Source: Government of Sweden
On Saturday 2 December at the UN Climate Change Conference (COP28), Prime Minister Ulf Kristersson, French President Emmanuel Macron and the United States Special Presidential Envoy for Climate John Kerry – together with heads of state and government, ministers and industrial leaders from some 20 countries – launched a declaration for strengthened cooperation in the area of civil nuclear energy.
Source: United States Navy (Logistics Group Western Pacific)
For 250 years, our Navy has served the United States of America, but one community also proudly celebrates 250 years of service: our proud and sacred Chaplains.
On November 28, 1775, Benjamin Balch was appointed to serve religious services on the frigates Alliance and Boston as the first Naval Chaplain. Balch was given the nickname “The Fighting Parson” as he started the Navy Chaplain Corps’ strong and mighty history.
On a ship, a Chaplain is known for their services and open-door policies, but they are also seen as a pillar of support for the entire crew. They not only serve those in their religious community but also anyone willing to speak to them. In addition to the ship’s religious services outside their span, if the crew needs it, our Chaplain will provide.
Lieutenant Reginald Anderson-Exul is a proud Chaplain with over twenty years of experience in official ministry, dedicating six of those years to the Navy. Today, he works with the crew of the USS Pearl Harbor.
“My job on the USS Pearl Harbor is to provide spiritual needs of the crew,” said Lieutenant Reginal Anderson-Exul, the USS Pearl Harbor’s Chaplain. “There is a lot of resiliency-type of training that is tied in with that, and to make sure the overall morale of the crew is as high as can possibly be”. On board Anderson-Exul, he has worked hard to offer many different religious services, working to add services on Saturday for his Jewish community on board.
The USS Pearl Harbor is Anderson-Exul’s first deployment in his military career. USS Pearl Harbor is currently partaking in Pacific Partnership 2025, a humanitarian aid and disaster management mission. Pacific Partnership is not only an effort to help others, but also to strengthen the bond of allied nations. In its 21st iteration, Pacific Partnership has brought eight nations together: Australia, Canada, Germany, Japan, New Zealand, the Republic of Korea, the United Kingdom, and the United States. All the countries work alongside the crew of the USS Pearl Harbor and the staff of PACIFIC PARTNERSHIP 2025 to safely get to every port of the deployment. One of these volunteers is Lieutenant Commander Dave Godkin, who has served for the last twelve years as a Canadian Navy Chaplain.
“I was introduced to a series of different American Chaplains and then was asked if I was interested in participating, and I was,” spoke Godkin when asked about how he joined PACIFIC PARTNERSHIP 2025. He takes pride in his work as a Chaplain, working around the clock to help everyone and anyone he can. He has been on three ships, with Pacific Partnership being his third deployment. Godkin spoke highly of his work on the USS Pearl Harbor. “I’m there to support them, and I’m also there to support the chain of command. Helping people be in a position where they can be spiritually fit and operationally fit,” stated Godkin in an interview, “I really do; I really like helping people in general. I enjoy especially one-on-one, taking time to listen to a person,”.
Anderson-Exul and Godkin are excited to work together on the mission of Pacific Partnership, bringing communities closer and sharing the good word to those who need it. Anderson-Exul spoke on how it was to work together, “We both provide for people, care for people, and have a passion for religion, and it’s different, but it’s very much the same.” Godkin shares his sentiment, sharing that he is happy to get to know how everyone works. “You get used to a certain box of doing things, but then when you partner with nations that have their sphere of work, it’s a great way of pushing your boundaries to learn new things,”. Both Chaplains say that everything is coming together really well and are excited to continue working together on this mission. Even saying that it is a “Once-in-a-lifetime opportunity to serve other countries in humanitarian efforts and to contribute to the mission.”
In 1775, the first Chaplain was appointed to serve his mission. Now, 250 years later, no matter where a Chaplain comes from or what a Chaplain practices, they always have their sailors’ interests at heart. Doing whatever needs to be done to help their crew, whether it is conducting a religious ceremony or extending a hand, a Chaplain will always be there for you.
Source: GlobeNewswire (MIL-OSI)
ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income
| 2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3% | |
| • | Well on track to reach our targets, one year into our ‘Growing the difference’ strategy |
| • | Continued strong increase in mobile primary customers of over 300,000 to 14.9 million |
| • | Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio |
| • | Further growth in fee income in both Retail and Wholesale Banking, up 12% year-on-year |
| • | ING will pay an interim cash dividend of €0.35 per ordinary share |
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CEO statement “We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double-digit increase in fee income. Commercial NII declined year-on-year due to margin pressure and currency fluctuations, leaving total income stable. “In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year-on-year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year-on-year in retail fee income, primarily from higher investment activity. “In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short-term trade-related financing. Demand for long-term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year-on-year, driven by Lending, Global Capital Markets and Payments & Cash Management. “Costs have developed as expected, increasing moderately year-on-year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking. “Risk costs were below our through-the-cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4-quarter rolling average return on equity came out at 12.7%. “We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes. “We are pleased with our results during a volatile first half of 2025. Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets. I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication.” |
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| Further information All publications related to ING’s 2Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 2Q 2025 results is available on Youtube. |
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| Investor conference call and webcast Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 July 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com. |
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| Investor enquiries E: investor.relations@ing.com Press enquiries |
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ING PROFILE ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate. IMPORTANT LEGAL INFORMATION ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction. |
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Attachment
Source: GlobeNewswire (MIL-OSI)
| THE GROUP IS ACCELERATING ITS DEVELOPMENT | |||||||||
| CRÉDIT AGRICOLE S.A. | CRÉDIT AGRICOLE GROUP | ||||||||
| €m | Q2 2025 | Change Q2/Q2 | Q2 2025 | Change Q2/Q2 | |||||
| Revenues | 7,006 | +3.1% | 9,808 | +3.2% | |||||
| Expenses | -3,700 | +2.2% | -5,872 | +3.2% | |||||
| Gross Operating Income | 3,306 | +4.1% | 3,936 | +3.1% | |||||
| Cost of risk | -441 | +4.2% | -840 | -3.7% | |||||
| Net income group share | 2,390 | +30.7% | 2,638 | +30.1% | |||||
| C/I ratio | 52.8% | -0.5 pp | 59.9% | +0.0 pp | |||||
STRONG ACTIVITY IN ALL BUSINESS LINES
CONTINUOUS FLOW OF STRATEGIC OPERATIONS
HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST
HIGH SOLVENCY RATIOS
CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY
PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025 |
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Dominique Lefebvre, “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” |
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Olivier Gavalda, “With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.” |
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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 63.5% of Crédit Agricole S.A.
All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.
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. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate (2) rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).
In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).
Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% (3) of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.
Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.
Continued support for the energy transition
The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group (4) has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy (5) increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.
At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition (6) amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.
In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024.
In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025.
Group results
In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.
In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.
The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings (7)reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis (8).
Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.
Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.
Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.
Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.
Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.
Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.
Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.
As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).
Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).
Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.
Credit Agricole Group, Income statement Q2 and H1 2025
| En m€ | Q2-25 | Q2-24 | ∆ Q2/Q2 | H1-25 | H1-24 | ∆ H1/H1 | |
| Revenues | 9,808 | 9,507 | +3.2% | 19,856 | 19,031 | +4.3% | |
| Operating expenses | (5,872) | (5,687) | +3.2% | (11,864) | (11,276) | +5.2% | |
| Gross operating income | 3,936 | 3,819 | +3.1% | 7,992 | 7,755 | +3.0% | |
| Cost of risk | (840) | (872) | (3.7%) | (1,575) | (1,523) | +3.4% | |
| Equity-accounted entities | 56 | 74 | (24.0%) | 131 | 142 | (7.9%) | |
| Net income on other assets | 452 | (7) | n.m. | 456 | (14) | n.m. | |
| Change in value of goodwill | – | – | n.m. | – | – | n.m. | |
| Income before tax | 3,604 | 3,014 | +19.6% | 7,004 | 6,361 | +10.1% | |
| Tax | (615) | (762) | (19.3%) | (1,656) | (1,517) | +9.1% | |
| Net income from discontinued or held-for-sale ope. | 0 | – | n.m. | 0 | – | n.m. | |
| Net income | 2,990 | 2,252 | +32.8% | 5,348 | 4,843 | +10.4% | |
| Non controlling interests | (352) | (224) | +57.0% | (545) | (432) | +26.1% | |
| Net income Group Share | 2,638 | 2,028 | +30.1% | 4,803 | 4,412 | +8.9% | |
| Cost/Income ratio (%) | 59.9% | 59.8% | +0.0 pp | 59.8% | 59.2% | +0.5 pp |
Regional banks
Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% (9), -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance (10) was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.
In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million (11). Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.
In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).
Crédit Agricole S.A.
Results
Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.
In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.
Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).
Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).
The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.
As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio (12) was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.
The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period (13) and 32 basis points on an annualised quarterly basis (14).
The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.
The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.
Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.
Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.
Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.
The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.
Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.
RoTE (15), which is calculated on the basis of an annualised net income Group share (16) and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US 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 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.
Crédit Agricole S.A. – Income statement, Q2 and H1-25
| En m€ | Q2-25 | Q2-24 | ∆ Q2/Q2 | H1-25 | H1-24 | ∆ H1/H1 | |
| Revenues | 7,006 | 6,796 | +3.1% | 14,263 | 13,602 | +4.9% | |
| Operating expenses | (3,700) | (3,621) | +2.2% | (7,691) | (7,289) | +5.5% | |
| Gross operating income | 3,306 | 3,175 | +4.1% | 6,571 | 6,312 | +4.1% | |
| Cost of risk | (441) | (424) | +4.2% | (855) | (824) | +3.8% | |
| Equity-accounted entities | 30 | 47 | (35.2%) | 77 | 90 | (14.1%) | |
| Net income on other assets | 455 | 15 | x 29.4 | 456 | 9 | x 50.7 | |
| Change in value of goodwill | – | – | n.m. | – | – | n.m. | |
| Income before tax | 3,350 | 2,814 | +19.0% | 6,250 | 5,587 | +11.9% | |
| Tax | (541) | (704) | (23.2%) | (1,368) | (1,315) | +4.0% | |
| Net income from discontinued or held-for-sale ope. | 0 | – | n.m. | 0 | – | n.m. | |
| Net income | 2,809 | 2,110 | +33.1% | 4,882 | 4,273 | +14.3% | |
| Non-controlling interests | (420) | (282) | +48.7% | (669) | (542) | +23.5% | |
| Net income Group Share | 2,390 | 1,828 | +30.7% | 4,213 | 3,731 | +12.9% | |
| Earnings per share (€) | 0.74 | 0.58 | +29.1% | 1.30 | 1.08 | +20.3% | |
| Cost/Income ratio (%) | 52.8% | 53.3% | -0.5 pp | 53.9% | 53.6% | +0.3 pp |
Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines
Activity of the Asset Gathering division
At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.
Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.
In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows(17) is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.
Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.
In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million (18) policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% (19), stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.
In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.
In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.
In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.
For Indosuez Wealth Management assets under management at the end of June stood at €214 billion (20), up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.
Results of the Asset Gathering division
In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.
In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).
In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).
As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.
Insurance results
In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance (21), €89 million from personal protection (22) and €114 million from property and casualty insurance (23).
The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.
Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.
Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.
Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).
Asset Management results
In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,(24), revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% (25) compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%25 from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership24, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.
Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.
Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.
At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.
Wealth Management results (26)
In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, (27) revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect27 and -€22.5 million in integration costs in the second quarter of 2025 (28). Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.
In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam(29) in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam29 in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.
Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).
At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.
Activity of the Large Customers division
The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.
In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.
Financing activities consolidated its leading position in syndicated loans (#1 in France (30) and #2 in EMEA30). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide30) and was ranked #1 in Green, Social & Sustainable bonds in EUR (31). Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.
For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.
Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
-3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.
On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.
Results of the Large Customers division
In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.
Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.
In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.
The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.
At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.
Corporate and Investment Banking results
In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).
Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.
In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.
Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.
Asset servicing results
In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 (32). Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.
Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target (33)of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.
Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.
Specialised financial services activity
Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing (34) in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% (35), LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.
The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context (36). In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.
Specialised financial services’ results
In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.
In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.
The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.
At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.
Personal Finance and Mobility results
In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt (37). Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points(38), a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.
