russia, Brics – a group of emerging economies determined to act as a counterweight to the west and to whittle down the influence of global institutions – invited Nigeria and eight other countries to join it as “partner” countries. Nigeria formally accepted the invitation in January 2025. That invitation has generated questions about how Nigeria stands to benefit, especially when US president Donald Trump is threatening to sanction members of the group if they replace the US dollar as reserve currency. It was established in 2006 and initially composed of Brazil, Russia, India, and China. South Africa joined in 2010 and the bloc added four new members (Egypt, Ethiopia, Iran and the United Arab Emirates) in 2023. In this interview, development economist Stephen Onyeiwu argues that Nigeria stands to gain from a Brics partnership, but would have to carefully balance its domestic interests with those of its western allies and Brics.

    What does it mean to be a Brics ‘partner’ country?

    The introduction of Brics partnership is an expansion mechanism designed to bring in more participants without giving them full membership. It is akin to “observer” status.

    Brics partners can participate in special sessions of summits and foreign ministers’ meetings, as well as other high-level events. Partners can also contribute to the organisation’s official documents and policy statements.

    But partners cannot host annual Brics summits or determine the venue. Neither can they select new members and partners.

    How beneficial is Brics partnership to Nigeria?

    The main benefit would be access to finance offered by Brics’ New Development Bank.

    The New Development Bank was established as an alternative to western-dominated international financial institutions like the World Bank and International Monetary Fund. These institutions are sometimes used by the leading western countries to keep developing countries in line on global issues.

    Some developing countries are reluctant to criticise western countries for fear of losing access to funding by western-backed international financial institutions.

    Nigeria has been running a budget deficit of about 5% of GDP since 2019, and it needs funding to pay for the deficits. The New Development Bank could be an important source of funding for investment in Nigeria’s infrastructure, manufacturing, agriculture, and so on.

    New Development Bank loans are also available in member countries’ local currencies. They don’t have to earn foreign exchange to repay the loans. This fosters exchange rate stability and promotes economic growth. The New Development Bank raises funds in member countries’ local currencies, and lends them to member countries.

    Nigeria could use its Brics partnership to garner the group’s support in matters that affect Nigeria globally. For instance, there have been requests for African countries to be included as permanent members (without veto power) of the UN security council. South Africa and Nigeria have been touted as potential candidates. Should this issue be raised at the UN, Nigeria can count on the support of its Brics allies, which includes two permanent members (China and Russia) of the security council.

    Mutual understanding and cooperation with other Brics members and partners might spill over into economic, trade and investment agreements. Friendly countries are more likely to trade with each other and invest in each other’s economy.

    How can Nigeria maximise its status as a Brics partner?

    Nigeria should use it to attract foreign direct investment in strategic sectors of the economy, such as infrastructure, manufacturing, agriculture and technology.

    Some Brics members, like China, India, and the UAE, have investors that are seeking investment outlets abroad. Nigeria could use the bloc’s annual summits to showcase investment opportunities.

    The global economy is transitioning into “frontier industries and technologies”, such as big data, artificial intelligence, solar, drones, gene editing, 3D printing, blockchains, Internet of Things (IoT), 5G, robotics and nanotechnology. China, India and Brazil are already well advanced in these technologies.

    Nigeria should use its partnership with these countries to build capabilities in frontier industries and technologies. It could get favourable terms in the transfer of these technologies.

    Nigeria seeks to diversify its economy from reliance on the export of hydrocarbons. But Nigerian producers have had a hard time accessing global markets. The country should negotiate trade deals that provide access to Brics markets, especially agricultural and agro-processed products, arts and crafts.

    But Nigeria has to promote economic growth and structural transformation at home. If the Nigerian economy falters, it is unlikely the country will be invited to become a full member of Brics.

    Would adding new members and partners reduce western dominance?

    Brics has so far not been able to significantly change the dynamics of the international political economy. Adding new members and partners, while symbolic, will not act as an effective counterweight to the influence of the G7 and G20 groups of nations.

    Most of the countries and partners in Brics are either allies of western countries or neutral on global issues. They are unlikely to support decisions or actions that are grossly inimical to western interests.

    Egypt and the UAE, for instance, receive military aid from the United States. Ethiopia and Nigeria are top recipients of foreign aid in Africa, much of it from western-backed financial institutions.

    The only outlier in the mix is Iran, whose membership was promoted by Russia. But Iran has no leverage to influence others in the bloc.

    On balance, therefore, Brics will not be a threat to western countries.

    Brics aspires to weaken the dominance of the US dollar for international transactions. Close to 90% of international trade transactions are conducted with the US dollar.

    Brics countries plan to reduce dollar dominance by encouraging member countries to settle their trade and financial transactions using their domestic currencies. For instance, South African businesses could purchase Chinese goods using the South African rand, while the Chinese could do the same for South African goods using the Chinese yuan. The more members you have in Brics swapping their currencies, the less important the US dollar will be.

    It is unlikely, however, that an increase in the number of Brics members and partners will weaken the dollar. Most will continue to have significant economic relationships with the west, including trade and foreign aid.

    They will also continue to conduct business with many non-Brics countries, which also have economic relationships with the west. They will need the US dollar to transact with many other countries.

    So increasing the number of Brics members and partners does not pose a threat to dollar dominance.

    Stephen Onyeiwu 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. Nigeria’s Brics partnership: economist outlines potential benefits – https://theconversation.com/nigerias-brics-partnership-economist-outlines-potential-benefits-248943

    MIL OSI – Global Reports –

  • MIL-OSI Global: Water is the other US-Mexico border crisis, and the supply crunch is getting worse

    Source: The Conversation – USA – By Gabriel Eckstein, Professor of Law, Texas A&M University

    View of the Rio Grande flowing through Ciudad Juarez, Mexico, photographed from the Paso Del Norte International Bridge. Paul Rarje/AFP via Getty Images

    Immigration and border security will be the likely focus of U.S.-Mexico relations under the new Trump administration. But there also is a growing water crisis along the U.S.–Mexico border that affects tens of millions of people on both sides, and it can only be managed if the two governments work together.

    Climate change is shrinking surface and groundwater supplies in the southwestern U.S. Higher air temperatures are increasing evaporation rates from rivers and streams and intensifying drought. Mexico is also experiencing multiyear droughts and heat waves.

    Growing water use is already overtaxing limited supplies from nearly all of the region’s cross-border rivers, streams and aquifers. Many of these sources are contaminated with agricultural pollutants, untreated waste and other substances, further reducing the usability of available water.

    As Texas-based scholars who study the legal and scientific aspects of water policy, we know that communities, farms and businesses in both countries rely on these scarce water supplies. In our view, water conditions on the border have changed so much that the current legal framework for managing them is inadequate.

    Unless both nations recognize this fact, we believe that water problems in the region are likely to worsen, and supplies may never recover to levels seen as recently as the 1950s. Although the U.S. and Mexico have moved to address these concerns by updating the 1944 water treaty, these steps are not long-term solutions.

    The Rio Grande flows south from Colorado and forms the 1,250-mile (2,000-kilometer) Texas-Mexico border.
    Kmusser/Wikimedia, CC BY-SA

    Growing demand, shrinking supply

    The U.S.-Mexico border region is mostly arid, with water coming from a few rivers and an unknown amount of groundwater. The main rivers that cross the border are the Colorado and the Rio Grande – two of the most water-stressed systems in the world.

    The Colorado River provides water to more than 44 million people, including seven U.S. and two Mexican states, 29 Indian tribes and 5.5 million acres of farmland. Only about 10% of its total flow reaches Mexico. The river once emptied into the Gulf of California, but now so much water is withdrawn along its course that since the 1960s it typically peters out in the desert.

    The Rio Grande supplies water to roughly 15 million people, including 22 Indian tribes, three U.S. and four Mexican states and 2.8 million irrigated acres. It forms the 1,250-mile (2,000-kilometer) Texas-Mexico border, winding from El Paso in the west to the Gulf of Mexico in the east.

    The Colorado River flows through seven U.S. states and crosses into Mexico at the Arizona-California border.
    USGS

    Other rivers that cross the border include the Tijuana, San Pedro, Santa Cruz, New and Gila. These are all significantly smaller and have less economic impact than the Colorado and the Rio Grande.

    At least 28 aquifers – underground rock formations that contain water – also traverse the border. With a few exceptions, very little information on these shared resources exists. One thing that is known is that many of them are severely overtapped and contaminated.

    Nonetheless, reliance on aquifers is growing as surface water supplies dwindle. Some 80% of groundwater used in the border region goes to agriculture. The rest is used by farmers and industries, such as automotive and appliance manufacturers.

    Over 10 million people in 30 cities and communities throughout the border region rely on groundwater for domestic use. Many communities, including Ciudad Juarez; the sister cities of Nogales in both Arizona and Sonora; and the sister cities of Columbus in New Mexico and Puerto Palomas in Chihuahua, get all or most of their fresh water from these aquifers.

    A booming region

    About 30 million people live within 100 miles (160 kilometers) of the border on both sides. Over the next 30 years, that figure is expected to double.

    Municipal and industrial water use throughout the region is also expected to increase. In Texas’ lower Rio Grande Valley, municipal use alone could more than double by 2040.

    At the same time, as climate change continues to worsen, scientists project that snowmelt will decrease and evaporation rates will increase. The Colorado River’s baseflow – the portion of its volume that comes from groundwater, rather than from rain and snow – may decline by nearly 30% in the next 30 years.

    Precipitation patterns across the region are projected to be uncertain and erratic for the foreseeable future. This trend will fuel more extreme weather events, such as droughts and floods, which could cause widespread harm to crops, industrial activity, human health and the environment.

    Further stress comes from growth and development. Both the Colorado River and Rio Grande are tainted by pollutants from agricultural, municipal and industrial sources. Cities on both sides of the border, especially on the Mexican side, have a long history of dumping untreated sewage into the Rio Grande. Of the 55 water treatment plants located along the border, 80% reported ongoing maintenance, capacity and operating problems as of 2019.

    Drought across the border region is already stoking domestic and bilateral tensions. Competing water users are struggling to meet their needs, and the U.S. and Mexico are straining to comply with treaty obligations for sharing water.

    Cross-border water politics

    Mexico and the United States manage water allocations in the border region mainly under two treaties: a 1906 agreement focused on the Upper Rio Grande Basin and a 1944 treaty covering the Colorado River and Lower Rio Grande.

    Under the 1906 treaty, the U.S. is obligated to deliver 60,000 acre-feet of water to Mexico where the Rio Grande reaches the border. This target may be reduced during droughts, which have occurred frequently in recent decades. An acre-foot is enough water to flood an acre of land 1 foot deep – about 325,000 gallons (1.2 million liters).

    Allocations under the 1944 treaty are more complicated. The U.S. is required to deliver 1.5 million acre-feet of Colorado River water to Mexico at the border – but as with the 1906 treaty, reductions are allowed in cases of extraordinary drought.

    Until the mid-2010s, the U.S. met its full obligation each year. Since then, however, regional drought and climate change have severely reduced the Colorado River’s flow, requiring substantial allocation reductions for both the U.S. and Mexico.

    In 2025, states in the U.S. section of the lower Colorado River basin will see a reduction of over 1 million acre-feet from prior years. Mexico’s allocation will decline by approximately 280,500 acre-feet under the 1944 treaty.

    This agreement provides each nation with designated fractions of flows from the Lower Rio Grande and specific tributaries. Regardless of water availability or climatic conditions, Mexico also is required to deliver to the U.S. a minimum of 1,750,000 acre-feet of water from six named tributaries, averaged over five-year cycles. If Mexico falls short in one cycle, it can make up the deficit in the next five-year cycle, but cannot delay repayment further.

    The U.S. and Mexico are struggling to share a shrinking water supply in the border region.

    Since the 1990s, extraordinary droughts have caused Mexico to miss its delivery obligations three times. Although Mexico repaid its water debts in subsequent cycles, these shortfalls raised diplomatic tensions that led to last-minute negotiations and large-scale water transfers from Mexico to the U.S.

    Mexican farmers in Lower Rio Grande irrigation districts who had to shoulder these cuts felt betrayed. In 2020, they protested, confronting federal soldiers and temporarily seizing control of a dam.

    U.S. President Donald Trump and Mexican President Claudia Scheinbaum clearly appreciate the political and economic importance of the border region. But if water scarcity worsens, it could supplant other border priorities.

    In our view, the best way to prevent this would be for the two countries to recognize that conditions are deteriorating and update the existing cross-border governance regime so that it reflects today’s new water realities.

    Gabriel Eckstein is affiliated with the Permanent Forum on Binational Waters, International Association for Water Law, and International Water Resources Association.

    Rosario Sanchez receives funding from the USGS under the Transboundary Aquifer Assessment Program Act. She is affiliated with Texas A&M University and the non-profit as a volunteer to the Permanent Forum of Binational Waters, the International Association of Hydrogeologists, and the International Water Resources Association.

    – ref. Water is the other US-Mexico border crisis, and the supply crunch is getting worse – https://theconversation.com/water-is-the-other-us-mexico-border-crisis-and-the-supply-crunch-is-getting-worse-244722

    MIL OSI – Global Reports –

  • MIL-OSI Global: Reverence for the sacred waters of the Ganga and belief in its power to wash away sins bring millions to India’s Maha Kumbh festival

    Source: The Conversation – USA – By Sudipta Sen, Professor of History, University of California, Davis

    Pilgrims take a dip in the sacred waters of Sangam, at the confluence of Ganga, Yamuna and mythical Saraswati rivers during the Maha Kumbh festival in Prayagraj on Jan.13, 2025. Niharika Kulkarni/AFP via Getty Images

    Millions of people have been visiting Prayagraj, a city in the northern Indian state of Uttar Pradesh, to take part in the Maha Kumbh festival – a six-week-long event that began on Jan. 13, 2025.

