Category: Natural Disasters

MIL-OSI USA: Assistance Available for Self-Employed Wildfire Survivors

Source: US Federal Emergency Management Agency

Headline: Assistance Available for Self-Employed Wildfire Survivors

Assistance Available for Self-Employed Wildfire Survivors

LOS ANGELES – Self-employed individuals in Los Angeles who became unemployed as a direct result of the wildfires, may apply for FEMA Individual Assistance, Disaster Unemployment Assistance (DUA) and/or U.S. Small Business Administration (SBA) Disaster Loans. FEMA Individual AssistanceFEMA may be able to provide funds to repair or replace disaster-damaged tools and equipment required for your job. This help is available to a wide variety of applicants, including artists, musicians, mechanics, and many other occupations.Eligible Occupational ToolsOccupational tools are tools and equipment required for self-employment or not provided by an employer but required for employment. Examples of essential tools include:Computers required by an employer or for self-employment when you are responsible for the replacement of the computer. Technology and equipment involved in the creation of art, music, photography, etc.Tools and equipment such as power tools, tractors, plows, seeders, planters, harvesters, sprayers, hay balers, utility vehicles, lawnmowers, etc.Art materials, paint, brushes, canvas, clay, musical instruments, theatrical tools such as movable flooring, drapery, makeup, costumes as well as sound and lighting equipment.Uniforms required for work when you are responsible for replacement of the uniforms.This assistance may be available if the items were damaged by the disaster, you do not have another working item that can meet this need, and the loss of the item was not covered by insurance.Required DocumentationTo be eligible for self-employment assistance, you must provide documentation that proves you are self-employed, such as federal tax return documents, and meet the general eligibility criteria for FEMA assistance. Self-employed survivors should provide FEMA with:Insurance documents for all potential coverages and benefits.Itemized receipts or estimates for repairing or replacing the requested items. A written statement that explains the items are needed for self-employment.To find out if you are eligible, apply to FEMA:Go online to disasterassistance.gov/.Download the FEMA App for mobile devices.Call the FEMA helpline at 800-621-3362 every day from 7 a.m. to 10 p.m. Pacific Standard Time.Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.Visit a Disaster Recovery Center.UCLA Research Park West10850 West Pico Blvd., Los Angeles, CA 90064Open Daily: 9 a.m. to 8 p.m.Altadena Disaster Recovery Center540 W. Woodbury Rd., Altadena, CA 91001Open Daily: 9 a.m. to 8 p.m.The deadline to apply for FEMA Individual Assistance is March 10, 2025.Disaster Unemployment Assistance Los Angeles County workers impacted by the severe wildfires and winds can now apply for Disaster Unemployment Assistance (DUA) or regular unemployment benefits. The Employment Development Department (EDD) administers these benefits. DUA is for workers – such as self-employed people – who are not eligible for regular unemployment benefits and lost their jobs or had hours reduced because of the disaster. The deadline to submit a DUA application is March 10, 2025. Visit the State of California’s Employment Development Department for more information on how to apply. U.S. Small Business Administration Disaster LoansThe U.S. Small Business Administration (SBA), FEMA’s federal partner in disaster recovery, offers low-interest disaster loans to help homeowners, renters, private non-profit organizations, and business of all sizes recover from declared disasters, Applicants may apply online and receive additional disaster assistance information at SBA gov/disaster. Disaster loan information and application forms can be obtained by scheduling an in-person appointment at a SBA Disaster Recovery Center or by calling the SBA’s Customer Service Center at 800-659-2955.
sasha.kirsch
Wed, 02/05/2025 – 02:10

MIL OSI USA News –

February 6, 2025
MIL-OSI USA: [EXTERNAL] Office of the Governor — News Release — Governor Green Travels to Florida; Leads Discussions on Crisis Resolution, Recovery

Source: US State of Hawaii

[EXTERNAL] Office of the Governor — News Release — Governor Green Travels to Florida; Leads Discussions on Crisis Resolution, Recovery

Posted on Feb 4, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI

JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA

GOVERNOR GREEN TO TRAVEL TO FLORIDA TO LEAD DISCUSSIONS ON CRISIS RESOLUTION AND RECOVERY AT INTERNATIONAL CONFERENCE

FOR IMMEDIATE RELEASE
February 4, 2025

HONOLULU — Governor Josh Green, M.D., will travel to lead discussions on Alternative Dispute Resolution at the International Institute for Crisis Prevention and Resolution’s annual meeting in Florida. As part of the panel, Governor Green will share valuable insights and best practices drawn from the state’s response to the August 2023 Maui wildfires, offering a perspective on how Hawai‘i is navigating its recovery. Additionally, Governor Green will meet with experts in mental health and the justice system who have developed national best practice approaches to crisis response, deflection from arrest, and diversion into services and housing for individuals with complex health and mental needs, many of whom are experiencing homelessness.

Even while traveling, Governor Green’s first obligation is to Hawai‘i, ensuring he remains fully engaged in his duties including meetings, calls and administrative responsibilities with the executive Cabinet.

The Governor will depart Hawai‘i on Tuesday evening, February 4, 2025, and return on Friday afternoon, February 7, 2025. During his absence, Lieutenant Governor Sylvia Luke will serve as Acting Governor.

# # #

Media Contacts:  
Erika Engle
Press Secretary
Office of the Governor, State of Hawai‘i
Phone: 808-586-0120
Email: [email protected]

Makana McClellan
Director of Communications
Office of the Governor, State of Hawaiʻi
Cell: 808-265-0083
Email: [email protected]

MIL OSI USA News –

February 6, 2025
MIL-OSI United Kingdom: Time and change at El Cabril
Source: United Kingdom – Executive Government & Departments

Four Committee on Radioactive Waste Management (CoRWM) members travelled to Andalucia to visit the El Cabril low and intermediate level nuclear waste disposal facility.
The true extent of the 29 October floods on the Spanish regions of Valencia and Andalucia did not become immediately apparent, but the flood waters caused the death of over 230 people and was one of the deadliest natural disasters in Spanish history. On what became one of the most devastating weeks in history for Valencia and Andalucia, 4 CoRWM members travelled to Andalucia to visit the El Cabril low and intermediate level nuclear waste disposal facility. These sobering statistics added a pertinence to our visit.

Flooding events and ‘extreme’ weather – the torrential rain in Spain on 29 October brought a years’ worth of precipitation in a single day– are increasing in frequency and highlight the pressing need for robust, zero carbon energy systems that can sustain our energy needs without causing environmental and human disaster. This contextual framing of our visit to the nuclear waste disposal site at El Cabril is important. We need to securely dispose of our nuclear waste without leaving a burden for future generations. Disposal must be safe in the short and long term from environmental change. This becomes increasingly pertinent if we are to use nuclear in a portfolio of energy choices to meet out net zero targets.

CoRWM were welcomed to Spain and the El Cabril site by Nuria Prieto Serrano from ENRESA (Empresa Nacional de Residuos Radiactivos S.A.). Nuria is Senior Technician working in the department of International Co-operation and Research and Development at ENRESA. She is a philologist and lawyer with over 20 years’ experience in radioactive waste management and was an excellent guide and source of knowledge. We started our visit by sharing information on the countries respective nuclear waste disposal strategies and current progress.

Spain is currently decommissioning all their nuclear energy plants in the wake of a decision to discontinue nuclear energy production. Wastes described as very low, low and intermediate level wastes, in the Spanish categorisation of radioactive waste as described on the ENRESA website, can be disposed of at El Cabril. These wastes are similar to low and intermediate level wastes in the UK, but high-level wastes and some special wastes will need to be disposed of in a geological facility. Therefore, the process of designing and delivering a geological disposal facility is now starting in Spain.

Penny Harvey (CoRWM Deputy Chair) spoke about the work of CoRWM, and CoRWM’s role in the management and disposal of nuclear wastes in the UK. The role of a body such as CoRWM was of interest to ENRESA, as Spain progresses towards developing its strategy for and delivery of a deep geological disposal facility.

Visitors centre displays showing the site layout (left) and canister types (right)

El Cabril is on a former uranium mine and it is this legacy that led to the first wastes being stored here. The old mining cottages are still on site. Now empty, they appear like a row of little white teeth in the landscape evidence of the complex nature of human involvement on the site and the ties between geology, energy, people and landscape. Nuria describes how a future siting of a deep geological disposal facility would be open and transparent with community engagement in the process. We reflect on the importance of the community engagement process in the UK and the time and effort it takes to do it well and to gain trust and respect. Aspects of heritage, place, peoples, combined with the geology and other logistics all need to come together to create the right environment for a geological disposal facility.

As ever, with such visits, time was short and there was much to discuss and see. We had a quick tour of the visitor’s centre, which receives a staggering c.3,000 visitors/year; despite being many hours’ drive from any centre of major population. The visitor’s centre is a simple, clear and informative space with great views out onto the site. Our next stop was the watch tower, which affords fabulous views across the rolling Spanish countryside in which the El Cabril site is embedded. The watch tower is, as its name suggests, a security post; but not focused on risks such as terrorism threats that might first come to mind as a UK citizen. The watch tower’s main function is fire watch, as forest fire is deemed the biggest risk to site safety, and there are helicopter pads and reservoirs built into the landscape ready for firefighting. This simple fact provokes thoughts of climate change, shifting weather patterns and the increased frequency of extreme events. Much of Spain had temperatures over 40 degrees in the summer of 2024. Risks to infrastructure are changing as weather patterns destabilise. In a region where fire is the highest risk to a nuclear waste disposal site, but has also just seen the worst floods in its history, managing waste carefully and predicting future scenarios is a must.

The view from the Watch Tower across the El Cabril site (left), and the Handling and Operations area (right).

The central operations room provided an insight into the control systems and monitoring. Viewed through a one-way window that cleverly can be come two-way if the operators allow, we glimpsed the complexities of the monitoring and evaluation systems. Here we also learnt the operational workflow from delivery of waste at the site through to disposal, with graphics and text combined with real site photography. Then Nuria walked us through the loading, handling, testing and monitoring areas. We also saw the transportation truck systems that bring waste to the site from different nuclear operators. Despite being only 4 members from CoRWM we brought expertise in siting and engagement, in geology, regulation, risk management, transport and disposal logistics, so there was much to discuss and see.

The fluid draining and sampling pipes beneath the El Cabril low and intermediate level waste vaults (left), and Nuria Prieto Serrano explaining the fluid sampling system (right)

The highlight was the disposal vaults themselves. Firstly, we were taken into the passageways below the completed low and intermediate level waste vaults to see the water sampling and analysis system. Although dry the system and monitoring is designed so that any fluid collected in the base of the silos can be drained and tested. The system allows testing of fluid from individual silos so that any issues can be isolated. Above ground large tents cover the operational very low-level waste disposal sites and layers of waste and barriers are stacked up to create the stores within each concrete silo. It is possible to walk out on top of these very low-level wastes and to see the waste and back-fill up close. Eventually the disposal areas will be landscaped. The tops of the rolling hills were removed to create the disposal areas, and these will be recreated when the vaults are full, returning the landscape to its past form. Or at least how it was most recently.

These aspects of time, change and expectation are interesting, always framed in the human timescale and often within a single generation or two, rather than anything close to geological (millions and billions of years) or even timescales of some radioactive decay (tens of thousands of years). The Valencia floods and the environmental and human disaster that ensued signal potentially rapid change on relatively short (human) timescales. We will need to learn to adapt and be resilient, and act collectively for the common good. Sharing best practice and understanding internationally is key, learning from each other’s challenges and solutions. The timescales are both long and short and change is inevitable as we navigate our way to optimal nuclear waste disposal solutions.

