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Category: Trade

  • MIL-OSI USA: Smith Statement on USTR Report on IP Protections

    Source: United States House of Representatives – Congressman Adrian Smith (R-NE)

    Washington, DC — Today Representative Adrian Smith (R-NE) released the following statement after the Office of the United States Trade Representative released its 2025 Special 301 Report on Intellectual Property Protection and Enforcement.

    “Intellectual property infringement discourages American ingenuity and threatens future advancement. The United States is home to the most pioneering economic ventures in the world because of our commitment to freedom, opportunity, and rule of law. Safeguards for the rights of American innovators must be maintained. This report reflects significant priorities including protecting digital service providers, preventing forced technology transfer, and holding China accountable to Phase One Agreement commitments. I commend Ambassador Greer for his diligence and look forward to continuing to work with the Trump administration to ensure American IP interests are respected in the global marketplace.”

    ###

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI Asia-Pac: LCQ7: Developing the halal market

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Yung Hoi-yan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 30):
     
    Question:
     
         It has been reported that the global Muslim population currently exceeds 2 billion, representing about 25 per cent of the world’s total population. Based on the State of the Global Islamic Economy Report 2022 released by DinarStandard in 2023, Muslims spent US$2.29 trillion in 2022 on, among others, food, pharmaceuticals, cosmetics, fashion and travel, and the global Islamic finance assets are expected to reach US$5.96 trillion by 2026. There are views that Hong Kong should expand its share of the international halal market in the countries along the Belt and Road, and strengthen industrial co-operation with the relevant countries. Regarding the development of the halal market, will the Government inform this Council:
     
    (1) whether it has kept information on the Gross Domestic Product (GDP) contributed to Hong Kong by the halal industry; if so, of the respective GDP generated in Hong Kong in each of the past five years by the products or industries in the halal market (i.e. (i) food and beverages, (ii) pharmaceutical and health products, (iii) cosmetics, (iv) fashion, (v) hotel and tourism, and (vi) financial services); if not, whether it has plans to compile statistics and keep the relevant information from now on;
     
    (2) whether it has kept information on Hong Kong enterprises which have exported goods to Muslim countries; if so, of the number of Hong Kong enterprises which have exported goods to Muslim countries in each of the past five years, the types of their goods and the respective GDP involved; if not, whether it has plans to compile statistics and keep the relevant information from now on;
     
    (3) whether it knows if the products currently re-exported through Hong Kong can be sold in the relevant Muslim countries after being certified by the Incorporated Trustees of the Islamic Community Fund of Hong Kong in accordance with Islamic law and procedures; if so, of the details; if not, what channels are available for such re-exported products to be sold in Muslim countries; and
     
    (4) whether it has plans to introduce a “halal certification system” and conduct mutual recognition of halal certification with major Muslim countries, so as to become a core corridor for certification and trade between related Mainland production enterprises and the halal consumer market, thereby promoting a steady growth in the trading volume of halal products in Hong Kong; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         Upon consulting the Culture, Sports and Tourism Bureau and the Financial Services and the Treasury Bureau, the consolidated reply to the Hon Yung Hoi-yan’s question is as follows:
     
         Emerging markets such as the Middle East, the Association of Southeast Asian Nations (ASEAN) and other countries along the Belt and Road (B&R) have been the Government’s valued trade and economic partners. These countries’ economic development is growing rapidly and their markets possess vast potential, alongside enormous population of Muslims. The Government has been actively encouraging various sectors of society to seize business opportunities in these markets, so that they can develop in areas such as trade, tourism and finance and provide products and services tailored to the needs of these emerging markets, including the Muslim population therein.
     
         According to the information provided by the Census and Statistics Department (C&SD), the total value of Hong Kong’s domestic exports to Muslim countries (Note) increased from HK$2.7 billion in 2020 to HK$5.5 billion in 2024 whilst the total value of Hong Kong’s re-exports to Muslim countries increased from HK$178.8 billion in 2020 to HK$215.8 billion in 2024, recording an average annual growth rate of about 19.0 per cent and 4.8 per cent respectively in the past five years. The values of Hong Kong’s domestic exports and re-exports to individual Muslim countries in the past five years are at Appendices 1 and 2 respectively. Amongst others, major commodities of Hong Kong’s domestic exports to Muslim countries include “beverages”, “jewellery, goldsmiths’ and silversmiths’ wares, and other articles of precious or semi-precious materials” and “petroleum, petroleum products and related materials”, whilst major commodities of Hong Kong’s re-exports to Muslim countries include “telecommunications and sound recording and reproducing apparatus and equipment”, “electrical machinery, apparatus and appliances, and electrical parts thereof” and “office machines and automatic data processing machines”. The C&SD does not separately maintain information about the number of companies in Hong Kong exporting products to Muslim countries nor the relevant value of gross domestic product.
     
         Besides, although the “halal industry” does not have standard international industrial classifications like the retail and the catering industries rendering it impossible to draw up corresponding statistical coverage of the “halal industries” for compiling relevant information, the Government has been actively encouraging various sectors of society to seize opportunities in these halal markets, including promoting developments in areas such as trade, tourism and finance.
     
         In terms of trade, meeting the requirements for relevant halal product certifications and understanding the opportunities and challenges within the relevant markets are crucial. In this regard, the Hong Kong Trade Development Council (HKTDC) has been conducting research on individual key halal markets to understand their latest developments, and providing practical information to Hong Kong businesses, including the information on relevant product certification bodies. Furthermore, the HKTDC has also been providing various platforms to promote business opportunities in the halal market. For example, the HKTDC has been promoting different high-quality halal products and food, as well as related trading of products, at its annual Food Expo PRO to help the catering industry to expand its network and businesses. To assist Hong Kong enterprises in grasping the opportunities of the halal food market and facilitate buyers in procurement, the HKTDC introduced the Halal Showcase and added halal food and beverage labels to relevant exhibitors in the 2024 Food Expo PRO. The event also offered different seminars, explaining the requirements of halal food certification and analysing market opportunities and challenges, in order to promote multi-faceted business opportunities relevant to halal food to the businesses.
     
     
         In 2025-26, the HKTDC will arrange for local halal food manufacturers to participate in its Food Expo PRO to strengthen their collaboration with other halal food markets, as well as set up relevant pavilions at the Food Expo PRO to showcase more halal food and products and further explore Islamic business opportunities.
     
         At the same time, the Government strives to assist Hong Kong enterprises in developing more diversified markets and enhancing their competitiveness through various funding schemes and support measures. Among others, the Dedicated Fund on Branding, Upgrading and Domestic Sales provides funding support for enterprises to develop business in 40 economies with which Hong Kong has signed free trade agreements and/or investment promotion and protection agreements (IPPAs), including seven Muslim countries. Also, the SME Export Marketing Fund provides funding support for enterprises to participate in export promotion activities, promoting appropriate products and services to the Muslim population in markets outside Hong Kong.
     
         The Government will continue to actively explore emerging markets, including ASEAN, the Middle East and markets along the B&R, which have large Muslim population. The Government has been actively visiting ASEAN Member States to maintain close communication. For example, from 2022 to 2024, the Chief Executive led delegations to visit seven ASEAN Member States, concluding nearly 90 memoranda of understanding (MOU) and agreements, which helped create business opportunities for Hong Kong and strengthened friendships between the two places. The Government has also been actively reaching out to potential partners in the region, and signed an IPPA with Bahrain in March 2024, which is the third IPPA signed with economies in the Middle East region after the ones with Kuwait and the United Arab Emirates. At the same time, we are exploring the signing of IPPAs with Saudi Arabia, Bangladesh, Egypt and Peru.
     
         In view of the huge economic potential of the countries along the B&R (including those with large Muslin population), Invest Hong Kong (InvestHK) set up consultant offices in Cairo, the capital of Egypt, and Izmir, the third largest city in Türkiye, within 2024-25 according to the 2023 Policy Address and 2024-25 Budget. This will be beneficial to attracting capital and enterprises from these two member states of the Organisation of Islamic Cooperation and seizing relevant business opportunities.
     
         In respect of tourism, the Chief Executive stated in the 2024 Policy Address that the Government would actively develop visitor sources from the Middle East and ASEAN which have large Muslim population to seize opportunities. It is estimated that by 2028, there will be 250 million Muslim visitors worldwide and tourism receipts will reach US$225 billion.
     
         To encourage the travel trade to enhance Muslim-friendly tourism facilities, the Hong Kong Tourism Board (HKTB) has commissioned the internationally recognised halal travel promotion company CrescentRating since 2024 to carry out a series of work to study how Hong Kong can further enhance its “Muslim-friendly” tourism facilities, and assess local hotels, attractions and meetings, incentive travels, conventions and exhibitions (MICE) venues based on categories and standards on par with international benchmarks while taking into account Hong Kong’s actual situation. As at mid-April this year, 61 hotels, and five attractions and MICE venues have successfully applied for and obtained the ratings from CrescentRating.
     
         Besides, to encourage restaurants to obtain halal-related certification, the HKTB works with local halal certification authority, the Incorporated Trustees of the Islamic Community Fund of Hong Kong (Board of Trustees, BOT), to promote existing accreditations in the city and encourage food and beverage establishments to apply for certification. As at mid-April this year, the number of certified restaurants has increased from about 100 at the beginning of 2024 to more than 170, which also include high-end Chinese restaurant, Cantonese restaurant and contemporary Hong Kong-style noodle restaurants. In addition, four brands in the city are now offering halal-certified bakery products to provide more choices of souvenirs for Muslim visitors.
     
         Regarding financial services, the Government amended the laws in 2013 and 2014 to provide a tax structure for sukuk comparable with that for conventional bonds, and to allow for the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, to demonstrate the viability of Hong Kong’s finance platform and that our legal, regulatory and taxation framework can readily support sukuk issuances of different structures. Besides, an array of Islamic financial products and services have been introduced in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices and Islamic banking windows. Asia’s first exchange-traded fund (ETF) tracking the Saudi Arabia market was also listed on the HKEX in November 2023.
     
         In the area of investment co-operation, the Hong Kong Monetary Authority signed an MOU with the Public Investment Fund of Saudi Arabia (PIF) to jointly anchor a new investment fund of US$1 billion to facilitate companies with nexus to Hong Kong and the Greater Bay Area to develop their business in Saudi Arabia. The Government will continue to expand market development efforts, including promoting the advantages of Hong Kong’s financial system and market, so as to explore further collaboration with Islamic markets in the area of finance.
     
    Note: The “Muslim countries” as mentioned in this reply refer to the 57 Members of the Organisation of Islamic Cooperation.

    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI United Kingdom: Universal Periodic Review 49: UK Statement on Spain

    Source: United Kingdom – Executive Government & Departments

    Speech

    Universal Periodic Review 49: UK Statement on Spain

    Statement by the UK’s Permanent Representative to the WTO and UN, Simon Manley, at Spain’s Universal Periodic Review at the Human Rights Council in Geneva.

    Thank you Mr President,

    Welcome to the Secretary of State.

    The United Kingdom welcomes Spain’s strong commitment to of human rights.

    We commend the the passing of the new Cross-Party Pact against gender-based violence. We urge Spain to continue to develop and implement a comprehensive national action plan to address human trafficking.

    We also recognise  efforts to address its housing crisis with the Law on Housing Rights. However, we are concerned about the barriers hindering its effective implementation

    We recommend that Spain:

    1. Develops a strategic housing plan with sufficient funding for social housing to meet the objectives of Spanish recent legislation.

    2. Enhances support services for migrant children by integrating their specific needs into the national framework to protect and promote their rights.

    3. Develops and implements a National Action Plan that adequately addresses all forms of human trafficking, including that of women and girls.

    Thank you.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

    April 30, 2025

  • MIL-OSI: Municipality Finance issues a EUR 100 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    30 April 2025 at 10:00 am (EEST)

    Municipality Finance issues a EUR 100 million tap under its MTN programme

    On 2 May 2025 Municipality Finance Plc issues a new tranche in an amount of EUR 100 million to an existing benchmark issued on 28 January 2025. With the new tranche, the aggregate nominal amount of the benchmark is EUR 1.350 billion. The maturity date of the benchmark is 14 December 2029. The benchmark bears interest at a fixed rate of 2.625 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 2 May 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Danske Bank A/S acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
    .

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

    April 30, 2025

  • MIL-OSI Economics: Permanent Representative of Lao PDR to ASEAN Presents Letter of Credence to the Secretary-General of ASEAN

    Source: ASEAN

    Jakarta, 30 April 2025 – Ambassador Sitsangkhom Sisaketh presented his Letter of Credence to the Secretary-General of ASEAN, Dr. Kao Kim Hourn, at the ASEAN Headquarters/ASEAN Secretariat today, formally commencing his tenure as Lao PDR’s Permanent Representative to ASEAN.
     
    The credential ceremony was followed by a courtesy call, during which Secretary-General Dr. Kao congratulated Ambassador Sitsangkhom Sisaketh on his new appointment and expressed confidence in his ability to contribute meaningfully to ASEAN Community-building and integration efforts. He underscored that the Ambassador’s extensive experience in ASEAN affairs would serve as a valuable asset to the work of the Committee of Permanent Representatives to ASEAN (CPR).
     
    Secretary-General Dr. Kao also commended Lao PDR for its steadfast commitment and valuable contributions to ASEAN, especially during its most recent ASEAN Chairmanship in 2024. He acknowledged Lao PDR’s important role as Country Coordinator for ASEAN-Canada Dialogue Relations for the 2024-2027 cycle, notably in efforts to strengthen and deepen the ASEAN-Canada Strategic Partnership, as well as in the finalisation of the ASEAN-Canada Plan of Action (2026-2030) and ASEAN-Canada Free Trade Agreement (ACAFTA) by 2025.
     
    Ambassador Sitsangkhom Sisaketh is Lao PDR’s fifth Permanent Representative to ASEAN since the CPR’s establishment in 2009. He previously served as the Deputy Director-General of ASEAN Department at the Ministry of Foreign Affairs and has played a key role in advancing ASEAN’s strategic initiatives over the years.
     
    Secretary-General Dr. Kao reaffirmed the ASEAN Secretariat’s readiness to support Ambassador Sitsangkhom Sisaketh and the Permanent Mission of Lao PDR to ASEAN in Jakarta, emphasising the importance of continued collaboration between the CPR and the ASEAN Secretariat to achieve ASEAN’s goals and objectives, including the upcoming adoption of the ASEAN Community Vision 2045 and its four Strategic Plans this year./.

    The post Permanent Representative of Lao PDR to ASEAN Presents Letter of Credence to the Secretary-General of ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    April 30, 2025

  • MIL-OSI: Subsea 7 S.A. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 30 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2025.

    Highlights 

    • First quarter Adjusted EBITDA of $236 million, up 46% on the prior year, equating to a margin of 15%
    • Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 18% and 10% respectively
    • Guidance for full year 2025 reaffirmed
    • A high-quality backlog of $10.8 billion gives over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
    • Balance sheet remains strong with net debt including lease liabilities of $632 million, equating to 0.5 times the Adjusted EBITDA generated in the last four quarters
        Three Months Ended
    For the period (in $ millions, except Adjusted EBITDA margin and per share data)     31 Mar 2025
    Unaudited    		 31 Mar 2024
    Unaudited
    Revenue     1,529 1,395
    Adjusted EBITDA(a)     236 162
    Adjusted EBITDA margin(a)     15% 12%
    Net operating income     77 20
    Net income     17 29
             
    Earnings per share – in $ per share        
    Basic     0.06 0.09
    Diluted(b)     0.06 0.09
             
    At (in $ millions)      

    31 Mar 2025
    Unaudited

    		  

     31 Dec 2024
    Unaudited
    Backlog(a)     10,819 11,175
    Book-to-bill ratio(a)     0.6x 1.2x
    Cash and cash equivalents     459 575
    Borrowings     (691) (722)
    Net debt excluding lease liabilities(a)     (232) (147)
    Net debt including lease liabilities(a)     (632) (602)

    (a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

    (b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

    John Evans, Chief Executive Officer, said:

    Subsea7 had a good start to 2025 with solid financial performance underpinned by strong project execution, which offset a heavy vessel maintenance schedule. The Group reported 10% revenue growth year-on-year and Adjusted EBITDA margin expansion of 380bps, putting us on track to meet full year expectations. With backlog of $10.8 billion including $4.8 billion for execution in the remainder of the year, we have a high level of visibility for 2025.

    Although uncertainty in the global economy has increased in recent months, the outlook for long-term energy demand growth remains positive. Subsea7’s strategy to focus on long-duration developments in cost-advantaged sectors of the deepwater adds resilience to our subsea business, and our exposure to strategic gas developments, such as the Sakarya field in Türkiye, and new oil provinces such as Namibia, gives us further confidence. In offshore wind, we are positive about the opportunities presented by this year’s CFD allocation round in the UK, where it is expected that the volume of projects sanctioned will nearly double year-on-year. We are well-positioned in this market, with a strong track record and collaborative client relationships.  

    Overall, while volatility in commodity prices and global tariffs create headwinds for investor sentiment in the sector, the fundamentals of our industry remain robust and our focused strategy leaves the Group well-positioned to deliver strong growth in profitability and cash generation in 2025.