    Called the world’s largest religious gathering, the event has already drawn 148 million people. Attendance is expected to exceed 400 million by the time it ends on Feb. 26, and surging crowds have already claimed dozens of lives at the sacred site.

    Attendees range from Indian business tycoons and members of parliament to social media personages, film stars and celebrities, including the philanthropist billionaire Laurene Powell Jobs, widow of Apple founder Steve Jobs, who is a member of an ashram in Prayagraj.

    As a historian of the Ganga and its ecology, I am captivated by the enduring power of unwavering devotion that continues to drive pilgrims to this sacred site, despite the dangers posed by surging crowds and the spread of contagion. At least 30 people have been trampled to death and 60 have been injured in the stampede that followed this year.

    Ritual bathing at the confluence of large rivers has always had a special significance in Hindu rituals. Of such places, the Sangam, or confluence, at the city of Prayagraj is the most revered because this is where the rivers Ganga and Yamuna meet with the fabled Saraswati, also known as the goddess of learning and the arts – the unseen, mythical river that flows underneath.

    Hindus believe that bathing at the pilgrimage of Prayag has the power to wash away every sin known to humankind.

    Mythology behind the Kumbh

    The Kumbh festival is named after the celestial pitcher or “kumbha” that held the much coveted “amrita,” the nectar of immortality. In Hindu mythology, during what is known as the Age of Truth, the powerful clans of the asuras (demons) and devas (gods) fiercely battled over the source of eternal life.

    The cosmic ocean then was filled with milk, which they churned to draw out the nectar that would make them immortal. According to mythology, the asuras succeeded in the beginning, but their exertions disturbed Vasuki, the coiled, eternal snake at the Earth’s core, releasing a deadly poison that threatened to destroy the heavens. When the turn of the devas came, nectar was finally released from the depths of the netherworld. They drank the elixir and defeated the asuras.

    An illustration of the cosmic churning of the ocean.
    245CMR via Wikimedia Commons, CC BY

    During this epic battle, four drops of the nectar fell to the Earth in places that are held scared. Two are cities in present-day northern India, Haridwar and Prayag, and two in central India, Nashik and Ujjain – all located along meeting points of rivers.

    An overwhelming multitude of people

    The festival of the Kumbh also marks the 12-year orbital circuit of the planet Jupiter, or Brihaspati, the harbinger of good fortune and wealth.

    The present gathering commemorates the Maha Kumbh, or “Great” Kumbh, which is an exceptionally rare and auspicious event that takes place once every 144 years, following the completion of 12 regular Kumbh cycles. This sacred gathering is celebrated exclusively at Prayag.

    A gathering of this immense scale presents a monumental challenge for local and national authorities, testing their ability to coordinate the arrival and departure of hundreds of millions of people and housing them in thousands of tents in a city that is assembled just for the few weeks of the gathering.

    It serves as a showcase of the nation’s organizational prowess while striving to preserve the sanctity of this ancient festival. Not only have sandbags been laid for miles along the banks where pilgrims are congregating, local authorities have deployed 2,760 CCTV cameras to keep track of the throngs, prevent stampedes and prevent families from being separated.

    The 2025 event has been dubbed the first digital Maha Kumbh, where police and volunteers are using artificial intelligence-based software to locate missing people and deliver emergency alerts during unexpected crowd surges. They have also installed underwater drones to monitor bathers and prevent drowning. The state government allocated US$765 million (64 billion rupees) for infrastructure and support of police, medical staff and ambulances.

    Despite extensive preparations, the early rush for a bathing spot in the Ganga spiraled out of control just before dawn on Jan. 26 and many people were trampled. Such tragedies are not new to the Kumbh gathering. During the 1954 Kumbh, a much more devastating stampede resulted in the deaths of nearly 800 people. A melee at the train station during the 2013 Kumbh killed 36 people.

    The enduring appeal

    Over the centuries, countless pilgrims have bathed and prayed in the Ganga, driven by the enduring belief that its waters possess the power to cleanse the spirit and cure diseases.

    However, throngs of people wading into the Ganga often stoked the dread of infection and disease. In the latter half of the 19th century, during the heyday of British colonial rule, administrative officials considered mass ritual bathing at festivals such as Kumbh a great threat to public sanitation and hygiene and a potential source of cholera outbreaks. The colonial empire grew increasingly concerned after the number of pilgrims arriving in Prayag rose exponentially after the advent of the railways in the 1860s.

    Despite such fears, barring isolated episodes of cholera – the last one being in 1906, attributed to pilgrims drinking water from polluted pools – there has been little evidence of a major epidemic at the Kumbh in recorded history.

    Faith in the river’s purity has also been emboldened by research on high levels of oxygenation of the river water from algae and concentrations of the bacteriophage virus in the Ganga’s shallow pools, capable of eliminating harmful bacteria like E. coli.

    The magnificent celebration of the Kumbh and the enduring reverence for the sacred waters of the Ganga reflect a live connection to both myth and history across the great subcontinent of India.

    For the millions of pilgrims who bathe in the sacred waters, it is a continuation of the enduring belief in healing and spiritual redemption, both in this life and the next.

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

    – ref. Reverence for the sacred waters of the Ganga and belief in its power to wash away sins bring millions to India’s Maha Kumbh festival – https://theconversation.com/reverence-for-the-sacred-waters-of-the-ganga-and-belief-in-its-power-to-wash-away-sins-bring-millions-to-indias-maha-kumbh-festival-247676

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Nigeria’s Brics partnership: economist outlines potential benefits

    Source: The Conversation – Africa – By Stephen Onyeiwu, Professor of Economics & Business, Allegheny College

    During its 16th annual summit in Kazan, Russia, Brics – a group of emerging economies determined to act as a counterweight to the west and to whittle down the influence of global institutions – invited Nigeria and eight other countries to join it as “partner” countries. Nigeria formally accepted the invitation in January 2025. That invitation has generated questions about how Nigeria stands to benefit, especially when US president Donald Trump is threatening to sanction members of the group if they replace the US dollar as reserve currency. It was established in 2006 and initially composed of Brazil, Russia, India, and China. South Africa joined in 2010 and the bloc added four new members (Egypt, Ethiopia, Iran and the United Arab Emirates) in 2023. In this interview, development economist Stephen Onyeiwu argues that Nigeria stands to gain from a Brics partnership, but would have to carefully balance its domestic interests with those of its western allies and Brics.

    What does it mean to be a Brics ‘partner’ country?

    The introduction of Brics partnership is an expansion mechanism designed to bring in more participants without giving them full membership. It is akin to “observer” status.

    Brics partners can participate in special sessions of summits and foreign ministers’ meetings, as well as other high-level events. Partners can also contribute to the organisation’s official documents and policy statements.

    But partners cannot host annual Brics summits or determine the venue. Neither can they select new members and partners.

    How beneficial is Brics partnership to Nigeria?

    The main benefit would be access to finance offered by Brics’ New Development Bank.

    The New Development Bank was established as an alternative to western-dominated international financial institutions like the World Bank and International Monetary Fund. These institutions are sometimes used by the leading western countries to keep developing countries in line on global issues.

    Some developing countries are reluctant to criticise western countries for fear of losing access to funding by western-backed international financial institutions.

    Nigeria has been running a budget deficit of about 5% of GDP since 2019, and it needs funding to pay for the deficits. The New Development Bank could be an important source of funding for investment in Nigeria’s infrastructure, manufacturing, agriculture, and so on.

    New Development Bank loans are also available in member countries’ local currencies. They don’t have to earn foreign exchange to repay the loans. This fosters exchange rate stability and promotes economic growth. The New Development Bank raises funds in member countries’ local currencies, and lends them to member countries.

    Nigeria could use its Brics partnership to garner the group’s support in matters that affect Nigeria globally. For instance, there have been requests for African countries to be included as permanent members (without veto power) of the UN security council. South Africa and Nigeria have been touted as potential candidates. Should this issue be raised at the UN, Nigeria can count on the support of its Brics allies, which includes two permanent members (China and Russia) of the security council.

    Mutual understanding and cooperation with other Brics members and partners might spill over into economic, trade and investment agreements. Friendly countries are more likely to trade with each other and invest in each other’s economy.

    How can Nigeria maximise its status as a Brics partner?

    Nigeria should use it to attract foreign direct investment in strategic sectors of the economy, such as infrastructure, manufacturing, agriculture and technology.

    Some Brics members, like China, India, and the UAE, have investors that are seeking investment outlets abroad. Nigeria could use the bloc’s annual summits to showcase investment opportunities.

    The global economy is transitioning into “frontier industries and technologies”, such as big data, artificial intelligence, solar, drones, gene editing, 3D printing, blockchains, Internet of Things (IoT), 5G, robotics and nanotechnology. China, India and Brazil are already well advanced in these technologies.

    Nigeria should use its partnership with these countries to build capabilities in frontier industries and technologies. It could get favourable terms in the transfer of these technologies.

    Nigeria seeks to diversify its economy from reliance on the export of hydrocarbons. But Nigerian producers have had a hard time accessing global markets. The country should negotiate trade deals that provide access to Brics markets, especially agricultural and agro-processed products, arts and crafts.

    But Nigeria has to promote economic growth and structural transformation at home. If the Nigerian economy falters, it is unlikely the country will be invited to become a full member of Brics.

    Would adding new members and partners reduce western dominance?

    Brics has so far not been able to significantly change the dynamics of the international political economy. Adding new members and partners, while symbolic, will not act as an effective counterweight to the influence of the G7 and G20 groups of nations.

    Most of the countries and partners in Brics are either allies of western countries or neutral on global issues. They are unlikely to support decisions or actions that are grossly inimical to western interests.

    Egypt and the UAE, for instance, receive military aid from the United States. Ethiopia and Nigeria are top recipients of foreign aid in Africa, much of it from western-backed financial institutions.

    The only outlier in the mix is Iran, whose membership was promoted by Russia. But Iran has no leverage to influence others in the bloc.

    On balance, therefore, Brics will not be a threat to western countries.

    Brics aspires to weaken the dominance of the US dollar for international transactions. Close to 90% of international trade transactions are conducted with the US dollar.

    Brics countries plan to reduce dollar dominance by encouraging member countries to settle their trade and financial transactions using their domestic currencies. For instance, South African businesses could purchase Chinese goods using the South African rand, while the Chinese could do the same for South African goods using the Chinese yuan. The more members you have in Brics swapping their currencies, the less important the US dollar will be.

    It is unlikely, however, that an increase in the number of Brics members and partners will weaken the dollar. Most will continue to have significant economic relationships with the west, including trade and foreign aid.

    They will also continue to conduct business with many non-Brics countries, which also have economic relationships with the west. They will need the US dollar to transact with many other countries.

    So increasing the number of Brics members and partners does not pose a threat to dollar dominance.

    – Nigeria’s Brics partnership: economist outlines potential benefits
    – https://theconversation.com/nigerias-brics-partnership-economist-outlines-potential-benefits-248943

    MIL OSI Africa –

  • MIL-OSI Russia: Digital diagnostics to double number of foreign publications in 2024

    Translartion. Region: Russians Fedetion –

    Source: Center for Diagnostics and Telemedicine of the Moscow Department of Health (DZM)

    The scientific journal Digital Diagnostics has seen a significant increase in the number of publications by foreign authors in 2024, doubling the figures for previous years. This year, the journal has published 16 articles written by foreign authors, compared to an average of 7 articles per year in previous years. The journal currently collaborates with authors from six countries.

    Center for Diagnostics and Telemedicine.

    Yuri Vasiliev, Chief Consultant in Radiology at the Moscow Health Department and CEO of the Center for Diagnostics and Telemedicine, noted that in 2024, their journal expanded its international reach as it featured articles by Indian scientists for the first time. He noted that India, as a member of BRICS, is part of an international organization with which they actively cooperate. He expressed confidence that broad international cooperation and exchange of experience will significantly improve scientific development in their countries. He also noted that 16 foreign articles were published in the journal this year, significantly more than the 7 articles published in 2022 and 2021. Notably, Italy presented 13 articles on clinical cases and scientific reviews, while Indian scientists presented original research in teleradiology, which is considered a valuable contribution to the field.

    In 2024, two landmark papers by Indian authors were published: “Radiological evaluation of pulmonary vascular and gastrointestinal changes in COVID-19 patients referred to a tertiary care centre in Chennai, India: a prospective cross-sectional study” and “Role of teleradiology in interpreting ultrasound images obtained in the emergency setting”. These papers were prepared by research teams from Image Core Lab and Mahatma Gandhi.

    This year, the Diagnostics and Telemedicine Center actively established contacts with colleagues from the BRICS countries. The Center’s employees took part in the International Municipal Forum of the BRICS countries and visited a specialized healthcare exhibition in New Delhi called India Health. In addition, the Center was visited by delegations from four BRICS countries – China, India, Iran and South Africa.

    Digital Diagnostics is recognized as one of the most progressive and prestigious journals in the field of radiology. Every year its portfolio expands and includes a wide range of topics, such as radiology and instrumental diagnostics, innovative methods, application of artificial intelligence, healthcare management and other scientific topics. The journal publishes articles by outstanding Russian scientists, as well as international experts who make a significant contribution to the development of scientific research. The journal publishes articles in three languages: Russian, English and Chinese, with a circulation of 5,000 copies.