In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt37. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.
Leasing & Factoring results
In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points38, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.
In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.
Crédit Agricole S.A. Retail Banking activity
In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.
Retail banking activity in France
In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.
The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.
Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).
Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.
Retail banking activity in Italy
In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.
Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion (39), up +1.6% compared with end-June 2024, in an Italian market up slightly (40), driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.
Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.
CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.
International Retail Banking activity excluding Italy
For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).
In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.
In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.
Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.
French retail banking results
In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.
Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.
The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.
Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.
In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).
In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.
At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.
International Retail Banking results (41)
In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).
In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.
At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.
Results in Italy
In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.
The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings (42) is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.
In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.
Results for Crédit Agricole Group in Italy (43)
In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.
International Retail Banking results – excluding Italy
In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).
In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.
At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.
At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.
Corporate Centre results
The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:
The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.
The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:
The contribution of “other items” was down -€15 million compared to first half 2024.
At 30 June 2025, risk weighted assets stood at €38.3 billion.
Financial strength
Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.
Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.
Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other44. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.
The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of: +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.
For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.
Crédit Agricole Group’s financial structure
| Crédit Agricole Group | Crédit Agricole S.A. | |||||||
| 30/06/25 | 31/03/25 | Exigences 30/06/25 | 30/06/25 | 31/03/25 | Exigences 30/06/25 | |||
| Phased-in CET1 ratio45 | 17.6% | 17.6% | 9.88% | 11.9% | 12.1% | 8.71% | ||
| Tier1 ratio45 | 18.9% | 19.0% | 11.72% | 14.0% | 14.3% | 10.52% | ||
| Total capital ratio45 | 21.4% | 21.8% | 14.17% | 17.8% | 18.4% | 12.94% | ||
| Risk-weighted assets (€bn) | 649 | 641 | 406 | 405 | ||||
| Leverage ratio | 5.6% | 5.6% | 3.5% | 3.9% | 4.0% | 3.0% | ||
| Leverage exposure (€bn) | 2,191 | 2,173 | 1,445 | 1,434 | ||||
| TLAC ratio (% RWA)45,46 | 27.6% | 28.5% | 22.4% | |||||
| TLAC ratio (% LRE)46 | 8.2% | 8.4% | 6.75% | |||||
| Subordinated MREL ratio (% RWA)45 | 27.6% | 28.5% | 21.6% | |||||
| Subordinated MREL ratio (% LRE) | 8.2% | 8.4% | 6.25% | |||||
| Total MREL ratio (% RWA)45 | 32.7% | 34.0% | 26.2% | |||||
| Total MREL ratio (% LRE) | 9.7% | 10.0% | 6.25% | |||||
| Distance to the distribution restriction trigger (€bn)47 | 46 | 46 | 13 | 14 | ||||
For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger48, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).
For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.
At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements49. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. 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.
Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.
Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).
The Group’s liquidity reserves, at market value and after haircuts50, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.
Liquidity reserves covered more than twice the short-term debt net of treasury assets.
This change in liquidity reserves is notably explained by:
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 €131 billion.
Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.
Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:
Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.
At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).
In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).
The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.
At 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion51in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.
In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:
At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51,52.
The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:
At end-June, Crédit Agricole S.A. had issued 77%52,53 of its funding plan in currencies other than the euro.
In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.
The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.
The programme was 82% completed at 30 June 2025, with:
Economic and financial environment
Review of the first half of 2025
An even more conflict-ridden and unpredictable environment, causing a slowdown
The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.
Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.
The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).
The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.
In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.
In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.
In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.
In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.
Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields (54) on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).
On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.
2025–2026 Outlook
An anxiety-inducing context, some unprecedented resistance
The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.
Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.
Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.
In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.
We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(55), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.
In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).
The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.
Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.
In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.
As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.
On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.
Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).
Appendix 1 – Crédit Agricole Group: income statement by business line
Credit Agricole Group – Results par by business line, Q2-25 and Q2-24
| Q2-25 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 3,364 | 976 | 1,031 | 1,967 | 881 | 2,224 | (635) | 9,808 |
| Operating expenses | (2,690) | (597) | (540) | (864) | (438) | (1,257) | 514 | (5,872) |
| Gross operating income | 674 | 380 | 491 | 1,104 | 442 | 967 | (121) | 3,936 |
| Cost of risk | (397) | (95) | (61) | (7) | (235) | (20) | (26) | (840) |
| Equity-accounted entities | 1 | – | – | 58 | (13) | 10 | – | 56 |
| Net income on other assets | 1 | 1 | 0 | 449 | 1 | 0 | 0 | 452 |
| Income before tax | 278 | 286 | 430 | 1,604 | 194 | 958 | (147) | 3,604 |
| Tax | (96) | (69) | (130) | (249) | (58) | (149) | 136 | (615) |
| Net income from discontinued or held-for-sale ope. | – | – | 0 | – | – | – | 0 | 0 |
| Net income | 182 | 218 | 300 | 1,356 | 136 | 810 | (11) | 2,990 |
| Non-controlling interests | (0) | (0) | (40) | (247) | (22) | (43) | 1 | (352) |
| Net income Group Share | 182 | 217 | 260 | 1,108 | 114 | 767 | (10) | 2,638 |
| Q2-24 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 3,255 | 979 | 1,051 | 1,946 | 889 | 2,223 | (837) | 9,507 |
| Operating expenses | (2,560) | (591) | (573) | (813) | (443) | (1,204) | 497 | (5,687) |
| Gross operating income | 694 | 389 | 477 | 1,133 | 447 | 1,019 | (340) | 3,819 |
| Cost of risk | (444) | (95) | (75) | (2) | (211) | (39) | (6) | (872) |
| Equity-accounted entities | 2 | – | – | 33 | 29 | 10 | – | 74 |
| Net income on other assets | 1 | 2 | 0 | (12) | (1) | 2 | (0) | (7) |
| Income before tax | 253 | 296 | 402 | 1,152 | 265 | 993 | (347) | 3,014 |
| Tax | (44) | (65) | (117) | (282) | (54) | (248) | 48 | (762) |
| Net income from discontinued or held-for-sale ope. | – | – | – | – | – | – | – | – |
| Net income | 209 | 231 | 285 | 870 | 210 | 745 | (299) | 2,252 |
| Non-controlling interests | (1) | (0) | (38) | (124) | (23) | (36) | (2) | (224) |
| Net income Group Share | 208 | 231 | 247 | 746 | 187 | 710 | (300) | 2,028 |
Credit Agricole Group – Results par by business line, H1-25 and H1-24
| H1-25 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 6,716 | 1,939 | 2,079 | 4,016 | 1,749 | 4,632 | (1,275) | 19,856 |
| Operating expenses | (5,220) | (1,222) | (1,075) | (1,799) | (912) | (2,617) | 982 | (11,864) |
| Gross operating income | 1,496 | 717 | 1,003 | 2,217 | 837 | 2,015 | (293) | 7,992 |
| Cost of risk | (717) | (186) | (128) | (17) | (484) | 5 | (48) | (1,575) |
| Equity-accounted entities | 7 | – | – | 86 | 23 | 16 | – | 131 |
| Net income on other assets | 3 | 2 | 0 | 449 | 1 | 0 | 0 | 456 |
| Income before tax | 790 | 533 | 875 | 2,734 | 376 | 2,036 | (341) | 7,004 |
| Tax | (267) | (181) | (267) | (599) | (71) | (453) | 182 | (1,656) |
| Net income from discontinued or held-for-sale ope. | – | – | 0 | – | – | – | – | 0 |
| Net income | 523 | 352 | 608 | 2,135 | 305 | 1,583 | (159) | 5,348 |
| Non-controlling interests | (0) | (0) | (82) | (348) | (43) | (78) | 7 | (545) |
| Net income Group Share | 523 | 352 | 526 | 1,787 | 263 | 1,504 | (151) | 4,803 |
| H1-24 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 6,568 | 1,933 | 2,131 | 3,739 | 1,736 | 4,489 | (1,565) | 19,031 |
| Operating expenses | (5,044) | (1,193) | (1,098) | (1,567) | (897) | (2,501) | 1,024 | (11,276) |
| Gross operating income | 1,524 | 740 | 1,033 | 2,172 | 839 | 1,988 | (541) | 7,755 |
| Cost of risk | (691) | (214) | (159) | (5) | (429) | (5) | (20) | (1,523) |
| Equity-accounted entities | 7 | – | – | 61 | 59 | 14 | – | 142 |
| Net income on other assets | 3 | 4 | (0) | (20) | (1) | 2 | (2) | (14) |
| Income before tax | 842 | 530 | 875 | 2,208 | 468 | 1,999 | (563) | 6,361 |
| Tax | (191) | (119) | (260) | (501) | (97) | (482) | 133 | (1,517) |
| Net income from discontinued or held-for-sale ope. | – | – | – | – | – | – | – | – |
| Net income | 651 | 412 | 615 | 1,707 | 372 | 1,517 | (430) | 4,843 |
| Non-controlling interests | (1) | (0) | (89) | (236) | (42) | (69) | 6 | (432) |
| Net income Group Share | 650 | 412 | 525 | 1,471 | 330 | 1,448 | (424) | 4,412 |
Appendix 2 – Crédit Agricole S.A.: Income statement by business line
Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24
| Q2-25 | |||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total |
| Revenues | 1,970 | 2,224 | 881 | 976 | 1,007 | (51) | 7,006 |
| Operating expenses | (864) | (1,257) | (438) | (597) | (520) | (25) | (3,700) |
| Gross operating income | 1,106 | 967 | 442 | 380 | 487 | (76) | 3,306 |
| Cost of risk | (7) | (20) | (235) | (95) | (61) | (24) | (441) |
| Equity-accounted entities | 58 | 10 | (13) | – | – | (24) | 30 |
| Net income on other assets | 453 | 0 | 1 | 1 | 0 | 0 | 455 |
| Income before tax | 1,610 | 958 | 194 | 286 | 426 | (125) | 3,350 |
| Tax | (249) | (149) | (58) | (69) | (129) | 113 | (541) |
| Net income from discontinued or held-for-sale operations | – | – | – | – | 0 | – | 0 |
| Net income | 1,361 | 810 | 136 | 218 | 297 | (12) | 2,809 |
| Non-controlling interests | (261) | (58) | (22) | (10) | (59) | (10) | (420) |
| Net income Group Share | 1,100 | 752 | 114 | 208 | 238 | (22) | 2,390 |
| Q2-24 | ||||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total | |
| Revenues | 1,944 | 2,223 | 889 | 979 | 1,027 | (267) | 6,796 | |
| Operating expenses | (813) | (1,204) | (443) | (591) | (555) | (15) | (3,621) | |
| Gross operating income | 1,131 | 1,019 | 447 | 389 | 472 | (283) | 3,175 | |
| Cost of risk | (2) | (39) | (211) | (95) | (72) | (5) | (424) | |
| Equity-accounted entities | 33 | 10 | 29 | – | – | (25) | 47 | |
| Net income on other assets | (12) | 2 | (1) | 2 | 0 | 24 | 15 | |
| Income before tax | 1,150 | 993 | 265 | 296 | 400 | (289) | 2,814 | |
| Tax | (283) | (248) | (54) | (65) | (117) | 63 | (704) | |
| Net income from discontinued or held-for-sale operations | – | – | – | – | – | – | – | |
| Net income | 867 | 745 | 210 | 231 | 283 | (226) | 2,110 | |
| Non-controlling interests | (131) | (51) | (23) | (10) | (55) | (12) | (282) | |
| Net income Group Share | 736 | 694 | 187 | 220 | 228 | (238) | 1,828 | |
Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24
| H1-25 | |||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total |
| Revenues | 4,028 | 4,632 | 1,749 | 1,939 | 2,033 | (118) | 14,263 |
| Operating expenses | (1,799) | (2,617) | (912) | (1,222) | (1,035) | (106) | (7,691) |
| Gross operating income | 2,229 | 2,015 | 837 | 717 | 998 | (224) | 6,571 |
| Cost of risk | (17) | 5 | (484) | (186) | (128) | (45) | (855) |
| Equity-accounted entities | 86 | 16 | 23 | – | – | (47) | 77 |
| Net income on other assets | 453 | 0 | 1 | 2 | 0 | 0 | 456 |