    First quarter project review
    During the first quarter, we undertook significant planned vessel maintenance. This maintenance ensures that our vessels are optimised ahead of a busy year. Nevertheless we made good progress on our subsea, conventional and renewables projects. In Africa, Seven Arctic was active installing flexibles and umbilicals at Agogo in Angola, where it was joined by Seven Borealis, after it completed Zuluf in Saudi Arabia. Seven Pacific was busy at the Raven field in Egypt before mobilising for early flexlay work at Sakarya in Türkiye. In the Americas, Seven Oceans undertook work on a range of projects including Sunspear, Salamanca and Shenandoah in the US, while Seven Seas worked mainly on Cypre in Trinidad and Tobago and Seven Vega continued rigid pipelay at Mero 3 in Brazil.   

    In Renewables, Seaway Strashnov and Seaway Alfa Lift underwent maintenance before preparing to restart work at Dogger Bank in the UK. We also took advantage of the winter off-season to install a monopile gripper on Seaway Ventus before starting the East Anglia THREE project in the UK, where we will install 95 monopiles. In Taiwan we were active on Hai Long.

    First quarter financial review
    Revenue was $1.5 billion an increase of 10% compared to the prior year period. Adjusted EBITDA of $236 million equated to a margin of 15%, up from 12% in Q1 2024. A strong operational performance in Subsea and Conventional, and high activity in Taiwan in Renewables helped offset seasonal weakness and vessel maintenance.

    Depreciation and amortisation charges were $160 million, resulting in net operating income of $77 million compared to $20 million in the prior year period. Net finance costs of $17 million and a net foreign exchange loss of $28 million, resulted in net income for the quarter of $17 million compared to $29 million in the prior year period.

    Net cash generated from operating activities in the first quarter was $51 million, including a $163 million adverse movement in net working capital. Net cash used in investing activities was $68 million mainly related to purchases of property, plant and equipment. Net cash used in financing activities was $106 million including lease payments of $59 million. Overall, cash and cash equivalents decreased by $116 million in the quarter to $459 million at 31 March 2025 and net debt was $632 million, including lease liabilities of $400 million.

    First quarter order intake was $0.9 billion comprising new awards of $0.4 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 0.6 times. Backlog at the end of March was $10.8 billion, of which $4.8 billion is expected to be executed in 2025, $3.5 billion in 2026 and $2.5 billion in 2027 and beyond.

    Guidance

    Our financial guidance for 2025 is unchanged. We continue to anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. Based on our firm backlog of contracts and the prospects in our tendering pipeline, we expect margins to exceed 20% in 2026.

    Conference Call Information
    Date: 30 April 2025
    Time: 12:00 UK Time, 13:00 CET
    Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/3v6564ut/
    Register for the conference call https://register-conf.media-server.com/register/BI419d51592b6f40e8823c7efe91ab9dab

    For further information, please contact:
    Katherine Tonks
    Head of Investor Relations
    Tel: +44-20-8210-5568
    Email: ir@subsea7.com

    Special Note Regarding Forward-Looking Statements

    This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 30 April 2025 08:00 CET.

    Attachments

    • SUBC 1Q25 Earnings Release
    • SUBC 1Q25 Earnings Presentation

    The MIL Network –

    April 30, 2025

  • MIL-OSI: IDEX Biometrics ASA: Annual report 2024

    Source: GlobeNewswire (MIL-OSI)

    IDEX Biometrics ASA annual report and remuneration report for 2024 are enclosed. IDEX Biometrics has also published its annual financial statements in European Single Electronic Format (ESEF), also attached to this notice. The auditor’s report includes a matter of emphasis regarding going concern.

    The reports are also available at the company’s web site https://www.idexbiometrics.com/investors/

    The preliminary financial statements for 2024 were disclosed on 27 February 2025. Subsequently, on 11 March 2025, IDEX Biometrics disclosed a strategic shift to focus on the access market, while continuing to harvest from its long-time efforts in the payment market. This led to certain adjustments to the 2024 statements of profit and loss and financial position. The changes were disclosed in the interim balance sheet (mellombalanse) as of 1 January 2025 that was published on 21 March 2025.

    For further information, please contact:

    Kristian Flaten, CFO, Tel: +47 95092322

    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics:

    IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. For more information, visit www.idexbiometrics.com

    About this notice:

    This notice was published by Kristian Flaten, CFO, 30 April 2025 at 08:00 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    Attachments

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Q1 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    LEI: 213800ZBKL9BHSL2K459

    OSB GROUP PLC: Trading update

    Published: 30.04.2025

    OSB GROUP PLC

    Q1 2025 Trading update

    OSB GROUP PLC (OSBG or the Group), the specialist lending and retail savings group, today issues its trading update for the period from 1 January 2025 to date.  

    Highlights

    • OSBG’s first quarter performance was in line with expectations and the Group is on track to meet its full year guidance
    • Originations were £1.1bn (Q1 2024: £1.0bn) in the first quarter
    • The Group’s net loan book was £25.2bn (31 December 2024: £25.1bn) as we maintained pricing discipline and focus on higher-yielding specialist sub-segments of Commercial, Asset Finance, Bridging and Development Finance
    • Retail deposits remained broadly flat at £23.8bn (31 December 2024: £23.8bn) and TFSME balance outstanding was £810m as at 31 March 2025 (31 December 2024: £1.4bn)
    • Three months plus arrears balances were 1.7% as at 31 March 2025, unchanged from the end of 2024, in line with modelled expectations
    • The Group has repurchased £15.7m worth of shares under the £100m share repurchase programme1 which is due complete no later than 10 March 2026
    1. As at market close on 29 April 2025

    Andy Golding, CEO of OSB Group, said:

    “I am pleased with the performance of our lending and savings franchises in the first quarter of 2025.

    We continued to prioritise returns over growth when pricing new and retention mortgage products which led to a broadly flat net loan book compared to the end of 2024.

    We saw growth in originations in more complex Buy-to-Let and our higher-yielding specialist sub-segments and retail deposit pricing remained in line with our assumptions with an attractive blended front book margin.

    Retail deposits were broadly flat as the Group focused on optimising liquidity and utilised funds from the December securitisation to repay c.£600m of its TFSME balance. Since the end of the quarter, we have repaid a further c.£150m of this funding.

    The transformation programme progressed well in the quarter with all new Kent Reliance fixed rate bonds now available on our new savings platform. I am proud that our focus on building and delivering excellent journeys for our customers was recognised in March by FS Tech award for Best Customer Service and Experience – Technology.

    Given the Group’s performance to date, we are on track to deliver the 2025 guidance of low single digit net loan book growth, net interest margin of c.225bps, c.£270m of administrative expenses and low-teens RoTE.

    The Board is cognisant of the geopolitical environment and continues to monitor its impact on the UK economy and the macroeconomic scenarios used in the Group’s IFRS 9 models.

    The Group is well positioned to deliver on its guidance with attractive and sustainable returns for the shareholders and I look to the future with confidence.”

    Enquiries:

    OSB GROUP PLC

    Alexander Holcroft t: 01634 838 973

    Brunswick Group

    Robin Wrench / Simone Selzer t: 020 7404 5959

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

    OneSavings Bank (OSB)
    OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending and asset finance.
    OSB originates mortgages organically via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries and InterBay Commercial. It is differentiated through its use of highly skilled, experience-based manual underwriting and efficient operating model.
    OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which takes deposits online and through a network of branches in the South East of England. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

    Charter Court Financial Services Group (CCFS)
    CCFS focuses on providing Buy-to-Let and specialist residential mortgages and retail savings products. It operates through its brands: Precise and Charter Savings Bank.
    It is differentiated through risk management expertise and best-of-breed automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.
    CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

    Important disclaimer

    This document should be read in conjunction with any other documents or announcements distributed by OSB GROUP PLC (OSBG) through the Regulatory News Service (RNS).

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

    Accordingly, no reliance may be placed on any forward-looking statement. Neither OSBG, nor any of its directors, officers or employees provides any representation, warranty or assurance that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements made in this document speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information of future events. Except as required by the Prudential Regulation Authority, the Financial Conduct Authority, the London Stock Exchange PLC or applicable law, OSBG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in OSBG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For additional information on possible risks to OSBG’s business, (which may cause actual results to differ materially from those expressed or implied in any forward-looking statement), please see the Risk review section in the OSBG Annual Report and Accounts 2024. Copies of this are available at www.osb.co.uk and on request from OSBG.

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

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

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

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

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

    Source: GlobeNewswire (MIL-OSI)

                                       INCREASED REVENUES, STRONG PROFITABILITY
                                             DESPITE EXCEPTIONAL HIGH TAX IMPACT    		  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
      Q1 2025 Var. Q1/Q1 Q1 2025 Var Q1/Q1    
    Revenues 7,256 +6.6% 10,048 +5.5%    
    Expenses -3,991 +8.8% -5,992 +7.2%    
    Gross Operating Income 3,266 +4.1% 4,056 +3.0%    
    Cost of risk -413 +3.4% -735 +12.9%    
    Net pre-tax income 2,900 +4.6% 3,399 +1.6%    
    Net income group share 1,824 -4.2% 2,165 -9.2%    
    C/I ratio 55.0% +1.1 pp 59.6% +1.0 pp    
    NET PRE-TAX INCOME UP

    • Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity
    • Stable cost of risk
    • Results impacted by additional corporate tax charge

    EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION

    • High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB
    • Loan production in France recovered compared with the low point in early 2024 without

    confirming the end-of-year momentum and consumer finance down, impacted by

    decreased activity in automotive financing; international credit activity at a high level.

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Creation of the GAC Sofinco Leasing joint venture
      • Partnership created between Amundi and Victory Capital
    • Stake in the capital of Banco BPM increased to 19.8%
      • Planned acquisition of Banque Thaler announced by Indosuez Wealth Management

    AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3.

    • Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and businesses
     

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

    “Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“
     
     

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

    “The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

    		  

    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 62.8% of Crédit Agricole S.A.

    All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

    At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate1 rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

    In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€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 (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 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 decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%2 of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

    Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

    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 financing3 by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy4 totalled €6 billion at 31 December 2024.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition5 amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

    In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing6, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

    Group results

    In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

    -9.2% compared to the first quarter of 2024.

    Credit Agricole Group, Income statement Q1-25 and Q1-2024

    €m Q1-25 Q1-24 ∆ Q1/Q1  
    Revenues 10,048 9,525 +5.5%  
    Operating expenses (5,992) (5,589) +7.2%  
    Gross operating income 4,056 3,936 +3.0%  
    Cost of risk (735) (651) +12.9%  
    Equity-accounted entities 75 68 +9.5%  
    Net income on other assets 4 (7) n.m.  
    Change in value of goodwill – – n.m.  
    Income before tax 3,399 3,347 +1.6%  
    Tax (1,041) (755) +37.9%  
    Net income from discont’d or held-for-sale ope. (0) – n.m.  
    Net income 2,358 2,592 (9.0%)  
    Non controlling interests (193) (208) (7.2%)  
    Net income Group Share 2,165 2,384 (9.2%)  
    Cost/Income ratio (%) 59.6% 58.7% +1.0 pp  

    In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. 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, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

    The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 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 first quarter are the same used for the previous quarter. The cost of risk/outstandings7reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis8.

    Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

    Regional banks

    Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%9 over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.   
    Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance10 was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
    In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 202411. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect11). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
    Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect 11).
    The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect11).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

    Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

    En m€ T1-25 T1-24 ∆ T1/T1
    Revenues 7,256 6,806 +6.6%
    Operating expenses (3,991) (3,669) +8.8%
    Gross operating income 3,266 3,137 +4.1%
    Cost of risk (413) (400) +3.4%
    Equity-accounted entities 47 43 +9.2%
    Net income on other assets 1 (6) n.m.
    Change in value of goodwill – – n.m.
    Income before tax 2,900 2,773 +4.6%
    Tax (827) (610) +35.5%
    Net income from discont’d or held-for-sale ope. 0 – n.m.
    Net income 2,073 2,163 (4.1%)
    Non controlling interests (249) (259) (3.9%)
    Net income Group Share 1,824 1,903 (4.2%)
    Earnings per share (€) 0.56 0.50 +11.4%
    Cost/Income ratio (%) 55.0% 53.9% +1.1 pp

    In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

    In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam12. Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

    Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million13 and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

    The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

    Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

    As at 31 March 2025, 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 (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio14 was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

    The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period15 and 30 basis points on an annualised quarterly basis16 (a decrease of one basis point, versus the first quarter of 2024).

    The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

    Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

    The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

    Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
    RoTE17, which is calculated on the basis of an annualised Net Income Group Share 18 and IFRIC charges and additional corporate tax charge 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 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

    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 first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

    In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%19.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

    In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%20 compared to the first quarter of 2024. 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 over €16.8 million21 policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%22, an improvement of -0.6 percentage point year-on-year.

    In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty23. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets24(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

    For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion25, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

    Results of the Asset Gathering division

    In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

    In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

    Insurance results

    In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance26, €103 million from personal protection27 and €122 million from property and casualty insurance28.

    The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

    Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 202429, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments29. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

    Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 10% to their revenues (excluding the Corporate Centre division).

    Asset Management results

    In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capital30 integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France. 

    Wealth Management results31

    In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 202432. Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect32 and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

    Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.  

    Activity of the Large Customers division

    The large customers division posted good activity in the first quarter of 2025, thanks to very good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

    Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

    Financing activities consolidated its leading position in syndicated loans (#1 in France33 and #2 in EMEA33). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide33) and was ranked #1 in Green, Social & Sustainable bonds in EUR34. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

    Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

    Results of the Large Customers division

    In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

    The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

    Corporate and Investment Banking results

    In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

    Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

    Asset servicing results

    In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
    -€368 million, due to the decrease in ISB integration costs compared to the first quarter of 202435. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

    Specialised financial services activity

    The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing36 in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%37, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

    Specialised financial services’ results

    The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

    The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

    Personal Finance and Mobility results

    CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points38, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

    Leasing & Factoring results

    CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points38, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

    Crédit Agricole S.A. Retail Banking activity

    In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

    Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

    Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

    Loan outstandings at CA Italia stood at €61.1 billion at end-March 202539, up +1.6% compared with end-March 2024, in a stable Italian market40, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

    Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

    French retail banking results

    In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

    Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

    The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

    In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

    In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

    International Retail Banking results41

    In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

    All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

    At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

    Results in Italy

    In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

    Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings42 stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

    International Retail Banking results – excluding Italy

    In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).  

    At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

    At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
    The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 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 was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
    • Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

    The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

    At 31 March 2025, risk-weighted assets stood at €35.1 billion.

    Financial strength

    Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

    Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

    The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

    For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        31/03/25 31/12/24 Requirements
    31/03/25    		   31/03/25 31/12/24 Requirements
    31/03/25
    Phased-in CET1 ratio43   17.6% 17.2% 9.8%   12.1% 11.7% 8.6%
    Tier1 ratio43   19.0% 18.3% 11.7%   14.3% 13.4% 10.4%
    Total capital ratio43   21.8% 20.9% 14.1%   18,4% 17.4% 12.8%
    Risk-weighted assets (€bn)   641 653     405 415  
    Leverage ratio   5.6% 5.5% 3.5%   4.0% 3.9% 3.0%
    Leverage exposure (€bn)   2,173 2,186     1,434 1,446  
    TLAC ratio (% RWA) 43,44   28.5% 26.9% 22,32%        
    TLAC ratio (% LRE)44   8.4% 8.0% 6.75%        
    Subordinated MREL ratio (% RWA) 43   28.5% 26.9% 22.57%        
    Subordinated MREL ratio (% LRE)   8.4% 8.0% 6.25%        
    Total MREL ratio (% RWA) 43   34.0% 32.4% 26.33%        
    Total MREL ratio (% LRE)   10.0% 9.7% 6.25%        
    Distance to the distribution restriction trigger (€bn)45   46 43     14 12  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger45, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements44. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long term debt). These changes are described in the 2024 Universal Registration Document.

    Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

    The Group’s liquidity reserves, at market value and after haircuts46, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

    Liquidity reserves 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 +€6 billion;
    • The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
    • The increase in central bank deposits for €3 billion.

    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 €144 billion.

    Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

    • Senior secured debt of €89 billion, up +€5 billion;
    • Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
    • Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €24 billion, down -€1 billion.

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

    At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

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

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

    At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion47in medium-to-long-term debt on the market, 82% 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 RT1 Perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market48,49.

    The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

    • €1.75 billion50,51;
    • 3.5 billion US dollars (€3.4 billion equivalent);
    • 0.8 billion pounds sterling (€1 billion equivalent);
    • 94.3 billion Japanese yen (€0.6 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent).

    At end-March, Crédit Agricole S.A. had issued 76%52,53 of its funding plan in currencies other than the euro.

    In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – to be redeemed on 30/06/2025.

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

    The programme was 56% completed at 31 March 2025, with:

    • €3.8 billion in senior secured debt;
    • €1.3 billion equivalent in senior preferred debt;
    • €4.7 billion equivalent in senior non-preferred debt;
    • €1.4 billion equivalent in Tier 2 debt.