    MIL OSI Russia News –

  • MIL-OSI Europe: ASIA/INDIA – Food and “certain hope” for the poor, in the spirit of the Jubilee: the Capuchin mission in Tamil Nadu

    Source: Agenzia Fides – MIL OSI

    Dindigul (Agenzia Fides) – The “Assisi Free Food Support” initiative aims to offer food to the neediest students in rural areas, those who cannot afford even one meal a day, as well as to those who share this situation of deprivation. This initiative is launched today, February 5, at Anugraha College (whose name means “Providence of God”), a center run by the Capuchin Fathers in the diocese of Dindigul, in Tamil Nadu, and is presented as a prophetic gesture for the Jubilee Year. “We intend to demonstrate in a concrete way our closeness to the poorest, in the spirit of the Jubilee that announces hope to those in need,” says Father George Bernardshaw Jesudass OFM. Cap, director of the school, which houses 900 young people between 18 and 23 years old. The centre, dedicated to guiding students from rural families in their formation and higher education, is affiliated with the Kamaraj University of Madurai. “We are happy and receive support from both the friars of the Mary Queen of Peace Province and others, since any kind of help is prescious in order to generate a positive impact in the lives of our students and ensure the basis of food security necessary for study,” adds the friar, who is also Provincial Vicar. The initiative reflects the inclusive approach of the Indian Capuchins, especially in favour of the most disadvantaged in rural areas, without ethnic, cultural or caste distinctions. “When we are in heaven, the doors will be open to all, regardless of culture, language, social status or caste,” recalls Father Bernardshaw. “The caste mentality persists in society and even in some hierarchical structures of the Church, which represents a danger for the Catholic community. We, as Capuchin friars, do not impose barriers or hierarchies in our relationship with our neighbours; we are close to everyone and our doors remain open,” he says. The director reports that the province, made up of 150 Franciscan religious, is committed to various areas of the apostolate: “from aid and solidarity towards the needy, psychological and social counselling, the management of homes for abandoned elderly people and the mentally ill, to assistance to victims of addictions, especially among young people addicted to drugs or alcohol, without forgetting the important field of education, through schools that accompany the growth of students from rural families. This apostolate allows the friars to stay close to the people and to be widely appreciated.”“In the name of Francis of Assisi, we also try to give people that ‘certain hope’ that he preached,” explains the provincial father, Fr Arockiadoss Savarimuthu. The Capuchin friars have been present in India for almost 400 years. Their journey in the country is divided into four phases: at first, they were directly linked to the Sacred Congregation of Propaganda Fide (1632-1887); later, their missionary activities were promoted through provinces of other nations (1887-1982); then, with the birth of the “Commissariat of India”, Capuchin provinces were developed throughout the country (1922-1963); and, finally, the Indian Capuchins were consolidated and spread in their own land, also carrying out missions ad gentes (1963-today). During almost 400 years of mission, the friars have baptized thousands of people, founded various dioceses, contributed to the formation of the local clergy and erected 13 cathedrals, which remain a clear testimony of their dedication to the mission and to the Church in India. It is common for Capuchin convents to have annexes as charity centres, centres for social development and apostolic activities, also in the cultural field, through the publication of works of Franciscan theology and spirituality in the local language. Among the significant dates of this long history, the beginning of the Capuchin mission in India in 1632 stands out, marked by the landing of Brother Ephrem de Nevers, from France, in Madras, in the south of the country; and, later, in 1703, the missionary landing in Tibet and Nepal by Italian Capuchins from Le Marche area. In 2021, the friars celebrated the centenary of the opening of the first novitiate in India. (PA) (Agenzia Fides, 5/2/2025)
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    MIL OSI Europe News –

  • MIL-OSI: Stock Yards Bancorp to Participate in the KBW Winter Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    LOUISVILLE, Ky., Feb. 05, 2025 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today announced that Ja Hillebrand, Chairman and CEO, Phil Poindexter, President and T. Clay Stinnett, EVP and CFO, will participate in the Keefe, Bruyette & Woods’ Winter Financial Services Conference to be held February 12th to 14th, and will participate in a series of one-on-one meetings with institutional investors.

    Management’s discussion materials to be used at this conference will be posted to the investor section of the Company’s website, www.syb.com, on or before February 12, 2025.

    Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $8.86 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “SYBT.”

    Contact:   T. Clay Stinnett
        Executive Vice President,
        Treasurer and Chief Financial Officer
        (502) 625-0890

    The MIL Network –

  • MIL-OSI Banking: RBI to conduct 56-day Variable Rate Repo (VRR) on February 07, 2025

    Source: Reserve Bank of India

    As announced vide the Press Release 2024-2025/2013 dated January 27, 2025, the Reserve Bank will be conducting a 56-day Variable Rate Repo (VRR) on February 07, 2025, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 50,000 56 03:30 PM to 04:00 PM April 04, 2025
    (Friday)

    2. Standalone Primary Dealers will be allowed to participate in this auction, along with other eligible participants.

    3. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2082

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Union MoS for Health and Family Welfare, Smt. Anupriya Patel delivers keynote address at 15th International Meeting of World Pharmacopoeias in New Delhi today

    Source: Government of India

    Union MoS for Health and Family Welfare, Smt. Anupriya Patel delivers keynote address at 15th International Meeting of World Pharmacopoeias in New Delhi today

    Reaffirms India’s commitment to global pharmaceutical standardization and regulatory convergence

    “IMWP serves as a vital platform to foster international collaboration in pharmacopoeial science and regulatory harmonization”

    Releases IPC Newsletter 2024 and a special IPC video film which showcase India’s advancements in pharmacopoeial science

    Posted On: 05 FEB 2025 4:24PM by PIB Delhi

    Union Minister of State for Health and Family Welfare, Smt. Anupriya Patel delivered the keynote address at the 15th International Meeting of World Pharmacopoeias (IMWP), hosted by the Indian Pharmacopoeia Commission (IPC) under the aegis of the Ministry of Health and Family Welfare, Government of India, in collaboration with the World Health Organization (WHO), here today. The meeting brought together global pharmacopoeial leaders, regulatory authorities, and industry stakeholders to deliberate on key issues related to pharmaceutical standards and harmonization.

    Addressing the gathering, Smt. Patel reaffirmed India’s commitment to global pharmaceutical standardization and regulatory convergence. She highlighted India’s role as the “Pharmacy of the World” and emphasized the importance of ensuring access to high-quality medicines globally. She stated that the IMWP serves as a vital platform to foster international collaboration in pharmacopoeial science and regulatory harmonization.

    On this occasion, the Union Minister also released the IPC Newsletter 2024 and a special IPC video film, which showcase India’s advancements in pharmacopoeial science and the Commission’s efforts in ensuring high-quality pharmaceutical standards. The video film can be accessed at the following link: https://www.youtube.com/watch?v=MCdAZodvOSM.

    Smt. Punya Salila Srivastava, Secretary, Ministry of Health and Family Welfare, underscored the significance of global partnerships in strengthening pharmaceutical quality standards. She reiterated India’s efforts in aligning regulatory frameworks with international best practices and ensuring the availability of safe and effective medicines worldwide.

    Dr. Rajeev Singh Raghuvanshi, Secretary-cum-Scientific Director, IPC, and Drugs Controller General (India), highlighted IPC’s contributions in setting global benchmarks in pharmacopoeial science. He elaborated on IPC’s initiatives, including the IP Online platform, which enhances accessibility and usability of Indian Pharmacopoeia standards. He emphasized the role of scientific advancements and regulatory cooperation in shaping global pharmaceutical standards.

    Dr. Roderico H. Ofrin, WHO Representative to India, commended India’s leadership in pharmacopoeial standard-setting and emphasized the importance of regulatory harmonization in ensuring patient safety and public health.

    The 15th IMWP is set to facilitate discussions on key focus areas, including:

    • Updates on recommendations from the 14th IMWP and review of progress on harmonization initiatives.
    • Emerging issues in impurity assessment (Q3) and the implications of ICH Q6 guidelines on pharmacopoeial monograph specifications.
    • Defining the IMWP Charter to establish a long-term governance structure for the forum.
    • Enhancing collaboration among global pharmacopoeias and regulatory bodies, with updates from the Pharmacopoeial Discussion Group (PDG).
    • Promotion of environmental sustainability in pharmacopoeial practices and pharmaceutical manufacturing standards.
    • Finalization of reports for the 15th IMWP and preparatory discussions for the 16th IMWP.

    The deliberations during the IMWP will reinforce the role of pharmacopoeias in ensuring the quality, safety, and efficacy of medicines. The outcomes of the meeting will guide future collaborations in standard-setting and regulatory harmonization.

    The 15th IMWP, which commenced today, will conclude on 7th February 2025. The discussions held over these three days will set the stage for further strengthening global pharmacopoeial cooperation and enhancing pharmaceutical quality assurance.

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    MV

    HFW/MoS-15th IMWP Keynote Address/05th February 2025/1

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister condoles the passing of His Highness Prince Karim Aga Khan IV

    Source: Government of India (2)

    Posted On: 05 FEB 2025 4:10PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today condoled the passing of His Highness Prince Karim Aga Khan IV. PM lauded him as a visionary, who dedicated his life to service and spirituality. He hailed his contributions in areas like health, education, rural development and women empowerment.

    In a post on X, he wrote:

    “Deeply saddened by the passing of His Highness Prince Karim Aga Khan IV. He was a visionary, who dedicated his life to service and spirituality. His contributions in areas like health, education, rural development and women empowerment will continue to inspire several people. I will always cherish my interactions with him. My heartfelt condolences to his family and the millions of followers and admirers across the world.”

     

     

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    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah chairs a high-level review meeting on the security situation in Jammu and Kashmir in New Delhi

    Source: Government of India

    Union Home Minister and Minister of Cooperation, Shri Amit Shah chairs a high-level review meeting on the security situation in Jammu and Kashmir in New Delhi

    Under the leadership of Prime Minister Shri Narendra Modi, the Government is committed to wipe out terrorism from Jammu and Kashmir

    The ecosystem of terrorism in J&K has been weakened due to the sustained and coordinated efforts of the Modi government

    Union Home Minister directed all security agencies to step up the fight against terrorism with the goal of ‘zero infiltration’

    Our goal should be to uproot the existence of terrorists

    Terror funding from the proceeds of the narcotics trade has to be curbed with alacrity and rigour

    Posted On: 05 FEB 2025 3:40PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired a high-level review meeting on the security situation in Jammu and Kashmir in New Delhi today. The meeting was attended by the Lieutenant Governor of Jammu and Kashmir, Shri Manoj Sinha, the Union Home Secretary, the Director of the Intelligence Bureau, the Chief Secretary and the Director General of Police of Jammu and Kashmir, along with senior officials of the Ministry of Home Affairs and the Jammu and Kashmir administration. Union Home Minister, Shri Amit Shah, yesterday also held an important review meeting on the security situation in Jammu and Kashmir, which was attended by the Chief of the Army Staff, General Upendra Dwivedi, the Home Secretary and other senior officers of MHA and Army.

    Addressing the meeting, Union Home Minister and Minister of Cooperation said that the government under the leadership of Prime Minister Shri Narendra Modi is committed to completely wipe out terrorism from Jammu and Kashmir. He said that due to the sustained and coordinated efforts of the Modi government, the terrorism ecosystem in Jammu and Kashmir has been significantly weakened. The Home Minister directed all security agencies to step up the fight against terrorism by aiming for the ‘zero infiltration’ goal. He asked all security agencies to take more stringent action on infiltration and acts of terror with a ruthless approach. He said that it should be our goal to uproot the existence of terrorists.

    Shri Amit Shah said that the narco network is providing support to infiltrators and terrorists to carry out their activities. He said that there is a need to take prompt action against terror funding from the proceeds of the narcotics trade with alacrity and rigour.

    Shri Amit Shah directed the agencies to make new appointments in the posts of Forensic Science Laboratory (FSL) in view of the timely implementation of the new criminal laws.

    Shri Amit Shah emphasised the Modi government’s ‘policy of zero tolerance’ against terrorism to achieve the goal of a terrorism-free Jammu and Kashmir. He directed all security agencies to remain vigilant and continue to work in synergy to eliminate terrorism in Jammu and Kashmir.

    Union Home Minister appreciated the efforts of the security agencies for significant improvement in all parameters of the security scenario in Jammu and Kashmir.

    ******

    Raj Kumar/Vivek/Ashutosh/Pankaj

     

    (Release ID: 2099997) Visitor Counter : 87

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Over 3,300 Entries Received for WAVES 2025 “Reel Making” Challenge with participation from 20 Countries and across India

    Source: Government of India

    Over 3,300 Entries Received for WAVES 2025 “Reel Making” Challenge with participation from 20 Countries and across India

    From Digital Reels to Global Deals: Winners to gain unprecedented access & recognition; Finalists to compete globally with Ministry’s endorsement

    Themes of Viksit Bharat”, highlighting India’s existing technological & infrastructure advancements, and “India @ 2047” reflected in the reels

    Present India’s innovation journey by showcasing creativity and vision for the country’s progress; 15th March, 2025 to be the last date of registration

    Posted On: 05 FEB 2025 3:25PM by PIB Delhi

    The “Reel Making” challenge at the World Audio Visual & Entertainment Summit (WAVES) 2025 has received an overwhelming response, with 3,379 registrations from across India and 20 countries.