| Income before tax | 2,749 | 2,037 | 376 | 533 | 870 | (316) | 6,250 |
| Tax | (601) | (454) | (71) | (181) | (266) | 205 | (1,368) |
| Net income from discontinued or held-for-sale operations | – | – | – | – | 0 | – | 0 |
| Net income | 2,148 | 1,583 | 305 | 352 | 604 | (111) | 4,882 |
| Non-controlling interests | (368) | (108) | (43) | (16) | (121) | (13) | (669) |
| Net income Group Share | 1,780 | 1,475 | 263 | 337 | 483 | (124) | 4,213 |
| H1-24 | ||||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total | |
| Revenues | 3,733 | 4,489 | 1,736 | 1,933 | 2,085 | (374) | 13,602 | |
| Operating expenses | (1,567) | (2,501) | (897) | (1,193) | (1,060) | (71) | (7,289) | |
| Gross operating income | 2,166 | 1,988 | 839 | 740 | 1,024 | (445) | 6,312 | |
| Cost of risk | (5) | (5) | (429) | (214) | (154) | (16) | (824) | |
| Equity-accounted entities | 61 | 14 | 59 | – | – | (46) | 90 | |
| Net income on other assets | (20) | 2 | (1) | 4 | (0) | 24 | 9 | |
| Income before tax | 2,203 | 1,999 | 468 | 530 | 870 | (483) | 5,587 | |
| Tax | (502) | (482) | (97) | (119) | (259) | 144 | (1,315) | |
| Net income from discontinued or held-for-sale operations | – | – | – | – | – | – | – | |
| Net income | 1,701 | 1,517 | 372 | 412 | 610 | (339) | 4,273 | |
| Non-controlling interests | (248) | (101) | (42) | (18) | (126) | (7) | (542) | |
| Net income Group Share | 1,453 | 1,416 | 330 | 393 | 485 | (345) | 3,731 | |
Appendix 3 – Data per share
| Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE |
| €m | Q2-25 | Q2-24 | H1-25 | H1-24 | |||||||||||||||||||
| Net income Group share | 2,390 | 1,828 | 4,213 | 3,731 | |||||||||||||||||||
| – Interests on AT1, including issuance costs, before tax | (141) | (83) | (270) | (221) | |||||||||||||||||||
| – Foreign exchange impact on reimbursed AT1 | 4 | – | 4 | (247) | |||||||||||||||||||
| NIGS attributable to ordinary shares | [A] | 2,252 | 1,745 | 3,947 | 3,263 | ||||||||||||||||||
| Average number shares in issue, excluding treasury shares (m) | [B] | 3,025 | 3,025 | 3,025 | 3,008 | ||||||||||||||||||
| Net earnings per share | [A]/[B] | 0.74 € | 0.58 € | 1.30 € | 1.08 € | ||||||||||||||||||
| €m | 30/06/25 | 30/06/24 | |||||||||||||||||||||
| Shareholder’s equity Group share | 75,528 | 70,396 | |||||||||||||||||||||
| – AT1 issuances | (8,612) | (7,164) | |||||||||||||||||||||
| – Unrealised gains and losses on OCI – Group share | 872 | 1,305 | |||||||||||||||||||||
| Net book value (NBV), not revaluated, attributable to ordin. sh. | [D] | 67,787 | 64,537 | ||||||||||||||||||||
| – Goodwill & intangibles** – Group share | (18,969) | (17,775) | |||||||||||||||||||||
| Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. | [E] | 48,818 | 46,763 | ||||||||||||||||||||
| Total shares in issue, excluding treasury shares (period end, m) | [F] | 3,025 | 3,025 | ||||||||||||||||||||
| NBV per share, after deduction of dividend to pay (€) | [D]/[F] | 22.4 € | 21.3 € | ||||||||||||||||||||
| TNBV per share, after deduction of dividend to pay (€) | [G]=[E]/[F] | 16.1 € | 15.5 € | ||||||||||||||||||||
| ** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle | |||||||||||||||||||||||
| €m | H1-25 | H1-24 | |||||||||||||||||||||
| Net income Group share | 4,213 | 3,731 | |||||||||||||||||||||
| Added value Amundi US | 304 | 0 | |||||||||||||||||||||
| Additionnal corporate tax | -129 | 0 | |||||||||||||||||||||
| IFRIC | -173 | -110 | |||||||||||||||||||||
| NIGS annualised (1) | [N] | 8,382 | 7,572 | ||||||||||||||||||||
| Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised | [O] | -536 | -689 | ||||||||||||||||||||
| Result adjusted | [P] = [N]+[O] | 7,846 | 6,884 | ||||||||||||||||||||
| Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** (2) | [J] | 47,211 | 44,710 | ||||||||||||||||||||
| ROTE adjusted (%) | = [P] / [J] | 16.6% | 15.4% | ||||||||||||||||||||
| *** including assumption of dividend for the current exercise | 0,0% | ||||||||||||||||||||||
(1)ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
(2)Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises
Alternative Performance Indicators56
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:
Impaired loan
Loan which has been provisioned due to a risk of non-repayment.
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.
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.
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 second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.
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 six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.
Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 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.
Financial Agenda
30 October 2025 Publication of the 2025 third quarter and first nine months results
18 November 2025 Presentation of the Medium-Term Plan
4 February 2026 Publication of the 2025 fourth quarter and full year results
30 April 2026 Publication of the 2026 first quarter results
20 May 2026 2026 General Meeting
31 July 2026 Publication of the 2026 second quarter and the first half-year results
30 October 2026 Publication of the 2026 third quarter and first nine months results
Contacts
CREDIT AGRICOLE PRESS CONTACTS
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
| Institutional investors | 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 |
| Debt 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 |
| Yury Romanov | + 33 1 43 23 86 84 | yury.romanov@credit-agricole-sa.fr |
See all our press releases at: www.credit-agricole.com – www.creditagricole.info
1 Closing at 4thof July
(2)Car, home, health, legal, all mobile phones or personal accident insurance.
(3)CA Auto Bank, automotive JVs and automotive activities of other entities
(4)Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
(5)CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
(6)Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
(7)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
(8)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
(9)Average rate of loans to monthly production for April to May 2025
(10)Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
(11)Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)
(12)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.
(13)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
(14)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
(15)See Appendixes for details on the calculation of the RoTE (return on tangible equity)
(16)The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
(17)In local standards
(18)Scope: property and casualty in France and abroad
(19)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: 97.4% (+0.1 pp over the year)
(20)Excluding assets under custody for institutional clients
(21)Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
(22)Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
(23)Net of reinsurance cost, including financial results
(24)Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
(25)Excluding scope effect
(26)Indosuez Wealth Management scope
(27)Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
(28)Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
(29)Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
(30)Refinitiv LSEG
(31)Bloomberg in EUR
(32)ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
(33)Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
(34)CA Auto Bank, automotive JVs and auto activities of other entities
(35)CA Auto Bank and automotive JVs
(36)Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
(37)Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
(38)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.
(39)Net of POCI outstandings
(40)Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
(41)At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.
(42) Over a rolling four quarter period.
(43)At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
(44)Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.
(48)
(49)
(54)This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
(55)In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
(56)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 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
Source: Government of Sweden
(New version) Today, 3 December, Sweden and the United States have signed a statement of intent on enhanced cooperation between Swedish and US special forces. The contents of the statement are secret, but it will allow for enhanced operational and capability-developing cooperation between special forces.
Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Australian National University
When it comes to dealing with two of the biggest current crises in the Muslim world – the devastation of Gaza and the Taliban’s draconian rule in Afghanistan – Arab and Muslim states have been staggeringly ineffective.
Their chief body, the Organisation of Islamic Cooperation (OIC), in particular, has been strong on rhetoric but very short on serious, tangible action.
The OIC, headquartered in Saudi Arabia, is composed of 57 predominantly Muslim states. It is supposed to act as a representative and consultative body and make decisions and recommendations on the major issues that affect Muslims globally. It calls itself the “collective voice of the Muslim world”.
Yet the body has proved to be toothless in the face of Israel’s relentless assault on Gaza, triggered in response to the Hamas attacks of October 7 2023.
The OIC has equally failed to act against the Taliban’s reign of terror in the name of Islam in ethnically diverse Afghanistan.
Despite its projection of a united umma (the global Islamic community, as defined in my coauthored book Islam Beyond Borders), the OIC has ignominiously been divided on Gaza and Afghanistan.
True, it has condemned Israel’s Gaza operations. It’s also called for an immediate, unconditional ceasefire and the delivery of humanitarian aid to the starving population of the strip.
It has also rejected any Israeli move to depopulate and annex the enclave, as well as the West Bank. These moves would render the two-state solution to the long-running Israeli–Palestinian conflict essentially defunct.
Further, the OIC has welcomed the recent joint statement by the foreign ministers of 28 countries (including the United Kingdom, many European Union members and Japan) calling for an immediate ceasefire in Gaza, as well as France’s decision to recognise the state of Palestine.
The OIC is good at putting out statements. However, this approach hasn’t varied much from that of the wider global community. It is largely verbal, and void of any practical measures.
Surely, Muslim states can and should be doing more.
For example, the OIC has failed to persuade Israel’s neighbouring states – Egypt and Jordan, in particular – to open their border crossings to allow humanitarian aid to flow into Gaza, the West Bank or Israel, in defiance of Israeli leaders.
Nor has it been able to compel Egypt, Jordan, the United Arab Emirates, Bahrain, Sudan and Morocco to suspend their relations with the Jewish state until it agrees to a two-state solution.
Further, the OIC has not adopted a call by Malaysian Prime Minister Anwar Ibrahim and the United Nations special rapporteur on Palestinian territories, Francesca Albanese, for Israel to be suspended from the UN.
Nor has it urged its oil-rich Arab members, in particular Saudi Arabia and the UAE, to harness their resources to prompt US President Donald Trump to halt the supply of arms to Israel and pressure Israeli Prime Minister Benjamin Netanyahu to end the war.
In a similar vein, the OIC has failed to exert maximum pressure on the ultra-extremist and erstwhile terrorist Taliban government in Afghanistan.
Since sweeping back into power in 2021, the Taliban has ruled in a highly repressive, misogynist and draconian fashion in the name of Islam. This is not practised anywhere else in the Muslim world.
In December 2022, OIC Secretary General Hissein Brahim Taha called for a global campaign to unite Islamic scholars and religious authorities against the Taliban’s decision to ban girls from education.
But this was superseded a month later, when the OIC expressed concern over the Taliban’s “restrictions on women”, but asked the international community not to “interfere in Afghanistan’s internal affairs”. This was warmly welcomed by the Taliban.
In effect, the OIC – and therefore most Muslim countries – have adopted no practical measures to penalise the Taliban for its behaviour.
It has not censured the Taliban nor imposed crippling sanctions on the group. And while no Muslim country has officially recognised the Taliban government (only Russia has), most OIC members have nonetheless engaged with the Taliban at political, economic, financial and trade levels.
There are many reasons for the OIC’s ineffectiveness.
For one, the group is composed of a politically, socially, culturally and economically diverse assortment of members.
But more importantly, it has not functioned as a “bridge builder” by developing a common strategy of purpose and action that can overcome the geopolitical and sectarian differences of its members.
In the current polarised international environment, the rivalry among its member states – and with major global powers such as the United States and China – has rendered the organisation a mere talking shop.
This has allowed extremist governments in both Israel and Afghanistan to act with impunity.
It is time to look at the OIC’s functionality and determine how it can more effectively unite the umma.
This may also be an opportunity for its member states to develop an effective common strategy that could help the cause of peace and stability in the Muslim domain and its relations with the outside world.
Amin Saikal 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. The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan – https://theconversation.com/the-muslim-world-has-been-strong-on-rhetoric-short-on-action-over-gaza-and-afghanistan-262121
US Senate News:
Source: United States Senator for Mississippi Roger Wicker
WASHINGTON – U.S. Senators Roger Wicker, R-Miss., Chairman of the Senate Armed Services Committee, and James Risch, R-ID, Chairman of the Senate Foreign Relations Committee, announced they will introduce new legislation to support President Trump’s efforts to achieve peace in Ukraine, push back on Russian aggression, and ensure America’s allies are paying their fair share to end this conflict.