    Appendix 1 – Credit Agricole Group : income statement by business line

    Credit Agricole Group – Results by business line, Q1-25 and Q1-24

      Q1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,352 963 1,048 2,049 868 2,408 (640) 10,048
    Operating expenses (2,530) (625) (535) (936) (474) (1,360) 468 (5,992)
    Gross operating income 822 338 513 1,113 395 1,047 (172) 4,056
    Cost of risk (319) (92) (67) (11) (249) 25 (22) (735)
    Equity-accounted entities 6 – – 28 36 6 – 75
    Net income on other assets 3 1 (0) (0) 0 0 0 4
    Income before tax 511 247 445 1,130 182 1,078 (194) 3,399
    Tax (170) (112) (137) (351) (12) (305) 46 (1,041)
    Net income from discont’d or held-for-sale ope. – – 0 – – – (0) (0)
    Net income 341 135 308 779 170 773 (148) 2,358
    Non controlling interests 0 (0) (42) (101) (21) (36) 7 (193)
    Net income Group Share 341 135 266 679 148 738 (141) 2,165
      Q1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,314 954 1,081 1,793 846 2,266 (728) 9,525
    Operating expenses (2,484) (602) (524) (754) (454) (1,297) 527 (5,589)
    Gross operating income 830 351 556 1,039 392 969 (201) 3,936
    Cost of risk (247) (119) (84) (3) (219) 33 (13) (651)
    Equity-accounted entities 5 – – 29 30 4 – 68
    Net income on other assets 2 2 (0) (8) (0) 0 (2) (7)
    Income before tax 589 234 472 1,056 203 1,006 (216) 3,347
    Tax (147) (53) (143) (220) (42) (235) 85 (755)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 442 181 330 837 161 772 (131) 2,592
    Non controlling interests (0) (0) (51) (112) (19) (34) 7 (208)
    Net income Group Share 442 181 279 725 142 738 (123) 2,384

    Appendix 2 – Credit Agricole S.A. : Income statement by business line

    Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

      Q1-25
    En m€ AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,058 2,408 868 963 1,025 (67) 7,256
    Operating expenses (936) (1,360) (474) (625) (515) (81) (3,991)
    Gross operating income 1,123 1,048 395 338 511 (148) 3,266
    Cost of risk (11) 25 (249) (92) (66) (21) (413)
    Equity-accounted entities 28 6 36 – – (22) 47
    Net income on other assets (0) 0 0 1 (0) 0 1
    Income before tax 1,139 1,078 182 247 444 (191) 2,900
    Tax (352) (305) (12) (112) (137) 92 (827)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 787 774 170 135 308 (99) 2,073
    Non controlling interests (107) (50) (21) (6) (62) (3) (249)
    Net income Group Share 680 723 148 129 246 (102) 1,824
      Q1-24  
    En m€ AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,789 2,266 846 954 1,057 (107) 6,806
    Operating expenses (754) (1,297) (454) (602) (505) (56) (3,669)
    Gross operating income 1,035 969 392 351 552 (163) 3,137
    Cost of risk (3) 33 (219) (119) (82) (11) (400)
    Equity-accounted entities 29 4 30 – – (20) 43
    Net income on other assets (8) 0 (0) 2 (0) – (6)
    Income before tax 1,053 1,006 203 234 470 (194) 2,773
    Tax (220) (235) (42) (53) (142) 82 (610)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 834 772 161 181 328 (112) 2,163
    Non controlling interests (117) (50) (19) (8) (71) 5 (259)
    Net income Group Share 716 722 142 173 257 (107) 1,903

    Appendix 3 – Data per share

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

    (€m)

    Q1-2025
    Q1-2024

    Net income Group share

    1,824
    1,903

    – Interests on AT1, including issuance costs, before tax

    (129)
    (138)

    – Foreign exchange impact on reimbursed AT1

    –
    (247)

    NIGS attributable to ordinary shares

    [A]
    1,695
    1,518

    Average number shares in issue, excluding treasury shares (m)

    [B]
    3,025
    3,018

    Net earnings per share

    [A]/[B]
    0.56 €
    0.50 €

    (€m)

    31/03/2025
    31/03/2024

    Shareholder’s equity Group share

    77,378
    72,429

    – AT1 issuances

    (8,726)
    (7,184)

    – Unrealised gains and losses on OCI – Group share

    1,222
    1,021

    – Payout assumption on annual results*

    (3,327)
    (3,181)

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

    [D]
    66,546
    63,086

    – Goodwill & intangibles** – Group share

    (17,764)
    (17,280)

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

    [E]
    48,783
    45,807

    Total shares in issue, excluding treasury shares (period end, m)

    [F]
    3,025
    3,026

    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 (€)

    [D]/[F]
    22.0 €
    20.9 €

    [H]
    1.10 €
    1.05 €

    [G]=[E]/[F]
    16.1 €
    15.1 €

    [G]+[H]
    17.2 €
    16.2 €

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

    (€m)

    Q1-25
    Q1-24

    Net income Group share

    [K]
    1,824
    1,903

    Impairment of intangible assets

    [L]
    0
    0

    Additional corporate tax

    [LL]
    -123
    – 

    IFRIC

    [M]
    -173
    -110

    NIGS annualised (1)

    [N]
    8,111
    7,944

    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

    [O]
    -515
    -799

    Result adjusted

    [P] = [N]+[O]
    7,596
    7,145

    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

    [J]
    47,752
    44,671

    Stated ROTE adjusted (%)

    = [P] / [J]
    15.9%
    16.0%

    *** including assumption of dividend for the current exercice

    (1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
    (2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators54

    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.

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

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

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

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

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

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

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

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

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

    Applicable standards and comparability

    The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

    Other information

    Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

    As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

    26 May 2025: ex-dividend date
    27 May 2025: Record date
    28 May 2025: Dividend payment

    Financial Agenda

    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
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         

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

               

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 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.
    4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
    6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

    7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    9 Average rate of loans to monthly production for January and February 2025.
    10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share 
    12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
    13 Includes -€115 million in scope effect on Degroof Petercam

    14 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.
    15 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
    16 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
    17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
    19 In local standards
    20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

    21 Scope: property and casualty in France and abroad
    22 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: 95.9% (-0.4 pp over the year)
    23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
    24 Excluding JV
    25 Excluding assets under custody for institutional clients
    26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    28 Net of reinsurance cost, including financial results
    29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
    30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
    31 Indosuez Wealth Management scope
    32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
    33 Refinitiv LSEG
    34 Bloomberg in EUR
    35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
    36 CA Auto Bank, automotive JVs and auto activities of other entities
    37 CA Auto Bank and automotive JVs
    38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    39 Net of POCI outstandings
    40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
    41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    42 Over a rolling four quarter period.
    43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.  
    44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen 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 in 2025.
    45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
    46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
    47 Gross amount before buy-backs and amortisations
    48 Gross amount before buy-backs and amortisations
    49 Excl. AT1 issuances
    50 Excl. AT1 issuances
    51 Excl. senior secured issuances
    52 Excl. AT1 issuances
    53 Excl. senior secured issuances
    54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    • EN_CASA_PR_2025_Q1

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Societe Generale: First quarter 2025 earnings

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 31 MARCH 2025


    Press release                                                            
    Paris, 30 April 2025

    STRONG QUARTERLY RESULTS, AHEAD OF OUR 2025 TARGETS

    Quarterly revenues of EUR 7.1 billion, +6.6% vs. Q1 24 and +10.2% excluding asset disposals
    (vs. an annual target of more than +3%). Positive contribution from all businesses, driven by a strong rebound in French Retail Banking, a solid performance of Global Banking and Investor Solutions and a sustained activity in Mobility, International Retail Banking and Financial Services

    Strict cost management with operating expenses down -4.4% vs. Q1 24, excluding asset disposals. Ahead of our 2025 target to reduce operating expenses by more than -1%, excluding asset disposals

    Cost-to-income ratio at 65.0% in Q1 25, ahead of our 2025 target (<66%)

    Low cost of risk at 23 basis points in Q1 25, below the 2025 target of 25 to 30 basis points. The amount of S1/S2 provisions remains high at EUR 3.1 billion (more than 2x 2024 cost of risk), and has been further increased

    Group net income of EUR 1,608 million, x2.4 vs. Q1 24

    Profitability (ROTE) at 11.0%, ahead of our 2025 target of more than 8%. Even if restated for net gains on asset disposals of around EUR 200 million and considering a quarterly linear distribution of taxes (IFRIC 21) for an amount of around EUR 300 million, the ROTE stands at 10.9%

    SOLID CAPITAL AND LIQUIDITY PROFILE

    CET1 ratio of 13.4%1 at end-Q1 25, around 320 basis points above the regulatory requirement

    Liquidity Coverage Ratio at 140% at end-Q1 25

    Provision for distribution of EUR 0.912 per share, at end-March 2025

    Completion of the 2024 share buy-back programme of EUR 872 million

    ORDERLY EXECUTION OF ASSET DISPOSALS

    Disposal of SGEF’s activities completed on 28 February 2025, except for those in the Czech Republic and Slovakia, representing a positive impact of around +30 basis points on the Group’s CET1 ratio in Q1 25

    Disposals of Societe Generale Private Banking Suisse and SG Kleinwort Hambros completed on 31 January 2025 and 31 March 2025, for a total impact of around +10 basis points on the Group’s CET1 ratio

    Slawomir Krupa, the Group’s Chief Executive Officer, commented:
    « We are releasing today a very good set of results. Our revenues have grown across all our businesses. Our costs and our cost-to-income ratio have decreased across all our businesses. Our first quarter results are above all our annual targets, putting us in a favourable position to achieve them, thanks to our disciplined execution and prudent and rigorous risk management. Since the presentation of our Strategic Plan, we have built a strong capital position, and we have delivered a steady and material increase in our performance. Our diversified and resilient model allows us to navigate efficiently in the current environment. This is the result of the precise execution of our strategy by fully focused and talented teams whom I warmly thank for their commitment. We measure how far we’ve come and how far we still have to go. We will therefore pursue our work with the same focus and discipline, confident in our ability to deliver our 2026 roadmap and beyond, a sustainable and profitable growth. »

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q1 25 Q1 24 Change
    Net banking income 7,083 6,645 +6.6% +9.9%*
    Operating expenses (4,604) (4,980) -7.6% -4.6%*
    Gross operating income 2,479 1,665 +48.9% +53.0%*
    Net cost of risk (344) (400) -13.9% -9.5%*
    Operating income 2,135 1,265 +68.8% +72.1%*
    Net profits or losses from other assets 202 (80) n/s n/s
    Income tax (490) (274) +79.0% +84.8%*
    Net income 1,855 917 x 2.0 x 2.1*
    O.w. non-controlling interests 247 237 +4.0% +12.0%*
    Group net income 1,608 680 x 2.4 x 2.4*
    ROE 9.7% 3.6%    
    ROTE 11.0% 4.1%    
    Cost to income 65.0% 74.9%    

    Asterisks* in the document refer to data at constant perimeter and exchange rates

    Societe Generale’s Board of Directors, which met on 29 April 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for the first quarter of 2025.

    Net banking income 

    Net banking income stood at EUR 7.1 billion, up +6.6% vs. Q1 24 and up +10.2% vs. Q1 24, excluding asset disposals.

    Revenues of French Retail, Private Banking and Insurance were up +14.1% vs. Q1 24 (+16.5% excluding asset disposals and +2.5% excluding both asset disposals and short-term hedge impact) to stand at EUR 2.3 billion in Q1 25. Net interest income recovered sharply in Q1 25 (+28.4% vs. Q1 24) and was broadly stable when restated for asset disposals and short-term hedges accounted for in Q1 24 (around EUR -270 million). Assets under management in Private Banking and Insurance grew by +6% and +5%, respectively (excluding asset disposals in Switzerland and in the United Kingdom) in Q1 25 vs. Q1 24. Lastly, BoursoBank continued its strong commercial development with nearly 460,000 new customers during the quarter, reaching a customer base of around 7.6 million clients at end-March 2025.

    Global Banking and Investor Solutions registered a +10.0% increase in revenues relative to Q1 24. These totalled EUR 2.9 billion for the quarter, driven by strong momentum in equities and in Financing and Advisory. Global Markets grew by +10.9% in Q1 25 vs. Q1 24. Equity revenues were up +21.8%, reaching a quarterly record level3, driven by strong momentum in flow and listed products. Fixed income and currencies were down -2.4% due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial activity nevertheless remained buoyant in rates and forex brokerage due to high volatility. In Global Banking and Advisory, revenues are up +10.5% with a solid commercial momentum in asset finance. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM). Similarly, Global Transaction and Payment Services posted an +8.7% increase in revenues vs. Q1 24, driven by higher payment volumes with institutional clients and strong commercial development for corporate clients.

    Mobility, International Retail Banking and Financial Services’ revenues were down -7.4% vs. Q1 24, mainly due to a perimeter effect of EUR -176 million in Q1 25. Excluding the impact of asset disposals, they were up +0.8%. International Retail Banking recorded a -12.1% fall in revenues vs. Q1 24 to EUR 0.9 billion, due to a perimeter effect related to the disposals completed in Africa (Morocco, Chad, Madagascar). They rose by +1.9% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were also down -3.0% vs. Q1 24 due to the disposal of SGEF’s operations (except for those in the Czech Republic and Slovakia) in Q1 25. Besides, Ayvens’ revenues were stable vs. Q1 24 owing to improved margins, offsetting the normalisation of the results of used car sales.

    The Corporate Centre recorded revenues of EUR -112 million in Q1 25.

    Operating expenses 

    Operating expenses came to EUR 4,604 million in Q1 25, down -7.6% vs. Q1 24 and -4.4% excluding asset disposals. The decrease in operating expenses is notably explained by a decrease in transformation charges of EUR 278 million, an increase of EUR 29 million related to taxes on variable compensation, an increase in expenses of EUR 22 million related to Bernstein perimeter, and EUR 5 million related to disposal transaction costs. Excluding these non-recurring items, operating expenses were slightly up, confirming the strong cost discipline.

    The cost-to-income ratio stood at 65.0% in Q1 25, down sharply from Q1 24 (74.9%) and below the target of <66% estimated for 2025.

    Cost of risk

    The cost of risk was stable over the quarter at 23 basis points (or EUR 344 million). It comprises a provision for non-performing loans of EUR 330 million (around 22 basis points) and a provision for performing loans of EUR 14 million.

    At end-March, the Group had a stock of provisions for performing loans of EUR 3,131 million, slightly up +0.4% compared with 31 December 2024, which represents more than 2x 2024 cost of risk.

    The gross non-performing loan ratio stood at 2.82%4,5 at 31 March 2025, broadly stable compared to its end – December 2024 level (2.81%). The net coverage ratio on the Group’s non-performing loans stood at 82%6 at 31 March 2025 (after netting of guarantees and collateral).

    Net profits from other assets

    The Group recorded a net gain of EUR +202 million in Q1 25, mainly related to the accounting impacts of completed asset sales of SGEF7, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

    Group net Income

    Group net income stood at EUR 1,608 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 11.0%.

    1. DELIVERING ON OUR ESG AMBITIONS

    The Group is in line with its portfolio alignment targets in the most carbon-emitting sectors, including since 2019 a reduction of more than 50% in its upstream exposure to oil and gas, and a reduction of around 50% of its carbon emission intensity in power.

    Reflecting progress on portfolio alignment, the Group’s contribution to sustainable finance amounted to around 80 billion euros at the end of 2024, ahead of its target of 500 billion euros for the 2024-2030 period.

    The Group is well positioned to seize new opportunities in the environmental transition. Societe Generale has acted as exclusive financial advisor for the UK’s Net Zero Teesside Power and Northern Endurance Partnership projects, which aim to be the world’s first gas-fired power station project with carbon capture and storage.

    These actions are recognized externally, with best-in-class ratings from extra-financial rating agencies and through numerous awards.

    1. THE GROUP’S FINANCIAL STRUCTURE

    At 31 March 2025, the Group’s Common Equity Tier 1 ratio stood at 13.4%, or around 320 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well above regulatory requirements at 140% at end-March 2025 (an average of 150% for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 115% at end-March 2025.

    All liquidity and solvency ratios are well above the regulatory requirements.

      31/03/2025 31/12/2024 Requirements
    CET1(1) 13.4% 13.3% 10.22%
    Tier 1 ratio(1) 16.1% 16.1% 12.14%
    Total Capital(1) 19.1% 18.9% 14.70%
    Leverage ratio(1) 4.4% 4.3% 3.60%
    TLAC (% RWA)(1) 29.7% 29.7% 22.32%
    TLAC (% leverage)(1) 8.2% 8.0% 6.75%
    MREL (% RWA)(1) 33.3% 34.2% 27.59%
    MREL (% leverage)(1) 9.2% 9.2% 6.23%
    End of period LCR 140% 162% >100%
    Period average LCR 150% 150% >100%
    NSFR 115% 117% >100%
    In EURbn 31/03/2025 31/12/2024
    Total consolidated balance sheet 1,554 1,574
    Group shareholders’ equity 71 70
    Risk-weighted assets 393 390
    O.w. credit risk 318 327
    Total funded balance sheet 931 952
    Customer loans 459 463
    Customer deposits 596 614

    8
    As of 31 March 2025, the parent company has issued EUR 9.0 billion of medium/long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at the end of 2024. The subsidiaries had issued EUR 1.0 billion. In all, the Group has issued a total of EUR 10.0 billion in medium/long-term debt.

    At end of April 2025, the parent company’s 2025 funding programme is 54% complete for vanilla notes.