    Create in India

     The competition, launched as a key initiative under WAVES 2025, highlights India’s growing influence as a global hub for media and entertainment while also reflecting the country’s rapidly expanding digital creator economy. It aligns with the Government of India’s “Create in India” vision, empowering talent from across the nation and beyond.

    The competition has seen notable international participation from Afghanistan, Albania,  the United States, Andorra, Antigua and Barbuda, Bangladesh, UAE, Australia, and Germany, among others. This global reach highlights the increasing influence of India’s creative sector and the appeal of WAVES as a premier platform for content creators worldwide.

    Tawang to Port Blair: Soaring nationwide storytelling surge

    Domestically, the challenge has drawn entries from diverse and remote locations across India, including Tawang (Arunachal Pradesh), Dimapur (Nagaland), Kargil (Ladakh), Leh, Shopian (Kashmir), Port Blair (Andaman & Nicobar Islands), Teliamora (Tripura), Kasaragod (Kerala) and Gangtok (Sikkim). The strong response to WAVES’ “Reel Making” challenge from smaller towns and emerging creative hubs reflects India’s rich storytelling traditions and growing digital creator ecosystem.

    As part of the challenge, participants above the age of 20 are required to create reels on themes such as “Viksit Bharat”, highlighting India’s existing technological and infrastructure advancements, and “India @ 2047”, envisioning the nation’s future growth in these sectors. These themes provide a platform for storytellers to present India’s innovation journey through concise 30-60 second films, showcasing their creativity and vision for the country’s progress.

    The winners of the Reel Making challenge will receive exclusive opportunities, including:

    • An invitation to a Meta-hosted event and a reels masterclass in 2025.

    • All-expenses-paid access to WAVES 2025, where they will be honored.

    • Ministry support for finalists to participate in international-level content creator competitions.

    • Winner reels will be showcased in the prestigious WAVES Hall of Fame, on the official WAVES website, and social media platforms.

    ‘Make in India, Make for the World’

    WAVES 2025 takes its inspiration from Prime Minister, Shri Narendra Modi’s vision and mission to provide a new global identity to India’s creative prowess and establish India as a premier destination for media, entertainment, and content creation. This Summit will bring together industry leaders, stakeholders, and innovators to discuss emerging trends, foster collaborations, showcase India’s rich creative ecosystem and to implement PM’s vision of ‘Make in India, Make for the World’

    With participation covering almost the entire length and breadth of India and 20 other countries so far, the Reel Making challenge stands as a testament to India’s diverse and dynamic storytelling landscape, reinforcing its standing as a powerhouse in the global Media & Entertainment industry.

    For more details, visit: https://wavesindia.org/challenges-2025

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    Dharmendra Tewari/Kshitij Singha

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri. S. Krishnan, Secretary, Ministry of Electronics and Information Technology, inaugurates NIELIT Centre of Excellence in Chip Design at Noida

    Source: Government of India (2)

    Shri. S. Krishnan, Secretary, Ministry of Electronics and Information Technology, inaugurates NIELIT Centre of Excellence in Chip Design at Noida

    A significant step toward advancing India’s capabilities in semiconductor design and development

    CoE to boost VLSI & Chip design skills by offering state-of-the-art facilities for research, innovation, & training of talent pool to meet global semiconductor demands

    CoE Project Lab to act as hub for innovation & collaboration in chip design; Smart Classroom to transform semiconductor education with advanced learning tools

    Posted On: 05 FEB 2025 1:54PM by PIB Delhi

    Shri. S. Krishnan, Secretary of the Ministry of Electronics and Information Technology, inaugurated the National Institute of Electronics and Information Technology (NIELIT) Centre of Excellence (CoE) in Chip Design at its Noida campus yesterday. This initiative, established in association with SoCTeamup Semiconductors Pvt Ltd, a DPIIT-recognized startup, marks a significant step toward advancing India’s semiconductor design and development capabilities.

    The launch of the NIELIT Centre of Excellence in Chip Design is in line with the government of India’s vision of s semiconductor technology capabilities and furthering India’s emergence as a global leader in Electronics and IT.

    The new Centre of Excellence is poised to address the growing demand for skilled professionals in the semiconductor and chip design industries by offering state-of-the-art facilities for research, innovation, and training in VLSI (Very Large-Scale Integration) and Chip Design.

    Fostering Research, Innovation, and Training in VLSI and Chip Design

    With a vision to become a global leader in semiconductor innovation, it aims to advance VLSI and chip design while empowering India as a hub for cutting-edge electronics and IT. By fostering world-class education, research, and industry collaboration, the Centre seeks to drive innovation and develop a highly skilled talent pool to meet global semiconductor demands, strengthening India’s position in the global electronics and IT sectors.

    During the inauguration, Shri. S. Krishnan toured the Centre’s cutting-edge facilities, including the Project Lab and Smart Classroom. The Project Lab will serve as a hub for collaboration on innovative chip design projects among students, professionals and researchers. Meanwhile, the Smart Classroom, equipped with advanced teaching aids, will provide an immersive learning experience for students.

    A special demonstration of VLSI-based Intellectual Property (IP) was also conducted, underscoring the Centre’s commitment to advancing the design and development of intellectual properties in the semiconductor sector. The demonstration highlighted the Centre’s role in building a strong knowledge base in VLSI and cultivating a pool of talent to meet the growing needs of the industry.

    About NIELIT: 

    The National Institute of Electronics and Information Technology (NIELIT) is an autonomous body under the Ministry of Electronics and Information Technology (MeitY), Government of India. NIELIT focuses on promoting Education, Training and Research in Electronics, IT and related technologies. The Centre of Excellence in Chip Design, established in collaboration with SoCTeamup Semiconductors Pvt Ltd, is the latest initiative in NIELIT’s commitment to innovation and technological excellence.

    About SoCTeamup Semiconductors Pvt Ltd:

    SoCTeamup Semiconductors Pvt. Ltd. is a DPIIT-recognized startup that specializes in technology solutions in the domain of VLSI and SoC Design. With a focus on innovation and excellence, SoCTeamup is committed to advancing the semiconductor ecosystem in India.

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    Dharmendra Tewari/Kshitij Singha

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CARGO VOLUME HANDLED BY INDIAN PORTS

    Source: Government of India

    Posted On: 05 FEB 2025 1:38PM by PIB Delhi

    The cargo volumes handled by Indian Ports in FY 2024 and trend over the last three years is as under:   

    Year

    Cargo handled by Major Ports

    (Million Tonnes)

    Cargo handled by Non- Major Ports (Million Tonnes)

    Total

    (Million Tonnes)

    2020-21

    672.68

    575.04

    1247.72

    2021-22

    720.05

    598.63

    1318.68

    2022-23

    784.31

    650.00

    1434.31

    2023-24

    819.23

    721.00

    1540.23

    The government has taken various steps to streamline logistics for export-oriented industries such as the construction of new berths, terminals and parking plazas, mechanization / modernisation / optimisation of existing berths and terminals, streamlining of processes through digitalisation, expansion of hinterland connectivity through rail and road, etc.

    This information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarabananda Sonowal in a written reply to the Rajya Sabha.

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    G.D. Hallikeri/Henry

    (Release ID: 2099964) Visitor Counter : 79

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: TRENDS IN CARGO WEIGHT AND SIZE

    Source: Government of India

    Posted On: 05 FEB 2025 1:37PM by PIB Delhi

    The cargo handled at Major Ports has increased from 581.34 million tonnes in 2014-15 to 819.23 million tonnes in FY 2023-24, a CAGR of 3.5 % which is comparable to global standards. During 2023-24, the cargo handled consisted of 33.80% liquid bulk, 44.04% dry bulk, and 22.16% container cargo. Infrastructure development and capacity augmentation of Major Ports is a continuous process. It involves the construction of new berths and terminals, mechanization of existing berths and terminals, capital dredging for deepening of drafts for attracting larger vessels, development of road and rail connectivity, etc. Further, Vadhavan Port in Maharashtra has been approved to be developed as the mega container port in the country catering the requirement of handling new generation mega size container vessels.

    Based on consultation with Major Ports, State Maritime Boards, Ministry of Railway and Ministry of Road Transport and Highways, 107 road and rail connectivity infrastructure gaps for major and non-major ports have been identified and included in the Comprehensive Port Connectivity Plan (CPCP) prepared by Department for Promotion of Industry and Internal Trade (DPIIT) in September 2022. These projects aim to enhance connectivity between ports and domestic production / consumption centres.

    This information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarabananda Sonowal in a written reply to the Rajya Sabha.

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    G.D. Hallikeri/Henry

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Blessed to be at the Maha Kumbh in Prayagraj: Prime Minister

    Source: Government of India

    Blessed to be at the Maha Kumbh in Prayagraj: Prime Minister

    The Snan at the Sangam is a moment of divine connection: PM

    Posted On: 05 FEB 2025 12:46PM by PIB Delhi

    The Prime Minister Shri Narendra Modi visited the Maha Kumbh in Prayagraj and took a holy dip in the Sangam today.

    In separate posts on X, he wrote:

    “Blessed to be at the Maha Kumbh in Prayagraj. The Snan at the Sangam is a moment of divine connection, and like the crores of others who have taken part in it, I was also filled with a spirit of devotion. 

    May Maa Ganga bless all with peace, wisdom, good health and harmony.”

    “प्रयागराज महाकुंभ में आज पवित्र संगम में स्नान के बाद पूजा-अर्चना का परम सौभाग्य मिला। मां गंगा का आशीर्वाद पाकर मन को असीम शांति और संतोष मिला है। उनसे समस्त देशवासियों की सुख-समृद्धि, आरोग्य और कल्याण की कामना की। हर-हर गंगे!”

    “प्रयागराज के दिव्य-भव्य महाकुंभ में आस्था, भक्ति और अध्यात्म का संगम हर किसी को अभिभूत कर रहा है। पावन-पुण्य कुंभ में स्नान की कुछ तस्वीरें….”

     

     

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    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: General Saïd Chanegriha, Minister Delegate to the Minister of National Defence, Chief of Staff of People’s National Army, Algeria to visit India

    Source: Government of India (2)

    Posted On: 05 FEB 2025 11:10AM by PIB Delhi

    General Saïd Chanegriha, Minister Delegate to the Minister of National Defence, Chief of Staff of People’s National Army, Algeria will be on an official visit to India from February 06 to 12, 2025. He will attend the inauguration of Aero India 2025 in Bengaluru and interact with Raksha Mantri Shri Rajnath Singh. The Minister Delegate will attend the Defence Ministers’ Conclave on the theme ‘BRIDGE – Building Resilience through International Defence and Global Engagement’, facilitating dialogue towards strategic partnerships. He will also hold key meetings with his counterparts on the sidelines of Aero India.

    In New Delhi, the General will lay a wreath at the National War Memorial and will be accorded a Guard of Honour. He is scheduled to meet Chief of Defence Staff General Anil Chauhan and Defence Secretary Shri Rajesh Kumar Singh.

    General Chanegriha will also visit several military institutes, including the Defence Image Processing and Analysis Centre of the Defence Space Agency, the National Defence Academy at Khadakwasla and INS Hansa, the premier Naval Aviation training establishment. He is also scheduled to visit Defence & Aerospace public and private establishments including BrahMos Aerospace, Goa Shipyard Limited, Bharat Electronics Limited, L&T Defence and Bharat Forge.

    General Chanegriha’s visit paves the way for continued collaboration between the militaries of India and Algeria. It will further deepen the strong bonds & historical relationship between the two friendly nations and enhance their cooperation on matters of mutual interest.

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    SR/Savvy

    (Release ID: 2099928) Visitor Counter : 88

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: APEDA’s financial assistance schemes boost 47.3% surge in India’s fruit and vegetable exports

    Source: Government of India

    Posted On: 04 FEB 2025 7:58PM by PIB Delhi

    • APEDA strengthens exporter growth with new schemes for infrastructure, quality, and market development
    • India’s fruit and vegetable exports reach 123 countries, with 17 new market added in 3 years

    The Department of Commerce through Agricultural and Processed Food Products Export Development Authority (APEDA) provides financial assistance to its member exporters of APEDA from across the country, for export promotion of its Scheduled products, including for Fruits & vegetables, under Agriculture and Processed Foods Export Promotion Scheme of APEDA for the 15th Finance Commission Cycle (2021-22 to 2025-26) in following three broad areas:

    Scheme for infrastructure Development – Financial assistance for setting up of packhouse facilities with packing / grading lines, pre-cooling unit with cold storage and refrigerated transportation etc., cable system for handling of crops like banana, pre-shipment treatment facilities such as irradiation, vapor heat treatment, hot water dip treatment and common infrastructure facilities, reefer vans and missing gap in the existing infrastructure of individual exporters.

    Scheme for Quality Development – Financial assistance for purchase of laboratory testing equipment, installation of quality management system, handheld devices for capturing farm level coordinates for traceability and testing of water, soil, residues and pesticides etc.

    Scheme for Market Promotion – The assistance covers participation of exporters in international trade fairs, organizing buyer seller meets and developing packaging standards for new products and upgrading the existing packaging standards.

    The details of financial assistance guidelines are available at APEDA Website www.apeda.gov.in under the “Scheme” tab.

    As a result of these initiatives, there has been a growth of 47.3%, in the volume of exports of fruits and vegetables between the period 2019-20 to 2023-24.