With special thanks to Nuria Prieto Serrano, and ENRESA for hosting CoRWM’s visit.

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Published 5 February 2025
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI Europe: Briefing – Understanding EU counter-terrorism policy – 05-02-2025

Source: European Parliament

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

MIL OSI Europe News –

February 6, 2025
MIL-OSI Europe: More progress needed to protect and manage Europe’s waters

Source: European Union 2

Clean water is the driving force of life. It is an essential resource for people and nature and for regulating the climate. And yet, according to new reports published by the European Commission on the state of water in the EU, while progress has been made to improve the EU’s water bodies over the past six years, more action is needed.

There have been several positive trends resulting from the implementation of the Water Framework Directive, with groundwater bodies continuing to achieve good quantitative and chemical status. However, work is needed to meet EU targets on freshwater quality and quantity. Only 39.5% of EU surface water bodies are achieving good ecological status, and only 26.8% achieving good chemical status. The EU has made key recommendations to Member States to improve water management by 2027.

When it comes to flood risk management, the Commission recognises the notable improvements that have been made, but again emphasises that more needs to be done by EU countries, to expand their planning and administrative capacity, and adequately invest in flood prevention, especially given today’s reality of more frequent and severe flooding. The report on the Marine Strategy Framework Directive also finds there is substantial room for improvement, particularly about achieving good environmental status of all EU marine waters.

These reports cover the implementation of three key pieces of EU water legislation: the Water Framework Directive, the Floods Directive, and the Marine Strategy Framework Directive.

To accompany the reports, the Commission has launched a call for evidence asking various stakeholders to share input and help design the future European Water Resilience Strategy.

For more information

Press release: Commission reports show faster progress is needed across Europe to protect waters and better manage flood risks

Water Framework Directive and Floods Directive Implementation reports – website

2024 assessment of Marine Strategy Framework Directive programmes of measures

European Water Resilience Strategy – call for evidence

Overview of EU water policy

MIL OSI Europe News –

February 6, 2025
MIL-OSI Video: DRC, Guest Tomorrow, Occupied Palestinian Territory & other topics – Daily Press Briefing

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

– Democratic Republic of the Congo
– Guest Tomorrow
– Occupied Palestinian Territory
– Syria
– Sudan
– Libya
– Haiti
– Horst Köhler
– Ukraine
– Human Fraternity
– Honour Roll

DEMOCRATIC REPUBLIC OF THE CONGO
The Resident and Humanitarian Coordinator for the DRC, Bruno Lemarquis, called today for the urgent reopening of the airport in Goma.
Mr. Lemarquis stressed that the airport is a lifeline and that the survival of thousands of people depends on its reopening to facilitate evacuation of injured people, delivery of medical supplies and arrival of humanitarian reinforcements.
The Office for the Coordination of Humanitarian Affairs reports that thousands of civilians are still on the move in and around Goma.
Figures remain difficult to verify, but reports indicate significant numbers of people have left displacement sites along the Kanyaruncinya road and moved towards the area of Rutshuru. Other displaced people are also moving towards the Minova area.
Hundreds of thousands of people remain displaced, living in displacement sites or with host communities in North Kivu, including on the Goma-Sake axis, where large numbers of displaced people remain in displacement sites.
OCHA and its partners have been visiting displacement sites outside Goma over the last several days to assess conditions. These efforts are ongoing.

GUEST TOMORROW
Tomorrow, the guest at the Noon briefing will be Vivian van de Perre, the Deputy Special Representative of the Secretary-General for Protection and Operations.
She will brief reporters live virtually from Goma.

OCCUPIED PALESTINIAN TERRITORY
Turning to the Middle East. Tom Fletcher, our Emergency Relief Coordinator and head of the Department of Humanitarian Affairs, is continuing his visit to Israel and the occupied Palestinian territory. Today, he was in Nir Oz in southern Israel, where one-quarter of all residents were killed or taken hostage in the Hamas-led attack on 7 October 2023.
In a social media post, Mr. Fletcher stressed that the ceasefire must hold, that all civilians must be protected, and that all hostages must be freed.
He also held several meetings with Israeli officials last night and again today.
They discussed ways to sustain the surge of humanitarian support to Gaza, as well as the ongoing challenges in the West Bank that we have been reporting.
As of earlier today, we and our our humanitarian partners estimate that more than 565,000 people have crossed from the south of Gaza to the north since 27 January. More than 45,000 people have been observed moving from the north to the south.
Meanwhile, the Office for the Coordination of Humanitarian Affairs tells us that we and our partners are working to mitigate the impact of the widespread destruction of critical water, sanitation and hygiene infrastructure that is taking place throughout the Gaza Strip.
Some 40 new water points have already been established over the past week, and partners are now trucking water to 272 water points throughout North Gaza governorate alone. Through that, they were able to deliver more than 1,000 cubic metres of safe drinking water and nearly 900 cubic metres of domestic water to about 177,000 people each day.
To address the water shortages, our colleagues at UNOPS, the UN Office for Project Services delivered 40,000 litres of fuel to Gaza City yesterday to power water pumps and facilitate trucking – and we hope to have the Executive Director of UNOPS brief you on the situation in Gaza next week. Meanwhile, the World Food Programme is also expanding fuel storage capacity in the Strip.
Efforts are also ongoing to dispatch water pipes purchased by UNICEF to northern Gaza to prevent key facilities from overflowing before it rains.
We also have an update for you on the winter response in Gaza. Between Thursday and Sunday, our partners distributed tarpaulins and winter clothing to more than 2,000 households in northern Gaza.  In southern Gaza, 10,000 tarpaulins were distributed between 25 January and 2 February, with an additional 200 tarpaulins distributed in the Gaza governorate.
Over the past two days, one of our humanitarian partners also distributed 600 tarpaulins to 300 households in the Khan Younis area.

Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=04%20February%202025

https://www.youtube.com/watch?v=VwI2OXgmKj4

MIL OSI Video –

February 6, 2025
MIL-OSI China: Technology empowers upcoming Asian Winter Games

Source: People’s Republic of China – State Council News

HARBIN, Feb. 5 — The 9th Asian Winter Games in Harbin, capital city of China’s northernmost Heilongjiang Province, promises to be a sporting event of excellence and fair play, empowered by cutting-edge technology used by the organizers.

From the innovative design of the torch to the high-performance materials used in athletes’ clothing, as well as tools designed to ensure fair play and advanced security systems, technology is intricately woven into every facet of the event.

ICE TORCH

The torch for the upcoming Asian Winter Games is a masterpiece of design and engineering. Crafted by Harbin Engineering University, the torch is made of transparent special functional materials and takes the shape of a blooming lilac flower, showing a gradation of colors from ice crystals to snowflake white. When lit, it creates a mesmerizing visual effect of ice and fire, beautifully symbolizing the vibrant spirit of the city.

Sun Gaohui, a professor from the College of Materials Science and Chemical Engineering at Harbin Engineering University, said that the design process involved overcoming significant technical challenges, including ensuring transparency, resistance to extreme temperature fluctuations, flame retardancy, and cost efficiency.

WATERPROOF CLOTHING

The Chinese sports delegation will be outfitted in specially designed clothing made from high-performance materials.

Developed in collaboration between sportswear brand ANTA and Donghua University, the clothing features a cutting-edge material that provides exceptional waterproofing and moisture-wicking properties. This ensures that athletes remain dry, comfortable and protected against harsh weather conditions.

Chinese skater Liu Guanyi praised the clothing’s remarkable windproof and waterproof capabilities, noting that they can keep athletes cool and dry throughout intense training sessions.

VIDEO REPLAY

To ensure fairness in high-speed racing events like short track speed skating and speed skating, the research team at the Harbin Sport University has developed an advanced dual-screen video replay system.

According to Shan Baohai, a professor at the university, unlike the International Skating Union’s standard equipment, which provides only one replay screen for referees, this innovative system adds a second screen, allowing referees to simultaneously view multiple angles.

Shan emphasized that this technological advancement plays a crucial role in enabling quick and accurate decision-making during competitions. Additionally, the system can leverage accumulated data and big data analytics to provide scientific insights for athlete training, competition strategy development, and event organization optimization.

SECURITY MANAGEMENT

For the first time, the competition venues will utilize 5G NR indoor enhanced positioning technology, developed by telecom operator China Unicom. This cutting-edge system enables real-time tracking of personnel responsible for operations and maintenance, ensuring rapid response in case of emergencies and guaranteeing the smooth operation of the event.

Ji Yanqi, an expert from China Unicom’s Heilongjiang branch, highlighted the importance of this technology in enhancing event security and efficiency.

Furthermore, other advanced technologies such as 5G-A network have been deployed to elevate the event’s overall security capabilities.

MIL OSI China News –

February 6, 2025
MIL-OSI United Kingdom: The forced movement of a people from their homeland is ethnic cleansing say Greens

Source: Green Party of England and Wales

Responding to President Trump’s remarks overnight, Green Party MP, Ellie Chowns, said,

“The forced movement of a people from their homeland is ethnic cleansing. These comments advocating for ethnic cleansing have to be understood in the context of the mounting evidence of genocide in Gaza occurring over the last year. The people of Gaza are not obstacles to be removed; they are human beings with the right to live with dignity, security, and self-determination. Britain, and our international allies must today respond in the strongest terms condemning Trump’s reckless remarks.”

She continued, “Britain must take the opportunity today to reiterate the Palestinian right to self-determination. And if we are serious about this, we should clearly state our support for Palestinian statehood. This is the bare minimum that is required at this stage.”

“Strategically now it is essential that none of these words fan the flames of conflict and jeopardise the precious ceasefire that is currently in place. The United States has an absolute legal obligation to follow international law, but it also has a moral obligation to ensure it works towards supporting the ongoing respect of the ceasefire.”

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI United Kingdom: Economy and Infrastructure Committee statement re Enva fire

Source: Scotland – City of Perth

I would like to address the understandable concerns raised by many residents of Perth and Kinross regarding the fires at the waste management site on Shore Terrace, Perth, and their impact on the Friarton Road Bridge and local residents.

The most recent fire, in the early hours of 14 January, was the third to happen on the site, with the previous fire – in February 2023 – resulting in the tragic death of a worker on the site.

All of the incidents were related to lithium battery fires.

On this most recent occasion local residents again faced having to take action to prevent the risk of smoke getting into their properties, added to which local roads and the city centre became badly congested as a result of diverted traffic from Friarton Bridge which had to be closed for 10 hours. This also caused significant disruption to school transport, leaving pupils, including some due to sit exams, stranded for a lengthy period. And of course, the bridge itself is an integral component of Scotland’s road network and its necessary closure will have caused widespread disruption to very many road users from across Scotland.

In my view, this is an unacceptable situation which must be urgently addressed to find solutions which minimise any risks in the future.

Perth and Kinross Council does not have a role in granting or reviewing the licence for waste management on the site, or for inspecting the fire safety arrangements on the site.
Nor can we change or influence the use or disposal of lithium batteries, although the use, recycling and storage of these is currently under review at a national level.

However, we do understand and share the concerns of our residents who are seeking reassurances about how fires at the site can be prevented in future. And, as representatives of the community we are committed to advocating for the safety and wellbeing of our residents.

To this end we are inviting representatives of site operators ENVA and lead agencies SEPA, the Health and Safety Executive, Transport Scotland, Scottish Fire and Rescue Service and Police Scotland to meet with the Leader of the Council, local parliamentarians, council officers and myself as soon as possible to seek reassurances, to understand what action can and will be taken to prevent such incidents from recurring and to ensure effective collaboration across all agencies.