    The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

    1. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
    In EURm Q1 25 Q1 24 Change
    Net banking income 2,299 2,016 +14.1% +16.5%*
    Of which net interest income 1,061 827 +28.4% +31.6%*
    Of which fees 1,056 1,018 +3.7% +6.2%*
    Operating expenses (1,566) (1,728) -9.4% -6.6%*
    Gross operating income 734 288 x 2.5 x 2.5*
    Net cost of risk (171) (247) -30.8% -30.8%*
    Operating income 563 41 x 13.7 x 11.2*
    Net profits or losses from other assets 7 0 x 19.2 x 19.2*
    Group net income 421 31 x 13.4 x 10.9*
    Cost to income 68.1% 85.7%    

    Commercial activity

    SG network, Private Banking and Insurance 

    The SG network’s average deposit outstandings amounted to EUR 230 billion in Q1 25, down -1% from Q1 24, with a shift of inflows into savings life insurance.

    The SG network’s average loan outstandings contracted by -3% vs. Q1 24 to EUR 193 billion, and
    by -1.8% vs. Q1 24 excluding repayments of state-guaranteed loans. Mortgage loan production saw a sharp increase of +115% vs. Q1 24.

    The average loan-to-deposit ratio stood at 83.8% in Q1 25, down 1.1 percentage point relative to Q1 24.

    In Private Banking, assets under management9 strongly rose by +6% vs. Q1 24 at EUR 130 billion. Net asset inflows totalled EUR 2 billion in Q1 25, with asset gathering (annualised net new money divided by AuM) standing at +6% in Q1 25. Net banking income came to EUR 361 million for the quarter, a +3.4% increase at constant perimeter1 and exchange rates, down -3.9% vs. Q1 24.

    Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +5% vs. Q1 24 to reach a record EUR 148 billion at end- March 2025. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 5.4 billion in Q1 25.

    In France, personal protection and Property & Casualty premia were up by +4% vs. Q1 24.

    BoursoBank 

    BoursoBank reached almost 7.6 million clients in Q1 25. The bank recorded growth of +20.7% in the number of clients vs. Q1 24 (+1.3 million year-on-year), with onboarding still high this quarter (~458,000 new clients in Q1 25) while the churn rate remained low.

    BoursoBank has once again confirmed its leading position in France in terms of client satisfaction with an NPS (Net Promoter Score) of +5410. The online bank is also ranked as the best digital bank in France11.

    Average loan outstandings rose by +7.3% compared with Q1 24 to EUR 16 billion in Q1 25.

    Average outstanding savings, including deposits and financial savings, totalled EUR 67 billion, an increase of +15.5% vs. Q1 24. Deposits outstanding totalled EUR 41 billion in Q1 25, posting another sharp increase of +16.3% vs. Q1 24. Average life insurance outstandings, at EUR 13 billion in Q1 25, rose by +8.9% vs. Q1 24 (of which 49.2% in unit-linked products). This activity continued to register strong gross inflows over the quarter (+24.6% vs. Q1 24, 57% in unit-linked products). The brokerage activity recorded more than 3 million transactions in Q1 25, a record quarter with an increase of +48.4%
    vs. Q1 24.

    Net banking income

    In Q1 25, revenues came to EUR 2,299 million (including PEL/CEL provision), up +14.1% vs. Q1 24. Net interest income grew by +28.4% vs. Q1 24 and was broadly stable excluding asset disposals and the impact of short-term hedges in Q1 24. Fee income rose by +3.7% relative to Q1 24.

    Operating expenses

    Operating expenses came to EUR 1,566 million for the quarter, including around EUR 23 million euros of transformation charges, down -9.4% vs. Q1 24. The cost-to-income ratio stood at 68.1% in Q1 25, an improvement of 17.6 percentage points vs. Q1 24.

    Cost of risk

    In Q1 25, the cost of risk amounted to EUR 171 million, or 29 basis points, which was higher than in Q4 24 (20 basis points).

    Group net Income

    Group net income totalled EUR 421 million for the quarter. RONE stood at 9.5% in Q1 25.

    1. GLOBAL BANKING AND INVESTOR SOLUTIONS
    In EUR m Q1 25 Q1 24 Change
    Net banking income 2,896 2,631 +10.0% +8.8%*
    Operating expenses (1,755) (1,757) -0.1% -0.6%*
    Gross operating income 1,140 874 +30.4% +27.6%*
    Net cost of risk (55) 20 n/s n/s
    Operating income 1,085 894 +21.3% +18.9%*
    Group net income 856 697 +22.8% +19.6%*
    Cost to income 60.6% 66.8% 0 +0.0%*

    Net banking income

    Global Banking and Investor Solutions reported strong results in Q1 25, with revenues up +10.0% vs. Q1 24 to stand at EUR 2,896 million.

    Global Markets and Investor Services recorded solid growth of +10.0% over the quarter compared with Q1 24, at EUR 1,922 million.

    Market Activities grew in the first quarter with revenues of EUR 1,759 million, up +10.9% vs. Q1 24 in a volatile market environment.

    The Equities business delivered a record performance12 in Q1 25 with revenues of EUR 1,061 million, a sharp increase of +21.8% compared with Q1 24, driven by positive momentum particularly in flow and listed products.

    Fixed Income and Currencies were slightly down -2.4% to EUR 698 million in Q1 25, due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial momentum also remained strong in flow activities, particularly for rates and forex products, driven by higher volatility.

    In Securities Services, revenues were up +1.4% compared with Q1 24 at EUR 163 million and overall stable (-0.2%) excluding participation. The level of fees is good in comparison to a high Q1 24, notably thanks to a strong commercial performance in fund distribution. Assets under Custody and Assets under Administration amounted to EUR 5,194 billion and EUR 637 billion, respectively.

    Revenues for the Financing and Advisory business totalled EUR 973 million, a sharp increase of +10.0% vs. Q1 24.

    Global Banking & Advisory posted significant revenues, up +10.5% compared with Q1 24, driven by buoyant activity in asset finance. Asset-Backed Products are steady despite less conducive market conditions compared to Q1 24. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM).

    Global Transaction & Payment Services once again delivered a strong performance compared with Q1 24, with a sharp increase in revenues of +8.7%, notably due to higher payment volumes with institutional clients and good commercial performance on the corporate franchise.

    Operating expenses

    Operating expenses came to EUR 1,755 million for the quarter and included around EUR 12 million in transformation charges. These are stable relative to Q1 24. The cost-to-income ratio stood at 60.6% in Q1 25.

    Cost of risk

    Over the quarter, the cost of risk was EUR 55 million, or 13 basis points vs. -5 basis points in Q1 24.

    Group net Income

    Group net income increased by +22.8% vs. Q1 24 to EUR 856 million.

    Global Banking and Investor Solutions reported a strong RONE of 18.7% for the quarter.

    1. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
    In EURm Q1 25 Q1 24 Change
    Net banking income 2,000 2,161 -7.4% +1.1%*
    Operating expenses (1,180) (1,350) -12.6% -4.8%*
    Gross operating income 820 810 +1.2% +10.8%*
    Net cost of risk (124) (182) -31.8% -23.1%*
    Operating income 696 629 +10.7% +20.3%*
    Net profits or losses from other assets 0 4 -98.3% -98.3%*
    Non-controlling interests 212 195 +8.3% +16.1%*
    Group net income 319 278 +14.5% +24.4%*
    Cost to income 59.0% 62.5%    

    Commercial activity

    International Retail Banking

    International Retail Banking posted robust commercial activity with loan outstandings of
    EUR 61 billion, up +4.3%* vs. Q1 24, and deposits of EUR 75 billion, slightly up +1.1%* vs. Q1 24.

    In Europe, loan outstandings rose by 6.1%* vs. Q1 24 to EUR 45 billion in Q1 25 for both client segments of KB and BRD, particularly in home loans. Deposit outstandings totalled EUR 55 billion in
    Q1 25, slightly up +0.6%* vs. Q1 24, mainly driven by Romania.

    Overall, loan outstandings in Africa, Mediterranean Basin and French Overseas Territories amounted to EUR 16 billion, broadly stable* vs. Q1 24, with mixed situations across geographies. Deposit outstandings increased by +2.5%* vs. Q1 24 to EUR 20 billion in Q1 25, mainly driven by sight deposits from corporate clients.

    Mobility and Financial Services

    Overall, Mobility and Financial Services maintained a good commercial performance.

    Ayvens’ earning assets totalled EUR 53.5 billion at end-March 2025, a +1.4% increase vs. end-March 2024.

    Consumer Finance posted loans outstanding of EUR 23 billion, still down -3.0% vs. Q1 24, but decreasing at a slower pace than previously.

    Net banking income

    In Q1 25, Mobility, International Retail Banking and Financial Services recorded revenues of EUR 2,000 million, up slightly (+1.1%* vs. Q1 24).

    International Retail Banking revenues increased slightly by +1.9%* vs. Q1 24, to EUR 913 million in
    Q1 25.

    Revenues in Europe increased by +5.4%* vs. Q1 24, to EUR 520 million in Q1 25. This robust growth, both in the Czech Republic and Romania, was driven by a solid performance of net interest income and a sharp increase in fees.

    In Africa, Mediterranean Basin and French Overseas Territories, revenues remained high at
    EUR 393 million in Q1 25, a slight down -2.3%* compared with a strong first quarter of 2024.

    Overall, revenues from Mobility and Financial Services were stable* vs. Q1 24, to EUR 1,087 million in Q1 25.

    At Ayvens, net banking income stood at EUR 796 million in Q1 25, stable vs. Q1 24, with an increase in margins13. Margins are continuing to improve, standing at 562 basis points in Q1 25, vs. 522 basis points in Q1 24. The secondary market for vehicle sales is gradually returning to normal, as expected, with an average profit margin per vehicle of EUR 1,22914 per unit this quarter, vs. EUR 1,2672 in Q4 24 and
    EUR 1,6611 in Q1 24. At its level, Ayvens has a cost-to-income ratio of 58.0%15, in line with the 2025 target (57%-59%).

    Revenues for the Consumer Finance business stabilised vs. Q1 24 at EUR 223 million in Q1 25.

    Operating expenses

    Over the quarter, operating expenses decreased significantly by -4.8%* vs. Q1 24, to EUR 1,180 million in Q1 25 (of which EUR 39 million of transformation charges). The cost-to-income ratio improved in Q1 25 to 59.0% vs. 62.5% in Q1 24.

    International Retail Banking posted costs of EUR 546 million in Q1 25, down by -3.2%* vs. Q1 24.

    Mobility and Financial Services costs reached EUR 635 million in Q1 25, a sharp decrease of -6.1%*
    vs. Q1 24, with cost synergies materialising at Ayvens driven by the continued LeasePlan integration.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 124 million or 31 basis points, which was considerably lower than in Q1 24 (43 basis points).

    Group net Income

    Over the quarter, Group net income came to EUR 319 million, up +24.4%* vs. Q1 24. RONE stood at 11.2% in Q1 25. RONE was 14.1% in International Retail Banking and 9.4% in Mobility and Financial Services in Q1 25.

    1. CORPORATE CENTRE
    In EURm Q1 25 Q1 24
    Net banking income (112) (162)
    Operating expenses (103) (145)
    Gross operating income (215) (308)
    Net cost of risk 6 9
    Net profits or losses from other assets 192 (84)
    Income tax 61 90
    Group net income 12 (327)

    The Corporate Centre includes:

    • the property management of the Group’s head office,
    • the Group’s equity portfolio,
    • the Treasury function for the Group,
    • certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

    Net banking income

    The Corporate Centre’s net banking income totalled EUR -112 million for the quarter, vs. EUR – 162 million in Q1 24, notably thanks to management actions to more efficiently use excess liquidity.

    Operating expenses

    Over the quarter, operating expenses totalled EUR -103 million, vs. EUR -145 million in Q1 24, notably thanks to a decrease in transformation charges.

    Net profits from other assets

    The Group recorded EUR +192 million in net profits from other assets during the quarter at the Corporate Centre level, notably following asset disposals of SGEF16, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

    Group net Income

    The Corporate Centre’s net income totalled EUR +12 million for the quarter, vs. EUR -327 million
    in Q1 24.

    1. 2025 FINANCIAL CALENDAR
    2025 Financial communication calendar
    May 20th, 2025 Combined General Meeting
    May 26th, 2025 Dividend detachment
    May 28th, 2025 Dividend payment
    July 31st, 2025 Second quarter and first half 2025 results
    October 30th, 2025 Third quarter and nine months 2025 results
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

    This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

    These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

    These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

    – anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

    – evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

    Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

    More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

    Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.
    1. APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q1 25 Q1 24 Variation
    French Retail, Private Banking and Insurance 421 31 x 13.4
    Global Banking and Investor Solutions 856 697 +22.8%
    Mobility, International Retail Banking & Financial Services 319 278 +14.5%
    Core Businesses 1,596 1,007 +58.5%
    Corporate Centre 12 (327) n/s
    Group 1,608 680 x 2.4

    MAIN EXCEPTIONAL ITEMS

    In EURm Q1 25 Q1 24
    Operating expenses – Total one-off items and transformation charges (74) (352)
    Transformation charges (74) (352)
    Of which French Retail, Private Banking and Insurance (23) (81)
    Of which Global Banking & Investor Solutions (12) (154)
    Of which Mobility, International Retail Banking & Financial Services (39) (69)
    Of which Corporate Centre 0 (47)
         
    Other one-off items – Total 202 (80)
    Net profits or losses from other assets 202 (80)

    CONSOLIDATED BALANCE SHEET

    In EUR m   31/03/2025 31/12/2024
    Cash, due from central banks   169,891 201,680
    Financial assets at fair value through profit or loss   548,999 526,048
    Hedging derivatives   8,171 9,233
    Financial assets at fair value through other comprehensive income   99,248 96,024
    Securities at amortised cost   41,224 32,655
    Due from banks at amortised cost   91,527 84,051
    Customer loans at amortised cost   447,815 454,622
    Revaluation differences on portfolios hedged against interest rate risk   (480) (292)
    Insurance and reinsurance contracts assets   545 615
    Tax assets   4,170 4,687
    Other assets   73,618 70,903
    Non-current assets held for sale   2,911 26,426
    Investments accounted for using the equity method   414 398
    Tangible and intangible fixed assets   61,250 61,409
    Goodwill   5,085 5,086
    Total   1,554,388 1,573,545
    In EUR m   31/03/2025 31/12/2024
    Due to central banks   10,661 11,364
    Financial liabilities at fair value through profit or loss   405,056 396,614
    Hedging derivatives   14,028 15,750
    Debt securities issued   154,356 162,200
    Due to banks   100,825 99,744
    Customer deposits   521,141 531,675
    Revaluation differences on portfolios hedged

    against interest rate risk

    		   (6,168) (5,277)
    Tax liabilities   2,301 2,237
    Other liabilities   96,417 90,786
    Non-current liabilities held for sale   2,560 17,079
    Insurance and reinsurance contracts liabilities   152,899 150,691
    Provisions   4,098 4,085
    Subordinated debts   16,148 17,009
    Total liabilities   1,474,322 1,493,957
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   20,812 21,281
    Other equity instruments   9,873 9,873
    Retained earnings   37,863 33,863
    Net income   1,608 4,200
    Sub-total   70,156 69,217
    Unrealised or deferred capital gains and losses   400 1,039
    Sub-total equity, Group share   70,556 70,256
    Non-controlling interests   9,510 9,332
    Total equity   80,066 79,588
    Total   1,554,388 1,573,545
    1. APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the first quarter 2025 was examined by the Board of Directors on April 29th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The information has not been audited.

    2 – Net banking income

    The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

    The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q1 25 Q1 24
    French Retail, Private Banking and Insurance Net Cost Of Risk 171 247
    Gross loan Outstandings 233,536 238,394
    Cost of Risk in bps 29 41
    Global Banking and Investor Solutions Net Cost Of Risk 55 (20)
    Gross loan Outstandings 172,782 162,457
    Cost of Risk in bps 13 (5)
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 124 182
    Gross loan Outstandings 159,126 167,892
    Cost of Risk in bps 31 43
    Corporate Centre Net Cost Of Risk (6) (9)
    Gross loan Outstandings 25,592 23,365
    Cost of Risk in bps (9) (15)
    Societe Generale Group Net Cost Of Risk 344 400
    Gross loan Outstandings 591,036 592,108
    Cost of Risk in bps 23 27

    The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Starting from Q1 25 results, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q1 25 Q1 24
    Shareholders’ equity Group share 70,556 67,342
    Deeply subordinated and undated subordinated notes (10,153) (10,166)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) (60) (71)
    OCI excluding conversion reserves 582 696
    Distribution provision(2) (710) (256)
    Distribution N-1 to be paid (1,718) (999)
    ROE equity end-of-period 58,496 56,545
    Average ROE equity 58,609 56,522
    Average Goodwill(3) (4,191) (4,006)
    Average Intangible Assets (2,835) (2,956)
    Average ROTE equity 51,583 49,560
         
    Group net Income 1,608 680
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (188) (166)
    Adjusted Group net Income 1,420 514
    ROTE 11.0% 4.1%

    171819

    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q1 25 Q1 24 Change
    French Retail, Private Banking and Insurance 17,687 16,518 +7.1%
    Global Banking and Investor Solutions 18,324 16,011 +14.4%
    Mobility, International Retail Banking & Financial Services 11,376 11,252 +1.1%
    Core Businesses 47,386 43,781 +8.2%
    Corporate Centre 11,223 12,741 -11.9%
    Group 58,609 56,522 +3.7%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
    2021

    End of period (in EURm) Q1 25 2024 2023
    Shareholders’ equity Group share 70,556 70,256 65,975
    Deeply subordinated and undated subordinated notes (10,153) (10,526) (9,095)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) (60) (25) (21)
    Book value of own shares in trading portfolio (44) 8 36
    Net Asset Value 60,299 59,713 56,895
    Goodwill(2) (4,175) (4,207) (4,008)
    Intangible Assets (2,798) (2,871) (2,954)
    Net Tangible Asset Value 53,326 52,635 49,933
           
    Number of shares used to calculate NAPS(3) 783,671 796,498 796,244
    Net Asset Value per Share 76.9 75.0 71.5
    Net Tangible Asset Value per Share 68.0 66.1 62.7

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) Q1 25 2024 2023
    Existing shares 800,317 801,915 818,008
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 2,586 4,402 6,802
    Other own shares and treasury shares 7,646 2,344 11,891
    Number of shares used to calculate EPS(4) 790,085 795,169 799,315
    Group net Income (in EUR m) 1,608 4,200 2,493
    Interest on deeply subordinated notes and undated subordinated notes (in EUR m) (188) (720) (759)
    Adjusted Group net income (in EUR m) 1,420 3,481 1,735
    EPS (in EUR) 1.80 4.38 2.17

    2223
    8 – Solvency and leverage ratios

    Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.