    Export data of fruits and vegetables in last five years

    Country: All

    Product: Fresh Fruits & Vegetables

     

    Value In USD Million

    Qty In Thousand MT

    Products

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    Fresh Fruits & Vegetables

    1,282.43

    1,342.13

    1,527.63

    1,635.95

    1,814.58

    2,659.48

    3,148.08

    3,376.25

    4,335.68

    3,911.95

    Source: DGCIS

     

    Growth in terms of Volume in the last five years =47.30%

    Growth in terms of Value in the last five years= 41.50 %

    The Government maintains the record of total exports of fruits and vegetables from India. The export figures of States are compiled on the basis of the State-of-Origin code reported by the exporters in the shipping bills. Thus, the state wise data of exports of Fruits and vegetables is not available as the same is not validated by DGCI&S. However, the major states producing Fruits and vegetables are Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra, Andhra Pradesh, Gujarat, Bihar, Tamil Nadu, Odisha, Karnataka.

    India’s Export of Mango and Onion to World (By Variety)

    Product

    Variety

    USD Million

    Qty in MT

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    Mango

    Other Mangoes

    0.00

    25.42

    23.48

    33.26

    36.18

    0.00

    15795.09

    17448.90

    17257.28

    23786.16

    Kesar

    0.00

    2.92

    6.91

    4.97

    11.25

    0.00

    983.73

    2319.08

    1749.97

    3787.01

    Alphonso (Hapus)

    0.00

    6.08

    10.09

    7.84

    8.68

    0.00

    3195.86

    5994.86

    2829.76

    2673.39

    Banganapalli

    0.00

    1.46

    3.01

    2.00

    3.20

    0.00

    830.55

    1674.04

    856.91

    1081.68

    Chausa

    0.00

    0.05

    0.05

    0.03

    0.24

    0.00

    40.98

    25.64

    19.72

    488.26

    Langda

    0.00

    0.08

    0.16

    0.12

    0.19

    0.00

    48.99

    122.16

    70.02

    81.94

    Dasheri

    0.00

    0.09

    0.11

    0.06

    0.17

    0.00

    49.50

    75.92

    34.70

    75.54

    Totapuri

    0.00

    0.07

    0.17

    0.20

    0.16

    0.00

    47.47

    151.01

    116.60

    91.95

    Mallika

    0.00

    0.03

    0.09

    0.06

    0.07

    0.00

    41.40

    61.16

    28.81

    38.17

    Mangoes , Fresh/Dried,

    56.11

    0.00

    0.00

    0.00

    0.00

    49658.68

    0.00

    0.00

    0.00

    0.00

    Total Mangoes

    56.11

    36.20

    44.07

    48.54

    60.14

    49658.68

    21033.57

    27872.77

    22963.77

    32104.10

    Onion

    Other Onions Fresh of Chilled

    0.00

    0.00

    0.00

    0.00

    434.78

    0.00

    0.00

    0.00

    0.00

    1606683.97

    Rose Onions Fresh of Chilled

    0.00

    0.00

    0.00

    0.00

    38.94

    0.00

    0.00

    0.00

    0.00

    110755.38

    Onions, Fresh/Chilled

    324.20

    378.49

    460.56

    561.38

    0.00

    1149896.84

    1578016.57

    1537496.85

    2525258.35

    0.00

    Total Onions

    324.20

    378.49

    460.56

    561.38

    473.72

    1149896.84

    1578016.57

    1537496.85

    2525258.35

    1717439.35

     

    Source: DGCIS

     

    Note :- ITC HS Code with (*) mark of the Commodity is either dropped or re-allocated

     

    In FY 2023-24, India’s exports of Fresh Fruits and Vegetables reached 123 countries. In the last 3 years, Indian fresh produce entered 17 new markets, some of which are Brazil, Georgia, Uganda, Papua New Guinea, Czech Republic, Uganda, Ghana etc. This has been achieved through a host of measures such as participation in international trade fairs, actively pursuing market access negotiations, organizing buyer seller meets etc.

    Department of Commerce is working in close coordination with the MoA&FW in prioritizing agriculture products for market access negotiations to reach new markets. As a result, India has achieved new market access in following commodities in the last three years:

    • Indian Potatoes and Onions in Serbia
    • Baby corn and fresh banana in Canada
    • Pomegranate arils in Australia, USA, Serbia, and New Zealand
    • Whole pomegranates in Australia via Irradiation treatment

     

    The barriers in accessing new markets differ from product to product and are dynamic in nature. Some of the major barriers in accessing new markets for fruits & vegetables are:

    • Long geographic distance from India raising the costs of logistics.
    • Delay in grant of market access by importing countries for certain products.
    • Stringent Phyto-sanitary requirements imposed by some importing countries.
    • Delay in registration of enterprises in certain countries.

    To address the above issues, various steps are being taken by the Department of Commerce:

    • For expand market access to our products, MoA&FW & APEDA have identified key products and key countries for intensifying market access negotiations.
    • Development of Sea protocols for horticulture products to reduce logistic expenses and to enable larger volume of exports.
    • Regular follow up with the counterpart authorities of importing countries with support of our Missions abroad for registration of facilities and market access negotiations.
    • For meeting stringent Phyto-sanitary requirements, setting up of traceability system and a system of farmer and facility registration.

     

    This information has been provided by the Union Minister of Commerce and Industry, Shri Piyush Goyal in a written reply in the Lok Sabha today.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2099814) Visitor Counter : 374

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation

    Source: Government of India (2)

    IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation

    Shri Nitin Gadkari, Minister for Road, Transport & Highways, Graced the Day 1 of the IICA-CMAI Masterclass on Global & Indian Carbon Markets

    Under the agreement, CMAI and IICA will collaborate on Training Programmes, Joint Research, Conferences and Policy Advocacy on Carbon markets, low-carbon industrial solutions, and sustainable finance

    Posted On: 05 FEB 2025 5:10PM by PIB Delhi

    In a significant step towards strengthening India’s carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and Carbon Market Association of India (CMAI) have signed a Memorandum of Understanding (MoU) in New Delhi. The landmark agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets on 4th February, graced by Shri Nitin Gadkari, Minister for Road, Transport & Highways, Government of India, who emphasized the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future.

    He shared pilot projects related to Bio Bitumin, Bio Aviation-fuel, Bio CNG and highlighted that “Conversion of Knowledge into wealth is the future and No Material is waste”. While emphasizing the importance of PPP, he shared that “Hydrogen is fuel for the future”. The Minister also shared his vision for the cost of hydrogen to be 1 dollar per kg, which he is confident India will be the pioneering nation to achieve due to its state-of-the-art research and development initiatives in this field. While citing landmark initiatives being undertaken related to the biofuels and alternative fuels, he  also mentioned that though the initial cost of capital and technology seems high but significant research is currently underway which will eventually unleash as well as lead to the realisation of its true potential. He further highlighted the government’s commitment to developing a diversified biofuels sector, acknowledging the vast potential of various fuels to create a cleaner, more sustainable energy landscape and soon India will become a Green Hydrogen exporting country. At the end, he congratulated the organisation for launching the Sustainable Aviation Fuel (SAF) Alliance and the capacity building initiatives in this domain.

     

    Dr. Garima Dadhich, Head, School of Business Environment, IICA, stated that the IICA Certificate Programme in Decarbonisation will be focused on creating a pool of corporates with advanced expertise to develop carbon offset mechanisms for climate mitigation, as well as integrate long-term strategy to decarbonise their operations.

    Mr Manish Dabkara, President, CMAI remarked that the MoU with IICA marks a significant step towards building a robust ecosystem for carbon markets in India. Training programs, research opportunities, workshops, and conferences are a huge part of accelerating sustainable business initiatives. CMAI is looking forward to a successful partnership in this area. Mr. Rohit Kumar, Secretary General, CMAI remarked that awareness has been a major challenge in this area. By combining CMAI’s industry expertise with IICA’s institutional strength, the collaboration will aim to create impactful learning opportunities that will help accelerate India’s transition to a low-carbon economy.

    This strategic partnership aims to equip industry professionals, policymakers and academicians with the necessary knowledge and expertise to navigate India’s evolving carbon markets.  CMAI, a leading industry association focused on accelerating sustainable business initiatives, will serve as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, to support the growth and development of the corporate sector in India.

    Under the agreement, CMAI and IICA will collaborate on:

    • Training Programmes: Developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
    • Joint Research: Conducting studies and publishing insights on decarbonisation strategies and carbon trading mechanisms.
    • Workshops and Conferences: Organising events to facilitate dialogue among industry stakeholders, policymakers, and academics.
    • Policy Advocacy: Supporting regulatory and policy frameworks that drive India’s net zero ambitions.

    The Day 1 of the Masterclass witnessed the participation of more than 70 professionals from leading corporates, PSUs as well as delegations from governmental bodies, embassies and international organisations. The Masterclass on Global and Indian Carbon Markets is being organised by IICA as part of the India Climate Week. Ms. Shivangi Vashishta, Senior Research Associate, School of Business Environment, IICA, led a case-study based discussion which led to enhanced delegate engagement. The Day 1 of the Masterclass concluded with an insightful session from Managing Partner, ERM India. The Day 2 of the Masterclass will witness a series of sessions on International Carbon Markets.

    About Indian Institute of Corporate Affairs (IICA):

    The Indian Institute of Corporate Affairs (IICA), is an autonomous institution under the aegis of the Ministry of Corporate Affairs. School of Business Environment (SBE) is a specialised vertical within IICA promoting the responsible business conduct focusing on the forward-looking areas of Environmental-Social-Governance (ESG), Corporate Social Responsibility (CSR), Sustainable Finance, Business & Biodiversity Conservation, Business and Human Rights, Responsible Trade, ESG Audit & Assurance and other aligned areas.

    Contact: https://iica.nic.in/, sobe@iica.in or 0124-2640044

    About Carbon Market Association of India (CMAI):

    The Carbon Markets Association of India (CMAI) is a leading not-for-profit industry group driving India’s transition to a net-zero future by decarbonising hard-to-abate sectors. Collaborating with key ministries like MoEFCC, MoP, MNRE, and NITI Aayog, CMAI provides policy advocacy, capacity building, and knowledge support.

    Contact: https://cma-india.in/, secretary@cma-india.in or +91 98117 79580

    ****

    NB/AD

    (Release ID: 2100046) Visitor Counter : 65

    MIL OSI Asia Pacific News –

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

    Source: Securelist – Kaspersky

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

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

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

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

    Types of “Nigerian” email messages

    Email from wealthy benefactors

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

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

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

    Compensation scams

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

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

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

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

    Lottery scams

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

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

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

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

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

    Online dating scams

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

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

    “Nigerian” spam for businesses

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

    Current “Nigerian” spam themes

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

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

    Creativity unbound

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

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

    Conclusion

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

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

    MIL OSI Economics –

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

    Source: Samsung

     
    GURUGRAM, India – 05, February 2025: Samsung, India’s largest consumer electronics brand, today unveiled an innovative, original series titled ‘Foley – Sound Meets Story’ taking audiences to a cinematic journey through the art and science of immersive audio. This video series has been produced in collaboration with Dolby, and marks a significant step for Samsung in redefining its presence in the premium audio hardware segment. The collaboration combines the rich auditory expertise of Dolby with Samsung’s cutting-edge technology in TVs & Soundbars.
     
    ‘Foley – Sound Meets Story’ is a series with five episodes, and each episode is inspired by one of the five elements – fire, water, wind, jungle, and food. With insights from professional Foley artists, each episode showcases the artistry behind crafting soundscapes that embody the essence of these elements in Dolby Atmos®. The series delves into the role of Dolby Atmos in delivering an audio experience with sounds that can be heard and felt all around, before finally highlighting the Samsung hardware that brings these sounds to life with exceptional clarity and depth for consumers. Consumers will experience these immersive Dolby Atmos soundscapes firsthand at over 5,000 Samsung stores across India, supported by well-trained Samsung retail staff.  This multi-faceted approach brings the series to life both on and offline, emphasizing Dolby and Samsung’s commitment to providing a truly elevated audio experience.
     
    “At Samsung, innovation lies at the heart of everything we do. Our collaboration with Dolby on this exclusive series reflects our commitment to deliver immersive and professional-grade audio experiences to our consumers. By blending Dolby’s expertise in sound with Samsung TVs & Soundbars, we aim to redefine how Indian audiences perceive and interact with sound technology, creating unforgettable sensory experiences in their homes.”  said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.
     
    Sameer Seth, Director Marketing – India, Dolby Laboratories said, “Dolby Atmos is at the forefront of transforming entertainment with its immersive, theatre-quality sound. ‘Foley – Sound Meets Story’ shot at Annapurna Studios, is a sincere effort that brings out the story of the Foley artist on what goes in creating these sound effects brought to life in Dolby Atmos. We are excited to work with Samsung to deliver several lifelike soundscapes for consumers to experience through their Dolby Atmos enabled Samsung TV and soundbar.
     
    Each episode of ‘Foley – Sound Meets Story’ highlights the crucial role of Dolby Atmos in designing an immersive soundscape, ultimately showcasing the hardware that brings these audio experiences to life for consumers.‘Foley – Sound Meets Story’ series is designed to leave a lasting impression on consumers and enhancing Samsung brand in the competitive audio market.