We shall keep members of the public, this committee and ward councillors informed of the outcome of these discussions.

MIL OSI United Kingdom –

February 5, 2025
MIL-OSI Russia: Rosneft recognized as the leader of the Russian oil and gas industry in the field of rational water use

Translartion. Region: Russians Fedetion –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Rosneft has been recognized as a leader in the field of rational use of water resources based on the results of a 2024 study by the RAEX rating agency. The assessment examined the water use indicators of 144 companies from Russia, Kazakhstan and Mongolia.

Rosneft became the only Russian oil and gas company to be included in the top 10 participants in the rating with the highest level of assessment of indicators of rational water consumption, as well as the quality of corporate policies and programs related to water use.

Preserving the environment for future generations is an integral part of the corporate culture and one of the key principles of Rosneft. The company follows the principles of responsible business of the UN Global Compact and annually confirms its commitment to 17 UN goals in the field of sustainable development. Rosneft intends to remain a reliable manufacturer, while reducing its impact on the climate and the environment.

Rosneft’s activities are related to the use of water resources, so issues of rational water use are given great attention. The company constantly reduces the total volume of water withdrawn through measures to reduce water consumption and the volume of water withdrawal from natural sources. The share of recycled and reused water in 2023 amounted to almost 93% of the total volume of water used for production needs. This figure has consistently exceeded 90% for 10 years.

In addition, Rosneft is implementing and using advanced wastewater treatment technologies that have already proven their effectiveness. Thus, the biological treatment facilities (BTF) of the Ufa group of oil refineries processed 134 million m3 of wastewater. BTF services the Bashneft oil refineries and treats wastewater from 66 enterprises in the northern industrial zone of Ufa and storm water. The treatment facilities provide the highest level of treatment of industrial, storm and domestic wastewater, which increases the volume of reused water in technological processes by 2.5 times.

At the same time, Rosneft enterprises also carry out activities to reproduce aquatic biological resources. In 2023, about 50 million fry were released by subsidiaries into the river systems of Russia.

The company assesses the level of water supply in the regions of its presence. In 2023, with the support of RN-Uvatneftegaz, scientists calculated changes in the area of water bodies that have occurred over the past half century and formulated recommendations for carrying out restoration and preventive measures to prevent a decrease in the area of the water surface of lakes and their bloom. Regardless of the region’s water supply, when implementing projects, the Company carries out a set of measures aimed at rational water use.

Rosneft also works to increase employee involvement in compliance with environmental requirements, conduct voluntary environmental campaigns, and develop a culture of rational and responsible consumption of natural resources. The Company’s volunteers regularly clean the coastal areas of large water bodies, improve coastal areas, install garbage containers, and place information stands for tourists about the value of lake ecosystems.

The company ensures strict compliance of production processes and industrial facilities with the requirements of Russian environmental legislation and maintains high standards of environmental safety in the field of water resource management.

Department of Information and Advertising of PJSC NK Rosneft February 5, 2025

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

MIL OSI Russia News –

February 5, 2025
MIL-OSI United Nations: Far North Cameroon: IOM Provides Shelter And Essential Household Items For Flood Victims
Source: International Organization for Migration (IOM)

Maroua, October 10th, 2024 – “After the floods on the Dougmo site not far from Tildé, where we have been living for 3 years, my house was completely destroyed by the waters and I moved to this new site, not far from Tildé”. Such is the statement made by Alhadji Alifa, 68, a victim of the floods in Cameroon’s Far North region on the night of 09th to October 10th, 2024. Like him, some 459,000 other people in the departments of Mayo-Danay and Logone et Chari were flood victims, according to OCHA, (OCHA Cameroon Far North Situation Report #49 Oct 2024). In order to save their lives, they had to move in search of a flood-sheltered site. As a result, they settled in various neighboring localities least affected by the floods in the departments of Mayo Danay and Logone et Chari.

As part of its response to the urgent needs of these flood victims, the Mission of the International Organization for Migration (IOM) in Cameroon has granted 300 emergency shelters and 330 kits of essential household items to flood-affected people and vulnerable host communities. The handover activity was carried out as part of the project “Supporting displaced and crisis-affected populations in the Far North, Northwest and SouthWest regions of Cameroon, for the restoration and strengthening of resilience within the framework of NEXUS, Humanitarian, Development and Peace”. This project is part of the “NEXUS, Humanitarian, Development and Peace” program, funded by the Japanese people through the Embassy of Japan in Cameroon, and the “Vital assistance to displaced populations in the Far North and South West regions of Cameroon in the form of shelter, non-food items

(NFI) and rent money” project, funded by the Central Emergency Respond Fund (CERF), with operational support from the Association des “Animateurs et Encadreurs pour le Développement Communautaire (AAEDC) and the Association de Serbowel Facilitateur pour les Humanitaires (ASFH)”.

A total of 300 households, including 2015 individuals, benefited from this assistance. A salutary action much appreciated by the beneficiaries. “When we first arrived, we were living in straw shelters that we had built ourselves. But we were still not protected from bad weather, and every time it rained, our huts were flooded with water. But thank God IOM came and built us shelters out of tarpaulin and wood. Today we have a place to sleep”, says Alhadji Alifa.

For her part, Falmata Alifa – a 75-year-old widow also affected by the disaster – was delighted to have received

“With which she was “able to build the shelter in which she and her family are currently staying”. Falmata Alifa is also pleased to have received “buckets, cans, mats, pots and pans, blankets, mosquito nets and soap”. “All this came at a time when I needed it most, as all the belongings I had before this situation were destroyed along with my house in the devastating flood,” she added. This activity is in line with objectives 1 and 2 of IOM’s Strategy 2024 – 2028, namely “Saving lives and protecting migrants” and “Finding solutions to displacement”.

****

For further information, please contact:
- Pierre Aristide NKENGUE, OIM Cameroun, Tél. : +237 694 81 49 88, E-mail : pnkengue@iom.int
- Gisèle MASSINA, OIM Cameroun, Tél. : +237 6 99 07 21 64, gmassina@iom.int
MIL OSI United Nations News –
February 5, 2025
MIL-OSI United Kingdom: expert reaction to study looking at shipping aerosol emissions, ocean surface temperatures and rate of global warming

Source: United Kingdom – Executive Government & Departments

February 4, 2025

A study published in Environment: Science and Policy for Sustainable Development looks at shipping aerosol emissions and the rate of global warming.

Dr Karsten Haustein, Climate Scientist, Leipzig University, said:

“Jim Hansen and colleagues have revisited the topic of aerosol-induced warming due to reduced shipping emissions (due to regulatory changes in 2020). It’s a more credible attempt than their last – rather disappointing – effort, but there is still much speculation involved. They estimate the global aerosol forcing from reduced shipping aerosols might be as high as 0.5 W/m2, which is far higher than the current estimates of 0.05-0.15 W/m2. They argue that Earth’s radiative imbalance as well as high levels absorbed solar radiation justify such assumption. Accordingly, they argue that Climate Sensitivity (temperature response after CO2 doubling in the atmosphere) might be as high as 4.5 W/m2.

“Given that Earth’s radiative imbalance has considerably come down in the 2nd half of 2024 (notwithstanding the uncertainties related to measuring the global radiative imbalance), I continue to remain skeptical of their claims. This is particularly true, as some of the extra warming could be traced to other internal factors that have not been discussed. The so-called ‘hiatus’ discussion in the 2010s should be an example of a cautionary tale. This is true all the more as we know with some certainty that CO2 and methane (CH4) forcing has continued to accelerate slightly, such that additional aerosol forcing increase is not necessarily required to explain what has happened in 2023 and 2024.

“They are correct in one aspect though: 2025 will prove whether there is more to the warming story than we thought.”

Prof Richard Allan, Professor of Climate Science, University of Reading, said:

“Multiple lines of evidence are showing that human caused climate change is gathering pace. Heat is continuing to flood into the climate system as atmospheric greenhouse gases continue to rise and the reflective haze of aerosol particle pollution diminishes in some regions following clean air policies. This is causing the warming of the oceans to increase at ever greater rates.

“The comprehensive, extensive and wide-ranging new report argues that masking of global warming by particle pollution has been underestimated and future climate change may be even worse than anticipated. Cleaning up dirty air may be having a larger than expected effect on increasing how much sunlight reaches the ground, which is adding to a more potent greenhouse effect from continued fossil fuel emissions. The arguments presented are not new and although reasonable they appear overly bleak compared to the growing body of scientific research. However, the magnitude of increases in Earth’s heating rate and ocean surface warming, as well as record January global temperatures despite an expected cooling from La Niña, mean that scientists are carefully scrutinising and puzzling over the unfolding changes to Earth’s climate. And the new report emphasises the urgent need to cut greenhouse gas emissions and to properly account for the full economic cost of our actions on the planet and people.”

Prof William Collins, Professor of Climate Processes, University of Reading, said:

“This paper suggests that the cooling effects of aerosols has been underestimated and hence this has hidden more of the warming effect of greenhouse gases than has previously been assessed. This would make the climate sensitivity to carbon dioxide larger than has been assessed. If this is the case then cleaning up aerosol pollution (as has happened with shipping since 2020) will uncover more of the underlying warming from greenhouse gases. Aerosol pollution peaked in the 1980s, when studies have increased the cooling effect of aerosols their calculations give cooler temperatures in the 1980s than we observed. So this paper sits outside most previous assessments of the strength of aerosol cooling.

“There have been several assessments of the recent decline in shipping aerosols. These range from a negligible effect on the record-breaking 2023 temperatures to a small contribution. It will require detailed comparisons with these previous studies to determine why the shipping contribution in this paper is so much more significant.”

‘Global Warming Has Accelerated: Are the United Nations and the Public Well-Informed?’ by James E. Hansen et al. was published in Environment: Science and Policy for Sustainable Development at 14:00 UK time on Tuesday 4 February 2025.

DOI: 10.1080/00139157.2025.2434494

Declared interests

Dr Karsten Haustein: “No conflict of interests.”

Prof Richard Allan: “No competing interests.”

Prof William Collins: “No conflicts.”

MIL OSI United Kingdom –

February 5, 2025
MIL-OSI China: Scientists develop new AI model for cyclone forecast

Source: China State Council Information Office 2

Chinese scientists have developed a new artificial intelligence (AI) method to forecast the rapid intensification of a tropical cyclone, shedding new light on improving global disaster preparedness.
Recently, researchers from the Institute of Oceanology at the Chinese Academy of Sciences published this study in the journal, Proceedings of the National Academy of Sciences.
The rapid intensification of a tropical cyclone, which refers to a dramatic increase in the intensity of a tropical storm over a short period, remains one of the most challenging weather phenomena to forecast because of its unpredictable and destructive nature.
According to the study, traditional forecasting methods, such as numerical weather prediction and statistical approaches, often fail to consider the complex environmental and structural factors driving rapid intensification. While AI has been explored to improve rapid intensification prediction, most AI techniques have struggled with high false alarm rates and limited reliability.
To address this issue, the researchers have developed a new AI model that combines satellite, atmospheric and oceanic data. When tested on data from the tropical cyclone periods in the Northwest Pacific between 2020 and 2021, the new method achieved an accuracy of 92.3 percent and reduced false alarms to 8.9 percent.
The new method improved accuracy by nearly 12 percent compared to existing techniques and boasted a 3-times reduction in false alarms, representing a significant advancement in forecasting, said the study.
“This study addresses the challenges of low accuracy and high false alarm rates in rapid intensification forecasting,” said Li Xiaofeng, the study’s corresponding author.
“Our method enhances understanding of these extreme events and supports better defenses against their devastating impacts,” Li added.