This new legislation, the PEACE Act, builds on the successful NATO summit this summer, which produced a historic agreement to increase NATO defense spending and revitalize alliance burden sharing. The PEACE Act creates a fund at the U.S. treasury that would allow allies to deposit money to replenish U.S. military equipment donated to Ukraine.
Upon introducing the bill, Chairman Wicker issued the following statement:
“President Trump has made clear that he will not tolerate Russian tyrant Vladimir Putin’s continued targeting of civilians in Ukraine. The death and destruction must end, but Putin will not stop unless it is made clear to him that there is no path to success and that continued war will lead to massive costs for him and Russia. Today, we are introducing the PEACE Act, which gives President Trump and our NATO allies an additional option to deliver military aid to Ukraine. The PEACE Act enables our European partners to finance replenishments so that the U.S. military can continue drawdown packages of weapons to Ukraine. This is the fastest way to arm Ukraine as well as to minimize the strategic and military threat posed by Russia to the U.S. and NATO. The PEACE Act, in conjunction with the purchase of new military equipment and the prospect of imposing a crippling sanctions regime, shows Putin that neither escalation nor attrition will allow him to achieve his war aims.”
Chairman Risch said: “Peace is only possible through strength. President Trump’s work with our NATO allies ensures they cover the cost of weapons for Ukraine, and this bill will give him the tool he needs to do so. Together, we will send a clear message to Putin that there are consequences for his refusal to negotiate in good faith.”
Background
Source: United States House of Representatives – Julia Brownley (D-CA)
Washington, DC – Today, Congresswoman Julia Brownley (D-CA), Congressman Dusty Johnson (R-SD), Congressman Raja Krishnamoorthi (D-IL), and Congressman John Moolenaar (R-MI) announced the reintroduction of the Securing Infrastructure from Adversaries Act, bipartisan legislation that would prohibit the U.S. Department of Transportation from using Light Detection and Ranging (LiDAR) technology produced by foreign adversaries.
LiDAR technology produces highly detailed 3-D maps used to manage transportation infrastructure, improve traffic safety, and support airport and disaster response operations. However, companies from foreign adversaries, like China, are expanding their footprint in this critical industry. Given Chinese laws requiring companies to share data with their government, this technology poses a growing risk of foreign surveillance and interference with U.S. infrastructure. This bipartisan bill would ensure taxpayer dollars are not used to purchase equipment that could compromise, disrupt, or manipulate our nation’s critical infrastructure.
“While LiDAR technology is widely employed in our nation’s transit infrastructure, including in airports, autonomous vehicles, and traffic control systems, it is increasingly being produced by Chinese companies that are required to hand over any data collected by their equipment to the Chinese government upon request. This raises serious concerns that China could not only access sensitive data mapping U.S. infrastructure, but also use it to disrupt the systems that rely on their technology,” said Congresswoman Brownley. “Now more than ever, we must remain vigilant and proactive in safeguarding the infrastructure that Americans depend on every day.”
“LiDAR technology creates incredibly detailed maps of its surroundings. Allowing our adversaries like China to have access to these maps of critical infrastructure like ports, railways, airports, roads, and bridges could allow them to disrupt our supply chains and cause a national security crisis,” said Congressman Johnson. “My bill ensures our nation’s critical infrastructure is protected from the malign interests of the Chinese Communist Party.”
“LiDAR is essential to modern infrastructure, but when it’s controlled by companies linked to the Chinese Communist Party, it becomes a security risk,” said Select Committee on China Ranking Member Krishnamoorthi. “We can’t allow adversaries to gather sensitive data or disrupt our systems. This bill takes a necessary step to keep our infrastructure secure and our technology supply chains trusted.”
“Taxpayer dollars should never be used to fund technology from our adversaries,” said Select Committee on China Chairman Moolenaar (R-MI). “This bill makes America’s critical infrastructure more secure from foreign surveillance and influence by ensuring the Department of Transportation is not supporting the growing market share of Chinese-made LiDAR equipment. It’s a common-sense step to put American security first.”
“Trucks reach every corner of the country and routinely access some of our nation’s most sensitive sites—such as ports, border crossings, and military installations. That is why supply chain and infrastructure security are very important to our industry,” said Henry Hanscom, Senior Vice President of Legislative Affairs at the American Trucking Associations. “The American Trucking Associations commends Reps. Johnson, Brownley, Moolenaar, and Krishnamoorthi for taking this issue seriously by working to block potential national security threats from foreign-owned LiDAR technology.”
“This legislation marks an important step forward in strengthening the security of America’s transportation systems and critical infrastructure. As LiDAR technology becomes increasingly central to the future of transportation, including autonomous systems, it’s essential that the technology used to build and operate our national infrastructure is safe, secure, and protected against adversarial interference,” said Michael Robbins, President and CEO of the Association for Uncrewed Vehicle Systems International.
Read the full text of the bill here.
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Issues: 119th Congress, National Security, Transportation and Infrastructure
Source: US State of New York
EW YORK – New York Attorney General Letitia James today took action to stand up for vulnerable immigrant communities in Rochester. In an amicus brief filed in the U.S. District Court for the Western District of New York, Attorney General James emphasized that localities with laws that limit local authorities’ involvement in federal immigration enforcement keep communities safe and allow local law enforcement to use resources to address local public safety priorities, such as fighting crime and reducing gun violence. Attorney General James further argues that Rochester’s longstanding law, often referred to as a “sanctuary city” law, is constitutional because the Constitution grants states and their localities power over the day-to-day public safety of residents within their jurisdiction. In the brief filed today, Attorney General James asks the court to grant judgment in Rochester’s favor in the U.S. Department of Justice’s (DOJ) lawsuit against the city.
“For years, these laws in Rochester and cities throughout New York have kept New Yorkers safe,” said Attorney General James. “The Trump administration’s attacks on immigrant communities are cruel and shameful. Rochester’s law is constitutional, and my office will continue to use every tool at our disposal to protect New Yorkers.”
Rochester’s law, like many other sanctuary city laws, limits local or state agencies’ involvement in federal civil immigration enforcement and is intended to build trust between immigrant communities and law enforcement and ensure local resources are spent on local priorities. Rochester first enacted its law in 1986 and later updated it in 2017. It does not limit cooperation between local and federal authorities on criminal matters. In April, DOJ filed a lawsuit against Rochester, arguing that the city’s law is unconstitutional because it is preempted by federal law. In her brief, Attorney General James argues that Rochester’s law does not violate the Constitution, and that the 10th amendment reserves police power to states and their localities.
Attorney General James writes that the law helps keep New Yorkers safe because it encourages individuals in immigrant communities to report crimes, serve as witnesses, and seek critical medical care or social services without fearing deportation. Studies have repeatedly indicated that greater involvement of local law enforcement in immigration enforcement makes immigrant communities less likely to interact with police, and more likely to become victims of crime or other exploitation. Other research has concluded that immigrant community members often refrain from seeking vital local services, including health care services, when they fear that local officials could report them to immigration authorities. Delaying medical care for fear of deportation can cause serious health complications for people who need it.
Attorney General James explains that imposing federal immigration priorities on already strained local officials can detract from local needs. A former Rochester police chief, who held the position at the time of the enactment of the city’s 2017 law, explained that it was intended to avoid diverting scarce resources and time away from the community’s public safety priorities, like reducing gun violence.
Attorney General James is asking the court to grant judgment in Rochester’s favor in the DOJ’s lawsuit and uphold Rochester’s sanctuary city law.
Attorney General James has been a national leader in fighting to protect and defend immigrant communities. In July, Attorney General James joined a coalition of 19 other states in defending essential legal services for unaccompanied immigrant children. Also in July, Attorney General James urged the U.S. Court of Appeals for the First Circuit to uphold an order blocking the federal government from mass terminating the Cuba, Haiti, Nicaragua, and Venezuela parole program. Attorney General James also joined a coalition of 17 other attorneys general in supporting the American Civil Liberties Union’s lawsuit challenging the federal government’s use of unlawful immigration enforcement tactics in Los Angeles, California. In June, Attorney General James co-led a coalition of 17 attorneys general in defending hundreds of thousands of Venezuelan immigrants who had their legal status threatened after the Trump administration attempted to eliminate Temporary Protected Status (TPS).
Source: US State of New York
overnor Kathy Hochul today announced the completion of Shepherd-Glenmore, a new $61 million affordable and supportive housing development in Cypress Hills, Brooklyn. Developed by Housing Plus and Spatial Equity, Shepherd-Glenmore features 123 affordable apartments in a LEED Gold building located adjacent to the Shepherd Avenue C train station. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 7,700 affordable homes in Brooklyn. Shepherd-Glenmore continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.
“Shepherd-Glenmore marks a significant step forward in our mission to provide safe, affordable and supportive housing for all New Yorkers,” Governor Hochul said. “This development transforms a once-dilapidated site into a vibrant, energy-efficient community, provides easy access to public transit, and offers critical supportive services to those who need it most. Through our $25 billion housing plan and partnerships with dedicated partners, we continue to make New York a more affordable and inclusive place of opportunity where people can thrive.”
Developed on the site of a former junkyard that was demolished as part of construction, Shepherd-Glenmore apartments are affordable to households earning up to 60 percent of the Area Median Income.
Supportive services and rental subsidies for 74 apartments are provided by Housing Plus and are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Temporary and Disability Assistance. Services include case management, crisis intervention, mental health and wellness services, employment and education services, recreation and socialization services, and referral services. Additionally, eight apartments will be set aside for independent seniors through the New York City Affordable Independent Residence for Seniors Program, who will receive rental assistance through HCR project based rental vouchers.
Shepherd-Glenmore was made possible with help from New York City’s rezoning of East New York, requiring that 31 units remain permanently affordable as part of the New York City Mandatory Inclusionary Housing Program.
Shepherd-Glenmore was designed to meet Energy Star Multifamily New Construction and LEED Gold criteria. The development features a roof-top solar array to generate on-site electricity and is designed and built to high standards of building envelope performance and indoor quality standards.
Amenities include 5,000 square feet of outdoor recreation space, community garden, 24-hour security, a fitness room and a wellness room.
New York State Homes and Community Renewal’s state and federal Low-Income Housing Tax Credit Programs generated more than $21 million in equity and $24 million in subsidy for the development. The New York City Department of Housing Preservation and Development provided more than $13 million in subsidy.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Shepherd-Glenmore is a shining example of how partnerships between State and local government can create high-quality, affordable housing that uplifts communities. With 123 energy-efficient apartments, including 74 with supportive services for New Yorkers at-risk of homelessness, this development provides a stable foundation that will help its residents, particularly those most in need, succeed in the future. Under Governor Hochul’s leadership, HCR is proud to advance projects like this that align with our commitment to creating and preserving 100,000 affordable homes statewide.”
Senator Kirsten Gillibrand said, “Safe and affordable housing should be accessible to all New Yorkers regardless of their background. Investing in high-quality and affordable housing is critical to ensuring the safety and well-being of all New Yorkers. I am proud that the Shepherd-Glenmore project supports our seniors and delivers real results for East New York. I will continue fighting for more funding that supports affordable housing projects like this one so all New Yorkers have access to the comfortable and safe homes they deserve.”
State Senator Julia Salazar said, “New York City desperately needs more affordable housing, and so I applaud the completion of Shepherd-Glenmore here in Brooklyn. The new building has more than 120 affordable apartments, 74 of which will have supportive services for formerly homeless and those at-risk of homelessness. I look forward to the day New Yorkers can begin moving in.”
HousingPlus CEO Karen Ford said, “Permanent supportive housing ensures that families with significant barriers are able to obtain and maintain safety and stability. We are thankful to our state leadership, including Governor Hochul and HCR for helping to bring these supportive units to East New York.”
Spatial Equity Principal Teghvir Sethi said, “Shepherd Glenmore represents transformation: a derelict junkyard reimagined into LEED Gold housing for seniors, families and individuals to build new lives in rent stabilized, state-of-the-art homes. We are grateful to Governor Hochul, HCR, Mayor Adams, HPD, and Wells Fargo for their support of non-profit and MWBE developers joining the fight in the city’s housing crisis.”
Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The combination of affordable housing and supportive services is fundamental to helping individuals experiencing homelessness get the assistance they need to remain stably housed. Shepherd-Glenmore will serve some of our most vulnerable fellow New Yorkers and we are grateful to play a role in the creation of these permanent supportive housing units. Congratulations to our state and local partners, and everyone involved in the completion of this much-needed project.”