    MIL OSI Economics –

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

    Source: GlobeNewswire (MIL-OSI)

    CONTINUED STRONG EARNINGS MOMENTUM IN 2024
    CASA AND CAG STATED AND UNDERLYING DATA Q4-2024
               
      CRÉDIT AGRICOLE S.A.   CRÉDIT AGRICOLE GROUP
        Stated   Underlying     Stated   Underlying
    Revenues   €7,092m
    +17.4% Q4/Q4    		   €7,116m
    +18.2% Q4/Q4    		     €9,817m
    +11.9% Q4/Q4    		   €9,840m
    +13.4% Q4/Q4
    Expenses   -€3,917m
    +5.6% Q4/Q4    		   -€3,878m
    +4.4% Q4/Q4    		     -€5,863m
    +3.2% Q4/Q4    		   -€5,824m
    +2.4% Q4/Q4
    Gross Operating Income   €3,175m
    +36.2% Q4/Q4    		   €3,238m
    +40.4% Q4/Q4    		     €3,954m
    +28.0% Q4/Q4    		   €4,017m
    +34.3% Q4/Q4
    Cost of risk   -€594m
    +35.0% Q4/Q4    		   -€594m
    +35.0% Q4/Q4    		     -€867m
    +13.9% Q4/Q4    		   -€867m
    +13.9% Q4/Q4
    Net income group share   €1,689m
    +26.6% Q4/Q4    		   €1,730m
    +32.8% Q4/Q4    		     €2,149m
    +24.6% Q4/Q4    		   €2,190m
    +33.7% Q4/Q4
    C/I ratio   55.2%
    -6.2 pp Q4/Q4    		   54.5%
    -7.2 pp Q4/Q4    		     59.7%
    -5.1 pp Q4/Q4    		   59.2%
    -6.4 pp Q4/Q4
    ALL OF THE FINANCIAL TARGETS OF THE 2025 AMBITIONS PLAN EXCEEDED AS OF 2024

    STRONG INCREASE IN QUARTERLY AND FULL-YEAR EARNINGS

    • Record quarterly and full-year revenues, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: low cost/income ratio (increase in recurring expenses contained at +3.0% Q4/Q4) and 14.0% return on tangible equity in 2024
    • Cost of risk rose in Q4-24, driven by provisions for performing loans related to model effects at Crédit Agricole CIB and Crédit Agricole Personal Finance & Mobility (CAPFM)

    PROPOSED 2024 DIVIDEND INCREASE TO €1.10 PER SHARE (+5% VS. 2023)

    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Robust growth in retail banking and consumer finance driven by multiple factors: continued upturn in the home loan business in France (up +18%), higher corporate loan production, thriving international lending business, consumer finance stability at a high level and confirmed stabilisation of the deposit mix in France
    • Record CIB, asset management and insurance business, reflected in the record level in insurance revenues with contributions from all activities, high net inflows and record level of assets under management, as well as a new quarterly and full-year record reached by CIB

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Instruments finalised to acquire an additional 5.2% in Banco BPM
    • Signing of an agreement for the acquisition of Santander’s 30.5% stake in CACEIS
      • Acquisition of aixigo, European leader in Wealth Tech
      • Finalization of the acquisition of 50% of GAC Leasing in China by CAPFM

    SOLID CAPITAL AND LIQUIDITY POSITIONS

    • Crédit Agricole S.A.’s phased-in CET1 at 11.7% and Group phased-in CET1 at 17.2%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Phased withdrawal from fossil energies and reallocation of investments to renewable energy
    • Decarbonisation pathways in line with targets (oil & gas, power and automotive)

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

     

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

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

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

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

    		  

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

    Crédit Agricole Group

    Group activity

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

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

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

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

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

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

    Roll-out of strategic plan

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

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

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

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

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

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

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

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

    Continued support for the energy transition

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

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

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

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

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

    Group results

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

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

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

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

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

    €m Q4-24
    stated    		 Specific items Q4-24
    underlying    		 Q4-23
    stated    		 Specific items Q4-23
    underlying    		 ∆ Q4/Q4
    stated    		 ∆ Q4/Q4
    underlying
                     
    Revenues 9,817 (24) 9,840 8,769 93 8,677 +11.9% +13.4%
    Operating expenses excl.SRF (5,863) (39) (5,824) (5,682) 4 (5,686) +3.2% +2.4%
    SRF – – – – – – n.m. n.m.
    Gross operating income 3,954 (63) 4,017 3,088 97 2,991 +28.0% +34.3%
    Cost of risk (867) 0 (867) (762) – (762) +13.9% +13.9%
    Equity-accounted entities 80 – 80 73 – 73 +9.9% +9.9%
    Net income on other assets (20) (1) (19) (19) – (19) +7.5% +2.2%
    Change in value of goodwill 4 – 4 2 12 (9) +60.4% n.m.
    Income before tax 3,150 (64) 3,214 2,382 109 2,274 +32.2% +41.4%
    Tax (784) 16 (799) (455) (23) (432) +72.4% +85.1%
    Net income from discont’d or held-for-sale ope. – – – (10) – (10) (100.0%) (100.0%)
    Net income 2,366 (48) 2,414 1,918 86 1,832 +23.4% +31.8%
    Non controlling interests (217) 7 (224) (194) – (194) +12.2% +15.6%
    Net income Group Share 2,149 (42) 2,190 1,724 86 1,638 +24.6% +33.7%
    Cost/Income ratio excl.SRF (%) 59.7%   59.2% 64.8%   65.5% -5.1 pp -6.4 pp

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

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

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

    Crédit Agricole Group – Stated and underlying results 2024 and 2023

    En m€ 2024
    stated    		 Specific items 2024
    underlying    		 2023
    stated    		 Specific items 2023
    underlying    		 ∆ 2024/2023
    stated    		 ∆ 2024/2023
    underlying
                     
    Revenues 38,060 93 37,967 36,492 851 35,641 +4.3% +6.5%
    Operating expenses excl.SRF (22,729) (123) (22,606) (21,464) (14) (21,450) +5.9% +5.4%
    SRF – – – (620) – (620) (100.0%) (100.0%)
    Gross operating income 15,332 (30) 15,362 14,408 837 13,572 +6.4% +13.2%
    Cost of risk (3,191) (20) (3,171) (2,941) (84) (2,856) +8.5% +11.0%
    Equity-accounted entities 283 (0) 283 263 (39) 302 +7.6% (6.1%)
    Net income on other assets (39) (24) (15) 88 89 (1) n.m. x 18.9
    Change in value of goodwill 4 – 4 2 12 (9) +60.4% n.m.
    Income before tax 12,388 (74) 12,462 11,821 814 11,007 +4.8% +13.2%
    Tax (2,888) 12 (2,900) (2,748) (203) (2,545) +5.1% +13.9%
    Net income from discont’d or held-for-sale ope. – – – (3) – (3) (100.0%) (100.0%)
    Net income 9,500 (62) 9,562 9,071 611 8,459 +4.7% +13.0%
    Non controlling interests (860) 23 (883) (813) (0) (813) +5.8% +8.7%
    Net income Group Share 8,640 (39) 8,679 8,258 611 7,647 +4.6% +13.5%
    Cost/Income ratio excl.SRF (%) 59.7%   59.5% 58.8%   60.2% +0.9 pp -0.6 pp

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

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

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

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

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

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

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

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

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

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

    Regional banks

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

    Crédit Agricole S.A.

    Results

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

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

    €m Q4-24
    stated    		 Specific items Q4-24
    underlying    		 Q4-23
    stated    		 Specific items Q4-23
    underlying    		 ∆ Q4/Q4
    stated    		 ∆ Q4/Q4
    underlying
                     
    Revenues 7,092 (24) 7,116 6,040 19 6,021 +17.4% +18.2%
    Operating expenses excl.SRF (3,917) (39) (3,878) (3,710) 4 (3,714) +5.6% +4.4%
    SRF – – – – – – n.m. n.m.
    Gross operating income 3,175 (63) 3,238 2,330 24 2,307 +36.2% +40.4%
    Cost of risk (594) 0 (594) (440) – (440) +35.0% +35.0%
    Equity-accounted entities 62 – 62 61 – 61 +2.4% +2.4%
    Net income on other assets (9) (1) (8) (17) – (17) (45.9%) (51.9%)
    Change in value of goodwill – – – 2 12 (9) n.m. (100.0%)
    Income before tax 2,634 (64) 2,698 1,937 35 1,902 +36.0% +41.9%
    Tax (681) 16 (697) (369) (4) (365) +84.7% +91.0%
    Net income from discont’d or held-for-sale ope. – – – (10) – (10) n.m. n.m.
    Net income 1,953 (48) 2,001 1,558 32 1,527 +25.3% +31.1%
    Non controlling interests (264) 7 (271) (224) (0) (224) +17.8% +21.1%
    Net income Group Share 1,689 (41) 1,730 1,334 31 1,303 +26.6% +32.8%
    Earnings per share (€) 0.52 (0.01) 0.54 0.41 0.01 0.40 +26.8% +33.4%
    Cost/Income ratio excl. SRF (%) 55.2%   54.5% 61.4%   61.7% -6.2 pp -7.2 pp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    En m€ 2024
    stated    		 Specific items 2024
    underlying    		 2023
    stated    		 Specific items 2023
    underlying    		 ∆ 2024/2023
    stated    		 ∆ 2024/2023
    underlying
                     
    Revenues 27,181 30 27,151 25,180 617 24,563 +7.9% +10.5%
    Operating expenses excl.SRF (14,895) (123) (14,772) (13,632) (14) (13,618) +9.3% +8.5%
    SRF – – – (509) – (509) (100.0%) (100.0%)
    Gross operating income 12,286 (94) 12,379 11,039 603 10,436 +11.3% +18.6%
    Cost of risk (1,850) (20) (1,830) (1,777) (84) (1,693) +4.1% +8.1%
    Equity-accounted entities 194 (0) 194 197 (39) 235 (1.5%) (17.6%)
    Net income on other assets (4) (24) 20 85 89 (4) n.m. n.m.
    Change in value of goodwill – – – 2 12 (9) (100.0%) (100.0%)
    Income before tax 10,625 (138) 10,763 9,546 580 8,966 +11.3% +20.0%
    Tax (2,472) 28 (2,500) (2,201) (153) (2,047) +12.3% +22.1%
    Net income from discont’d or held-for-sale ope. – – – (3) – (3) n.m. n.m.
    Net income 8,153 (109) 8,263 7,343 427 6,916 +11.0% +19.5%
    Non controlling interests (1,067) 24 (1,090) (995) (2) (992) +7.3% +9.9%
    Net income Group Share 7,087 (86) 7,172 6,348 425 5,923 +11.6% +21.1%
    Earnings per share (€) 2.11 (0.03) 2.14 1.94 0.14 1.80 +8.5% +18.5%
    Cost/Income ratio excl.SRF (%) 54.8%   54.4% 54.1%   55.4% +0.7 pp -1.0 pp

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

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

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

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

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

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

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

    Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

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

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

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

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

    Results of the Asset Gathering division

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

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

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

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

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

    Insurance results

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

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

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

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

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

    Asset Management results

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

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

    Wealth Management results59

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

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

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

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

    Activity of the Large Customers division

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

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

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

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

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

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

    Results of the Large Customers division

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

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

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

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

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

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

    Corporate and Investment Banking results

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

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

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

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

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

    Asset servicing results

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

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

    Specialised financial services activity

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

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

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

    Specialised financial services’ results

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

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

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

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

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

    Personal Finance and Mobility results

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

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

    Leasing & Factoring results

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

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

    Crédit Agricole S.A. Retail Banking activity

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

    Retail banking activity in France

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

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

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

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

    Retail banking activity in Italy

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

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

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

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

    Crédit Agricole Group activity in Italy76

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

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

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

    International Retail Banking activity excluding Italy

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

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

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

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

    French retail banking results

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

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

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

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

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

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

    International Retail Banking results85

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

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

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

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

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

    Results in Italy

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

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

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

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

    Results for Crédit Agricole Group in Italy87

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

    International Retail Banking results – excluding Italy

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

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

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

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

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

    Corporate Centre results

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

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

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

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

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

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

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

    Financial strength

    Crédit Agricole Group

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

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

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

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

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

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

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

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

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

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

    TLAC

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

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

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

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

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

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

    MREL

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

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

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

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

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

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

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

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

    Crédit Agricole S.A.