MIL OSI China News –

February 5, 2025

MIL-OSI Australia: OLD WILLUNGA HILL ROAD, WILLUNGA (Grass Fire)

Source: Country Fire Service – South Australia

Homes that have been built to withstand a bushfire, and are prepared to the highest level, may provide safety.

You may lose power, water, phone and data connections.

Fire crews are responding but you should not expect a firefighter at your door.

What you should do

Check and follow your Bushfire Survival Plan.
Protect yourself from the fire’s heat – put on protective clothing.
Tell family or friends of your plans.

If you are leaving

Leave now, don’t delay.
Roads may become blocked or access may change. Smoke will reduce visibility.
Secure your pets for travel.
If you become stuck in your car, park away from bushes, cover yourself, get onto the floor as the windows may break from the intense heat.

If you are not leaving – prepare to defend

Identify a safe place inside, with more than one exit, before the fire arrives. Keep moving away from the heat of the fire.
Bring pets inside and restrain them.
Move flammable materials such as doormats, wheelie bins and outdoor furniture away from your house.
Close doors and windows to keep smoke out.
If you have sprinklers, turn them on to wet the areas.
If the building catches fire, go to an area already burnt. Check around you for anything burning.

MIL OSI News –

February 5, 2025

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

Source: Samsung

GURUGRAM, India – 05, February 2025: Samsung, India’s largest consumer electronics brand, today unveiled an innovative, original series titled ‘Foley – Sound Meets Story’ taking audiences to a cinematic journey through the art and science of immersive audio. This video series has been produced in collaboration with Dolby, and marks a significant step for Samsung in redefining its presence in the premium audio hardware segment. The collaboration combines the rich auditory expertise of Dolby with Samsung’s cutting-edge technology in TVs & Soundbars.

‘Foley – Sound Meets Story’ is a series with five episodes, and each episode is inspired by one of the five elements – fire, water, wind, jungle, and food. With insights from professional Foley artists, each episode showcases the artistry behind crafting soundscapes that embody the essence of these elements in Dolby Atmos®. The series delves into the role of Dolby Atmos in delivering an audio experience with sounds that can be heard and felt all around, before finally highlighting the Samsung hardware that brings these sounds to life with exceptional clarity and depth for consumers. Consumers will experience these immersive Dolby Atmos soundscapes firsthand at over 5,000 Samsung stores across India, supported by well-trained Samsung retail staff. This multi-faceted approach brings the series to life both on and offline, emphasizing Dolby and Samsung’s commitment to providing a truly elevated audio experience.

“At Samsung, innovation lies at the heart of everything we do. Our collaboration with Dolby on this exclusive series reflects our commitment to deliver immersive and professional-grade audio experiences to our consumers. By blending Dolby’s expertise in sound with Samsung TVs & Soundbars, we aim to redefine how Indian audiences perceive and interact with sound technology, creating unforgettable sensory experiences in their homes.” said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.

Sameer Seth, Director Marketing – India, Dolby Laboratories said, “Dolby Atmos is at the forefront of transforming entertainment with its immersive, theatre-quality sound. ‘Foley – Sound Meets Story’ shot at Annapurna Studios, is a sincere effort that brings out the story of the Foley artist on what goes in creating these sound effects brought to life in Dolby Atmos. We are excited to work with Samsung to deliver several lifelike soundscapes for consumers to experience through their Dolby Atmos enabled Samsung TV and soundbar.

Each episode of ‘Foley – Sound Meets Story’ highlights the crucial role of Dolby Atmos in designing an immersive soundscape, ultimately showcasing the hardware that brings these audio experiences to life for consumers.‘Foley – Sound Meets Story’ series is designed to leave a lasting impression on consumers and enhancing Samsung brand in the competitive audio market.

MIL OSI Economics –

February 5, 2025

MIL-OSI Economics: Take my money: OCR crypto stealers in Google Play and App Store

Source: Securelist – Kaspersky

Headline: Take my money: OCR crypto stealers in Google Play and App Store

In March 2023, researchers at ESET discovered malware implants embedded into various messaging app mods. Some of these scanned users’ image galleries in search of crypto wallet access recovery phrases. The search employed an OCR model which selected images on the victim’s device to exfiltrate and send to the C2 server. The campaign, which targeted Android and Windows users, saw the malware spread through unofficial sources. In late 2024, we discovered a new malware campaign we dubbed “SparkCat”, whose operators used similar tactics while attacking Android and iOS users through both official and unofficial app stores. Our conclusions in a nutshell:

We found Android and iOS apps, some available in Google Play and the App Store, which were embedded with a malicious SDK/framework for stealing recovery phrases for crypto wallets. The infected apps in Google Play had been downloaded more than 242,000 times. This was the first time a stealer had been found in Apple’s App Store.
The Android malware module would decrypt and launch an OCR plug-in built with Google’s ML Kit library, and use that to recognize text it found in images inside the gallery. Images that matched keywords received from the C2 were sent to the server. The iOS-specific malicious module had a similar design and also relied on Google’s ML Kit library for OCR.
The malware, which we dubbed “SparkCat”, used an unidentified protocol implemented in Rust, a language untypical of mobile apps, to communicate with the C2.
Judging by timestamps in malware files and creation dates of configuration files in GitLab repositories, SparkCat has been active since March 2024.

A malware SDK in Google Play apps

The first app to arouse our suspicion was a food delivery app in the UAE and Indonesia, named “ComeCome” (APK name: com.bintiger.mall.android), which was available in Google Play at the time of the research, with more than 10,000 downloads.

The onCreate method in the Application subclass, which is one of the app’s entry points, was overridden in version 2.0.0 (f99252b23f42b9b054b7233930532fcd). This method initializes an SDK component named “Spark”. It was originally obfuscated, so we statically deobfuscated it before analyzing.

Suspicious SDK being called

Spark is written in Java. When initialized, it downloads a JSON configuration file from a GitLab URL embedded in the malware body. The JSON is decoded with base64 and then decrypted with AES-128 in CBC mode.

The config from GitLab being decrypted

If the SDK fails to retrieve a configuration, the default settings are used.

We managed to download the following config from GitLab:

{ “http”: [“https://api.aliyung.org”], “rust”: [“api.aliyung.com:18883”], “tfm”: 1 }

{

“http”: [“https://api.aliyung.org”],

“rust”: [“api.aliyung.com:18883”],

“tfm”: 1

}

The “http” and “rust” fields contain SDK-specific C2 addresses, and the tfm flag is used to select a C2. With tfm equal to 1, “rust” will be used as the C2, and “http” if tfm has any other value.

Spark uses POST requests to communicate with the “http” server. It encrypts data with AES-256 in CBC mode before sending and decrypts server responses with AES-128 in CBC mode. In both cases, the keys are hard-coded constants.

The process of sending data to “rust” consists of three stages:

Data is encrypted with AES-256 in CBC mode using the same key as in the case of the “http” server.
The malware generates a JSON, where is the data upload path and is the encrypted data from the previous stage.

{ “path”: “upload@<path>“, “method”: “POST”, “contentType”: “application/json”, “data”: “<data>” }</data></path>

1

2

3

4

5

6

{

 “path”: “upload@“,

 “method”: “POST”,

 “contentType”: “application/json”,

 “data”: ““

}
The JSON is sent to the server with the help of the native libmodsvmp.so library via the unidentified protocol over TCP sockets. Written in Rust, the library disguises itself as a popular Android obfuscator.

Static analysis of the library wasn’t easy, as Rust uses a non-standard calling convention and the file had no function names in it. We managed to reconstruct the interaction pattern after running a dynamic analysis with Frida. Before sending data to the server, the library generates a 32-byte key for the AES-GCM-SIV cipher. With this key, it encrypts the data, pre-compressed with ZSTD. The algorithm’s nonce value is not generated and set to “unique nonce” (sic) in the code.

Extending the AES key using the hard-coded nonce value

The AES key is encrypted with RSA and is then also sent to the server. The public key for this RSA encryption is passed when calling a native method from the malicious SDK, in PEM format. The message is padded with 224 random bytes prior to AES key encryption. Upon receiving the request, the attackers’ server decrypts the AES key with a private RSA key, decodes the data it received, and then compresses the response with ZSTD and encrypts it with the AES-GCM-SIV algorithm. After being decrypted in the native library, the server response is passed to the SDK where it undergoes base64 decoding and decryption according to the same principle used for communication with the “http” server. See below for an example of communication between the malware module and the “rust” server.

An example of communication with the “rust” server

Once a configuration has been downloaded, Spark decrypts a payload from assets and executes it in a separate thread. It uses XOR with a 16-byte key for a cipher.

A payload being decrypted

The payload (c84784a5a0ee6fedc2abe1545f933655) is a wrapper for the TextRecognizer interface in Google’s ML Kit library. It loads different OCR models depending on the system language to recognize Latin, Korean, Chinese or Japanese characters in images. The SDK then uploads device information to /api/e/d/u on the C2 server. The server responds with an object that controls further malware activities. The object is a JSON file, its structure shown below. The uploadSwitch flag allows the malware to keep running (value 1).

{ “code”: 0, “message”: “success”, “data”: { “uploadSwitch”: 1, “pw”: 0, “rs”: “” } }

{

“code”: 0,

“message”: “success”,

“data”: {

“uploadSwitch”: 1,

“pw”: 0,

“rs”: “”

}

The SDK then registers an application activity lifecycle callback. Whenever the user initiates a chat with the support team, implemented with the legitimate third-party Easemob HelpDesk SDK, the handler requests access to the device’s image gallery. If the pw flag in the aforementioned object is equal to 1, the module will keep requesting access if denied. The reasoning behind the SDK’s request seems sound at first: users may attach images when contacting support.

The reason given when requesting read access to the gallery

If access is granted, the SDK runs its main functionality. This starts with sending a request to /api/e/config/rekognition on the C2 and getting parameters for processing OCR results in a response.

{ “code”: 0, “message”: “success”, “data”: { “letterMax”: 34, “letterMin”: 2, “enable”: 1, “wordlistMatchMin”: 9, “interval”: 100, “lang”: 1, “wordMin”: 12, “wordMax”: 34 } }

{

“code”: 0,

“message”: “success”,

“data”: {

“letterMax”: 34,

“letterMin”: 2,

“enable”: 1,

“wordlistMatchMin”: 9,

“interval”: 100,

“lang”: 1,

“wordMin”: 12,

“wordMax”: 34

}

These parameters are used by processor classes that filter images by OCR-recognized words. The malware also requests a list of keywords at /api/e/config/keyword for KeywordsProcessor, which uses these to select images to upload to the C2 server.

Searching for keywords among OCR image processing results

Besides KeywordsProcessor, the malware contains two further processors: DictProcessor and WordNumProcessor. The former filters images using localized dictionaries stored decrypted inside rapp.binary in the assets, and the latter filters words by length. The letterMin and letterMax parameters for each process define the permitted range of word length. For DictProcessor, wordlistMatchMin sets a minimum threshold for dictionary word matches in an image. For WordNumProcessor, wordMin and wordMax define the acceptable range for the total number of recognized words. The rs field in the response to the request for registering an infected device controls which processor will be used.

Images that match the search criteria are downloaded from the device in three steps. First, a request containing the image’s MD5 hash is sent to /api/e/img/uploadedCheck on the C2. Next, the image is uploaded to either Amazon’s cloud storage or to file@/api/res/send on the “rust” server. After that, a link to the image is uploaded to /api/e/img/rekognition on the C2. So, the SDK, designed for analytics as suggested by the package name com.spark.stat, is actually malware that selectively steals gallery content.