    9 – Funded balance sheet, loan to deposit ratio

    The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

    • A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

    Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
    Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
    Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
    Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
    Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

    • A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

    The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

    NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
    (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    1 Including Basel IV phasing
    2 Based on a pay-out ratio of 50% of the Group net income restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including Q1 25 results
    3 At comparable business model post GFC (Global Financial Crisis) regulatory regime
    4 Ratio calculated according to EBA methodology published on 16 July 2019
    5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
    6 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    7 Except for operations in the Czech Republic and Slovakia
    8 Including Basel IV phasing and pro forma Q1 25 results
    NB: SG network, Private Banking and Insurance – end Q1 25 loans and deposits exclude disposals
    9 Excluding asset disposals in Switzerland and the United Kingdom
    10 Jointly with another bank in 2025, Bain and Company, April 2025
    11 Deloitte, January 2025
    12 At comparable business model post GFC (Global Financial Crisis) regulatory regime
    13 Excluding non-recurring items
    14 Excluding impacts of depreciation adjustments
    15 As communicated by Ayvens in its Q1 25 results (excluding used car sales result and non-recurring items)
    16 Except for operations in the Czech Republic and Slovakia
    17 Interest net of tax
    18 The distribution provision is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
    19 Excluding goodwill arising from non-controlling interests
    20 Interest net of tax
    21 Excluding goodwill arising from non-controlling interests
    22 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)
    23 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)

    Attachment

    • Societe-Generale-Q1-2025-Financial-Results-Press-release-en

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Equinor first quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 8.65 billion and USD 2.25 billion after tax in the first quarter of 2025. Equinor reported net operating income of USD 8.87 billion and net income at USD 2.63 billion. Adjusted net income* was USD 1.79 billion, leading to adjusted earnings per share* of USD 0.66.

    Strong financial and operational performance

    • Strong financial results and cash flow
    • Solid oil and gas production

    Strategic progress

    • Successful start-up of the Johan Castberg and Halten East fields
    • Final investment decision on Northern Lights phase 2

    Capital distribution

    • First quarter cash dividend of USD 0.37 per share
    • Proposed second tranche of share buy-back of up to USD 1.265 billion
    • Expected total capital distribution for 2025 of up to USD 9 billion

    Anders Opedal, President and CEO of Equinor ASA:

    “Equinor delivers strong financial results in the first quarter. I am pleased to see the good operational performance and solid production capturing higher gas prices. With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet.”

    “We maintain a competitive capital distribution and expect to deliver a total of USD 9 billion in 2025.”

    “The production start-up of the Johan Castberg field strengthens Norway’s role as a reliable energy exporter to Europe. The field opens a new region in the Barents Sea and is expected to contribute to energy supply, value creation and ripple effects for at least 30 years to come.”

    “We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful. This is a question of the rights and obligations granted under legally issued permits, and security of investments based on valid approvals. We seek to engage directly with the US Administration to clarify the matter and are considering our legal options.”

    Solid production

    Equinor delivered a total equity production of 2,123 mboe per day in the first quarter, down from 2,164 mboe in the same quarter last year.

    The operational performance for most of the fields on Norwegian continental shelf is strong, including the Johan Sverdrup and Troll fields. This almost offsets the negative production impact from the shut-in at Sleipner B after the fire in fourth quarter 2024 and planned and unplanned maintenance at Hammerfest LNG.

    In the US, production increased from the same period last year. This was due to increased production from the fields and transactions increasing Equinor’s ownership interest in onshore gas assets in 2024.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024.

    The total power generation from the renewable portfolio was 0.76 TWh, on par with the same period last year.

    In the quarter, Equinor completed five offshore exploration wells on the NCS with two commercial discoveries.

    Strong financial results

    Equinor delivered adjusted operating income* of USD 8.65 billion. and USD 2.25 billion after tax* in the first quarter of 2025. The results are driven by solid gas production and higher gas prices.

    Equinor realised a European gas price of USD 14.8 per mmbtu and realised liquids prices were USD 70.6 per bbl in the first quarter.

    Adjusted operating and administrative expenses* increased from the same quarter last year driven by overlift, higher maintenance activity and some one-off costs. This was partially offset by active measures to reduce costs for business development and early phase projects in renewables and low carbon solutions.

    A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 10.6 billion for the first quarter. Equinor paid one NCS tax instalment of USD 3.09 billion in the quarter.

    Cash flow from operations after taxes paid* ended at USD 7.39 billion.

    Organic capital expenditure* was USD 3.02 billion for the quarter, and total capital expenditures were USD 4.50 billion.

    Equinor continues to demonstrate capital discipline and strengthen financial robustness with a net debt to capital employed adjusted ratio* of 6.9% at the end of the first quarter, compared to 11.9% at the end of the fourth quarter of 2024.

    Empire Wind 1

    After quarter close, Equinor received a halt work order from the US government on the offshore construction on the outer continental shelf for the Empire Wind project. The lease was obtained in 2017 and the project was fully permitted in 2024. It has a potential for delivering power to half a million New York homes, and is approximately 30% to completion.

    Equinor is complying with the order and is seeking dialogue with the proper authorities and assessing legal options. The Empire Wind project has per 31 March 2025 a gross book value of around USD 2.5 billion, including South Brooklyn Marine Terminal.

    Strategic progress

    A major milestone was reached when production was started from the Johan Castberg field in the Barents Sea on 31 March. Production also started at the Halten East development in the Norwegian Sea, with   estimated recoverable reserves of 100 million boe and one year pay-back time.

    Equinor continues to optimise and strengthen long-term value creation on the NCS, and was awarded 27 new production licenses in the Awards in Predefined Areas round (APA) in January. The ambition is to drill around 250 exploration wells on the NCS by 2035.

    In the quarter, the Bacalhau floating production, storage and offloading vessel (FPSO) arrived at its destination in the Santos Basin in Brazil’s pre-salt region. First oil is expected in 2025.

    Within low carbon solutions, Equinor together with partners Shell and TotalEnergies made a final investment decision to progress phase two of the groundbreaking Northern Lights carbon transport and storage development in Øygarden. The NOK 7.5 billion investment is expected to increase the total injection capacity from 1.5 million tonnes of CO2 per year (Mtpa) to at least 5 Mtpa and further develop the commercial market for transport and storage of CO2.

    The appraisal wells for carbon storage at Smeaheia were completed in the quarter on time and on cost.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the first quarter 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a second tranche of the share buy-back programme of up to USD 1.265 billion. The second tranche is subject to an authorisation from the company’s annual general meeting 14 May 2025 and will commence after this. The tranche will end no later than 21 July 2025.

    The first tranche of the share buy-back programme for 2025 was completed on 24 March 2025 with a total value of USD 1.2 billion.

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

    – – –

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

    – – –

    Further information from:

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

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

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

    Attachments

    • Equinor 1Q 2025 Financial Statements and Review
    • CFO presentation – 1Q 2025 results

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Equinor ASA: Key information relating to cash dividend for first quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Key information relating to the cash dividend to be paid by Equinor (OSE: EQNR, NYSE: EQNR) for first quarter 2025.

    Cash dividend amount: 0.37

    Announced currency: USD

    Last day including rights: 15 August 2025

    Ex-date Oslo Børs : 18 August 2025

    Ex-date New York Stock Exchange: 19 August 2025

    Record date: 19 August 2025

    Payment date: 29 August 2025

    Date of approval: 29 April 2025

    Other information: The cash dividend per share in NOK will be communicated 25 August 2025.

    This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Equinor to commence second tranche of the 2025 share buy-back programme

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE: EQNR, NYSE: EQNR) will after the annual general meeting 14 May 2025 commence the second tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the first quarter results 30 April 2025.

    Execution of share buy-back under the tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 14 May 2025 and agreement with the Norwegian State regarding share buy-back.

    In this second tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total second tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 21 July 2025.

    Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the second tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

    Commencement of new share buy-back tranches after the second tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to a new board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

    The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the second tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

    Further information about the share buy-back programme and the second tranche:

    The second tranche of the share buy-back programme for 2025 is subject to an authorisation being granted to the board of directors by the annual general meeting of the company 14 May 2025. According to such authorisation proposed by the board of directors, the maximum number of shares which can be purchased in the market is 84 million. The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation proposed will be valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

    It is a precondition for execution of the second tranche that Equinor and the Norwegian State have entered into an agreement regulating the State’s participation in the share buy-back programme: At the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.

    In the second tranche in 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programmes from March 2025.

    The board of directors will propose to the annual general meeting to be held in May 2026, to cancel shares purchased in the market in this second tranche in 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the share buy-back programme for 2025, and a proportionate number of the State’s shares will follow a similar process at the annual general meeting of the company in 2026.

    This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    Further information from:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 918 01 791

    Media
    Sissel Rinde, vice president Media Relations,
    +47 412 60 584

    The MIL Network –

    April 30, 2025

  • MIL-Evening Report: Is your child anxious about going on school camp? Here are 4 ways to prepare

    Source: The Conversation (Au and NZ) – By Micah Boerma, Researcher, School of Psychology and Wellbeing, University of Southern Queensland

    Nitinai Thabthong/Shutterstock

    One of the highlights of the school year is an overnight excursion or school camp. These can happen as early as Year 3.

    While many students are very excited about the chance to go away with their classmates, some may experience anxiety and even fear about being away from home and their usual routines.

    Anxiety disorders are the second most common mental disorder among children and adolescents in Australia. One in 14 young people are affected.

    Separation anxiety (fear or dread about being separated from caregivers) is the most common anxiety disorder amongst young people in Australia. This affects about 4% of young people aged four to 17. Students with anxiety may refuse to attend the camp. Or they may go and not participate in activities or have periods of intense anxiety.

    While these trips are a small part of a young person’s school year, positive and negative experiences can form important beliefs about their self-confidence and independence.

    Here are four ways to prepare your anxious child to attend and enjoy camp.

    1. Understand the anxieties

    Anxiety isn’t a one-size-fits-all condition. For one child, it may be the fear of not fitting in or the dread of being homesick. For another, it may be the fear of being away from parents, believing something bad will happen.

    So the first step is to really listen to a child about their anxietty.
    Asking open-ended questions, such as “what is the one thing about going to camp that worries you most?” can help to determine their core fear.

    When they tell you, avoid jumping in quickly to reassure them they “will be fine”. This can feel dismissive and invalidate their concerns.

    Instead, reflect what you hear so they feel understood. For example, “I hear you a really worried about what it will be like to spend the night away from us. You’ve never done this before.”

    Ask your child what they are worried about. Maybe it’s a certain activity on camp.
    Andrew Angelov/Shutterstock

    2. Understand the ‘cycle of avoidance’

    Anxious people tend to overestimate the likelihood of something terrible happening and underestimate their ability to cope if it occurred.

    When a young person sidesteps something scary, they feel initial relief. But this avoidance prevents them from learning the feared situation may not be as dangerous as think. Importantly, they do not get the opportunity to test their coping skills and build confidence. This inadvertently increases their anxiety.

    It can help to talk to your child about how avoiding camp might feel better in the short term but it makes fun activities – such as sleepovers or trips – harder in the future.

    4. Build the ‘bravery muscle’

    You also might want to talk about how you can build the “bravery muscle”.

    This involves gradually exposing a child to their fears and building confidence in their ability to cope. This way fears lose their power.

    Start with easier tasks. For example, if the main worry is “something bad will happen to mum and dad if I am not with them at night”, start with your child staying with a grandparent while you go out for dinner. Then you could try staying overnight at a grandparent or a trusted friend’s house.

    You can also pair these tasks with coping tools. Your child could do a breathing exercise or a grounding excercise, where they focus on things around them, rather than the thoughts and feelings distressing them.

    When organising these tasks, it is crucial parents acknowledge the distress their child might experience, while communicating their confidence the child can do it.

    Celebrate every effort and task completed, no matter how small.

    You could prepare for camp with a sleepover somewhere else.
    NataliyaBack/Shutterstock

    4. Make a plan with school

    Parents and caregivers are not in this alone. So make sure you talk to your class teacher or year group leader if you haven’t already. Some helpful tips are:

    • organise a “camp buddy” for the bus ride or to share a tent/room with

    • organise a “go-to” teacher for your child to gain support from during camp

    • access information about the accommodation and activities as soon as possible so you can practice. This could include your child camping in a tent with a friend, bike riding, or bush walking.

    It’s not expected the steps above will erase your child’s anxiety entirely – that is not realistic. But they can give them coping tools to face their anxiety and come out the other side stronger. School camps can be an exciting experience where a young person may discover they are braver than they thought.

    Micah Boerma 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. Is your child anxious about going on school camp? Here are 4 ways to prepare – https://theconversation.com/is-your-child-anxious-about-going-on-school-camp-here-are-4-ways-to-prepare-252290

    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025

  • MIL-OSI USA: Wicker, Feenstra Introduce Legislation to Continue Safe Exports of Agricultural Products in Event of Foreign Animal Disease Outbreak

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., joined Congressman Randy Feenstra, R-Iowa, in introducing the Safe American Food Exports (SAFE) Act. This legislation would codify USDA’s role in negotiating regionalization agreements that allow livestock, poultry, and other animal products from unaffected areas of the country to be exported in the event of an animal disease outbreak. Although the U.S. Department of Agriculture (USDA) already works with the United States Trade Representative to develop these agreements, this legislation would establish regionalization agreements and promoting robust agricultural trade policies before any animal disease impacts our nation.
    This bill would also create a notification system within the Import and Export Library to prevent our producers from being impacted by changes in trade status of agricultural commodities and alert the proper agencies, organizations, and State Departments of Agriculture that there have been changes in import or export status.
    “Mississippi’s poultry exporters and producers have suffered during the bird flu. Animal diseases often cause trade disruptions, and the government should help protect American agriculture exports in these situations,” said Senator Wicker. “The Safe American Food Exports Act would help do that. The bill would give the USDA authority to negotiate regionalization agreements to ensure America’s agricultural producers are not shut off from the global market.”
    “Iowa farmers are the backbone of our economy and the breadbasket of our country and the world. However, an animal disease outbreak can be devastating for our producers, majorly disrupt trade with foreign countries, and close important export markets that our farmers depend on,” said Congressman Feenstra. “Understanding the dire financial and animal health consequences of a disease outbreak, I introduced the Safe American Food Exports Act so that we can negotiate comprehensive agreements with our trading partners and ensure that a disease outbreak in one part of the country does not impact Iowa’s ability to produce and export our agricultural goods. By working proactively on regionalization agreements and prioritizing farm biosecurity, we can safely ship our agricultural commodities around the globe, prevent massive trade disruptions, and mitigate the negative impacts of animal disease on our farmers, producers, and rural communities.”
    Joining Senator Wicker and Congressman Feenstra in introducing the SAFE Act are Senators Katie Britt, R-Ala., Tina Smith, D-Minn., Chris Coons, D-Del., and Congressman Jimmy Panetta, D-Calif. 
    Click HERE for bill text.

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI USA: 04.29.2025 WTAS: Bipartisan, Bicameral TAKE IT DOWN Act to Criminalize the Spread of Deepfake Revenge Porn Heads to President Trump’s Desk

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    Washington, D.C. – Yesterday, the bipartisan, bicameral TAKE IT DOWN Act, introduced in the Senate by Commerce Committee Chairman Ted Cruz (R-Texas) and co-led by Sen. Amy Klobuchar (D-Minn.), passed the U.S. House of Representatives by a vote of 409-2 and heads to President Trump’s desk. The legislation unanimously passed the Senate in February.
    The TAKE IT DOWN Act criminalizes the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or “deepfake revenge pornography”), and requires social media and similar websites to implement procedures to remove such content within 48 hours of notice from a victim.
    The House companion was introduced by Reps. Maria Elvira Salazar (R-Fla.) and Madeleine Dean (D-Pa.).
    Here is what they are saying about the TAKE IT DOWN Act:

    TIME: Inside the First Major U.S. Bill Tackling AI Harms—and Deepfake Abuse
    “In January, however, Cruz was promoted to become the chair of the Senate Commerce Committee, giving him a major position of power to set agendas. His office rallied the support for Take it Down from a slew of different public interest groups. They also helped persuade tech companies to support the bill, which worked: Snapchat and Meta got behind it.
    “‘Cruz put an unbelievable amount of muscle into this bill,’ says Sunny Gandhi, vice president of political affairs at Encode, an AI-focused advocacy group that supported the bill. ‘They spent a lot of effort wrangling a lot of the companies to make sure that they wouldn’t be opposed, and getting leadership interested.’”