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

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

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

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

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    Preliminary presentation information:

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

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

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

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

    Comments on the liquidity position:

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

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

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

    This increase in liquidity reserves is notably explained by:

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

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

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

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

    This included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Economic and financial environment

    2024 retrospective

    Continuing trend of disinflation and monetary easing

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

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

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

    Financial markets

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

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

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

    2025 Outlook

    A highly conditional scenario

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

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

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

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

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

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

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

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

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

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

    Crédit Agricole Group – Specific items

      Q4-24 Q4-23 2024 2023
    €m Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income
                     
    DVA (LC) (26) (19) 6 4 20 15 (15) (11)
    Loan portfolio hedges (LC) 2 1 2 1 8 6 (24) (18)
    Home Purchase Savings Plans (LCL) – – 6 5 1 1 58 43
    Home Purchase Savings Plans (CC) – – 5 4 (0) (0) 236 175
    Home Purchase Savings Plans (RB) – – 74 55 63 47 192 142
    Mobility activities reorganisation (SFS) – – – – – – 300 214
    Check Image Exchange penalty (CC) – – – – – – 42 42
    Check Image Exchange penalty (LCL) – – – – – – 21 21
    Check Image Exchange penalty (RB) – – – – – – 42 42
    Total impact on revenues (24) (18) 93 69 93 69 851 650
    Degroof Petercam integration costs (AG) (13) (10) – – (26) (19) – –
    ISB integration costs (LC) (27) (15) – – (97) (52) – –
    Mobility activitiesreorganisation (SFS) – – 4 3 – – (14) (10)
    Total impact on operating expenses (39) (25) 4 3 (123) (72) (14) (10)
    Mobility activities reorganisation (SFS) – – – – –   (85) (61)
    Provision for risk Ukraine (IRB) – – – – (20) (20) – –
    Total impact on cost of credit risk – – – – (20) (20) (85) (61)
    Mobility activities reorganisation (SFS) – – – – – – (39) (39)
    Total impact equity-accounted entities – – – – –   (39) (39)
    ISB integration costs (LC) (2) – – – (2) – – –
    Degroof Petercam acquisition costs (AG) 1 1 – – (22) (16) – –
    Mobility activities reorganisation (SFS) – – – – – – 89 57
    Total impact Net income on other assets (1) 1 – – (24) (16) 89 57
    Mobility activities reorganisation (SFS) – – 12 12 – – 12 12
    Total impact on change of value of goodwill – – 12 12 – – 12 12
    Mobility activities reorganisation (SFS) – – – 3 – – – 3
    Total impact on tax – – – 3 – – – 3
                     
    Total impact of specific items (64) (42) 109 86 (74) (39) 814 611
    Asset gathering (12) (9) – – (49) (36) – –
    French Retail banking – – 80 59 65 48 312 248
    International Retail banking – – – – (20) (20) – –
    Specialised financial services – – 16 17 – – 263 176
    Large customers (52) (33) 8 6 (70) (31) (39) (29)
    Corporate centre – – 5 4 (0) (0) 277 216

    * Impact before tax and before minority interests

    Crédit Agricole S.A. – Specific items

      Q4-24 Q4-23 2024 2023
    €m Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income
                     
    DVA (LC) (26) (19) 6 4 20 15 (15) (11)  
    Loan portfolio hedges (LC) 2 1 2 1 8 6 (24) (18)  
    Home Purchase Savings Plans (LCL) – – 6 4 3 2 58 41  
    Home Purchase Savings Plans (CC) – – 5 4 (2) (1) 236 175  
    Mobility activities reorganisation (SFS) – – – – – – 300 214
    Check Image Exchange penalty (CC) – – – – – – 42 42
    Check Image Exchange penalty (LCL) – – – – – – 21 20
    Total impact on revenues (24)            (17) 19 14 30 21 617 464
    Degroof Petercam integration costs (AG) (13) (9)    –    – (26) (19) – –  
    ISB integration costs (LC) (27) (15)    –     – (97) (52) – –  
    Mobility activities reorganisation (SFS)      –     –      4     3    –      – (14) (10)  
    Total impact on expenses               (39)              (25)             4        3 (123)               (71)       (14) (10)
    Provision for risk Ukraine (IRB) – – – – (20) (20) – –  
    Mobility activities reorganisation (SFS) – – – – –   (85) (61)  
    Total impact on cost of credit risk – – – – (20) (20) (85) (61)  
                     
    Mobility activities reorganisation (SFS) – – – – – – (39) (39)  
    Total impact equity-accounted entities – – – – –   (39) (39)  
    ISB integration costs (LC) (2) – – – (2) – – –  
    Degroof Petercam acquisition costs (AG) 1 1 – – (22) (16) – –  
    Mobility activities reorganisation (SFS) – – – – – – 89 57  
    Total impact Net income on other assets (1) 1 – – (24) (16) 89 57  
    Mobility activities reorganisation (SFS) – – 12 12 – – 12 12  
    Total impact on change of value of goodwill – – 12 12 – – 12 12  
    Mobility activities reorganisation (SFS) – – – 3 – – – 3  
    Total impact on tax – – – 3 – – – 3  
                     
    Total impact of specific items (64) (41) 35 31 (138) (86) 580 425  
    Asset gathering (12) (9) – – (49) (35) – –  
    French Retail banking – – 6 4 3 2 79 61  
    International Retail banking – – – – (20) (20) – –  
    Specialised financial services – – 16 17 – – 263 176  
    Large customers (52) (32) 8 6 (70) (32) (39) (28)  
    Corporate centre – – 5 4 (2) (1) 277 216  

    * Impact before tax and before minority interests

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

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

      Q4-24 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,276 960 993 2,037 915 2,108 (472) 9,817
    Operating expenses excl. SRF (2,503) (647) (588) (930) (447) (1,298) 549 (5,863)
    SRF – – – – – – – –
    Gross operating income 773 313 405 1,107 468 810 77 3,954
    Cost of risk (263) (78) (97) (11) (306) (93) (19) (867)
    Equity-accounted entities 1 – – 29 43 7 – 80
    Net income on other assets (2) 1 0 (0) (9) (1) (10) (20)
    Income before tax 513 236 308 1,125 196 724 48 3,150
    Tax (110) (44) (100) (313) (49) (166) (2) (784)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 404 192 207 813 147 557 46 2,366
    Non controlling interests (1) (0) (31) (117) (24) (34) (11) (217)
    Net income Group Share 403 192 177 696 124 523 35 2,149
      Q4-23 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,227 959 1,000 1,550 880 1,936 (782) 8,769
    Operating expenses excl. SRF (2,485) (654) (646) (726) (449) (1,209) 488 (5,682)
    SRF – – – – – – – –
    Gross operating income 742 305 353 824 431 727 (294) 3,088
    Cost of risk (321) (96) (98) (4) (184) (39) (20) (762)
    Equity-accounted entities (0) – (0) 29 40 5 – 73
    Net income on other assets (1) 0 2 (5) (11) (1) (4) (19)
    Income before tax 420 209 258 843 288 692 (328) 2,382
    Tax (85) (39) (104) (172) (53) (130) 128 (455)
    Net income from discont’d or held-for-sale ope. (0) – (10) – – – – (10)
    Net income 336 170 144 671 235 562 (200) 1,918
    Non controlling interests 0 0 (24) (123) (18) (25) (4) (194)
    Net income Group Share 336 170 120 548 217 537 (204) 1,724

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

      2024 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 13,110 3,872 4,153 7,633 3,520 8,652 (2,879) 38,060
    Operating expenses excl. SRF (9,956) (2,448) (2,225) (3,365) (1,780) (5,039) 2,084 (22,729)
    SRF – – – – – – – –
    Gross operating income 3,155 1,424 1,928 4,268 1,740 3,613 (795) 15,332
    Cost of risk (1,319) (373) (316) (29) (958) (117) (79) (3,191)
    Equity-accounted entities 8 – – 123 125 27 – 283
    Net income on other assets 1 5 0 (23) (12) 1 (13) (39)
    Income before tax 1,849 1,056 1,612 4,339 895 3,523 (887) 12,388
    Tax (423) (229) (536) (970) (187) (883) 341 (2,888)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 1,425 827 1,076 3,369 708 2,641 (546) 9,500
    Non controlling interests (2) (0) (160) (481) (82) (139) 4 (860)
    Net income Group Share 1,423 827 916 2,889 625 2,502 (542) 8,640
      2023 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 13,259 3,850 4,040 6,693 3,597 7,780 (2,728) 36,492
    Operating expenses excl. SRF (9,702) (2,396) (2,189) (2,874) (1,673) (4,507) 1,877 (21,464)
    SRF (111) (44) (40) (6) (29) (312) (77) (620)
    Gross operating income 3,446 1,410 1,811 3,813 1,896 2,961 (928) 14,408
    Cost of risk (1,152) (301) (463) (5) (871) (120) (28) (2,941)
    Equity-accounted entities 9 – 1 102 130 21 – 263
    Net income on other assets 5 21 3 (10) 71 2 (5) 88
    Income before tax 2,308 1,130 1,353 3,900 1,237 2,865 (971) 11,821
    Tax (551) (256) (425) (868) (306) (691) 350 (2,748)
    Net income from discont’d or held-for-sale ope. (0) – (3) 1 (0) – – (3)
    Net income 1,756 874 924 3,033 931 2,174 (621) 9,071
    Non controlling interests (0) (0) (145) (466) (79) (118) (4) (813)
    Net income Group Share 1,756 874 780 2,566 851 2,056 (625) 8,258

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

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

      Q4-24 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,045 2,108 915 960 969 95 7,092
    Operating expenses excl. SRF (930) (1,298) (447) (647) (568) (28) (3,917)
    SRF – – – – – – –
    Gross operating income 1,116 810 468 313 401 67 3,175
    Cost of risk (11) (93) (306) (78) (100) (6) (594)
    Equity-accounted entities 29 7 43 – – (17) 62
    Net income on other assets (0) (1) (9) 1 0 (0) (9)
    Income before tax 1,133 723 196 236 302 44 2,634
    Tax (315) (166) (49) (44) (101) (7) (681)
    Net income from discont’d or held-for-sale ope. – – – – – – –
    Net income 819 557 147 192 201 37 1,953
    Non controlling interests (124) (45) (24) (9) (43) (19) (264)
    Net income Group Share 695 512 124 183 158 18 1,689
      Q4-23 (stated)  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,555 1,935 880 959 974 (262) 6,040
    Operating expenses excl. SRF (726) (1,209) (449) (654) (627) (44) (3,710)
    SRF – – – – – – –
    Gross operating income 828 726 431 305 347 (306) 2,330
    Cost of risk (4) (39) (184) (96) (102) (14) (440)
    Equity-accounted entities 29 5 40 – (0) (12) 61
    Net income on other assets (5) (1) (11) 0 2 (3) (17)
    Income before tax 848 691 288 209 246 (345) 1,937
    Tax (173) (129) (53) (39) (103) 128 (369)
    Net income from discont’d or held-for-sale ope. – – – – (10) – (10)
    Net income 675 562 235 170 134 (217) 1,558
    Non controlling interests (130) (37) (18) (8) (31) (1) (224)
    Net income Group Share 546 525 217 162 103 (218) 1,334

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

      2024 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 7,648 8,651 3,520 3,872 4,059 (570) 27,181
    Operating expenses excl. SRF (3,365) (5,039) (1,780) (2,448) (2,148) (116) (14,895)
    SRF – – – – – – –
    Gross operating income 4,284 3,612 1,740 1,424 1,911 (685) 12,286
    Cost of risk (29) (117) (958) (373) (313) (59) (1,850)
    Equity-accounted entities 123 27 125 – – (82) 194
    Net income on other assets (23) 1 (12) 5 0 23 (4)
    Income before tax – – – – – – –
    Tax 4,355 3,523 895 1,056 1,599 (803) 10,625
    Net income from discont’d or held-for-sale ope. (973) (883) (187) (229) (535) 336 (2,472)
    Net income – – – – – – –
    Non controlling interests 3,381 2,640 708 827 1,063 (466) 8,153
    Net income Group Share (506) (192) (82) (37) (227) (22) (1,067)
    Revenues 2,875 2,448 625 790 836 (488) 7,087
      2023 (stated)  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 6,688 7,779 3,597 3,850 3,949 (683) 25,180
    Operating expenses excl. SRF (2,874) (4,507) (1,673) (2,396) (2,118) (64) (13,632)
    SRF (6) (312) (29) (44) (40) (77) (509)
    Gross operating income 3,808 2,960 1,896 1,410 1,791 (825) 11,039
    Cost of risk (5) (120) (870) (301) (464) (17) (1,777)
    Equity-accounted entities 102 21 130 – 1 (58) 197
    Net income on other assets (10) 2 71 21 3 (3) 85
    Income before tax – – 12 – – (9) 2
    Tax 3,894 2,864 1,237 1,130 1,332 (911) 9,546
    Net income from discont’d or held-for-sale ope. (872) (690) (306) (256) (422) 346 (2,201)
    Net income 1 – (0) – (3) – (3)
    Non controlling interests 3,024 2,174 931 874 906 (565) 7,343
    Net income Group Share (483) (162) (79) (39) (204) (28) (995)
    Revenues 2,541 2,011 852 835 703 (593) 6,348

    Appendix 4 – Data per share

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

    (€m)

    Q4-2024
    Q4-2023

    2024
    2023

    Net income Group share – stated

    1,689
    1,334

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

    (112)
    (87)

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

    –
    –

    (266)
    –
    NIGS attributable to ordinary shares – stated

    [A]
    1,577
    1,247

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

    [B]
    3,025
    3,032

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

    [A]/[B]
    0.52 €
    0.41 €

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

    1,730
    1,303

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

    [C]
    1,618
    1,216

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

    [C]/[B]
    0.54 €
    0.40 €

    2.14 €
    1.80 €

    (€m)

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

    74,710
    71,086
    – AT1 issuances

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

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

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

    [D]

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

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

    [E]

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

    [F]

    3,025
    3,029

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

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

    €21.6 20,4 €
    €1.10 1,05 €
    €15.7 14,7 €
    €16.8 15,7 €
    20,4 €
    1,05 €
    14,7 €
    15,7 €
    €20.4
    €1.05
    €14.7
    €15.7

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

    (€m)

    2024
    2023
    Net income Group share – stated

    [K]

    7,087
    6,348
    Impairment of intangible assets

    [L]

    0
    0
    Stated NIGS annualised

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

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

    [O]

    -729
    -458
    Stated result adjusted

    [P] = [N]+[O]

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

    [J]

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

    = [P] / [J]

    13.8%
    13.6%
    Underlying Net income Group share

    [Q]

    7,172
    5,923
    Underlying NIGS annualised

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

    7,172
    5,923
    Underlying NIGS adjusted

    [S] = [R]+[O]

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

    = [S] / [J]

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

    0.0%

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

    Alternative Performance Indicators99

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Disclaimer

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

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

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

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

    Applicable standards and comparability

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

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

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

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

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

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

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

    Financial Agenda

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

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Credit investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
         
         
         

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

             

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

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

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

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

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

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

    Attachment

    The MIL Network –

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

    Source: Reserve Bank of India

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

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2077

    MIL OSI Economics –

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

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

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

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

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

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

    What’s happened so far?