Uploading an image link

We asked ourselves what kind of images the attackers were looking for. To find out, we requested from the C2 servers a list of keywords for OCR-based search. In each case, we received words in Chinese, Japanese, Korean, English, Czech, French, Italian, Polish and Portuguese. The terms all indicated that the attackers were financially motivated, specifically targeting recovery phrases also known as “mnemonics” that can be used to regain access to cryptocurrency wallets.

{ “code”: 0, “message”: “success”, “data”: { “keywords”: [“助记词”, “助記詞”, “ニーモニック”, “기억코드”, “Mnemonic”, “Mnemotecnia”, “Mnémonique”, “Mnemonico”, “Mnemotechnika”, “Mnemônico”, “클립보드로복사”, “복구”, “단어”, “문구”, “계정”, “Phrase”] } }

{

“code”: 0,

“message”: “success”,

“data”: {

“keywords”: [“助记词”, “助記詞”, “ニーモニック”, “기억코드”, “Mnemonic”,

“Mnemotecnia”, “Mnémonique”, “Mnemonico”, “Mnemotechnika”, “Mnemônico”,

“클립보드로복사”, “복구”, “단어”, “문구”, “계정”, “Phrase”]

}

Unfortunately, ComeCome was not the only app we found embedded with malicious content. We discovered a number of additional, unrelated apps covering a variety of subjects. Combined, these apps had been installed over 242,000 times at the time of writing this, and some of them remained accessible on Google Play. A full inventory can be found under the Indicators of Compromise section. We alerted Google to the presence of infected apps in its store.

Popular apps containing the malicious payload

Furthermore, our telemetry showed that malicious apps were also being spread through unofficial channels.

SDK features could vary slightly from app to app. Whereas the malware in ComeCome only requested permissions when the user opened the support chat, in some other cases, launching the core functionality acted as the trigger.

One small detail…

As we analyzed the trojanized Android apps, we noticed how the SDK set deviceType to “android” in device information it was sending to the C2, which suggested that a similar Trojan existed for other platforms.

Collecting information about an infected Android device

A subsequent investigation uncovered malicious apps in App Store infected with a framework that contained the same Trojan. For instance, ComeCome for iOS was infected in the same way as its Android version. This is the first known case of an app infected with OCR spyware being found in Apple’s official app marketplace.

The ComeCome page in the App Store

Negative user feedback about ComeCome

Malicious frameworks in App Store apps

We detected a series of apps embedded with a malicious framework in the App Store. We cannot confirm with certainty whether the infection was a result of a supply chain attack or deliberate action by the developers. Some of the apps, such as food delivery services, appeared to be legitimate, whereas others apparently had been built to lure victims. For example, we saw several similar AI-featured “messaging apps” by the same developer:

Messaging apps in the App Store designed to lure victims

Besides the malicious framework itself, some of the infected apps contained a modify_gzip.rb script in the root folder. It was apparently used by the developers to embed the framework in the app:

The contents of modify_gzip.rb

The framework itself is written in Objective-C and obfuscated with HikariLLVM. In the apps we detected, it had one of three names:

GZIP;
googleappsdk;
stat.

As with the Android-specific version, the iOS malware utilized the ML Kit interface, which provided access to a Google OCR model trained to recognize text and a Rust library that implemented a custom C2 communication protocol. However, in this case, it was embedded directly into the malicious executable. Unlike the Android version, the iOS framework retained debugging symbols, which allowed us to identify several unique details:

The lines reveal the paths on the framework creators’ device where the project was stored, including the user names:
- /Users/qiongwu/: the project author’s home directory
- /Users/quiwengjing/: the Rust library creator’s home directory
The C2-rust communication module was named im_net_sys. Besides the client, it contains code that the attackers’ server presumably uses to communicate with victims.
The project’s original name is GZIP.

Project details from code lines in the malicious framework

The framework contains several malicious classes. The following are of particular interest:

MMMaker: downloads a configuration and gathers information about the device.
ApiMgr: sends device data.
PhotoMgr: searches for photos containing keywords on the device and uploads them to the server.
MMCore: stores information about the C2 session.
MMLocationMgr: collects the current location of the device. It sent no data during our testing, so the exact purpose of this class remained unclear.

Certain classes, such as MMMaker, could be missing or bear a different name in earlier versions of the framework, but this didn’t change the malware’s core functionality.

Obfuscation significantly complicates the static analysis of samples, as strings are encrypted and the program’s control flow is obscured. To quickly decrypt the strings of interest, we opted for dynamic analysis. We ran the application under Frida and captured a dump of the _data section where these strings were stored. What caught our attention was the fact that the app bundleID was among the decrypted data:

com.lc.btdj: the ComeCome bundleID as used in the +[MMCore config] selector

As it turned out, the framework also stored other app bundle identifiers used in the +[MMCore config] selector. Our takeaways are as follows:

The Trojan can behave differently depending on the app it is running in.
There are more potentially infected apps than we originally thought.

For the full list of bundle IDs we collected from decrypted strings in various framework samples, see the IoC section. Some of the apps associated with these IDs had been removed from the App Store at the time of the investigation, whereas others were still there and contained malicious code. Some of the IDs on the list referred to apps that did not contain the malicious framework at the time of this investigation.

As with the Android-specific version, the Trojan implements three modes of filtering OCR output: keywords, word length, and localized dictionaries stored in encrypted form right inside the framework, in a “wordlists” folder. Unfortunately, we were unable to ascertain that the malware indeed made use of the last method. None of the samples we analyzed contained links to the dictionaries or accessed them while running.

Sending selected photos containing keywords is a key step in the malicious framework’s operation. Similar to the Android app, the Trojan requests permission to access the gallery only when launching the View Controller responsible for displaying the support chat. At the initialization stage, the Trojan, depending on the application it is running in, replaces the viewDidLoad or viewWillAppear method in the relevant controller with its own wrapper that calls the method +[PhotoMgr startTask:]. The latter then checks if the application has access to the gallery and requests it if needed. Next, if access is granted, PhotoMgr searches for photos that match sending criteria among those that are available and have not been processed before.

The code snippet of the malicious wrapper around the viewDidLoad method that determines which application the Trojan is running in

Although it took several attempts, we managed to make the app upload a picture to Amazon’s cloud and then send information about it to the attackers’ server. The app was using HTTPS to communicate with the server, not the custom “rust” protocol:

The communication with the C2 and upload to AWS

The data being sent looks as follows:

POST /api/e/img/uploadedCheck { “imgSign”: , “orgId”: <implantid>, “deviceId”: <deviceuuid> }</deviceuuid></implantid>

POST /api/e/img/uploadedCheck

{

“imgSign”: imgMD5>,

“orgId”: implantId>,

“deviceId”: deviceUUID>

}

POST api/e/img/rekognition { “imgUrl”: “https://dmbucket102.s3.ap-northeast- 1.amazonaws.com/”<app_name>_<device_uuid>“/photo_”<timestamp>“.jpg”, “deviceName”: “ios”, “appName”: <appname>, “deviceUUID”: <deviceuuid>, “imgSign”: , “imgSize”: , “orgId”:<implantid>, “deviceChannel”: <iphonemodel>, “keyword”:<keywordsfoundonpicture>, “reksign”:<processor type> }</processor></keywordsfoundonpicture></iphonemodel></implantid></deviceuuid></appname></timestamp></device_uuid></app_name>

POST api/e/img/rekognition

{

“imgUrl”: “https://dmbucket102.s3.ap-northeast-

1.amazonaws.com/”app_name>_device_uuid>“/photo_”timestamp>“.jpg”,

“deviceName”: “ios”,

“appName”: appName>,

“deviceUUID”: deviceUUID>,

“imgSign”: imgMD5>,

“imgSize”: imgSize>,

“orgId”:implantId>,

“deviceChannel”: iphoneModel>,

“keyword”:keywordsFoundOnPicture>,

“reksign”:processor type>

}

The oldest version of the malicious framework we were investigating was built on March 15, 2024. While it doesn’t differ significantly from newer versions, this one contains more unencrypted strings, including API endpoints and a single, hardcoded C2 address. Server responses are received in plaintext.

URLs hard-coded into the oldest version of the malicious framework

File creation date in the app

Campaign features

While analyzing the Android apps, we found that the word processor code contained comments in Chinese. Error descriptions returned by the C2 server in response to malformed requests were also in Chinese. These, along with the name of the framework developer’s home directory which we obtained while analyzing the iOS-specific version suggest that the creator of the malicious module speaks fluent Chinese. That being said, we have insufficient data to attribute the campaign to a known cybercrime gang.

Our investigation revealed that the attackers were targeting crypto wallet recovery phrases, which were sufficient for gaining full control over a victim’s crypto wallet to steal the funds. It must be noted that the malware is flexible enough to steal not just these phrases but also other sensitive data from the gallery, such as messages or passwords that might have been captured in screenshots. Multiple OCR results processing modes mitigate the effects of model errors that could affect the recognition of access recovery phrase images if only keyword processing were used.

Our analysis of the malicious Rust code inside the iOS frameworks revealed client code for communicating with the “rust” server and server-side encryption components. This suggests that the attackers’ servers likely also use Rust for protocol handling.

Server-side private RSA key import

We believe that this campaign is targeting, at a minimum, Android and iOS users in Europe and Asia, as indicated by the following:

The keywords used were in various languages native to those who live in European and Asian countries.
The dictionaries inside assets were localized in the same way as the keywords.
Some of the apps apparently operate in several countries. Some food delivery apps support signing up with a phone number from the UAE, Kazakhstan, China, Indonesia, Zimbabwe and other countries.

We suspect that mobile users in other regions besides Europe and Asia may have been targeted by this malicious campaign as well.

One of the first malicious modules that we started our investigation with was named “Spark”. The bundle ID of the malicious framework itself, “bigCat.GZIPApp”, caught our attention when we analyzed the iOS-specific Trojan. Hence the name, “SparkCat”. The following are some of the characteristics of this malware:

Cross-platform compatibility;
The use of the Rust programming language, which is rarely found in mobile apps;
Official app marketplaces as a propagation vector;
Stealth, with C2 domains often mimicking legitimate services and malicious frameworks disguised as system packages;
Obfuscation, which hinders analysis and detection.

Conclusion

Unfortunately, despite rigorous screening by the official marketplaces and general awareness of OCR-based crypto wallet theft scams, the infected apps still found their way into Google Play and the App Store. What makes this Trojan particularly dangerous is that there’s no indication of a malicious implant hidden within the app. The permissions that it requests may look like they are needed for its core functionality or appear harmless at first glance. The malware also runs quite stealthily. This case once again shatters the myth that iOS is somehow impervious to threats posed by malicious apps targeting Android. Here are some tips that can help you avoid becoming a victim of this malware:

If you have one of the infected apps installed on your device, remove it and avoid reinstalling until a fix is released.
Avoid storing screenshots with sensitive information, such as crypto wallets recovery phrases, in the gallery. You can store passwords, confidential documents and other sensitive information in special apps.
Use a robust security product on all your devices.