Governor Hochul’s Housing Agenda
Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 60,000 homes have been created or preserved to date.
The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 300 communities have received Pro-Housing certification, including the City of New York.
Source: US State of California
Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.
Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.
The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.
“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”
“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”
“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”
The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.
The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.
The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).
The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.
The claims resolved by the settlement are allegations only and there has been no determination of liability.
Source: United States Attorneys General
Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.
Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.
The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.
“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”
“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”
“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”
The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.
The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.
The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).
The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.
The claims resolved by the settlement are allegations only and there has been no determination of liability.
Source: Government of India
Source: Government of India (4)
U.S. President Donald Trump on Wednesday imposed a 25% tariff on goods imported from India starting August 1, along with an unspecified penalty for buying Russian weapons and oil, potentially straining relations with the world’s most populous democracy.
The U.S. decision singles out India more severely than other major trading partners, and threatens to unravel months of talks between the two countries, undermining a key strategic partner of Washington’s and a counterbalance to China.
“While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” Trump wrote in a Truth Social post.
“They have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!”
The White House has previously warned India about its high average applied tariffs – nearly 39% on agricultural products – with rates climbing to 45% on vegetable oils and around 50% on apples and corn.
Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35% of overall supplies.
The U.S. currently has a $45.7 billion trade deficit with India.
The news pushed the Indian rupee down 0.4% to around 87.80 against the U.S. dollar in the non-deliverable forwards market, from its close at 87.42 during market hours. Gift Nifty futures were trading at 24,692 points, down 0.6%.
CONTENTIOUS ISSUES
“Higher tariffs for India compared to countries it competes with, for exports to the U.S., are going to be challenging,” said Ranen Banerjee, a partner of economic advisory services at PwC India.
India’s commerce ministry, which is leading the trade talks, did not immediately respond to a request for comment.
U.S. and Indian negotiators had held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for U.S. agricultural and dairy products.
Despite progress in some areas, Indian officials resisted opening the domestic market to imports of wheat, corn, rice and genetically modified soybeans, citing risks to the livelihood of millions of Indian farmers.
The U.S. had flagged concerns over India’s increasing and burdensome import-quality requirements, among its many barriers to trade, in a report released in March.
The new tariffs are expected to impact India’s goods exports to the U.S., estimated at around $87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewelry, and petrochemicals.
India now joins a growing list of countries facing higher tariffs under Trump’s “Liberation Day” trade policy, aimed at reshaping U.S. trade relations by demanding greater reciprocity.
The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn 2025 and expand bilateral trade to $500 billion by 2030, from $191 billion in 2024.
Indian officials have previously indicated that they view the U.S. as a key strategic partner, particularly in counterbalancing China. But they have emphasized the need to preserve policy space on agriculture, data governance, and state subsidies.
HOPES FOR A DEAL
It was not immediately clear whether the announcement was a negotiating tactic. While Trump railed against Japan in a June 30 Truth Social post and said there would likely be no deal with the North Asian nation, a deal was agreed on July 22.
An Indian government official told Reuters that New Delhi continued to remain engaged with the United States to seal an agreement.
Economists, too, remained hopeful.
“While the negotiations seems to have broken down, we don’t think the trade-deal haggling between the two nations is over yet,” Madhavi Arora, an economist at Emkay Global.
(Reuters)
Source: United States House of Representatives – Representative Randy Feenstra (IA-04)
HULL, IOWA – Today, U.S. Rep. Randy Feenstra (R-Hull) introduced the Save Our Seniors Act, which would help protect the long-term solvency of Social Security by requiring the Congressional Budget Office (CBO) to include the honest projection of its financial health in its annual ten-year economic outlook.
“After a lifetime of hard work, our seniors deserve to retire with dignity and receive the Social Security benefits that they earned. However, thanks to reckless government spending and congressional inaction, the Congressional Budget Office forecasts that the Social Security Trust Fund will run out of sufficient funds by 2033 to pay Social Security benefits in full. It’s wrong and absolutely unacceptable,” said Rep. Feenstra. “That’s why I introduced the Save Our Seniors Act to help protect the long-term solvency of Social Security by requiring the Congressional Budget Office to include an honest and accurate projection of Social Security’s financial health in its annual ten-year economic outlook. This fix will ensure that our seniors receive their Social Security checks on time and in full while demanding real solutions from Congress to keep the Social Security Trust Fund solvent for generations to come. Serving on the House Ways and Means Committee’s Social Security Subcommittee, I will continue to work to ensure that our seniors and workers receive the benefits that they deserve and have earned while strengthening our nation’s fiscal foundation.”
“Representative Feenstra’s Save Our Seniors Act is a commonsense proposal to require more transparency from the Congressional Budget Office. CBO’s baseline does not actually reflect current law, providing a misleading picture of what would happen when the Social Security Trust Fund is depleted within the next decade. It is crucial for Congress and the American people to understand the truth, so we can instead achieve better results for seniors and taxpayers,” said Matthew Dickerson, Director of Budget Policy at the Economic Policy Innovation Center (EPIC).
More specifically, the Save Our Seniors Act would ensure that a simple and easy-to-understand graph depicting the actual outlook for the OASDI Trust Fund is included in the CBO’s ten-year economic outlook. Similar graphs exist in other Social Security related reports, like the Trustees Reports, but not in a document as widely viewed as the CBO’s outlook, which is used by members of Congress and economists to get a detailed look at the health of our nation’s economy and the federal budget.
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US Senate News:
Source: United States Senator for Kansas Roger Marshall
Washington – On Tuesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined a bipartisan letter led by Senator Tammy Baldwin (D-Wisconsin) to the Surface Transportation Board, raising concern for the announced merger of Union Pacific and Norfolk Southern railroads, urging the board to carefully review the matter.
This significant consolidation could reshape the U.S. freight rail industry and supply chain, potentially driving up costs for consumers, worsening service for producers, and depleting competition in an already diminished market.
In their letter to the Surface Transportation Board, the Senators wrote:
“Since the 1950s, the rail industry has consolidated from over 100 Class I freight railroads to only six today. A long trend of industry consolidation has dramatically increased the power of railroads over shippers in the last few decades — leaving four carriers to provide nearly 90 percent of the nation’s freight rail transportation. In recent years, we have heard from too many U.S. manufacturers, utility companies, agricultural producers, and small businesses experiencing service and reliability problems while paying excessive rates. The railroad industry has proven to be more concerned with increasing their rates and profits rather than improving their service.”
“A major rail merger has the potential to trigger additional industry consolidation. We are encouraged that the STB shared this concern in the context of the 2001 rulemaking process, in which the STB set new rules governing major railroad mergers and started requiring Class I railroads to prove that mergers would both enhance competition and are in the public interest. We strongly encourage the STB to keep this at the forefront of considerations.”
Click HERE to read the full letter.
Source: United States House of Representatives – Congressman David G Valadao (CA-21)
WASHINGTON – Congressman David Valadao (CA-22) joined Reps. Rob Bresnahan (PA-08), Chellie Pingree (ME-01), and Josh Riley (NY-19) in introducing the Local Farmers Feeding our Communities Act. This bipartisan bill would allow states, through the U.S. Department of Agriculture (USDA), to establish cooperative agreements connecting regional farmers and producers with local food distribution organizations. Through these agreements, funds would be used to purchase local, fresh, and minimally processed foods like meat, seafood, milk, cheese, eggs, fruit, and poultry.
“The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Congressman Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”
“Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”
“When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Congresswoman Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”
“It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Congressman Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”
Additional co-sponsors include: Reps. Tony Wied (WI-08), Dan Newhouse (WA-04), Zach Nunn (IA-03), Nikki Budzinski (IL-13), Jim Costa (CA-21), Eugene Vindman (VA-07), Jimmy Panetta (CA-19), and Alma Adams (NC-12).
“This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Congressman Newhouse. “It cuts down on food waste, supplies food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”
“Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families and food banks can afford the fresh produce grown right here in our communities,” said Congressman Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”
“I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Congresswoman Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”
“As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Congressman Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”
The Local Farmers Feeding our Communities Act:
Read the full bill here.
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Source: US National Renewable Energy Laboratory
From capital cities in the East to Alaskan villages in the West, NREL is advancing community-driven energy solutions from coast to coast through the U.S. Department of Energy (DOE) Energy Efficiency and Conservation Block Grant (EECBG) Program.
The EECBG Program has allocated noncompetitive funding for energy projects and programs in hundreds of communities. Community grant recipients can use funding for projects and programs that cut energy costs, improve energy efficiency, and create jobs.
Recipients also receive vouchers to access support from NREL experts with a wide array of technical expertise in order to advance their priorities using EECBG funding. NREL, leveraging the wealth of the laboratory’s modeling and analysis capabilities, began working with dozens of communities to deliver this support in the fall of 2024.
“Already, DOE’s EECBG Program is helping so many different areas of the country,” said Nathan Wiltse, decision support analysis group manager and EECBG technical lead for NREL. “Through the program, big cities and small towns can set their course in realizing their energy goals. Their drive and enthusiasm has been encouraging, and our NREL team is proud to be a part of their journey through the technical assistance we provide with DOE’s guidance.”
DOE-funded EECBG Program support—provided by NREL—spans multiple sectors, tapping into technical knowledge and expertise that provide local governments with actionable insights for their self-identified priorities, helping them improve energy affordability and more in their jurisdictions.
The beach city of Encinitas in San Diego County, California, is served by a regional rail service, with many workers commuting into the city. Tourism is also a big economic driver for the city, with many recreation opportunities and annual arts and cultural events.
To better support commuters, tourists, and residents, the city is looking to expand its public mobility options through microtransit. Microtransit systems commonly use smaller vehicles like minivans, which operate in a defined service area and provide rides to users on request. Instead of having fixed routes, like more traditional bus and rail services, microtransit generally provides varying point-to-point services as requested by riders.
According to NREL research, microtransit provides a low-cost and convenient alternative to personal car use. Applying this strategy for public transportation can then save costs for riders while improving air quality in communities.
“For a relatively small city like Encinitas, more traditional public transportation methods may not be the best fit,” said Andy Duvall, NREL researcher and voucher support subject matter expert. “Exploring microtransit could provide a variety of financial and environmental benefits for residents, visitors, and the community.”
With EECBG voucher technical assistance, NREL will assist Encinitas in developing a microtransit program by conducting analysis that gives the community a better understanding of its current transportation landscape and viable microtransit options and funding strategies. This support will be rooted in community engagement, with community workshops and data collection built in to learn about the residents’ challenges with public transit, specific issues, and ideas for solutions that will bolster the economy.
Chenega, home to the Native Village of Chenega, is located on an island in Southern Alaska. The community spans less than 30 square miles and has 19 residential buildings. Though small in size, Chenega has big goals to improve energy efficiency for residents, with a target of reducing the Tribe’s energy usage by 50% by 2050 or sooner, significantly cutting energy costs.
The Native Village of Chenega and the Chenega Corporation want to use their EECBG funding to help implement a community-wide energy efficiency program. To help Chenega plan for this program, NREL is organizing energy audits for a majority of homes in the community. Energy audits consist of a thorough inspection of a home both inside and out to identify potential comfort or safety problems and energy-saving opportunities. Through this process, Chenega will get a better understanding of which upgrades will be most cost-effective for their residents.
“Our technical assistance is helping Chenega set the foundation for more work to come that will cut energy costs for their community,” said Wiltse, who has over a decade of experience as a buildings researcher and economist in Alaska.
Chenega aims to use the results from these energy audits to apply for grant funding to implement the upgrades. The community also wants to use the audits to satisfy pre-installation requirements for DOE’s Tribal Home Electrification and Appliance Rebates, which can provide rebates of up to $14,000 per household for efficiency and appliance upgrades.
As Sugar Land, Texas, charts out its future energy projects, one of the city’s top priorities is reducing energy use and saving money for residents. To embed this commitment into daily operations, the city is developing a strategic energy plan focused on increasing efficiency, cutting waste, and lowering energy consumption across public buildings and infrastructure. To make this comprehensive energy plan succeed, the city needs more information on its current energy landscape.