    We know this decision will cause deaths.

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

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

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

    Programs providing landmine clearing and counterterrorism training ceased.

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

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

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

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

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

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

    A more unequal and unstable world

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

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

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

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

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

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

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

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

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

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

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

    A power that’s no longer super

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

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

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

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

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

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

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

    Australia needs to help fill the gap

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

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

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,70,710.87 6.32 0.01-6.80
         I. Call Money 17,135.14 6.50 5.10-6.65
         II. Triparty Repo 3,90,143.40 6.27 6.10-6.48
         III. Market Repo 1,61,386.03 6.42 0.01-6.70
         IV. Repo in Corporate Bond 2,046.30 6.73 6.70-6.80
    B. Term Segment      
         I. Notice Money** 234.45 6.28 6.05-6.61
         II. Term Money@@ 101.00 – 6.50-6.80
         III. Triparty Repo 1,530.65 6.39 6.25-6.40
         IV. Market Repo 485.07 6.70 6.55-6.75
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 04/02/2025 1 Wed, 05/02/2025 25,001.00 6.51
         (b) Reverse Repo          
    3. MSF# Tue, 04/02/2025 1 Wed, 05/02/2025 378.00 6.75
    4. SDFΔ# Tue, 04/02/2025 1 Wed, 05/02/2025 1,58,816.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,33,437.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     38,215.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 04, 2025 8,84,724.53  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 04, 2025 25,001.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2076

    MIL OSI Economics –

  • MIL-OSI USA: Cortez Masto Reintroduces Bipartisan Bill to Strengthen Public Safety in Indian Country

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

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

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

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

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

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

    Senator Cortez Masto is a strong supporter of Tribal communities and passed two bipartisan bills, the Not Invisible Act and Savanna’s Act, to combat the missing and murdered Indigenous women (MMIW) crisis during President Trump’s first term. The commission created by the Not Invisible Act specifically called for passage of Cortez Masto’s BADGES for Native Communities Act to help law enforcement better serve Native communities. This legislation passed the Senate unanimously last year. The BADGES for Native Communities Act would:

    • Increase Tribal access to the National Missing and Unidentified Persons System (NamUs) by requiring Tribal facilitators to conduct ongoing Tribal outreach and serve as a point of contact for Tribes and law enforcement agencies, as well as conduct training and information gathering to improve the resolution of missing persons cases.
    • Require a comprehensive report on Tribal law enforcement needs.
    • Allow the BIA to conduct its own background checks for law enforcement officer applicants in order to speed up and improve officer recruitment.
    • Establish a grant program to help states, Tribes, and Tribal organizations coordinate efforts related to missing and murdered persons cases and sexual assault cases.
    • Ensure BIA officers and Tribal police have access to culturally appropriate mental health and wellness programs.

    Senator Cortez Masto has repeatedly called on the both the Trump and Biden administrations to do more to address the epidemic of violence against Native women and girls, and has secured federal funding to protect Native communities. She urged the Biden Administration to draft a plan to address this issue, and requested the Government Accountability Office (GAO) investigate the federal response to this crisis. She’s also fought to ensure that law enforcement officers across the country have the support they need, securing historic funding for the Byrne JAG grant program, which she champions every year. The program is the leading source of criminal justice funding for state, local, and Tribal governments and provides support for programs related to crime prevention, law enforcement, prosecution, corrections, and mental and behavioral health. 

    MIL OSI USA News –

  • MIL-OSI Security: Mission Man Sentenced to Federal Prison for Larceny

    Source: Office of United States Attorneys

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Mission, South Dakota, man convicted of Larceny. The sentencing took place on February 3, 2025.

    Preston White Feather, age 28, was sentenced to one year in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund. White Feather was further ordered to pay restitution in the amount of $1,888.56.

    White Feather was indicted by a federal grand jury in January 2024. He pleaded guilty on October 31, 2024.

    The conviction stems from an incident that occurred in December 2023 within the boundaries of the Rosebud Sioux Indian Reservation. On December 9, 2023, White Feather stole merchandise from a convenience store in Mission, South Dakota. He was identified on surveillance video and was subsequently apprehended by law enforcement.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian Country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the Rosebud Sioux Tribe Law Enforcement Services. Senior Litigation Counsel Kirk Albertson prosecuted the case.   

    White Feather was immediately remanded to the custody of the U.S. Marshals Service.

    MIL Security OSI –

  • MIL-OSI Security: Sisseton Man Sentenced to Federal Prison for Child Abuse

    Source: Office of United States Attorneys

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Sisseton, South Dakota, man convicted of Child Abuse. The sentencing took place on January 27, 2025.

    Nathaniel Yazzie, 24, was sentenced to one year and seven months in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Yazzie was indicted for Child Abuse by a federal grand jury in September 2024. He pleaded guilty on October 31, 2024.

    On July 29, 2024, Yazzie struck a three-year-old child multiple times in the face and head while the child was in his care. A concerned party heard the child being abused in Yazzie’s room and called law enforcement. Upon arrival at Yazzie’s residence, law enforcement found the child with a bloody lip and bruising on his face, including linear bruises consistent with being slapped. Yazzie was arrested on tribal charges, and the child was transported to the hospital for medical care.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian Country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the FBI and Cheyenne River Sioux Tribe Law Enforcement Services. Assistant U.S. Attorney Wayne Venhuizen prosecuted the case.

    Yazzie was immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

  • MIL-OSI USA: Cantwell Votes NO On Advancing RFK Jr.’s Nomination for HHS Secretary

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.04.25

    Cantwell Votes NO On Advancing RFK Jr.’s Nomination for HHS Secretary

    WASHINGTON, D.C. – Today, at a meeting of the Senate Committee on Finance, U.S. Senator Maria Cantwell (D-WA) voted no on advancing the nomination of Robert F. Kennedy Jr., President Trump’s nominee to serve as Secretary of Health and Human Services.

    “I wanted to vote for Mr. Kennedy in the context of my family’s history. My dad stood behind his father the night his father gave the famous speech. I told him in my office, in my family, the Kennedy’s stood up. But when he answered Senator Cassidy’s question, and he couldn’t even give him the answer — that yes, the data is there to support vaccines today — I don’t need any more data, all of a sudden.”

    Sen. Cantwell continued: “I need someone at HHS who is going to say, we are going to be a leader in medical technology, science, vaccines, we are going to fight foreign powers, we are going to be there to provide global health. And I don’t want a recalcitrant. I need a leader. And that is why I’m voting no,” said Sen. Cantwell.

    The speech Sen. Cantwell referenced was on the night of Dr. Martin Luther King Jr.’s assassination on April 4, 1968, when Sen. Robert F. Kennedy Sr. spoke in Indianapolis and delivered the tragic news to attendees. Her father, Paul Cantwell, was standing just behind the late Senator during that speech. Today, the Kennedy-King National Commemorative Site near the site of the speech honors both Dr. King and Sen. Kennedy.   

    Last week, Sen. Cantwell grilled Robert F. Kennedy Jr. during his nomination hearing before the Senate Finance Committee on his anti-science and anti-vaccine views, and his promise to cut 600 employees from the National Institutes of Health:

    “I represent a very big innovation state – innovation in health care, specifically. Innovation like NIH funding to the Fred Hutch Cancer Center that helped develop the HPV vaccine, which has the potential to eliminate over 95% of cervical cancer. NIH also funds a lot of jobs and grants – nearly 11,000 people in the State of Washington and over $1.2 billion worth grants,” Sen. Cantwell said last week during the nomination hearing. “I definitely am troubled by the medical research side of innovation, and some of the things that you have said. In fact, this issue about laying off 600 employees at NIH.”

    Video of Sen. Cantwell’s Q&A with RFK Jr. during last week’s nomination hearing is available HERE; audio is HERE; and a transcript of Sen. Cantwell’s questioning is available HERE. Our full press release on the nomination hearing is available HERE.

    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.

    Video of Sen. Cantwell’s remarks during today’s Finance Committee markup is available HERE, audio HERE, and transcript HERE.

    MIL OSI USA News –

  • MIL-OSI Australia: Interview with Sabra Lane, AM on ABC Radio

    Source: Minister for Trade

    Sabra Lane: The US-China trade war is escalating, with Beijing imposing retaliatory tariffs and restrictions on critical mineral exports. Where does Australia stand? Senator Don Farrell is Australia’s Trade and Tourism Minister and Special Minister of State. Minister, thanks for joining the program.

    Minister for Trade: Nice to be with you, Sabra.

    Sabra Lane: China has announced retaliatory action to Mr. Trump’s tariffs. They’re both Australia’s friends, but only one is an ally. Does the government back Mr Trump?

    Minister for Trade: We want to have a cool, calm and collected approach to this issue. We believe that we have a very strong argument to defend free and fair trade, and that’s the argument that we put to the Chinese Government. And at the end of last year, the last of the products that had been subject to those impediments, namely crayfish, were sent back into China. When the opportunity arises, I’ll be putting exactly the same argument to my American counterpart that we support free and fair trade and it’s in the best interests of both our countries to continue to do that.

    Sabra Lane: Some say it’s shakedown diplomacy. You argue, and the government says, Australia is prepared, but a slowdown in China could affect Australia. How hard could this be?

    Minister for Trade: Well, it’s always possible that higher tariffs on Chinese products going into the United States will have an impact on the Australian economy. As I say, what Australia needs to do is to push issues that are in our national interest. We’re an island. We rely on trade to produce our prosperity. It’s been very successful in recent years. We’ve had record trade. One thing that this government has managed to do is to diversify our trading relationship. So, we now have new free trade agreements with the with the United Kingdom, with India. In fact, in the last few days, India made us a fresh offer to extend our free trade agreement. We’ve negotiated a new free trade agreement with the United Arab Emirates. So, all around the world, we’re looking to diversify our trading relationship so that we’re not simply reliant on one or two countries to provide for our prosperity. We’re looking for a much broader relationship and we’ve been successful in that.

    Sabra Lane: Mr. Trump’s choice of Commerce Minister Howard Lutnick has not been confirmed just yet. Have you spoken with him yet or when do you expect to meet with him to discuss trade?

    Minister for Trade: No, I haven’t spoken with him yet, Sabra, but I have approached the person who will be his Chief of Staff. We’ve indicated that we are very keen to talk. under their system until you get approved by the Senate, you’re not in a position to discuss with other countries. But we’ve made it very clear, and the message that’s come back from Mr Lutnick is that he is very happy to talk with us as soon as he’s legally able to do that. And I hope to be, if not the first person or first overseas minister to speak with him, to be one of the first. And when we get that opportunity, we will push our argument in our national interests that we believe in free and fair trade. That there is no reason for the American Government to impose tariffs on Australia.

    Sabra Lane: We avoided them last time round on steel and aluminium. Are you confident that we can do that again?

    Minister for Trade: What I’m confident about, Sabra, is that we will push the issues that are in our national interest. One of the points I’ll be making to Mr Lutnick is that since President Trump was last in the White House, American sales to Australia have virtually doubled. So, free trade has been very good for the American businesses in Australia. Of course, it’s been good for us because we have increased our trade with the United States. But right at the moment, the balance is very much in the United States’ favour. We buy almost twice as much from the United States as we sell to them. So, I pose this question; why would you impose a tariff on a country where you’ve got a surplus? And, of course, that was the argument that former Prime Minister Turnbull used with Mr Trump last time. So, I think we’ve got a very strong argument. In Singapore mid-last year, we signed another trade agreement with the United States, the Indo-Pacific Economic Framework. So, we’ve been building strong relations with the United States over the last few years. And I think we have a very, very good and strong argument. And I want to do, I want to present that argument to the United States and ask for their serious consideration about what further action they might take.

    Sabra Lane: We have heard this morning with your Special Minister of State hat on, the group Advance is sending out material right now to voters that the Electoral Commission ruled at the last election was misleading. The group says it’s legal right now because it’s being sent before the writs have been issued. Do our laws need tightening to stop this kind of misleading material being sent all the time?

    Minister for Trade: Well, we’ve got laws to deal with the issue of truth in advertising in the electoral context.

    Sabra Lane: Well, this is getting through right now.

    Minister for Trade: Well, those laws haven’t yet passed. We’ve got legislation before the Parliament that’s coming on this Thursday. They’re trying to put downward pressure on the cost of Australian elections. We want every ordinary Australian to be able to participate in the electoral process. And as you saw earlier in the week, Sabra, there’s massive amounts of money going into the Australian electoral system. We want to stop that.

    Sabra Lane: Have you got to deal with the Coalition to get this passed?

    Minister for Trade: Well, I’m talking to everybody, Sabra, as I have been for the last couple of years. And I’m hopeful that this Senate, this week will see the merit in putting downward pressure on the amount of money that’s being spent in Australian elections. It’s interesting over the break, President Biden himself warned that we can’t have a situation where the billionaire oligarchs simply determine who gets into the Australian Parliament. Ordinary Australians, people like you and me, Sabra, have to be able to participate in the electoral process without having billionaire sponsors determining who will and won’t get into the Parliament. So, I’m hopeful that all the discussions I’ve had and I’ve, you know, met with all of the serious players in this space and I’m hopeful that the arguments that we’re presenting for putting downward pressure on the cost of Australian elections will be successful.

    Sabra Lane: Minister, thanks for joining us this morning.

    Minister for Trade: Nice talking with you, Sabra.

    Sabra Lane: That’s Don Farrell, the Minister for Trade and Tourism and the Special Minister of State.

    MIL OSI News –