    THE DALLAS MORNING NEWS: House passes Ted Cruz bill cracking down on deepfake nudes
    “U.S. Sen. Ted Cruz’s bill targeting the publication of nonconsensual deepfake pornography will soon be federal law.
    “The House voted 409-2 Monday to approve the bill, which already passed the Senate, sending it to President Donald Trump’s desk.
    “Elliston was 14 years old in October 2023 when a classmate used an artificial intelligence program to turn innocent photos of her and her friends into realistic-looking nudes and distributed the images on social media.
    “They were only removed after they shared the story with Cruz and he pushed for action.
    “First lady Melania Trump participated in an event highlighting the issue and Elliston sat with her as a guest for the president’s joint address to Congress.
    “Trump gave Elliston a shout-out during the speech, saying he looked forward to signing Cruz’s proposal into law after the House passed it.”

    USA TODAY: With rare bipartisan support, Congress passes bill to outlaw deepfake pornography
    “A bill to criminalize AI-generated explicit images, or ‘deepfakes,’ is headed to President Donald Trump’s desk after sailing through both chambers of Congress with near-unanimous approval.
    “The Take It Down Act has enjoyed uncommon bipartisan support, along with a key endorsement from the first lady.
    “The newly-passed bill will require technology platforms to remove reported “non-consensual, sexually exploitative images” within 48 hours of receiving a valid request. Sens. Ted Cruz, R-Texas, and Amy Klobuchar, D-Minnesota, introduced the legislation in August.”

    The New York Times: House Passes Bill to Ban Sharing of Revenge Porn, Sending It to Trump
    “The legislation, introduced by Senators Ted Cruz, Republican of Texas, and Amy Klobuchar, Democrat of Minnesota, is the first internet content law to clear Congress since 2018, when lawmakers approved legislation to fight online sex trafficking. And though it focuses on revenge porn and deepfakes, the bill is seen as an important step toward regulating internet companies that have for decades escaped government scrutiny.”

    CBS NEWS: House passes “Take it Down Act,” sending revenge porn bill backed by Melania Trump to president’s desk
    “‘If you’re a victim of revenge porn or AI-generated explicit imagery, your life changes forever,’ Sen. Ted Cruz, a Texas Republican, said at a March 3 roundtable promoting the bill.
    “Cruz, who introduced the bill, recalled the experience of a teenage victim, Elliston Berry, whose classmate used an app to create explicit images of her and then sent them to her classmates. Berry’s mother had tried unsuccessfully to get Snapchat to remove the images for months before she contacted Cruz’s office for help.
    “‘It should not take a sitting senator or sitting member of Congress picking up the phone to get a picture down or video down,’ Cruz said.”

    CNN: House passes bill aimed at protecting victims of deepfake and revenge porn
    “Republican Sen. Ted Cruz of Texas introduced the bill, and a bipartisan group of lawmakers, including Democratic Sen. Amy Klobuchar of Minnesota and Rep. Madeleine Dean of Pennsylvania, have supported the effort.
    “According to Cruz’s office, the bill ‘would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or ‘deepfake pornography’), and require social media and similar websites to have in place procedures to remove such content upon notification from a victim.’”

    THE HILL: Bill criminalizing deepfake revenge porn passes House, heads to Trump’s desk
    “Cruz celebrated the bill’s passage on Monday, calling it a ‘historic win in the fight to protect victims of revenge porn and deepfake abuse.’
    “‘By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,’ he wrote in a statement.”
    More than 120 organizations representing victim advocacy groups, law enforcement, and tech industry leaders have voiced their support for the legislation, including Meta, Snap, Google, Microsoft, TikTok, X, Amazon, Bumble, Match Group, Entertainment Software Association, IBM, TechNet, the U.S. Chamber of Commerce, Internet Works, the Fraternal Order of Police, the National Center for Missing and Exploited Children (NCMEC), RAINN (Rape, Abuse, & Incest National Network), and the National Center on Sexual Exploitation (NCOSE).
    In March, Sen. Cruz and Rep. Salazar hosted a bipartisan roundtable with First Lady Melania Trump to hear from victims of revenge and deepfake pornography and urge the House to pass the bipartisan TAKE IT DOWN Act. During his State of the Union address, President Trump emphasized the bill’s importance and said, “I look forward to signing it into law.”
    Other notable endorsements came from the bipartisan Problem Solvers Caucus, a group of House lawmakers evenly split between Republicans and Democrats, and Paris Hilton, who called the bill “a crucial step toward ending non-consensual image sharing online.”
    During the 118th Congress, the bill unanimously passed the Senate Commerce Committee and the full Senate.
    BACKGROUND:
    While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized.
    In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII. 
    The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:

    Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
    Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement. 
    Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The Federal Trade Commission is charged with enforcement of this section. 
    Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.

    To read the bill text, click HERE.

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI New Zealand: Protecting New Zealand’s energy infrastructure

    Source: New Zealand Government

    Improving the current system to better protect power lines from falling trees will protect the security of New Zealand’s electricity infrastructure, says Energy Minister Simon Watts. 
    “Secure electricity lines are critical to electrifying New Zealand’s economy and delivering the resilient and reliable electricity supply we need to power economic growth,” Mr Watts says.
    “Cyclone Gabrielle and Cyclone Tam highlighted the vulnerability of our infrastructure to severe weather events like storms and floods. During Cyclone Gabrielle alone, trees outside the Growth Limit Zone caused power outages that left 68,000 households without heating, lighting, internet, and access to essential appliances.”
    The Government has now agreed to amendments to the Electricity (Hazards from Trees) Regulations 2003, that will lower the risk to power lines from trees that are close to but aren’t immediately beside the line. 
    “We’re taking action to deal with the increasing risk of damaged infrastructure and support our adaptation to the changing climate,” Mr Watts says.
    The amendments introduce two key measures:

    Enabling lines owners to assess the likelihood and potential impact of a fall for trees they consider could be a risk to lines, then issue a Treefall Hazard Notice for moderate- and high-risk trees.
    Restricting the planting of new trees on land that is not already forested outside of urban areas.

    “We have worked closely with lines owners and other impacted stakeholders to ensure we struck the right balance between security of our electricity supply, protecting property rights, and making sure the forestry sector’s Emissions Trading Scheme-related revenues are not unduly impacted,” Mr Watts says.
    “This Government has made it clear that we are committed to unleashing transmission and distribution infrastructure on our mission to electrify the New Zealand economy. Ensuring the security of our network infrastructure is essential to delivering reliable electricity to all New Zealanders.”
     

    MIL OSI New Zealand News –

    April 30, 2025

  • MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

    Comments from the President / Chief Executive Officer and Chief Financial Officer

    “Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

    “We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

    Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”

     

    Q1 2025 Financial Performance
    Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.     Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.
           
    Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.      Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.
           
    Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.      A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.
           
    The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.      Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.
           
    Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.      Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.
           
           The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

    Operating Results

    Net Interest Income after (Release of) Provision for Credit Losses

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Interest income   $ 13,706     $ 14,736   $ 13,760     $ (1,030 )   (7.0) %   $ (54 )   (0.4) %
    Interest expense     5,635       6,516     6,300       (881 )   (13.5) %     (665 )   (10.6) %
    Net interest income     8,071       8,220     7,460       (149 )   (1.8) %     611     8.2 %
    (Release of) provision for credit losses     (203 )     14     (33 )     (217 )   (1550.0) %     (170 )   515.2 %
    Net interest income after (release of) provision for credit losses     8,274       8,206     7,493       68     0.8 %     781     10.4 %
                                                       

    Q1 2025 vs Q4 2024

    The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

    Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

    The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

    A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

    Q1 2025 vs Q1 2024

    Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

    The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

    A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a release of provision for credit losses of $33 thousand for the quarter ended March 31, 2024, consisting of a release of provision for credit losses on loans of $106 thousand and a provision for credit losses on unfunded loan commitments of $73 thousand. The larger release recorded in the current quarter primarily reflected the factors discussed above.

    Noninterest Income

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Service charges and fee income   $ 684     $ 619   $ 612     $ 65     10.5 %   $ 72     11.8 %
    Earnings on bank-owned life insurance (“BOLI”)     195       127     177       68     53.5 %     18     10.2 %
    Mortgage servicing income     269       277     282       (8 )   (2.9) %     (13 )   (4.6) %
    Fair value adjustment on mortgage servicing rights     (99 )     77     (65 )     (176 )   (228.6) %     (34 )   52.3 %
    Net gain on sale of loans     49       53     90       (4 )   (7.5) %     (41 )   (45.6) %
    Other income     —       7     —       (7 )   (100.0) %     —     100.0 %
    Total noninterest income   $ 1,098     $ 1,160   $ 1,096     $ (62 )   (5.3) %   $ 2     0.2 %
     

    Q1 2025 vs Q4 2024

    The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

    • a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
    • an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
    • a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

    Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

    Q1 2025 vs Q1 2024

    The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

    • a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
    • an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
    • a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
    • a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
    • a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

    Noninterest Expense

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Salaries and benefits   $ 4,595   $ 3,920     $ 4,543   $ 675   17.2 %   $ 52     1.1 %
    Operations     1,365     1,329       1,457     36   2.7 %     (92 )   (6.3) %
    Regulatory assessments     221     189       189     32   16.9 %     32     16.9 %
    Occupancy     437     409       444     28   6.8 %     (7 )   (1.6) %
    Data processing     1,293     1,232       1,017     61   5.0 %     276     27.1 %
    Net loss (gain) on OREO and repossessed assets     3     (21 )     6     24   (114.3) %     (3 )   (50.0) %
    Total noninterest expense   $ 7,914   $ 7,058     $ 7,656   $ 856   12.1 %   $ 258     3.4 %
     

    Q1 2025 vs Q4 2024

    The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

    • a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
    • a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
    • a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
    • a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
    • a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

    Q1 2025 vs Q1 2024

    The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

    • a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
    • a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

    These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

    Balance Sheet Review, Capital Management and Credit Quality

    Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

    Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

    Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

    Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

    Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

    NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

    The following table summarizes our NPAs at the dates indicated (dollars in thousands):

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Nonperforming Loans:                  
    One-to-four family $ 762     $ 537     $ 745     $ 822     $ 835  
    Home equity loans   368       298       338       342       83  
    Commercial and multifamily   5,627       3,734       4,719       5,161       4,747  
    Construction and land   22       24       25       28       29  
    Manufactured homes   501       521       230       136       166  
    Floating homes   2,363       2,363       2,377       2,417       3,192  
    Commercial business   —       11       23       —       —  
    Other consumer   10       3       32       3       1  
    Total nonperforming loans   9,653       7,491       8,489       8,909       9,053  
    OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       —       575  
    Manufactured homes   41       —       115       115       115  
    Total OREO and repossessed assets   41       —       115       115       690  
    Total NPAs $ 9,694     $ 7,491     $ 8,604     $ 9,024     $ 9,743  
                       
    Percentage of Nonperforming Loans:                  
    One-to-four family   7.9 %     7.3 %     8.7 %     9.1 %     8.5 %
    Home equity loans   3.8       4.0       3.9       3.8       0.9  
    Commercial and multifamily   58.0       49.8       54.8       57.2       48.7  
    Construction and land   0.2       0.3       0.3       0.3       0.3  
    Manufactured homes   5.2       7.0       2.7       1.5       1.7  
    Floating homes   24.4       31.5       27.6       26.8       32.8  
    Commercial business   —       0.1       0.3       —       —  
    Other consumer   0.1       —       0.4       —       —  
    Total nonperforming loans   99.6       100.0       98.7       98.7       92.9  
    Percentage of OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       —       5.9  
    Manufactured homes   0.4       —       1.3       1.3       1.2  
    Total OREO and repossessed assets   0.4       —       1.3       1.3       7.1  
    Total NPAs   100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
     

    The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

      At or For the Quarter Ended:
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Allowance for Credit Losses on Loans                  
    Balance at beginning of period $ 8,499     $ 8,585     $ 8,493     $ 8,598     $ 8,760  
    (Release of) provision for credit losses during the period   (85 )     (73 )     106       (88 )     (106 )
    Net charge-offs during the period   (21 )     (13 )     (14 )     (17 )     (56 )
    Balance at end of period $ 8,393     $ 8,499     $ 8,585     $ 8,493     $ 8,598  
    Allowance for Credit Losses on Unfunded Loan Commitments                  
    Balance at beginning of period $ 234     $ 147     $ 245     $ 266     $ 193  
    Provision for (release of) provision for credit losses during the period   (118 )     87       (98 )     (21 )     73  
    Balance at end of period   116       234       147       245       266  
    Allowance for Credit Losses $ 8,509     $ 8,733     $ 8,732     $ 8,738     $ 8,864  
    Allowance for credit losses on loans to total loans   0.95 %     0.94 %     0.95 %     0.96 %     0.96 %
    Allowance for credit losses to total loans   0.96 %     0.97 %     0.97 %     0.98 %     0.99 %
    Allowance for credit losses on loans to total nonperforming loans   86.95 %     113.46 %     101.13 %     95.33 %     94.97 %
    Allowance for credit losses to total nonperforming loans   88.15 %     116.58 %     102.86 %     98.08 %     97.91 %
                                           

    Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

    Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

    Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

    Forward-Looking Statements Disclaimer

    When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

    Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

    The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

    CONSOLIDATED INCOME STATEMENTS
    (Dollars in thousands, unaudited)

        For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Interest income   $ 13,706     $ 14,736     $ 14,838   $ 14,039     $ 13,760  
    Interest expense     5,635       6,516       6,965     6,591       6,300  
    Net interest income     8,071       8,220       7,873     7,448       7,460  
    (Release of) provision for credit losses     (203 )     14       8     (109 )     (33 )
    Net interest income after (release of) provision for credit losses     8,274       8,206       7,865     7,557       7,493  
    Noninterest income:                    
    Service charges and fee income     684       619       628     761       612  
    Earnings on bank-owned life insurance     195       127       186     134       177  
    Mortgage servicing income     269       277       280     279       282  
    Fair value adjustment on mortgage servicing rights     (99 )     77       101     (116 )     (65 )
    Net gain on sale of loans     49       53       40     74       90  
    Other income     —       7       —     30       —  
    Total noninterest income     1,098       1,160       1,235     1,162       1,096  
    Noninterest expense:                    
    Salaries and benefits     4,595       3,920       4,469     4,658       4,543  
    Operations     1,365       1,329       1,540     1,569       1,457  
    Regulatory assessments     221       189       189     220       189  
    Occupancy     437       409       414     397       444  
    Data processing     1,293       1,232       1,067     910       1,017  
    Net (gain) loss on OREO and repossessed assets     3       (21 )     —     (17 )     6  
    Total noninterest expense     7,914       7,058       7,679     7,737       7,656  
    Income before provision for income taxes     1,458       2,308       1,421     982       933  
    Provision for income taxes     291       389       267     187       163  
    Net income   $ 1,167     $ 1,919     $ 1,154   $ 795     $ 770  
     

    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    ASSETS                    
    Cash and cash equivalents   $ 131,494     $ 43,641     $ 148,930     $ 135,111     $ 137,977  
    Available-for-sale securities, at fair value     7,689       7,790       8,032       7,996       8,115  
    Held-to-maturity securities, at amortized cost     2,121       2,130       2,139       2,147       2,157  
    Loans held-for-sale     2,267       487       65       257       351  
    Loans held-for-portfolio     886,226       900,171       901,733       889,274       897,877  
    Allowance for credit losses – loans     (8,393 )     (8,499 )     (8,585 )     (8,493 )     (8,598 )
    Total loans held-for-portfolio, net     877,833       891,672       893,148       880,781       889,279  
    Accrued interest receivable     3,540       3,471       3,705       3,413       3,617  
    Bank-owned life insurance, net     22,685       22,490       22,363       22,172       22,037  
    Other real estate owned (“OREO”) and other repossessed assets, net     41       —       115       115       690  
    Mortgage servicing rights, at fair value     4,688       4,769       4,665       4,540       4,612  
    Federal Home Loan Bank (“FHLB”) stock, at cost     1,734       1,730       2,405       2,406       2,406  
    Premises and equipment, net     4,591       4,697       4,807       4,906       6,685  
    Right-of-use assets     3,546       3,725       3,779       4,020       4,259  
    Other assets     6,957       7,031       6,777       6,995       4,500  
    TOTAL ASSETS   $ 1,069,186     $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685  
    LIABILITIES                    
    Interest-bearing deposits   $ 783,660     $ 705,267     $ 800,480     $ 781,854     $ 788,217  
    Noninterest-bearing deposits     126,687       132,532       129,717       124,915       128,666  
    Total deposits     910,347       837,799       930,197       906,769       916,883  
    Borrowings     25,000       25,000       40,000       40,000       40,000  
    Accrued interest payable     586       765       908       760       719  
    Lease liabilities     3,828       4,013       4,079       4,328       4,576  
    Other liabilities     10,774       9,371       9,711       9,105       9,578  
    Advance payments from borrowers for taxes and insurance     2,450       1,260       2,047       812       2,209  
    Subordinated notes, net     11,770       11,759       11,749       11,738       11,728  
    TOTAL LIABILITIES     964,755       889,967       998,691       973,512       985,693  
    STOCKHOLDERS’ EQUITY:                    
    Common stock     25       25       25       25       25  
    Additional paid-in capital     28,515       28,413       28,296       28,198       28,110  
    Retained earnings     76,952       76,272       74,840       74,173       73,907  
    Accumulated other comprehensive loss, net of tax     (1,061 )     (1,044 )     (922 )     (1,049 )     (1,050 )
    TOTAL STOCKHOLDERS’ EQUITY     104,431       103,666       102,239       101,347       100,992  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,069,186     $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685  
     

    KEY FINANCIAL RATIOS
    (unaudited)

        For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Annualized return on average assets   0.45 %   0.70 %   0.42 %   0.30 %   0.29 %
    Annualized return on average equity   4.53 %   7.40 %   4.50 %   3.17 %   3.06 %
    Annualized net interest margin(1)   3.25 %   3.13 %   2.98 %   2.92 %   2.95 %
    Annualized efficiency ratio(2)   86.31 %   75.25 %   84.31 %   89.86 %   89.48 %
    (1) Net interest income divided by average interest earning assets.
    (2) Noninterest expense divided by total revenue (net interest income and noninterest income).
       