Using tools like NREL’s State and Local Planning for Energy Platform, researchers are helping Sugar Land understand its current energy consumption and potential efficiency opportunities. With expert guidance from NREL, the city will move step by step through a hands-on energy planning process, from setting goals to evaluating project feasibility and prioritizing actions. Researchers will also analyze energy savings potential and financial impacts of various energy efficiency strategies across the city.
“Our research and analysis will help the city understand which energy efficiency strategies will be most cost-effective,” said Vanessa Mathews, NREL researcher. “Sugar Land can use this information to apply for funding opportunities and take meaningful steps towards its energy goals.”
Through the energy planning process, the city will identify clear, actionable steps to better understand its energy costs, evaluate the costs and benefits of potential efficiency projects, and explore reliable and affordable energy options and potential funding sources to inform the city’s future budget decisions.
Learn more about NREL’s technical assistance for EECBG.
Source: The Conversation – UK – By Alan Dykes, Associate Professor in Engineering Geology, Kingston University
The earthquake near the east coast of the Kamchatka peninsula in Russia on July 30 2025 generated tsunami waves that have reached Hawaii and coastal areas of the US mainland. The earthquake’s magnitude of 8.8 is significant, potentially making it one of the largest quakes ever recorded.
Countries around much of the Pacific, including in east Asia, North and South America, issued alerts and in some cases evacuation orders in anticipation of potentially devastating waves. Waves of up to four metres hit coastal towns in Kamchatka near where the earthquake struck, apparently causing severe damage in some areas.
But in other places waves have been smaller than expected, including in Japan, which is much closer to Kamchatka than most of the Pacific rim. Many warnings have now been downgraded or lifted with relatively little damage. It seems that for the size of the earthquake, the tsunami has been rather smaller than might have been the case. To understand why, we can look to geology.
The earthquake was associated with the Pacific tectonic plate, one of several major pieces of the Earth’s crust. This pushes north-west against the part of the North American plate that extends west into Russia, and is forced downwards beneath the Kamchatka peninsula in a process called subduction.
The United States Geological Survey (USGS) says the average rate of convergence – a measure of plate movement – is around 80mm per year. This is one of the highest rates of relative movement at a plate boundary.
But this movement tends to take place as an occasional sudden movement of several metres. In any earthquake of this type and size, the displacement may occur over a contact area between the two tectonic plates of slightly less than 400km by 150km, according to the USGS.
The Earth’s crust is made of rock that is very hard and brittle at the small scale and near the surface. But over very large areas and depths, it can deform with slightly elastic behaviour. As the subducting slab – the Pacific plate – pushes forward and descends, the depth of the ocean floor may suddenly change.
Nearer to the coastline, the crust of the overlying plate may be pushed upward as the other pushed underneath, or – as was the case off Sumatra in 2004 – the outer edge of the overlying plate may be dragged down somewhat before springing back a few metres.
It is these near-instantaneous movements of the seabed that generate tsunami waves by displacing huge volumes of ocean water. For example, if the seabed rose just one metre across an area of 200 by 100km where the water is 1km deep, then the volume of water displaced would fill Wembley stadium to the roof 17.5 million times.
A one-metre rise like this will then propagate away from the area of the uplift in all directions, interacting with normal wind-generated ocean waves, tides and the shape of the sea floor to produce a series of tsunami waves. In the open ocean, the tsunami wave would not be noticed by boats and ships, which is why a cruise ship in Hawaii was quickly moved out to sea.
The tsunami waves travel across the deep ocean at up to 440 miles per hour, so they may be expected to reach any Pacific Ocean coastline within 24 hours. However, some of their energy will dissipate as they cross the ocean, so they will usually be less hazardous at the furthest coastlines away from the earthquake.
The hazard arises from how the waves are modified as the seabed rises towards a shoreline. They will slow and, as a result, grow in height, creating a surge of water towards and then beyond the normal coastline.
The Kamchatka earthquake was slightly deeper in the Earth’s crust (20.7km) than the Sumatran earthquake of 2004 and the Japanese earthquake of 2011. This will have resulted in somewhat less vertical displacement of the seabed, with the movement of that seabed being slightly less instantaneous. This is why we’ve seen tsunami warnings lifted some time before any tsunami waves would have arrived there.
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Alan Dykes 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. Why the Pacific tsunami was smaller than expected – a geologist explains – https://theconversation.com/why-the-pacific-tsunami-was-smaller-than-expected-a-geologist-explains-262273
Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)
Yesterday, Congresswoman Chellie Pingree (D-Maine), a senior member of the House Appropriations Committee, joined her colleagues Congresswoman Maggie Goodlander (D-N.H.), a member of the House Armed Services Committee, and Congresswoman Debbie Wasserman Schultz (D-Fla.), Ranking Member of the Subcommittee on Military Construction, Veterans Affairs, and Related Agencies under the Appropriations Committee, to tour Portsmouth Naval Shipyard (PNSY). Pingree, Goodlander, Wasserman Shultz, and shipyard leadership and workers discussed how they are addressing the delays that are preventing PNSY from bringing on the workforce needed to continue its critical work for our national security, and how they’re working in Congress to strengthen the benefits that these public servants and skilled workers rely on.
“Portsmouth Naval Shipyard represents the best of public service—skilled, dedicated workers whose work strengthens our national security every day,” said Congresswoman Pingree. “During our visit today, my colleagues and I saw firsthand the dedication and expertise that keep this critical facility running. What we heard from workers and leadership was clear: they need stable funding, a reliable workforce pipeline, and a Congress that has their backs. I’m grateful to join Congresswomen Goodlander and Wasserman Schultz in making sure their voices are heard—and their priorities reflected—in the federal budget.”
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From left: Congresswoman Pingree, Congresswoman Goodlander, Captain Jesse Nice, Naval Shipyard Commander, and Congresswoman Wasserman Schultz. Photos from the visit are available here. |
“We owe a sacred obligation to the women and men who dedicate their lives to serving our country, whether in uniform or as civilians. In Congress, I am focused on living up to that obligation and delivering for our servicemembers, veterans, and shipyard workers,” said Congresswoman Goodlander. “We had a powerful and important conversation at the Portsmouth Naval Shipyard and the Manchester VA Medical Center about the critical role that federal funding plays in their operations and how Congress can and must be a continued partner in their mission.”
“Democrats work nonstop to ensure that vital national security investments and caring for our veterans remain top priorities, and the high-quality work I saw being done at the Portsmouth Naval Shipyard and Manchester VAMC reconfirmed for me that strong, reliable Congressional funding and support is vital to these workers, their communities, and America’s overall strength,” said Congresswoman Wasserman Schultz. “I joined Representatives Goodlander and Pingree to inspect these facilities today, but they have both long stood with me in the trenches as Democrats fight to ensure veterans services and benefits are protected, and the work of protecting our national security is not impeded.”
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Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)
Today, Congresswoman Chellie Pingree (D-Maine), a longtime farmer and member of the House Agriculture Committee, led a bipartisan group of her colleagues in introducing the Local Farmers Feeding our Communities Act to boost the purchasing and distribution of local food. The bill, co-led by Representatives Rob Bresnahan (R-Pa.), David Valadao (R-Calif.), and Josh Riley (D-N.Y.), will help build stronger connections between local producers and community food programs, expanding markets and improving access to healthy food for those in need.
“When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Rep. Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”
The Local Farmers Feeding our Communities Act will allow states, through USDA, to establish cooperative agreements connecting local farmers and producers with local food distribution organizations. Through these agreements, funds will be used to purchase local, fresh, and minimally processed foods like seafood, meat, milk, cheese, eggs, fruit, and poultry. The bill also sets aside a portion of these funds to purchase food specifically from small, mid-size, beginning, and veteran farmers. Text can be found here.
“Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”
“The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Rep. Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”
“It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Rep. Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”
Original cosponsors include Tony Wied (R-Wisc.), Dan Newhouse (R-Wash.), Zach Nunn (R-Iowa), Nikki Budzinski (D-Ill.), Jim Costa (D-Calif.), Eugene Vindman (D-Va.), Jimmy Panetta (D-Calif.), and Alma Adams (D-N.C.).
“Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families, schools, and food banks can afford the fresh produce grown right here in our communities,” said Rep. Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”
“This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Rep. Newhouse. “It cuts down on food waste, supplies local schools and food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”
“I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Rep. Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”
“As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Rep. Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”
The Local Farmers Feeding our Communities Act is endorsed by the Feeding America, National Milk Producers Federation (NMPF), National Association of State Departments of Agriculture (NASDA), the National Sustainable Agriculture Coalition (NSAC), National Farmers Union (NFU), Save the Children, Full Plates Full Potential, Good Shepherd Food Bank, Maine Organic Farmers and Gardeners Association (MOFGA), and more.
“Maine’s food system has been hit hard over the past few months due to the instability created by changing government policies and cuts to established food programs, like the Local Food for Schools program which helped schools buy local food from local farms,” said Anna Korsen, Deputy Director of Full Plates Full Potential. “We know children go hungry when household and school budgets get squeezed, so Full Plates welcomes the Local Farmers Feeding Our Communities Act and the potential it has to build on what Maine does best – community solutions to community problems.”
“The Local Farmers Feeding Our Communities Act recognizes and advances the work of thousands of farmers and proponents nationally who have worked to bolster the resiliency of our local food system and Nation’s food supply chain,” Colleen Hanlon-Smith of Farm to Neighbor Maine. “We applaud Congresswoman Pingree for her work to advance this Act. Both LFPA and LFS offered an opportunity for the federal government and the public’s tax dollars to strategically inject funding at the intersection of local food access and farm viability. These were not only incredibly successful programs but critical to shifting the needle on food security by ensuring economic investments locally, to the benefit of our Nation’s farmers, food insecure citizens and local communities.”
“The proposed bill would be a win for both local farmers and families facing hunger,” said Heather Paquette, President of Good Shepherd Food Bank. “By prioritizing the purchase of local foods and partnering with organizations that have deep experience in food distribution, we can ensure that nutritious food reaches the people who need it most, all while strengthening local economies.”
“As Executive Director of the Maine Organic Farmers and Gardeners Association, I strongly support the Local Farmers Feeding Our Communities Act because it uplifts the hardworking farmers and food producers who nourish our communities every day,” said Sarah Alexander, Executive Director of MOFGA. “By investing in cooperative agreements that build local food infrastructure and markets, this Act empowers states and Tribal governments to create resilient, community-based food systems. It’s a smart, values-driven approach that strengthens local economies, improves food access, and ensures a healthier, more sustainable future for all.”
“Maine has spent the last two decades building strong, innovative programs to support small farms and connect local producers with their communities. This legislation will help strengthen that foundation, ensuring we continue to grow, adapt, and meet the evolving needs of both farmers and families,” said Jimmy DeBiasi, Executive Director of the Maine Federation of Farmers’ Markets. “If we’re serious about making America healthier, we have to start with what we’re eating. This bill recognizes that feeding people nutritious, locally grown food is not just good policy—it’s a smart investment in public health and our agricultural future.”
“This legislation benefits family farmers and the communities they feed,”said Rob Larew, President of National Farmers Union. “It strengthens local food systems, expands economic opportunity, and builds more resilient farms.”
“PFB appreciates Representative Bresnahan (R-PA-08) championing legislation that will expand our farmers’ market opportunities, reduce food waste, and get locally grown food to American families’ tables,” said Chris Hoffman, President, Pennsylvania Farm Bureau. “The Local Farmers Feeding Our Communities Act exemplifies the importance of cherishing the hard work that goes into producing food and not wanting to waste it, while providing less fortunate consumers with local options that provide them with the opportunity to support their local farmers. This is a win-win piece of legislation for all involved, and we look forward to working with Congress to advance it.”
“Fresh produce, dairy, and protein are some of the most requested items across the charitable food network,” said Julie Bancroft, CEO, Feeding Pennsylvania. “This bill will strengthen the farm-to-food bank supply chain, create new markets for farmers, and ensure food bank shelves are stocked with locally grown, nutritious food products that help Pennsylvanians access the food they need to thrive. Feeding Pennsylvania is pleased to see the introduction of this important legislation and looks forward to working with our members of Congress as it moves through the legislative process.”