Our security products return the following verdicts when detecting malware associated with this campaign:

HEUR:Trojan.IphoneOS.SparkCat.*
HEUR:Trojan.AndroidOS.SparkCat.*

Indicators of compromise

Infected Android apps
0ff6a5a204c60ae5e2c919ac39898d4f
21bf5e05e53c0904b577b9d00588e0e7
a4a6d233c677deb862d284e1453eeafb
66b819e02776cb0b0f668d8f4f9a71fd
f28f4fd4a72f7aab8430f8bc91e8acba
51cb671292eeea2cb2a9cc35f2913aa3
00ed27c35b2c53d853fafe71e63339ed
7ac98ca66ed2f131049a41f4447702cd
6a49749e64eb735be32544eab5a6452d
10c9dcabf0a7ed8b8404cd6b56012ae4
24db4778e905f12f011d13c7fb6cebde
4ee16c54b6c4299a5dfbc8cf91913ea3
a8cd933b1cb4a6cae3f486303b8ab20a
ee714946a8af117338b08550febcd0a9
0b4ae281936676451407959ec1745d93
f99252b23f42b9b054b7233930532fcd
21bf5e05e53c0904b577b9d00588e0e7
eea5800f12dd841b73e92d15e48b2b71

iOS framework MD5s:
35fce37ae2b84a69ceb7bbd51163ca8a
cd6b80de848893722fa11133cbacd052
6a9c0474cc5e0b8a9b1e3baed5a26893
bbcbf5f3119648466c1300c3c51a1c77
fe175909ac6f3c1cce3bc8161808d8b7
31ebf99e55617a6ca5ab8e77dfd75456
02646d3192e3826dd3a71be43d8d2a9e
1e14de6de709e4bf0e954100f8b4796b
54ac7ae8ace37904dcd61f74a7ff0d42
caf92da1d0ff6f8251991d38a840fb4a

Trojan configuration in GitLab
hxxps://gitlab[.]com/group6815923/ai/-/raw/main/rel.json
hxxps://gitlab[.]com/group6815923/kz/-/raw/main/rel.json

C2
api.firebaseo[.]com
api.aliyung[.]com
api.aliyung[.]org
uploads.99ai[.]world
socket.99ai[.]world
api.googleapps[.]top

Photo storage
hxxps://dmbucket102.s3.ap-northeast-1.amazonaws[.]com

Names of Infected Android APKs from Google Play
com.crownplay.vanity.address
com.atvnewsonline.app
com.bintiger.mall.android
com.websea.exchange
org.safew.messenger
org.safew.messenger.store
com.tonghui.paybank
com.bs.feifubao
com.sapp.chatai
com.sapp.starcoin

BundleIDs encrypted inside the iOS frameworks
im.pop.app.iOS.Messenger
com.hkatv.ios
com.atvnewsonline.app
io.zorixchange
com.yykc.vpnjsq
com.llyy.au
com.star.har91vnlive
com.jhgj.jinhulalaab
com.qingwa.qingwa888lalaaa
com.blockchain.uttool
com.wukongwaimai.client
com.unicornsoft.unicornhttpsforios
staffs.mil.CoinPark
com.lc.btdj
com.baijia.waimai
com.ctc.jirepaidui
com.ai.gbet
app.nicegram
com.blockchain.ogiut
com.blockchain.98ut
com.dream.towncn
com.mjb.Hardwood.Test
com.galaxy666888.ios
njiujiu.vpntest
com.qqt.jykj
com.ai.sport
com.feidu.pay
app.ikun277.test
com.usdtone.usdtoneApp2
com.cgapp2.wallet0
com.bbydqb
com.yz.Byteswap.native
jiujiu.vpntest
com.wetink.chat
com.websea.exchange
com.customize.authenticator
im.token.app
com.mjb.WorldMiner.new
com.kh-super.ios.superapp
com.thedgptai.event
com.yz.Eternal.new
xyz.starohm.chat
com.crownplay.luckyaddress1

MIL OSI Economics –

February 5, 2025

MIL-Evening Report: To keep your cool in a heatwave, it may help to water your trees

Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

Gena Melendrez/Shutterstock

Heatwaves are among the world’s deadliest weather hazards. Every year, vast numbers of people are killed by heat stress and it can worsen health problems such as diabetes, asthma and heart disease.

Unfortunately, the bitumen roads, brick and concrete structures and roofing tiles in cities can absorb and retain vast amounts of heat, much of which is released after the sun has set. This creates what’s known as the urban heat island effect. In fact, temperatures can be significantly higher in cities than in surrounding or rural areas.

Trees and greenspace can drive down urban temperatures – but they must be able to draw water from the soil to achieve these massive cooling effects.

In other words, it can sometimes be helpful to water your trees during a heatwave.

Trees need to be able to access water in the soil to achieve transpiration.
Tirachard Kumtanom/Shutterstock

How trees keep us cool (and no, it’s not just about shade)

Trees reduce urban temperatures in two significant ways. One is by the shade they provides and the other is through their cooling effect – and no, they’re not the same thing.

Water is taken up via a plant’s roots, moves through the stems or trunks and is then misted into the air from the leaves through little holes called stomata. This is called transpiration, and it helps cool the air around leaves.

Transpiration helps cools the air around a plant’s leaves.
grayjay/Shutterstock

Water can also evaporate from soil and other surfaces. The combined loss of water from plants and soil is called evapotranspiration.

The cooling effects of evapotranspiration vary but are up to 4°C, depending on other environmental factors.

Watering your trees

If heatwaves occur in generally hot, dry weather, then trees will provide shade – but some may struggle with transpiration if the soil is too dry.

This can reduce the cooling effect of trees. Keeping soil moist and plants irrigated, however, can change that.

The best time to irrigate is early in the morning, as the water is less likely to evaporate quickly before transpiration can occur.

You don’t need to do a deep water; most absorbing roots are close to the surface, so a bit of brief irrigation will often do the trick. You could also recycle water from your shower. Using mulch helps trap the water in the soil, giving the roots time to absorb it before it evaporates.

All transpiring plants have a cooling effect on the air surrounding them, so you might wonder if trees have anything special to offer in terms of the urban heat island effect and heatwaves.

Their great size means that they provide much larger areas of shade than other plants and if they are transpiring then there are greater cooling effects.

The surface area of tree leaves, which is crucial to the evaporative cooling that takes place on their surfaces, is also much greater than many other plants.

Another advantage is that trees can be very long lived. They provide shade, cooling and other benefits over a very long time and at relatively low cost.

Not all trees

All that said, I don’t want to overstate the role of urban trees in heatwaves when soils are dry.

Some trees cease transpiring early as soils dry, but others will persist until they wilt.

Careful tree selection can help maximise the cooling effects of the urban forest. Trees that suit the local soil and can cope with some drying while maintaining transpiration can provide greater cooling

And, of course, it is important to follow any water restriction rules or guidelines that may be operating in your area at the time.

Trees keep us cool

Despite the clear benefits trees can provide in curbing heat, tree numbers and canopy cover are declining annually in many Australian cities and towns.

Housing development still occurs without proper consideration of how trees and greenspace improve residents’ quality of life.

It is not an either/or argument. With proper planning, you can have both new housing and good tree canopy cover.

We should also be cautious of over-pruning urban trees.

Trees help us when we help them.
maxim ibragimov/Shutterstock

Trees cannot eliminate the effects of a heatwave but can mitigate some of them.

Anything that we can do to mitigate the urban heat island effect and keep our cities and towns cooler will reduce heat-related illness and associated medical costs.

Gregory Moore is affiliated with Make Victoria Greener, which campaigns to preserve trees in Victoria.

– ref. To keep your cool in a heatwave, it may help to water your trees – https://theconversation.com/to-keep-your-cool-in-a-heatwave-it-may-help-to-water-your-trees-246486

MIL OSI Analysis – EveningReport.nz –

February 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

Crédit Agricole Group

Group activity

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

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

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

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

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

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

Roll-out of strategic plan

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

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

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

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

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

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

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

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

Continued support for the energy transition

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

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

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

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

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

Group results

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group – Stated and underlying results 2024 and 2023

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

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

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

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

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

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

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

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

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

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

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

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

Regional banks

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

Crédit Agricole S.A.

Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

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

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

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

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

Results of the Asset Gathering division

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

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

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

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

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

Insurance results

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

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

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

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

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

Asset Management results

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

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

Wealth Management results⁵⁹

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

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

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

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

Activity of the Large Customers division

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

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

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

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

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

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

Results of the Large Customers division

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

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

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

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

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

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

Corporate and Investment Banking results

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

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

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

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

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

Asset servicing results

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

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

Specialised financial services activity

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

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

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

Specialised financial services’ results

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

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

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

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

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

Personal Finance and Mobility results

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

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

Leasing & Factoring results

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

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

Crédit Agricole S.A. Retail Banking activity

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

Retail banking activity in France

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

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

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

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

Retail banking activity in Italy

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

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

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

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

Crédit Agricole Group activity in Italy⁷⁶

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

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

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

International Retail Banking activity excluding Italy

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

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

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

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

French retail banking results

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

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

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

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

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

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

International Retail Banking results⁸⁵

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

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

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

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

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

Results in Italy

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

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

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

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

Results for Crédit Agricole Group in Italy⁸⁷

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

International Retail Banking results – excluding Italy

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

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

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

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

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

Corporate Centre results

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

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

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

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

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

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

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

Financial strength

Crédit Agricole Group

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

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

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

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

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

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

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

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

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

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

TLAC

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

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

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

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

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

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

MREL

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

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

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

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

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

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

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

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

Crédit Agricole S.A.

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

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

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

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

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

Preliminary presentation information:

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

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

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

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

Comments on the liquidity position:

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

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

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

This increase in liquidity reserves is notably explained by:

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

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

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

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

This included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Economic and financial environment

2024 retrospective

Continuing trend of disinflation and monetary easing

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

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

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

Financial markets

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

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

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

2025 Outlook

A highly conditional scenario

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group – Specific items

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

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

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

* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific items

Q4-24

Q4-23

2024

2023

€m

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

DVA (LC)

(26)

(19)

(15)

(11)

Loan portfolio hedges (LC)

(24)

(18)

Home Purchase Savings Plans (LCL)

–

Home Purchase Savings Plans (CC)

–

(2)

(1)

236

175

Mobility activities reorganisation (SFS)

–

300

214

Check Image Exchange penalty (CC)

–

Check Image Exchange penalty (LCL)

–

Total impact on revenues

₍₂₄₎

₍₁₇₎

₁₉

₁₄

₃₀

₂₁

₆₁₇

₄₆₄

_{Degroof Petercam integration costs (AG)}

₍₁₃₎

₍₉₎

_–

₍₂₆₎

₍₁₉₎

_–

_{ISB integration costs (LC)}

₍₂₇₎

₍₁₅₎

_–

₍₉₇₎

₍₅₂₎

_–

_{Mobility activities reorganisation (SFS)}

_–

₄

₃

_–

₍₁₄₎

₍₁₀₎

Total impact on expenses

₍₃₉₎

₍₂₅₎

₄

₃

₍₁₂₃₎

₍₇₁₎

₍₁₄₎

₍₁₀₎

Provision for risk Ukraine (IRB)

–

(20)

–

Mobility activities reorganisation (SFS)

–

(85)

(61)

Total impact on cost of credit risk

–

(20)

(85)

(61)

Mobility activities reorganisation (SFS)

–

(39)

Total impact equity-accounted entities

–

(39)

ISB integration costs (LC)

(2)

–

(2)

–

Degroof Petercam acquisition costs (AG)

–

(22)

(16)

–

Mobility activities reorganisation (SFS)

–

Total impact Net income on other assets

(1)

–

(24)

(16)

Mobility activities reorganisation (SFS)

–

Total impact on change of value of goodwill

–

Mobility activities reorganisation (SFS)

–

Total impact on tax

–

Total impact of specific items

(64)

(41)

(138)

(86)

580

425

Asset gathering

(12)

(9)

–

(49)

(35)

–

French Retail banking

–

International Retail banking

–

(20)