    PER COMMON SHARE DATA
    (unaudited)

        At or For the Quarter Ended
        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Basic earnings per share   $ 0.45   $ 0.75   $ 0.45   $ 0.31   $ 0.30
    Diluted earnings per share   $ 0.45   $ 0.74   $ 0.45   $ 0.31   $ 0.30
    Weighted-average basic shares outstanding     2,554,265     2,547,210     2,544,233     2,540,538     2,539,213
    Weighted-average diluted shares outstanding     2,578,609     2,578,771     2,569,368     2,559,015     2,556,958
    Common shares outstanding at period-end     2,566,069     2,564,907     2,564,095     2,557,284     2,558,546
    Book value per share   $ 40.70   $ 40.42   $ 39.87   $ 39.63   $ 39.47
                                   

    AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
    (Dollars in thousands, unaudited)

    The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest Earned/Paid   Yield/Rate   Average Outstanding Balance   Interest Earned/Paid   Yield/Rate   Average Outstanding Balance   Interest Earned/Paid   Yield/Rate
    Interest-Earning Assets:                                  
    Loans receivable $ 896,822     $ 12,588   5.69 %   $ 900,832     $ 13,070   5.77 %   $ 895,430     $ 12,233   5.49 %
    Interest-earning cash   95,999       1,010   4.27 %     130,412       1,534   4.68 %     107,361       1,416   5.30 %
    Investments   12,924       108   3.39 %     13,263       132   3.96 %     14,038       111   3.18 %
    Total interest-earning assets $ 1,005,745       13,706   5.53 %     1,044,507     $ 14,736   5.61 %   $ 1,016,829       13,760   5.44 %
    Interest-Bearing Liabilities:                                  
    Savings and money market accounts $ 335,419       2,058   2.49 %   $ 350,495       2,476   2.81 %   $ 284,455       1,866   2.64 %
    Demand and NOW accounts   140,905       108   0.31 %     144,470       128   0.35 %     159,762       141   0.35 %
    Certificate accounts   289,960       3,039   4.25 %     301,293       3,413   4.51 %     315,495       3,696   4.71 %
    Subordinated notes   11,766       168   5.79 %     11,756       168   5.69 %     11,724       168   5.76 %
    Borrowings   25,000       262   4.25 %     30,546       331   4.31 %     40,000       429   4.31 %
    Total interest-bearing liabilities $ 803,050       5,635   2.85 %   $ 838,560       6,516   3.09 %   $ 811,436       6,300   3.12 %
    Net interest income/spread     $ 8,071   2.68 %       $ 8,220   2.52 %       $ 7,460   2.32 %
    Net interest margin         3.25 %           3.13 %           2.95 %
                                       
    Ratio of interest-earning assets to interest-bearing liabilities   125 %             125 %             125 %        
    Noninterest-bearing deposits $ 126,215             $ 130,476             $ 132,438          
    Total deposits   892,499     $ 5,205   2.37 %     926,734     $ 6,017   2.58 %     892,150     $ 5,703   2.57 %
    Total funding (1)   929,265       5,635   2.46 %     969,036       6,516   2.68 %     943,874       6,300   2.68 %
    (1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
       

    LOANS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Real estate loans:                    
    One-to-four family   $ 262,457     $ 269,684     $ 271,702     $ 268,488     $ 279,213  
    Home equity     28,112       26,686       25,199       26,185       24,380  
    Commercial and multifamily     392,798       371,516       358,587       342,632       324,483  
    Construction and land     42,492       73,077       85,724       96,962       111,726  
    Total real estate loans     725,859       740,963       741,212       734,267       739,802  
    Consumer Loans:                    
    Manufactured homes     42,448       41,128       40,371       38,953       37,583  
    Floating homes     86,626       86,411       86,155       81,622       84,237  
    Other consumer     18,224       17,720       18,266       18,422       18,847  
    Total consumer loans     147,298       145,259       144,792       138,997       140,667  
    Commercial business loans     14,690       15,605       17,481       17,860       19,075  
    Total loans     887,847       901,827       903,485       891,124       899,544  
    Less:                    
    Premiums     688       718       736       754       808  
    Deferred fees, net     (2,309 )     (2,374 )     (2,488 )     (2,604 )     (2,475 )
    Allowance for credit losses – loans     (8,393 )     (8,499 )     (8,585 )     (8,493 )     (8,598 )
    Total loans held-for-portfolio, net   $ 877,833     $ 891,672     $ 893,148     $ 880,781     $ 889,279  
     

    DEPOSITS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Noninterest-bearing demand   $ 126,687   $ 132,532   $ 129,717   $ 124,915   $ 128,666
    Interest-bearing demand     143,595     142,126     148,740     152,829     159,178
    Savings     63,533     61,252     61,455     63,368     65,723
    Money market     287,058     206,067     285,655     253,873     241,976
    Certificates     289,474     295,822     304,630     311,784     321,340
    Total deposits   $ 910,347   $ 837,799   $ 930,197   $ 906,769   $ 916,883
     

    CREDIT QUALITY DATA
    (Dollars in thousands, unaudited)

        At or For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total nonperforming loans   $ 9,653     $ 7,491     $ 8,489     $ 8,909     $ 9,053  
    OREO and other repossessed assets     41       —       115       115       690  
    Total nonperforming assets   $ 9,694     $ 7,491     $ 8,604     $ 9,024     $ 9,743  
    Net charge-offs during the quarter   $ (21 )   $ (13 )   $ (14 )   $ (17 )   $ (56 )
    Provision for (release of) credit losses during the quarter     (203 )     14       8       (109 )     (33 )
    Allowance for credit losses – loans     8,393       8,499       8,585       8,493       8,598  
    Allowance for credit losses – loans to total loans     0.95 %     0.94 %     0.95 %     0.96 %     0.96 %
    Allowance for credit losses – loans to total nonperforming loans     86.95 %     113.46 %     101.13 %     95.33 %     94.97 %
    Nonperforming loans to total loans     1.09 %     0.83 %     0.94 %     1.00 %     1.01 %
    Nonperforming assets to total assets     0.91 %     0.75 %     0.78 %     0.84 %     0.90 %
                                             

    OTHER STATISTICS
    (Dollars in thousands, unaudited)

        At or For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
                         
    Total loans to total deposits     97.53 %     107.64 %     97.13 %     98.27 %     98.11 %
    Noninterest-bearing deposits to total deposits     13.92 %     15.82 %     13.95 %     13.78 %     14.03 %
                         
    Average total assets for the quarter   $ 1,051,135     $ 1,089,067     $ 1,095,404     $ 1,070,579     $ 1,062,036  
    Average total equity for the quarter   $ 104,543     $ 103,181     $ 102,059     $ 100,961     $ 101,292  
                                             

    Contact

    Financial:
    Wes Ochs  
    Executive Vice President/CFO
    (206) 436-8587  
       
    Media:
    Laurie Stewart  
    President/CEO
    (206) 436-1495  
       

    The MIL Network –

    April 30, 2025

  • MIL-OSI USA: Acting Chairman Pham Statement on OIG Investigation of Telework Violations

    Source: US Commodity Futures Trading Commission

    Acting Chairman Pham Statement on OIG Investigation of Telework Violations | CFTC

    /PressRoom/SpeechesTestimony/phamstatement042925
    Skip to main content

    April 29, 2025

    WASHINGTON, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham issued the following statement on the CFTC Office of Inspector General (OIG) Investigation into Allegations of Telework Violations by a CFTC employee:
    “While I’m disturbed by the many accounts of serious misconduct by former union leadership in this report—including a lengthy scheme to defraud the American taxpayer over many years that previous management failed to address appropriately—I’m relieved that the OIG was able to promptly shine a light on these matters to ensure accountability,” Acting Chairman Pham said. “My team became aware of an administrative review of these matters upon taking office in January and immediately asked the OIG to take the lead to avoid any conflicts and ensure independence. The OIG substantiated multiple allegations of wrongdoing, some of which involved criminal violations of law. I’m particularly troubled by the many false statements made under oath to the OIG, and I applaud the diligent work of the investigators to sort out fact from fiction.”

    -CFTC-

    MIL OSI USA News –

    April 30, 2025

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    Building Your Profile

    Once you’ve registered, you’ll move on to building your profile. This is where things start to get interesting. Sugar daddy websites typically let users write a short bio, upload photos, and list preferences for what they’re seeking—whether that’s financial help, emotional support, or simply someone to enjoy life with. Millionaire sugar daddy profiles often highlight lifestyle, availability, and expectations upfront, so there’s no confusion.

    With a good profile, you can make a huge difference in drawing the right sort of interest. That’s why most sugar babies and daddies take a bit of time to fill out every section. Sincerity is valued on a sugar daddy website, and more honest, detailed profiles tend to get more responses.

    ⇒ Join a Top-Rated Sugar Daddy Website Today

    Free vs. Paid Memberships

    A lot of questions come in here. Most sugar daddy websites allow you to join for free, but the best experience is usually only available through a premium membership. You may be able to set up a profile and browse for free, but you may need to pay to send messages, see who viewed you, or unlock certain features.

    However, some sugar baby websites also provide premium options for sugar babies, such as making your profile visible or accessing special features. However, if you are searching for sugar daddy websites to earn money, you will need to pick one that appreciates your time and provides tools that help you reach your goals.

    ⇒ Find Your Ideal Match on a Trusted Sugar Daddy Website

    How to Make Money on Sugar Daddy Websites

    For sugar babies, joining sugar daddy websites to make money isn’t just about receiving gifts or allowances—it’s about building connections with clear expectations and mutual respect. In today’s online sugar dating world, many are finding that with the right approach, these platforms offer genuine financial benefits while maintaining personal boundaries.

    Sugar Daddies usually seek financial support or mentorship and possible lifestyle perks in exchange for companionship, communication, and honesty. Everything is upfront, and these agreements vary. Everyone knows what they’re getting themselves into, and there is no guessing or manipulation.

    Arrangements are established on respectable sugar baby websites on the comfort levels of the person. Monthly allowances, per-meet contributions, or help with specific needs such as tuition or rent are some of the sugars that some sugar babies prefer. These discussions early on are awkward for no one, though it’s clear.

    ⇒ Discover Your Perfect Sugar Dating Match!

    It’s not only about money. Sugar babies feel a lot of confidence, hone their communication skills, and connect to experienced, well-established partners who can give more than just financial help. The most successful arrangements have a certain level of trust and transparency on both sides, and respect goes both ways.

    In addition, there is some discretion involved. Private messaging, photo blurring, and profile controls are most sugar dating platforms that allow you to keep things private. This helps both sides to keep their privacy secure while exploring real possibilities for connection.

    Sugar daddy websites for money are an efficient and empowering way to acquire funds, especially if you are ready for flexibility or stability or would like to earn extra income whilst taking heed of your school studies or career.

    ⇒ Explore Verified Profiles on a Leading Sugar Daddy Website

    Safety Tips When Using Sugar Daddy Websites

    Safety is one of the most important parts of using sugar daddy websites. Whether you’re new to the scene or have been part of the sugar daddy dating world for a while, understanding how to protect yourself online should always come first. The best experiences happen when both sugar daddies and sugar babies know how to spot red flags and follow smart safety habits from the start.

    Verified Profiles Matter

    The best sugar daddy websites today understand the importance of keeping their communities real and respectful. One of the easiest ways to ensure that the person you’re talking to is genuine is by looking for verified profiles. Many sugar daddy sites have verification processes that ask users to confirm their identity with photo IDs, selfies, or other forms of proof. If a platform doesn’t offer this option, it’s a red flag. Verified profiles cut down on scammers and fake accounts, and they make it easier for users to relax and build real connections.

    ⇒ Join a Reputable Sugar Daddy Website

    Red Flags You Shouldn’t Ignore

    Unfortunately, not everyone who’s online is honest. One should pay attention to the common signs of a scam or dishonest behavior. That is a serious warning sign if someone is afraid of video calls, won’t step in and verify their identity, or asks for money right before you’ve even met and agreed to anything. The sugar daddy would never randomly bombard you with ‘too good to be true‘ and weird requests that make you feel weird about it. However, sugar daddies should be careful about sugar babies who ask about money right away, dodge questions all the time, or tell different stories.

    Best Practices for Sugar Babies

    If you are a sugar baby, follow your gut. First, you need to begin with just the best sugar daddy websites that are known and have good safety features, such as secure messaging, profile moderation, and reporting system. At first, keep the conversation on the platform, and when you start chatting with someone. During the process, don’t hand over your phone number, email, or any of your social media handles so early in the request. Have one friend for the first few times they meet in public, and let that friend know where you’ll be. The actions may be small, but they add up to being safe.

    ⇒ Connect with Elite Singles on a Discreet Sugar Daddy Website

    Best Practices for Sugar Daddies

    Sugar daddies have to watch out, too. You should search for sugar babies with full and honest profiles. Having clear photos and a thoughtful bio can go a long way in expressing sincerity. Never cave into rash feelings about sugar daddy sites. Understand them first before entering into financial arrangements – or any other kind for that matter, then use the strong safety tools the sites offer to both parties. Communication and mutual agreement, not pressure, is the basis for real relationships in the sugar dating space.

    Stay on the Right Sites

    Finally, choose the right platforms. Choose the best sugar daddy websites that are known for moderation, transparency, and real users. These sites provide secure chat systems, profile vetting, and a way to report suspicious activity, all of which will help you stay in control of your experience.

    Simply put, safety in a sugar daddy dating site boils down to making common sense, relying on your instincts, and choosing a platform with user protection as a top priority. Sugar dating can be fun, companionship, or a serious arrangement, but if you stay smart about safety, you can have the most sugar dating without the stress.

    ⇒ Discover Premium Sugar Daddy Dating Opportunities

    Tips for Creating a Successful Sugar Daddy or Sugar Baby Profile

    Your profile is the first impression you make, and on sugar daddy websites, authenticity and clarity go a long way.

    • Use Real, High-Quality Photos: Clear, recent pictures add credibility and attract serious users.
    • Write a Specific Bio: State what you’re looking for and what you offer. Be honest about your expectations.
    • Verify Your Profile: Verified users receive more attention and trust on top sugar dating sites.
    • Be Respectful and Clear in Messages: Communication should be polite, clear, and aligned with the platform’s culture.

    ⇒ Sign Up for the Best Sugar Daddy Website!

    How to Find a Sugar Daddy Online

    How to approach sugar dating online can be the difference between a worthwhile experience and an exhausting one for any sugar babies or sugar daddies. If you are a newbie to this lifestyle or just want to get better results in 2025, here’s how you can find a sugar daddy or connect to someone who is after the same goal.

    Tips for Sugar Babies

    If you’re wondering how to get a sugar daddy who actually values you and respects your time, it starts with your profile. This is your introduction—your pitch. Be confident, be honest, and don’t over-edit your personality. The goal isn’t to look like someone you think he wants; the goal is to stand out by being the real you.

    Your photos should be clear and recent. Don’t lean too heavily on filters or professional shoots that don’t reflect your day-to-day look. Sugar daddies aren’t just looking for looks—they’re looking for confidence, charm, and someone who understands what a mutually beneficial connection means.

    When you start chatting with someone, don’t be afraid to clarify what you’re looking for. The right sugar daddy will appreciate your honesty. Being upfront doesn’t make you demanding—it shows you value your time and his.

    Safety comes first. Use platforms that offer ID verification or moderation, and keep communications on the app or website until you’re completely comfortable. Avoid sending money or personal financial info, and meet in public places for the first time.

    ⇒  Explore the best sugar daddy dating site everyone is using.

    Tips for Sugar Daddies

    If you’re looking for where to find a sugar daddy relationship that works, it’s important to understand the tone of today’s online sugar dating scene. Sugar babies today are educated and independent, and they know their worth. They’re not just looking for money—they’re seeking connection, mentorship, and clarity.

    So when reaching out, respect their time and be upfront about your expectations. Whether you’re looking for ongoing companionship or something more casual, stating that clearly avoids confusion.

    A strong profile helps here, too. Talk about your interests, what kind of arrangement you prefer, and what you enjoy offering in return. And just like sugar babies—stay safe. Never send sensitive financial information through unsecured channels, and if a profile seems too perfect or pushy about money right away, take a step back.