“We commend Representatives Rob Bresnahan, R-PA, Josh Riley, D-NY, David Valadao, R-CA, and Chellie Pingree, D-ME, for their bipartisan Local Farmers Feeding our Communities Act,” said the National Milk Producers Federation. “This bill will provide an additional pipeline for dairy farmers to provide their communities with nutritious milk and dairy products. We especially thank the sponsors for ensuring that farmer-owned cooperatives are eligible to participate in this important food security initiative and look forward to working to enact this legislation.”
“Our nation’s farmers are a key part of the nutritious food provided to community members through local food banks and pantries,” said Vince Hall, Chief of Government Relations Officer, Feeding America. “Farmers have worked in partnership with Feeding America food banks for over half a century. The Local Farmers Feeding our Communities Act would increase resources for states to support local growers and ensure their nutritious food is connected with community members through local organizations like food banks. Feeding America supports the introduction of this legislation and encourages members of Congress to endorse this bipartisan bill that helps farmers and food banks.”
“The bipartisan Local Farmers Feeding Our Communities Act makes meaningful investments in local and regional food systems by connecting small and mid-sized farmers to nearby communities, strengthening rural economies and advancing health-driven outcomes for consumers,” said Ted McKinney, CEO, NASDA. “NASDA supports this legislation led by U.S. House Representatives Bresnahan (PA) and Riley (NY) and urges the House to swiftly pass this bill.”
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Source: US State of North Dakota
The North Dakota Department of Commerce announced that the Legacy Investment for Technology (LIFT) program has awarded a $1 million loan to Trilogy LLC, a North Dakota-based company that developed the Sand Titan, a high-performance sand separator for the oil and gas industry.
“The LIFT program is a vital resource for fostering innovation and supporting North Dakota’s oil and gas industry,” said Commerce Economic Development & Finance Deputy Director and Head of Investments and Innovation Shayden Akason. “This funding highlights our commitment to supporting North Dakota businesses that drive economic impact in our core industries and create lasting impact across the state.”
LIFT is an innovation loan fund that supports technology advancement by providing financing for the commercialization of intellectual property within North Dakota. The loan funds are available to enhance capacity and, when possible, leverage state, federal and private sources of funding.
Since its inception, the LIFT program has awarded more than $45 million across 72 projects, with an average award of approximately $635,000. These investments span sectors such as health care, agriculture technology, energy, and advanced computing, demonstrating the program’s broad impact on North Dakota’s innovation economy.
Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years, 2% interest for the next two years, and a standard Bank of North Dakota loan rate for all subsequent years. The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state’s economy.
For more information, application guidelines and program details, visit https://belegendary.link/LIFT.
Source: United States Attorneys General
WASHINGTON – Today, the Department of Justice released Guidance to ensure that recipients of federal funding do not engage in unlawful discrimination. In particular, it clarifies that federal antidiscrimination laws apply to programs or initiatives that involve discriminatory practices, including those labeled as Diversity, Equity, and Inclusion (“DEI”) programs. Entities that receive federal funds, like all other entities subject to federal antidiscrimination laws, must ensure that their programs and activities comply with federal law and do not discriminate on the basis of race, color, national origin, sex, religion, or other protected characteristics—no matter the program’s labels, objectives, or intentions.
“This Department of Justice will not stand by while recipients of federal funds engage in illegal discrimination,” said Attorney General Pamela Bondi. “This guidance will ensure we are serving the American people and not ideological agendas.”
“The federal government must ensure that taxpayer money is used lawfully and for the public good,” said Assistant Attorney General Harmeet K. Dhillon. “The very foundation of our anti-discrimination laws rests on the principle that every American deserves equal opportunity, regardless of race, color, national origin, sex, religion, or other protected characteristics.”
This new Guidance emphasizes the significant legal risks of initiatives that involve discrimination based on protected characteristics and offers non-binding best practices to help entities that receive federal funds avoid the risk of violations and the revocation of federal grant funding.
Read the Guidance HERE.
US Senate News:
Source: US Senator for New Mexico Ben Ray Luján
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) and U.S. Senator Jeff Merkley (D-Ore.) have launched an effort to direct the U.S. Department of Justice to publicly release all files related to the investigation of Jeffrey Epstein and his associates.
Senators Luján and Merkley introduced the Epstein Files Transparency Act to ensure full transparency for the American people, accountability for those involved with Epstein, and justice for victims. As story after story trickles out about the Trump administration’s handling of the Epstein Files, the Epstein Files Transparency Act is critical to restoring the public’s trust in government and includes strong protections to redact appropriate information to protect victims’ privacy and national security, while explicitly prohibiting redactions based on reputational harm or political sensitivity.
“President Trump promised the American people transparency and accountability on Jeffrey Epstein and his horrible crimes. The Trump administration has failed to deliver on this promise and as a result has lost the trust of the American people. That’s why I’m partnering with Senator Merkley to launch this effort to provide the public with full transparency relating to the investigation of Jeffrey Epstein and his associates and help deliver justice for the victims,” said Senator Luján.
“The rich and powerful cannot use their influence, money, and connections to cover up the abuse of our most vulnerable,” said Senator Merkley. “We have a government of ‘We the People,’ not ‘We the Powerful.’ To restore the public’s trust, the American people deserve the truth about Jeffrey Epstein and those connected to him.”
Earlier this month, U.S. Representatives Thomas Massie (R-KY) and Ro Khanna (D-CA) introduced a bipartisan resolution in the House calling for consideration of the Epstein Files Transparency Act.
The legislation is co-sponsored by U.S. Senators Dick Durbin (D-IL), Cory Booker (D-NJ), Adam Schiff (D-CA), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Ruben Gallego (D-AZ), Andy Kim (D-NJ), Mark Kelly (D-AZ), Angela Alsobrooks (D-MD), Peter Welch (D-VT), Mark Warner (D-VA), Jack Reed (D-RI), Jeanne Shaheen (D-NH), Chris Coons (D-DE), Ron Wyden (D-OR), Mazie Hirono (D-HI), Bernie Sanders (I-VT), Tammy Duckworth (D-IL), and Michael Bennet (D-CO).
Full text of the Epstein Files Transparency Act as introduced in the Senate can be found here. The Senators intend to force Senate consideration of the legislation as soon as possible.
US Senate News:
Source: US Senator for New Mexico Ben Ray Luján
WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) joined 42 Democratic senators in writing to the Trump Administration to express alarm about the humanitarian crisis in Gaza and call for a large-scale expansion of humanitarian aid as well as the return of diplomatic efforts for a ceasefire agreement to end the war.
“The humanitarian crisis in Gaza is unsustainable and worsens by the day. Hunger and malnutrition are widespread, and, alarmingly, deaths due to starvation, especially among children, are increasing. The ‘Gaza Humanitarian Foundation’ has failed to address the deepening humanitarian crisis and contributed to an unacceptable and mounting civilian death toll around the organization’s sites. To prevent the situation from getting even worse, we urge you to advocate for a large-scale expansion of humanitarian assistance,” the senators wrote to Secretary of State Marco Rubio and U.S. Special Envoy to the Middle East Steve Witkoff.
In the letter, the senators underscore the remaining viable pathway that would end the war, bring home Israeli hostages, ensure Hamas can no longer pose a serious military threat to Israel, and achieve a diplomatic resolution of the Israeli-Palestinian conflict.
The senators also affirm their opposition to the permanent forced displacement of the Palestinian people, which would be contrary to international humanitarian law and a sustainable and lasting peace.
“We ask that the Administration make this clear as it seeks an end to the war,” the senators continued. “We stand in strong support of diplomatic efforts to return all hostages, end the fighting in Gaza, and bring humanitarian relief for the safety and prosperity of the Israeli and the Palestinian people.”
The letter is led by U.S. Senators Adam Schiff (D-Calif.), Brian Schatz (D-Hawaii), Chuck Schumer (D-N.Y.), and Jacky Rosen (D-Nev.).
Alongside Heinrich and Luján, the letter is signed by U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt-Rochester (D-Del.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Catherine Cortez-Masto (D-Nev.), Chris Coons (D-Del.), Tammy Duckworth (D, Ill.), Dick Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawai’i), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Edward Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.), Peter Welch (D-Vt.), and Ron Wyden (D-Ore.).
The full text of the letter is hereand below:
Dear Secretary Rubio and Special Envoy Witkoff:
With recent efforts to secure a ceasefire between Israel and Hamas being unsuccessful, the situation in Gaza remains perilous. Efforts to secure an agreement are as critical and urgent as ever and we urge the resumption of good-faith talks as quickly as possible. While we appreciate that additional aid is beginning to enter Gaza, the humanitarian situation remains dire. Yet there still remains a viable pathway to end this war, bring home Israeli hostages, and achieve a diplomatic resolution of the Israeli-Palestinian conflict.
The Israeli hostages, held in Gaza by Hamas since their brutal attack on Israel on October 7th, have suffered far too long, as have their families. It is imperative that those still living be brought home as soon as possible, before more perish as the war drags on. And it is essential that the remains of those presumed killed – including Americans Omer Neutra and Itay Chen – be reunited with their loved ones. After many months of despair, it is long past time to bring all of the hostages home.
The acute humanitarian crisis in Gaza is also unsustainable and worsens by the day. Hunger and malnutrition are widespread, and, alarmingly, deaths due to starvation, especially among children, are increasing. The “Gaza Humanitarian Foundation” has failed to address the deepening humanitarian crisis and contributed to an unacceptable and mounting civilian death toll around the organization’s sites. To prevent the situation from getting even worse, we urge you to advocate for a large-scale expansion of humanitarian assistance and services throughout the Gaza Strip, including through the use of experienced multilateral bodies and NGOs that can get life-saving aid directly to those in need and prevent diversion.
Beyond a negotiated ceasefire, a permanent end to this war will also require an end to Hamas rule in Gaza and ensuring that Hamas can no longer pose a serious military threat to Israel. We reaffirm our strong support for continued U.S.-led diplomacy with Israel, Palestinian leaders, and other partners in the Middle East in pursuit of the long-term goal of a negotiated two-state solution with Israelis and Palestinians living side by side in lasting peace, security, dignity, and mutual recognition.
Finally, we write to underscore our strong opposition to the permanent forced displacement of the Palestinian people. This would be antithetical to international humanitarian law, to a sustainable end to this war that prioritizes the long-term safety and security of Israelis and Palestinians alike, to achieving a lasting peace in the Middle East, and expanding the Abraham Accords. We ask that the Administration make this clear as it seeks an end to the war.
We stand in strong support of diplomatic efforts to return all hostages, end the fighting in Gaza, and bring humanitarian relief for the safety and prosperity of the Israeli and the Palestinian people.
US Senate News:
Source: United States Senator for Arkansas – John Boozman
BAPG Chairman Boozman and Vice Chair Whitehouse lead discussions with visiting U.K. BAPG members.
WASHINGTON––U.S. Senator John Boozman (R-AR), Chair of the Senate Delegation to the British-American Parliamentary Group (BAPG), welcomed lawmakers from the United Kingdom to Capitol Hill for working sessions and events designed to offer a deeper understanding of the American political system at the federal level.
During their visit, BAPG members consisting of senators and Members of Britain’s Parliament fostered dialogue on key policy priorities, such as security and defense across Europe and Asia, strengthening U.S. and U.K. relations, and topics including artificial intelligence, technology and international trade.
“It is an honor and a privilege to continue the tradition of convening the British-American Parliamentary Group, especially back in the U.S. once again,” said Boozman. “I thoroughly enjoy our discussions and the opportunity to strengthen the special relationship and friendships our nations sustain to promote understanding, partnership, prosperity and diplomacy for generations to come.”
Chairman Boozman and Vice Chair Whitehouse pose with visiting members of the British-American Parliamentary Group.
Senator Sheldon Whitehouse (D-RI) serves as Vice Chair of the Senate BAPG Delegation and joined Boozman in hosting the British lawmakers. Throughout the remainder of the conference, BAPG members met with several of Boozman’s Senate colleagues, executive branch leaders, businesses and think tanks.
The BAPG Conference meeting location traditionally alternates between the U.S. and U.K. every two years.
For more photos from the conference, please click here.
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
July 30, 2025
Video of Floor Speech
Washington, D.C. — With the Senate set to vote on the first appropriations bill this week, U.S. Senator Elizabeth Warren (D-Mass.) took to the Senate floor in opposition, warning Democrats about the dangers of voting for Republicans’ funding bills while the Trump Administration illegally impounds funds, unilaterally cancels funding, and considers using tricks like pocket rescissions to sidestep Congress.