–

Specialised financial services

–

263

176

Large customers

(52)

(32)

(70)

(32)

(39)

(28)

Corporate centre

–

(2)

(1)

277

216

* Impact before tax and before minority interests

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix 4 – Data per share

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

(€m)

Q4-2024
Q4-2023

2024
2023

Net income Group share – stated

1,689
1,334

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

(112)
(87)

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

–
–

(266)
–
NIGS attributable to ordinary shares – stated

[A]
1,577
1,247

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

[B]
3,025
3,032

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

[A]/[B]
0.52 €
0.41 €

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

1,730
1,303

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

[C]
1,618
1,216

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

[C]/[B]
0.54 €
0.40 €

2.14 €
1.80 €

(€m)

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

74,710
71,086
– AT1 issuances

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

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

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

[D]

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

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

[E]

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

[F]

3,025
3,029

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

Dividend to pay (€)

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

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

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

20,4 €

1,05 €

14,7 €

15,7 €

€20.4

€1.05

€14.7

€15.7

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

(€m)

2024
2023
Net income Group share – stated

[K]

7,087
6,348
Impairment of intangible assets

[L]

0
0
Stated NIGS annualised

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

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

[O]

-729
-458
Stated result adjusted

[P] = [N]+[O]

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

[J]

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

= [P] / [J]

13.8%
13.6%
Underlying Net income Group share

[Q]

7,172
5,923
Underlying NIGS annualised

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

7,172
5,923
Underlying NIGS adjusted

[S] = [R]+[O]

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

= [S] / [J]

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

0.0%

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

Alternative Performance Indicators⁹⁹

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

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

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

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

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

Applicable standards and comparability

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

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

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

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

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

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

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

Financial Agenda

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

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Credit investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr

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

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

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

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

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

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

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

Attachment

EN_CASA_PR_2024-Q4

The MIL Network –

February 5, 2025

MIL-OSI USA: Video: Kaine Issues Open Letter to Federal Workers Urging Strength, Promising Support

US Senate News:

Source: United States Senator for Virginia Tim Kaine

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

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

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

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

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

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

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

The full text of the letter is available below.

Dear Federal Workers:

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

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

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

February 5, 2025
MIL-OSI Asia-Pac: Sports park stress test smooth

Source: Hong Kong Information Services

Police have reported that another large-scale stress test, held tonight with 50,000 spectators attending the Hong Kong Premier League U22 football match, ran smoothly at Kai Tak Sports Park’s Main Stadium.

The exercise was conducted to assess the operational readiness of the Main Stadium and its surrounding facilities for sports events with maximum attendance.

Similar to the previous large-scale stress tests, the drill was co-ordinated by the force’s Exercise Team, covering five major testing and evaluation areas: security screening and ticket checks; venue signage and designated seating arrangements; inter-agency co-ordination in response to emergencies; various crowd management measures; and passenger flow management by public transport operators.

During the exercise, the Fire Services Department simulated two fire incidents of varying scales, aiming to test the communication and response capabilities of Fire Services personnel in co-ordination with Police, venue security and other emergency response teams. Police also simulated an emergency incident involving public safety and security to test the response of all stakeholders.

The stress test was scheduled for a weekday evening, with a slight overlap between the entry time and rush hour after work. Meanwhile, the exercise concluded at a later time, with most participants choosing to leave the park immediately afterwards, thereby increasing the pressure on the transport system.

Police implemented new crowd management measures, such as using large display panels along the exit routes to MTR stations to convey crowd management information, playing music and deploying police officers to provide real-time information on the spot to help participants leave safely.

In the exercise, the public transport system and surrounding facilities were able to divert the large passenger flows within a short period of time, allowing participants to enter and leave the venue in an orderly manner.

The Main Stadium’s retractable roof was opened for the first time during the stress test, aligning the testing time and mode more closely to the actual conditions of sports events, and the volume of noise during the test was found to be within the acceptable sound level.

A total of 50,000 civil servants, government employees and members of community groups simulated crowd flows during the test.

MIL OSI Asia Pacific News –

February 5, 2025
MIL-Evening Report: Returning home after a flood? Prioritise your health and take it one step at a time

Source: The Conversation (Au and NZ) – By Kazi Mizanur Rahman, Associate Professor of Healthcare Innovations, Faculty of Health Sciences and Medicine, Bond University

Parts of North Queensland have received almost two metres of rain since the weekend, causing flash and riverine flooding that claimed the lives of two women around Ingham.

While some North Queensland residents are on alert for more flooding, others are returning home to assess the damage.

This can be very confronting. You may have left in a rush when the evacuation order was issued, taking only a few valuables and necessary items, and maybe your pet. You may have been scared and unsure of what would happen.

Coming back and seeing the damage to the place you lived in and loved can be painful. You might also be worried about the financial consequences.

First, focus on safety

Make sure it’s safe to return home. Check with your energy provider whether power has been restored in your area and, if so, whether it’s safe to turn the main switch back on. Do not use appliances that got wet, as electrical hazards can be deadly.

Look for any structural damages to your property and any hazards such as asbestos exposure. Watch out for sharp objects, broken glass, or slippery areas.

The hardest part is cleaning up. You will need to be patient, and prioritise your health and safety.

What risks are involved with flood clean ups?

Floodwater carries mud and bugs. It can also be contaminated with sewage.

Contaminated flood water can cause gastroenteritis, skin infections, conjunctivitis, or ear, nose and throat infections.

Mud can make you sick by transmitting germs through broken skin, causing nasty diseases such as the bacterial infection melioidosis.

Your house may also have rodents, snakes, or insects that can bite. Rats can also carry diseases that contaminate water and enter your body through broken skin.

Be careful about mould, as it can affect the air quality in your home and make asthma and allergies worse.

Stagnant water in and around your home can become a place where mosquitoes breed and spread disease.

How can you reduce these risks?

When you first enter your flood-damaged home, open windows to let fresh air in. If you have breathing problems, wear a face mask to protect yourself from any possible air pollution resulting from the damage, and any mould due to your home being closed up.

Cleaning your home is a long, frustrating and exhausting process. In this hot and humid weather, drink plenty of water and take frequent breaks. Identify any covered part of your home with sufficient ventilation which is high and dry, and where flood water did not enter. Use that as your resting space.

While assessing and cleaning, wear protective clothing, boots and gloves. Covering your skin will reduce the chance of bites and infection.

Wash your hands with soap and water as often as possible. And don’t forget to apply sunscreen and mosquito repellent.

Throw away items that were soaked in floodwater. These could have germs that can make you ill.

Empty your fridge and freezer because the food inside is no longer safe.

If there is standing water, avoid touching it.

When you can, empty outdoor containers with stagnant water to prevent mosquitoes breeding.

Don’t overlook your mental health

When cleaning up after a flood, you may feel sad, anxious, or stressed. It’s hard to see your home in this condition.

But know you are not alone. Stay connected with others, talk to your friends and families, and accept support. If you feel too overwhelmed, seek help from mental health support services in your area or contact Lifeline on 13 11 14.

On top of everything, be mindful about those who are vulnerable, such as older people and those with disabilities, as they may be more affected and find the clean up process harder.

Recovering from a flood takes time. Focus on what needs to be fixed first and take it step by step.

Kazi Mizanur Rahman 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. Returning home after a flood? Prioritise your health and take it one step at a time – https://theconversation.com/returning-home-after-a-flood-prioritise-your-health-and-take-it-one-step-at-a-time-248902

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI New Zealand: Pump station now installed in Judges Bay wastewater upgrade

Source: Auckland Council

With the new underground wastewater pump station now in place, Watercare is making significant progress towards lifting the long term Safeswim black pin status at Judges Bay.

The installation of the pump station is a key achievement in Watercare’s $13.2 million Judges Bay wastewater upgrade, which also includes the installation of two wastewater pipelines: a rising main on Judges Bay Road and a gravity main on Cleveland Road.

Together, these infrastructure upgrades will increase the capacity in the local wastewater network and reduce the frequency of wet weather overflows at Judges Bay.

The upgrade is Watercare’s permanent solution to a broken wastewater pipeline underneath the Parnell Rose Gardens – believed to have been caused by extreme flooding during the 2023 summer storms.

Watercare project manager Frank Lin says the submersible pump station, which weighs 8.5 tonnes and is 8.4 metres tall and 3.5m wide, was delivered and installed on the same day.

“The submersible pump station was delivered to the site on a flatbed truck at 6:30am and was installed by around 1pm.

“It was lifted off the truck by crane and suspended in mid-air.

“The crew then manoeuvred the pump station by 90 degrees so it could be lowered into the 8.5 metre deep shaft.

“The crew did an excellent job of following the lifting plan and installing the pump station in a narrow and challenging site.

“Once the pump station had been lowered, secured in the shaft, and the support suspensions removed, the crew began backfilling the shaft and connecting the pipework and services, including power and water.

“The crew filled the pump station with water to prevent stress and compaction while the shaft was infilled with concrete to keep the pump station in place.”

Lin says the St Judges Bay wastewater upgrades are on track to be completed by July this year.

“Our crews and contractors are making great progress with the upgrades, with stage two of the upgrade – the installation of the new rising main on Judges Bay Rd – now complete.

“Work is progressing well on stage three of the project with the installation of the gravity main now underway on Cleveland Road, which will connect with the rising main at the corner of Judges Bay Road.

“To install the gravity main, we’ll be using horizontal directional drilling, which will allow us to install the pipeline at a shallow depth underneath the road with minimal surface excavation. This keeps costs down, minimises disruption and gets the job done faster.”

The Wastewater Pump Station was lifted in by crane and installed on the same day.

Waitematā Local Board chairperson Genevieve Sage is impressed with the progress Watercare is making with the wastewater upgrades for Judges Bay.

“The bespoke solution caters to the community’s current and future needs.

“Once in service, the infrastructure will provide a permanent replacement to the damaged pipe caused by the 2023 summer storm events. The wastewater upgrade will help to increase resilience of our wastewater network as well as further protect our local waterways.

“This will enable Watercare to lift the long term Safeswim black pin status at Judges Bay.”

Ōrākei Ward councillor and Deputy Mayor of Auckland Desley Simpson thanks Watercare for their diligent work and the community for their patience as we progress towards completing these projects.

“Our community is highly engaged and passionate about the efforts Watercare is making to improve below the ground water infrastructure in Parnell.

“We are eagerly anticipating the lifting of the Safeswim black pin status, allowing current and future generations to take a dip at Judges Bay.”

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI New Zealand: Police operation concludes in Waterview

Source: New Zealand Police (National News)

The Police operation in Waterview has now concluded and a man is in custody.

Earlier this afternoon, Police had information that this man had arrived on Tutuki Street, at a property of a person known to him.

He had made a number of concerning comments, before the occupant was able to leave the address.

Police were soon in the area and cordoned off Tutuki Street, with ongoing attempts to engage with this man this afternoon.

Police had information the man was potentially in possession of a firearm and as such the Armed Offenders Squad was deployed to the area.

This evening, Police made entry to the address and the 43-year-old man was taken into custody.

Police enquiries remain ongoing at the location, with charges to be decided in due course.

We acknowledge the public’s cooperation while this matter was resolved.

ENDS.

Jarred Williamson/NZ Police

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI Australia: Charges – Firearms Incident – Coconut Grove

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force have charged two men, 19 and 22-years-old, following a firearms incident in Coconut Grove yesterday.

Each have been charged with Aggravated Robbery, Theft and Recklessly Endangering Life – Aggravated.

They have been remanded to appear in Katherine Local Court on Thursday 6 February 2025.

A 22-year-old female was released pending further investigation.