“Why should Democrats come to the table in good faith and throw our support behind a quote-unquote bipartisan bill, only for Republicans to turn around after the deal is done and, somewhere down the line, delete any of the parts Trump doesn’t like?,” said Senator Warren. “That’s like Republicans saying: “Let’s cut a deal to sell you a car today,” and then a month from now, they come back and steal the wheels.”
“Congress is a co-equal branch of government. We swore an oath to the Constitution, not to a king,” Senator Warren concluded. “I’m asking my Republican colleagues to grow a spine and stand up for Americans instead of bowing down to their pretend-king. And I’m asking my Democratic colleagues to join me in using the power we have to fight back.”
Transcript: Floor Speech Opposing Reconciliation Funding Bills
U.S. Senate Floor
July 30, 2025
As Prepared for Delivery
Senator Elizabeth Warren: Mr./Madame President, I’ve come to the Senate floor today to discuss how our government is funded.
The Constitution puts Congress in charge of setting up programs and funding them. There are some programs – for instance, Medicare and Social Security, that are funded at a certain level every year, unless Congress passes a law to change it. For everything else, Congress has to pass a new funding law every single year.
The list is long:
The money that we spend is detailed every year in a set of twelve bills that Congress votes on called “appropriations bills.”
The Senate voted on the first one of those twelve bills last week – the one that deals with funding for veterans’ programs and military bases. I care deeply about improving the lives of our servicemembers and veterans. All three of my brothers are proud veterans, and they served their country with honor. I’m the ranking member of the Senate Armed Services Committee’s Personnel subcommittee.
I voted no on that funding bill because even if this bill becomes law, I don’t believe Donald Trump has any intention of following that law. I’m not willing to be a helpmate on another one of Donald Trump’s scams.
Why do I think Trump won’t follow the law? Consider his administration’s track record over the past six months on Congressional spending laws.
First, Trump tried to freeze billions of dollars that American families and businesses count on — money that Congress set aside to support everything from food assistance programs to scientific research. Multiple federal judges blocked the illegal power grab, saying it blatantly violated the Constitution. Now, even Republicans are begging the administration to hand out the investments that Congress already passed and, by law, their communities were promised.
Second, Republicans in Congress are bowing down to Donald Trump and ratifying some of his worst efforts. They are using an obscure piece of federal law to zero out federal funding after it was approved by both Republicans and Democrats in Congress. This process is called a “rescission,” and it only requires 50 Republican votes to do Donald Trump’s bidding.
And if that wasn’t bad enough, Trump is already plotting to use a shady loophole to defund even more programs — demanding cuts so late in the year that Congress doesn’t have enough time to do anything about it. The Director of Donald Trump’s Office of Budget and Management, Russ Vought, has already said that loophole is quote-unquote “on the table.”
Let’s be clear about what’s happening here. Step One: Congress negotiates a compromise that both Republicans and Democrats support and it’s signed into law. Step Two: Trump tells Republicans what parts of that deal he wants to cancel. Step Three: Republicans in the Senate bend the knee and follow Trump’s orders to cancel the money. But wait there’s more — apparently, Step Four is Republicans turn around and, with a straight face, ask Democrats to negotiate more deals for next year’s funding, starting the whole rinse-and-repeat process again, beginning with the bill to fund veterans services.
Are you kidding me? Do we really look that gullible?
Why should Democrats come to the table in good faith and throw our support behind a quote-unquote bipartisan bill, only for Republicans to turn around after the deal is done and, somewhere down the line, delete any of the parts Trump doesn’t like? That’s like Republicans saying: “Let’s cut a deal to sell you a car today,” and then a month from now, they come back and steal the wheels.
Of course, Trump may not ask his Republican buddies to rescind spending. Maybe instead on his own he’ll just illegally refuse to spend it, the way he’s done with $425 billion already this year.
Our founders didn’t give the President the power to decide spending. A king can decide anything he wants, but not a president. Donald Trump wants to be able to wake up and decide to cancel funding for public education, transportation projects, medical research, food inspectors, anything, just because Donald Trump feels like it — and he wants the Republicans in Congress to roll over and let it happen. No checks and balances. Just Trump playing king and ending programs that would help Americans.
Trump is getting a lot of help from his team. Russ Vought, the head of OMB, has said that the problem in Congress is too much bipartisanship. Too much. In other words, the Trump administration is saying loud and clear that Donald Trump can make all the decisions. They don’t need — or want — Democrats.
At the very same time, the Republicans need Democratic votes for these funding bills because the Senate rules currently require 60 votes for them to pass and there are only 53 Republicans in the Senate. If Democrats don’t provide votes, the Republicans want to blame us for shutting down the government when this year’s funding runs out at the end of September.
On the other hand, if Senate Republicans want Democratic votes for these funding bills, they should ask us what it will take to win our support. Not just what programs we want to fund or at what levels, when those promises aren’t worth the paper they’re printed on. No, Democrats should tell Republicans that if they want our votes, they will have to guarantee that any deal we strike actually means something.
I get it: Democrats and Republicans have different priorities. Here in the Senate, Republicans have voted to end health care for 17 million Americans and drive up health insurance costs for millions more. Republicans have voted to give billionaires huge tax cuts. Democrats are willing to make a deal, but our deal is about bringing down costs for families, including the cost of health care, groceries, and housing. If Republicans want to make a deal, let’s make a deal — but only if the Republicans include an agreement that they won’t take it back a few weeks later.
Congress is a co-equal branch of government. We swore an oath to the Constitution, not to a king. I’m asking my Republican colleagues to grow a spine and stand up for Americans instead of bowing down to their pretend-king. And I’m asking my Democratic colleagues to join me in using the power we have to fight back.
Mr. President, I yield the floor.
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
July 30, 2025
Consumers face higher electricity prices than when Biden left office, despite Trump campaign promise to cut energy and electricity prices in half
Text of Letter (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), joined by Senators Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), and Sheldon Whitehouse (D-R.I.), pressed Trump administration officials on rising electricity prices for Americans. Despite Donald Trump’s campaign promise to “cut the price of energy and electricity in half,” consumers are facing higher electricity prices than when President Biden left office.
“The Administration must reverse its path of increased energy prices and instead work to cut energy costs for American families,” wrote the lawmakers.
The lawmakers wrote to Energy Secretary Chris Wright, Interior Secretary Doug Burgum, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, United States Trade Representative (USTR) Jamieson Greer, and Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr., pressing for answers as to why President Trump has failed to lower energy prices and what the administration’s plan is to bring down those costs.
“We write to you – a broad swath of the cabinet – because the increase in energy costs is driven by a broad swath of policies across the Trump Administration,” wrote the lawmakers.
According to the most recent data from the Consumer Price Index, under the Trump administration, electricity prices are up nearly 5 percent from the start of the year and up by almost a full percentage point in June 2025. Prices are expected to climb even further, with the average electric bill in the U.S. during this year’s air conditioning season projected to hit record highs.
“At the same time, the Trump Administration is cutting programs that help families afford higher electricity costs and lower their energy usage, all while utility CEOs receive massive payouts,” wrote the lawmakers. “A combination of the Administration’s regulatory decisions, the impacts of tariffs, and the Administration’s reversal of key energy investments is driving up energy bills for Americans around the country.”
The lawmakers cited key examples of Trump administration actions which have exacerbated the energy cost crisis, including:
The lawmakers pressed for answers to better understand how the Administration plans to lower prices for consumers by August 11, 2025.
US Senate News:
Source: United States Senator MarkWayne Mullin (R-Oklahoma)
Washington, D.C. – U.S. Senator Markwayne Mullin (R-OK) will host his next live telephone town hall event tomorrow, Thursday, July 31st at 5pm CT. During the call, Mullin will provide a quick legislative update, including highlights from the recent passage of President Trump’s ‘One, Big, Beautiful Bill’ before taking live questions from constituents.
“Our telephone town halls are a great way for thousands of Oklahomans across the state to receive convenient updates and speak directly with me about the issues that matter most to them,” said Senator Mullin. “I’m excited to discuss what we’ve achieved in the first 7 months of President Trump’s term, including historic tax cuts, permanent border security, lower energy costs, and greater support for our defense community. Though we’ve already delivered major wins for Oklahoma, it’s vital that our state continue to have a voice as we advance legislative priorities for the second Trump administration. I look forward to hearing from those who join our important conversation.”
Details for participating in the call are below:
Date: Thursday, July 31st, 2025
Time: 5:00pm CT
Dial In: (855) 614-0277
Note: Due to the anticipated size of this event, all participating Oklahomans are encouraged to dial into the telephone town hall at least 5-10 minutes early to get connected. The telephone town hall will also stream LIVE and be available for playback on Senator Mullin’s Facebook page.
Source: US Department of Health and Human Services – 3
Summary
Company Announcement Date:
July 29, 2025
FDA Publish Date:
July 30, 2025
Product Type:
Food & Beverages
Reason for Announcement:
Recall Reason Description
Cans contain alcohol
Company Name:
High Noon
Brand Name:
Brand Name(s)
High Noon, Celsius
Product Description:
Product Description
Energy Drink
Company Announcement
MODESTO, CA, July 29, 2025 – High Noon is recalling two production lots of High Noon Beach Variety packs (12-pack/12 fluid ounce cans). Some of these packs contain cans that are filled with High Noon vodka seltzer alcohol and are mislabeled as CELSIUS® ASTRO VIBE™ Energy Drink, Sparkling Blue Razz Edition with a silver top. Consumption of the liquid in these cans will result in unintentional alcohol ingestion.
No illnesses or adverse events have been reported for this recall to date.
Product Details: This labeling error is confined to the two lots listed below:
Product Description
Retail UPC
Lot Codes
Product Images
High Noon BeachVariety Packs
High Noon UPC:085000040065
L CCC 17JL25 14:00 toL CCC 17JL25 23:59 L CCC 18JL25 00:00 toL CCC 18JL25 03:00 Lot Codes are on theexterior of the 12-pack.See below:
See Image Below
CELSIUS ASTROVIBE Energy Drink, Sparkling Blue Razz Edition
CELSIUS UPC8 89392 00134 1
L CCB02JL25 2:55 to L CCB02JL25 3:11 The lot codes arelasered on thebottom of the can.
See Image Below
This recall is exclusively for the affected High Noon Beach Variety 12-packs with the lot codes listed above, which were shipped to distributors in FL, MI, NY, OH, OK, SC, VA & WI. Distributors shipped product to retailers in FL, NY, OH, SC, VA & WI. Product was shipped between July 21, 2025 – July 23, 2025.
Even if not purchased in a High Noon Beach Variety pack, consumers should be advised to ensure their CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition does not contain the lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11), prior to consuming.
Consumers are advised to dispose of the CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition cans with the impacted lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11) and not consume the liquid. High Noon Beach Variety packs with different lot codes than above are not affected by this recall and are safe to consume.
The recall was initiated after High Noon discovered that a shared packaging supplier mistakenly shipped empty CELSIUS cans to High Noon.
As a reminder, consumers are advised to dispose of the CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition silver lid cans with the impacted lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11) and not consume the liquid.
Consumers who have purchased the identified High Noon Beach Variety 12-packs or mislabeled CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition (with lot codes: L CCB 02JL25 2:55 to L CCB 02JL25 3:11), should contact High Noon Consumer Relations at consumerrelations@highnoonvodka.com to get more information on next steps, including refunds.
This recall is being conducted with the knowledge of the U.S. Food and Drug Administration and the Alcohol and Tobacco Tax and Trade Bureau.
Company Contact Information
Product Photos
Content current as of:
07/30/2025
Regulated Product(s)
Follow FDA
Source: US Department of Health and Human Services
Leading Healthcare, Tech Companies Pledge to Work on Interoperability & User-Friendly Apps
Today, the Trump Administration announced progress toward building a smarter, more secure, and more personalized healthcare experience in partnership with innovative private sector companies. During a White House “Make Health Tech Great Again” event hosted with the Centers for Medicare & Medicaid Services (CMS), the Administration secured commitments from major healthcare and information technology firms – including Amazon, Anthropic, Apple, Google, and OpenAI – to begin laying the foundation for a next-generation digital health ecosystem that will improve patient outcomes, reduce provider burden, and drive value.