Police continue to call for information in relation to the whereabouts of the alleged firearm that was used and anyone with information can call police on 131 444 and quote reference P25034096.

MIL OSI News –

February 5, 2025
MIL-OSI USA: Crapo, Risch, Daines Lead Bill to Defend Firearm Businesses and the Second Amendment

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho), Jim Risch (R-Idaho) and Steve Daines (R-Montana) introduced the Firearm Industry Non-Discrimination (FIND) Act to prohibit the federal government from entering into contracts with groups that discriminate unfairly against firearm associations or businesses.

“Taxpayer dollars should not support businesses that unfairly target law-abiding citizens exercising their Second Amendment rights. Full stop,” said Crapo.

“We cannot allow businesses with anti-Second Amendment policies and rhetoric to benefit from taxpayer-funded government contracts,” said Risch. “The FIND Act ensures the federal government doesn’t line the pockets of businesses working against Idahoans’ right to keep and bear arms.”

“Democrats and woke corporations have proven over and over again that they want to carry out an unconstitutional, overreaching gun-grabbing agenda, and under no circumstances should our federal government use taxpayer dollars for these efforts. Doing business with anti-Second Amendment corporations erodes Americans’ trust and infringes on law-abiding citizens’ Constitutional rights. It must stop,” said Daines.

The legislation was co-sponsored by Senators Cindy Hyde-Smith (R-Mississippi), Cynthia Lummis (R-Wyoming), Rick Scott (R-Florida), Tom Cotton (R-Arkansas), Roger Marshall (R-Kansas), Roger Wicker (R-Mississippi), Ted Budd (R-North Carolina), Bill Cassidy (R-Louisiana), Tim Sheehy (R-Montana), Pete Ricketts (R-Nebraska), Kevin Cramer (R-North Dakota), Deb Fischer (R-Nebraska), James Lankford (R-Oklahoma), Joni Ernst (R-Iowa), Eric Schmitt (R-Missouri), Lindsey Graham (R-South Carolina) and Katie Britt (R-Alabama).

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MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Cortez Masto Reintroduces Legislation to Protect Water Supply for More than One Million Nevadans

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) reintroduced the Sloan Canyon Conservation and Horizon Lateral Water Pipeline Act. This bill would allow the Southern Nevada Water Authority (SNWA) to construct a new water pipeline to provide water for over one million Nevadans, dramatically improving the reliability of Las Vegas’s water system and protecting residents from outages, while safeguarding ecosystems in Sloan Canyon. The bill also expands the Sloan Canyon National Conservation (NCA) area by nearly 9,300 acres – increasing its size by nearly 20 percent.

“Completing the Horizon Lateral pipeline is a critical step in ensuring that Southern Nevada’s water infrastructure is reliable, sustainable, and resilient for decades to come,” said Senator Cortez Masto. “My bill allows SNWA to build this pipeline in a way that saves taxpayer dollars, minimizes disruptions to the City of Henderson and to our public lands, and protects the water supply for residents across the Las Vegas Valley.”

Currently, SNWA operates one large water pipeline, the South Valley Lateral, that serves approximately 40% of the residents and businesses in the Las Vegas valley, including the entire City of Henderson. The Las Vegas valley needs another water pipeline to increase the reliability and capacity of the existing water delivery system and protect Las Vegas residents from water outages in the event of an emergency.

After years of study and engagement with valley stakeholders, SNWA determined the safest, most effective, and least disruptive route for the Horizon Lateral would be via an underground pipeline below the Sloan Canyon NCA, as opposed to constructing it through the City of Henderson. This route saves ratepayers $200 million, minimizes disturbances to both Henderson residents and the land in Sloan Canyon. Cortez Masto’s legislation to support the pipeline’s construction on this route would also expand Sloan Canyon’s conservation area by 9,290 acres to bring the total NCA acreage to 57,728 acres. Last Congress, this legislation passed out of the Senate with bipartisan support.

Senator Cortez Masto has been a leader working to support conservation efforts and combat drought. As part of the Great American Outdoors Act, she secured permanent funding for the Land and Water Conservation Fund (LWCF). Cortez Masto fought to deliver $4 billion to combat drought in the states bordering the Colorado River in the Inflation Reduction Act and helped pass the Bipartisan Infrastructure Law, which will continue to make a historic amount of funding available for water and wastewater infrastructure improvements across the country over five years.

MIL OSI USA News –

February 5, 2025
MIL-OSI China: Hamas says 2nd phase of Gaza ceasefire talks underway

Source: China State Council Information Office

Hamas said on Tuesday that talks on the second phase of a Gaza ceasefire deal with Israel have begun, focusing on shelter, relief, and reconstruction in the devastated Palestinian enclave.

“Currently, we focus on shelter, relief, and reconstruction for our people in the Gaza Strip,” Hamas spokesperson Abdul Latif al-Qanou said in a statement.

Al-Qanou accused Israel of obstructing the implementation of the humanitarian protocol in the ceasefire agreement, adding that shelter and relief were urgent humanitarian issues that could not be delayed.

Earlier, Israel said it was preparing to send a delegation to Qatar for talks on the next phase of the agreement, according to a statement from Prime Minister Benjamin Netanyahu’s office.

The announcement followed Netanyahu’s meetings in Washington with U.S. National Security Advisor Mike Waltz and the U.S. president’s special envoy to the Middle East.

The Gaza deal includes a 42-day initial phase of truce, during which a total of 33 hostages and hundreds of Palestinians held in Israeli jails are to be released. Talks on implementing the second phase were due to begin on the 16th day of the ceasefire, which fell on Monday.

The ceasefire, which took effect on Jan. 19, halted 15 months of Israeli military operations in Gaza that left the enclave devastated and killed around 62,000 people, including more than 17,000 children, according to Gaza health authorities.

MIL OSI China News –

February 5, 2025
MIL-OSI Australia: Firearms seized during targeted search at Perth

Source: Tasmania Police

Firearms seized during targeted search at Perth

Wednesday, 5 February 2025 – 1:56 pm.

Two people have been charged after police seized three illegal firearms, a quantity of methylamphetamine, and stolen property during a targeted search at Perth yesterday.
Members of Northern Drugs and Firearms Unit and Taskforce Raven executed a search warrant at the residence on Tuesday 4 February.
Police located and seized a .22 firearm – commonly referred to as a pen gun – which had been concealed.
An Adler Turkey 12-gauge lever action shotgun, and a Winchester .22 rifle were also located and seized, along with 30 grams of methylamphetamine, a large quantity of ammunition, and about $10,000 worth of stolen property.
A 34 year old Perth man was arrested and charged with multiple firearms offences, minor drug offences and unlawful possession of property.
A 31 year old Perth man was also arrested and charged with multiple firearms offences.
They will both appear in the Launceston Magistrates Court in April.
Detective Acting Inspector Jason Jones said any illicit firearm was a concern to Tasmania Police.
“Firearms in the wrong hands are dangerous, and police will continue to prioritise locating and seizing firearms that have been stolen or unlawfully obtained,” he said.
“We know that there are people out there in the community who know people in possession of illegal firearms. Please come forward and provide information so we can take these illegal firearms off the streets.”
If you have information about illegal firearms, contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au

MIL OSI News –

February 5, 2025
MIL-OSI USA: Attorney General Bonta: Governor Newsom’s Latest Executive Order Provides Critical Protections for LA Fire Victims

Source: US State of California Department of Justice

Tuesday, February 4, 2025

Contact: (916) 210-6000, agpressoffice@doj.ca.gov

OAKLAND — California Attorney General Rob Bonta today issued the following statement on Executive Order N-17-25 by Governor Gavin Newsom. Among other things, the executive order expands rental price gouging protections to leases of any length, adds three new ZIP codes to prior executive orders prohibiting real estate speculation, and exempts housing in zip codes with high fair market values, which has not previously been on the rental market, from statutory rent caps.

“Governor Newsom’s executive order will make an important difference in the lives of Californians who have been affected by the wildfires. With today’s executive order, California’s price gouging protections now apply to leases of any length. Unsolicited property offers by predatory buyers are now prohibited in three new zip codes in Southern California: 91024, 91103, and 91367. And, with the suspension of the statutory rent caps for certain homes that were not previously on the rental market, additional housing options can come on market. I applaud today’s move by Governor Newsom — my office remains committed to working with our local, state, and federal partners to protect the communities affected by these disasters.”

# # #

MIL OSI USA News –

February 5, 2025
MIL-OSI Security: DPAA Conducts Honorable Carry Ceremony from Philippine Mission

Source: United States INDO PACIFIC COMMAND

JOINT BASE PEARL HARBOR-HICKAM, Hawaii –

On 28 January, the Defense POW/MIA Accounting Agency conducted an honorable carry ceremony to honor service members from World War II at Joint Base Pearl Harbor-Hickam.

An honorable carry ceremony is a tradition that honors unknown service members as they return to American soil for the first time in over 80 years.

The 18 U.S. flag-draped transfer cases contained the potential remains of 36 unknown World War II service members who were interred at the Manila American Cemetery and Memorial in the Philippines. The cases were repatriated to the DPAA’s laboratory in Hawaii for identification and analysis.

“Thirty-five of these brave individuals perished in captivity at the Cabanatuan prison camp, while one gave their life in the Tokyo Prison Fire during World War II,” said John M. Figuerres, the DPAA’s acting deputy director for operations.

These service members were among those who fought bravely at the battles of Bataan and Corregidor in 1942. With no supplies, reinforcements or hope of relief, they held their ground longer than any Allied force against the Imperial Japanese army’s initial attacks.

“After being forced to surrender, many of these service members suffered through the brutal 65-mile Bataan Death March and lost their lives while being held as prisoners,” Figuerres explained.

The DPAA launched the Cabanatuan Project in 2014 and has since accounted for more than 90 personnel. However, more than 900 individuals remain unaccounted for.
“As part of its ongoing efforts, the agency’s annual goal is to conduct two Philippine disinterments and repatriate about 70 transfer cases”, said U.S. Marine Corps Capt. Jordan Underwood, DPAA team leader for the disinterment.

Additionally, the DPAA continues working to identify service members who perished in the Tokyo Military Prison in May 1945, initiating the Tokyo Prison Fire Project in 2022. Dozens of American Airmen who were being held in the Tokyo Military Prison died during the Allied firebombing of the Japanese capitol in March 1945, trapped amidst the blaze engulfing the city.

The agency identifies potential remains using a wide variety of methods, some examples include anthropological testing, dental analysis and DNA testing in partnership with the Armed Forces Medical Examiner System.

“The DPAA’s mission is to account for missing personnel from past conflicts. We hope to identify these service members and return them home. One family member once told me that it’s not about providing closure, but about closing a chapter of their family history, and I think that’s a great way to describe it”, said Dr. Carrie LeGarde, a DPAA scientific recovery expert. “We cannot achieve this without bringing these remains back to the DPAA laboratory.”

For the men and women of the DPAA, an honorable carry is both a solemn occasion, and a triumph.

“Today, after more than 84 years away from their homeland, we honor their return to the United States,” Figuerres said. “Their sacrifice stands as a testament to the extraordinary courage and resilience of the Greatest Generation. Our mission to identify these heroes continues, ensuring their legacy is preserved and their sacrifice to our nation is never forgotten.”

For more information about the DPAA’s efforts to recover POW/MIA remains, visit https://www.dpaa.mil.

MIL Security OSI –

February 5, 2025

Category: Natural Disasters

[EXTERNAL] Office of the Governor — News Release — Governor Green Travels to Florida; Leads Discussions on Crisis Resolution, Recovery

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