    ⇒ Match with Your Ideal Sugar Partner Today!

    Expert Tips for Sugar Dating

    Finding the right match on a sugar daddy website takes more than just creating an account and sending a few messages. The team at Sugar Dating Experts has spent years reviewing platforms, studying real success stories, and speaking with experienced users to understand what actually works in the world of sugar dating. Here are some of their top expert-backed tips to help you make the most of your time on the best sugar daddy websites and avoid the common pitfalls that trip up new users.

    1. Choose the Right Sugar Daddy Site

    Not all sugar daddy sites are created equal. Some are packed with inactive accounts or overrun by bots. That’s why starting on one of the best sugar daddy websites—those known for verified users, active communities, and strong security—is the smartest move. If you’re serious about building a successful arrangement, it’s worth joining a sugar daddy website that values discretion, clear communication, and quality matches over quantity.

    ⇒ Start Your Sugar Dating Journey with a Safe Sugar Daddy Website

    2. Keep Your Profile Real and Focused

    Whether you’re a sugar baby or a sugar daddy, your profile is your first impression. Avoid clichés and vague statements. Be clear about what you’re looking for, and stay honest. If you’re a sugar baby, don’t be afraid to outline your interests and expectations while remaining polite and respectful. If you’re a sugar daddy, listing what kind of connection you prefer (and what you’re offering in return) will help attract the right kind of attention.

    3. Prioritize Communication and Boundaries

    From the first message to your first meeting, setting the tone early is essential. Don’t be afraid to talk about your boundaries, expectations, and level of comfort with certain topics. Good sugar dating relationships thrive on clear communication. Respect is key. The best connections on sugar daddy websites are built on mutual understanding—not games or assumptions.

    4. Take Safety Seriously

    A legitimate sugar daddy website should offer secure messaging, profile moderation, and clear policies against harassment or fraud. Stick to platforms that offer those features. Never send money to someone you haven’t met or fully vetted, and don’t feel pressured to give out personal details too quickly. Sugar dating is all about mutual benefit and trust, not rushed decisions.

    5. Have Realistic Expectations

    A relationship built through sugar dating can be exciting and rewarding, but only when both sides are upfront about what they want. Patience goes a long way. Don’t expect perfection right away. The most successful users on sugar daddy sites know it takes a bit of time, trial, and honesty to find the right fit.

    ⇒ Discover Your Perfect Sugar Dating Match!

    Final Thoughts

    As 2025 continues to shape the way people build relationships, sugar daddy websites are proving they’re more than just a passing trend—they’re becoming a serious choice for adults who know what they want. From the rise of premium sugar daddy sites to the ease of mobile platforms, today’s users are finding smarter, safer, and more respectful ways to build mutually beneficial relationships.

    Sugar daddy websites have evolved into legitimate, well-regulated platforms that help people form beneficial and respectful connections. With proper safety precautions, honest communication, and the right platform, sugar dating can offer personal growth, companionship, and support for both parties.

    The best sugar daddy websites offer a refreshing alternative to traditional dating. Instead of wasting time on apps full of mixed signals, people can now connect with others who share clear goals—whether it’s companionship, support, or a lifestyle upgrade. It’s about honesty, clarity, and being upfront from the beginning.

    If you’re wondering how to find a sugar daddy or where to find a sugar daddy who respects boundaries and values communication, then starting with a trusted sugar daddy website is the right move. 

    Frequently Asked Questions

    What are sugar daddy websites?

    Sugar daddy websites are online platforms designed to connect successful, often older individuals (sugar daddies) with younger partners (sugar babies) looking for mentorship, support, or mutually beneficial relationships. These websites offer a safe, structured environment for users to communicate and define their expectations.

    How do I choose the best sugar daddy website?

    To choose the best sugar daddy website, consider factors like user verification, security features, ease of use, number of active users, and the site’s reputation. Look for platforms with clear guidelines, responsive customer support, and robust privacy protection. Reading reviews and comparing features can also help you select the most suitable option.

    Are sugar daddy websites safe to use?

    The top sugar daddy websites invest heavily in user safety. They often include profile verification, encryption, and fraud detection tools. However, safety also depends on user behavior. It’s important to follow online dating best practices, such as avoiding sharing sensitive information too quickly and meeting in public places.

    Is joining a sugar daddy website free?

    Most sugar daddy websites offer free basic accounts, but premium features like unlimited messaging, profile boosts, or access to verified users usually require a paid subscription. Some platforms allow sugar babies to join for free, while sugar daddies may need to pay to interact fully.

    What is the most popular sugar daddy site in 2025?

    While popularity can vary by region and demographic, platforms like sugardaddy.com continue to be among the most visited and trusted sugar daddy websites in 2025. Each site has unique features, so the best option depends on what kind of arrangement you’re seeking.

    Can you find a genuine relationship on sugar daddy websites?

    Yes, many users find meaningful and long-term relationships through sugar daddy websites. Clear communication, honesty about expectations, and choosing a reputable platform increase the chances of forming genuine connections.

    Media Contact

    Company: Sugar Daddy LLC

    Contact Person: Christopher A. Waldo

    Email: support@sugardaddy.com

    Address: 5820 Sunset Ridge Ave, Las Vegas, Nevada, USA

    URL: https://www.sugardaddy.com/

    Phone: +1 (888) 841-4235

    Content Accuracy Disclaimer

    Every effort has been made to ensure the accuracy of the information presented in this article. However, due to the dynamic nature of product formulations, promotions, and availability, details may change without notice. The publisher makes no warranties or representations as to the current completeness or accuracy of any content, including product claims, pricing, or ingredient lists.

    It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.

    Affiliate Disclosure

    This article may contain affiliate links. If you purchase a product or service through these links, the publisher may earn a commission at no additional cost to you. These commissions help support the creation of in-depth reviews and educational wellness content.

    The publisher only promotes products that have been independently evaluated and deemed potentially beneficial to readers. However, this compensation may influence the content, topics, or products discussed in this article. The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of any affiliate partner or product provider.

    All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.

    No warranties, either expressed or implied, are made about the completeness, accuracy, reliability, or suitability of the content provided. The publisher and all affiliated parties expressly disclaim any and all liability arising directly or indirectly from the use of any information contained herein.

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    The MIL Network –

    April 30, 2025

  • MIL-OSI Russia: Financial news: On holding auctions on April 30, 2025 to place OFZ issues No. 26235RMFS and No. 26246RMFS

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26235RMFS from 10/12/2020
    Date of the auction April 30, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26235RMFS0
    ISIN code RU000A1028E3
    Calculation code B05
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26246RMFS from 08.05.2024
    Date of the auction April 30, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26246RMFS7
    ISIN code RU000A108EE1
    Calculation code B05
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

    April 30, 2025

  • MIL-OSI USA: Dingell, Jayapal, Sanders Introduce Medicare for All

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    U.S. Representatives Debbie Dingell (MI-06) and Pramila Jayapal (WA-07), and U.S. Senator Bernie Sanders (I-VT) are today introducing the Medicare for All Act of 2025. 

    “Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.” 

    “It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken healthcare system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”

    “The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders.“It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”

    Dingell has long led the fight for universal health care coverage, introducing Medicare for All every Congress since she was elected. Her father-in-law, John Dingell Sr., drafted the first legislation that ultimately led to the creation of Medicare and her husband, John Dingell Jr., introduced a single-payer healthcare plan every session he served in Congress.

    The Medicare for All Act builds upon and expands Medicare to provide comprehensive benefits to every person in the United States. This includes primary care, vision, dental, prescription drugs, mental health, substance abuse, long-term services and supports, reproductive health care, and more. The Medicare for All Act of 2025 also includes universal coverage of long-term care with no cost-sharing for older Americans and individuals with disabilities, and prioritizes home and community-based care over institutional care. Additionally, patients have the freedom to choose the doctors, hospitals, and other providers they wish to see without worrying about whether a provider is in-network. Importantly, the legislation streamlines the health care system to negotiate drug prices and reduce exorbitant administrative waste.

    This legislation comes at a critical time when vital lifesaving health care programs, like Medicaid and Veterans Health Administration benefits, are at risk of being completely gutted by the Trump Administration. Currently, 85 million people in America are either uninsured or underinsured, and if the Trump Administration succeeds at completely privatizing our health care infrastructure, the number of uninsured and uninsured people will grow exponentially. The legislation has 104 original cosponsors in the House and 16 original cosponsors in the Senate.

    View a video of the introduction press conference here. 

    “Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”

    “We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Plan. With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”

    “Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said APWU President Mark Dimondstein. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal healthcare working people deserve. “Medicare for All,” healthcare as a human right, will make us all healthier and financially better off. A healthcare system that works for working people, not the profits of the insurance companies, is long overdue.  It’s time for Medicare for All.”

    “Medicaid is a life and death issue for tens of millions of people,” said Jaron Benjamin, Deputy Chief of Campaigns at Popular Democracy in Action. “For years, our network has fought for programs like Medicaid and Medicare that keep families whole: elders aging with dignity, children getting the care they need, people with disabilities living full lives. Instead of protecting what works, Republicans in Congress are pushing cuts to Medicaid so they can hand more money to their billionaire backers. We won’t stand by while our communities are sacrificed for tax giveaways.”

    “As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president, Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else.  Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”

    “If you want to renew the public’s faith in our political system, pass The Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”

    “Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”

    “Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table. We’re sick of having to go on strike just to have decent health care,” said Shawn Fain, President of the UAW. “We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI USA: Wyden Urges Commerce Department to Establish Clear Guidelines to Prevent the Illegal Diversion of Firearms Sold Abroad

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    April 29, 2025

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., today called on the Commerce Department to establish clear guidelines to prevent the illegal diversion of American-made firearms sold abroad.

    Wyden’s letter to Commerce Department Secretary Howard Lutnick follows recent reports indicating that staffing shortages at the Bureau of Industry and Security (BIS), a subagency of Commerce, have hampered its ability to effectively vet foreign companies purchasing U.S.-made firearms and prevent them from diverting these weapons to terrorists or other criminals.

    “End-use checks, which require on-location verification of importers’ bona fides, are the cornerstone of an effective export control policy and are paramount to ensure end user compliance with approved license agreements and to verify that controlled dual-use items like firearms are not being illicitly diverted or re-exported to bad actors,” Wyden stated in his letter to Secretary Lutnick.

    These staffing shortages have also led BIS to rely in some cases on the International Trade Administration (ITA) – whose primary responsibility is to promote and facilitate U.S. commercial interests abroad – to carry out on-site inspections known as “end-use checks,” which are meant to ensure that purchasers are not merely operating as fronts to funnel American-made firearms to criminal organizations. However, in some cases, ITA staff who conducted end-use checks also recruited foreign businesses to attend a firearms trade show, posing a clear conflict of interest. 

    “An official charged with national security responsibilities over certain firearms cannot and should not be the same official charged with selling the same firearms,” Wyden emphasized, raising further concerns about ITA’s serious conflict of interest in playing two very different roles at once. ITA officials may also lack the requisite training, knowledge, and investigative experience to vet foreign actors purchasing American firearms.

    To prevent conflicts of interest and strengthen oversight to ensure American firearms exported abroad do not end up in the hands of foreign terrorist organizations or other bad actors, Wyden requested Secretary Lutnick create clear intra-agency guidelines and respond to the following questions:

    1. Is BIS planning on establishing an Export Control Officer position for either the Western Hemisphere or Africa?
    2. Will the Commerce Department commit to requiring BIS and ITA to develop guidance, including standard operating procedures for ITA FCS officers who are conducting end-use checks?
    3. Does ITA have a policy on allowing locally employed staff to conduct end-use monitoring?
    4. What training do ITA FCS officers currently receive regarding end-use monitoring and Export Administration Regulations?
    5. How many end-use checks for firearms or related items such as ammunition and optical devices have been conducted by ITA FCS officers in the last five calendar years? How many of these checks resulted in the denial of exports?
    6. How many firearms export licenses have been approved by BIS since February 1, 2025?

    The text of the letter is here.

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI Russia: Financial News: Over 500,000 Private Investors Made Deals Over the Weekend

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    On April 26, 2025, the maximum volume of transactions was recorded during the additional weekend trading session on the Moscow Exchange. At the end of the day, the trading volume amounted to 29.8 billion rubles.

    Over 505,000 people took advantage of the opportunity to make deals with shares on the Moscow Exchange in the first two months of weekend trading. During this period, traders and their clients made almost 3.5 million deals with a total volume of 154.1 billion rubles.

    30 professional bidders took part in the auction.

    Moscow Exchange reminds that on May 3-4 and May 10-11 trading on the stock market will be held within the framework of additional weekend session. A detailed schedule of trades during the May holidays can be found on the Moscow Exchange website.

    Participants have access to 100 shares of Russian companies during weekend trading sessions. Liquidity is supported by market makers. Trading is conducted within the framework of an additional weekend session, which is part of the trading day following the weekend. To reduce volatility risks and ensure liquidity, price boundaries during weekend trading are narrowed to 3% of the last current price of the previous trading day.

    Weekend trading on the Moscow Exchange stock market launched on March 1, 2025.

    A detailed description of the weekend trading technology is posted on the Moscow Exchange website.

    Stock Market Trading CalendarMoney Market Trading CalendarTrading calendar

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.K.

    MIL OSI Russia News –

    April 30, 2025

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Incentivizes Domestic Automobile Production

    Source: The White House

    INCENTIVIZING DOMESTIC AUTO PRODUCTION: Today, President Donald J. Trump signed a proclamation to protect national security by incentivizing domestic automobile production and reducing American reliance on imports of foreign automobiles and their parts.

    • The proclamation modifies the tariff action on automobiles and automobile parts by encouraging manufacturers to assemble their automobiles in the U.S., thereby reducing American reliance on foreign imports of automobiles and automobile parts.
    • It offers an offset to a portion of tariffs for automobile parts used in U.S.-assembled vehicles equal to 3.75% of the Manufacturer’s Suggested Retail Price (MSRP) of a manufacturer’s U.S. production for the next year (April 3, 2025 to April 30, 2026), and 2.5% of U.S. production the year after (May 1, 2026 to April 30, 2027).
      • These percentages reflect the duty that would be owed when a 25% duty is applied to 15% of the value of a U.S.-assembled automobile in the first year, and to 10% of the value of a U.S.-assembled automobile in the second year.
      • All other automobile imports will still be subject to the 25% tariff.
      • For instance, if a manufacturer builds a car in the U.S. that has 85% U.S. or USMCA content, the manufacturer effectively will not owe tariffs on that vehicle’s production for the first year.
      • If a manufacturer builds a car in the U.S. that is 50% U.S. or USMCA content and 50% imported from elsewhere, then instead of paying the tariff on the full 50% of the imported car parts, the manufacturer effectively only pays on 35% for the first year.
    • The proclamation sets strict penalties for importers who claim tariff reduction in excess of approved amounts.
    • This modified action will more effectively address the threat to national security by reducing reliance on foreign manufacturing, strengthening U.S. vehicle assembly operations, boosting domestic R&D, and creating American jobs, all of which are essential to a strong defense industrial base.

    MAINTAINING A RESILIENT DOMESTIC INDUSTRIAL BASE: President Trump is taking further action to ensure the U.S. can sustain its domestic industrial base and meet national-security needs. 

    • The COVID-19 pandemic exposed critical vulnerabilities and choke points in global supply chains, undermining our ability to maintain a resilient domestic industrial base.
    • Legislation, pre-existing trade agreements like the USMCA, revisions to the U.S.-Korea Free Trade Agreement, and subsequent negotiations have not sufficiently mitigated the threat to national security posed by imports of automobiles and certain automobile parts.
    • Foreign automobile industries, bolstered by unfair subsidies and aggressive industrial policies, have expanded, while U.S. production has stagnated.
    • In 1985, American-owned facilities in the United States manufactured 11.0 million automobiles, representing 97% of overall domestic (American- and foreign-owned) production of automobiles.
    • In 2024, Americans bought approximately 16 million cars, SUVs, and light trucks, and 50% of these vehicles were imports (8 million).
      • Of the other 8 million vehicles assembled in America and not imported, the average domestic content is conservatively estimated at only 50% and is likely closer to 40%.
      • Therefore, of the 16 million cars bought by Americans, only 25% of the vehicle content can be categorized as Made in America.
    • The United States trade deficit in automobile parts reached $93.5 billion in 2024.
    • Currently, the U.S. automobile and automobile parts industry (American-owned and foreign-owned firms) employs approximately one million U.S. workers.
    • Employment in automotive parts manufacturing totaled approximately 553,300 jobs in 2024, a decline of 286,000 jobs or 34% since 2000.
    • In 2023, Research and Development (R&D) by American-owned automobile manufacturers amounted to only 16% of global R&D spending. R&D by American-owned firms lagged behind the EU, which controlled 53% of global R&D.

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI USA News: Amendments to Adjusting Imports of Automobiles and Automobile Parts Into the United States

    Source: The White House

    class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

    A PROCLAMATION

    1.  On February 17, 2019, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of passenger vehicles (sedans, sport utility vehicles, crossover utility vehicles, minivans, and cargo vans) and light trucks (collectively, automobiles) and certain automobile parts (engines and engine parts, transmissions and powertrain parts, and electrical components) (collectively, automobile parts) on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
    2.  In Proclamation 9888 of May 17, 2019 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I concurred with the Secretary’s finding in the February 17, 2019, report that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.  I directed the United States Trade Representative (Trade Representative), in consultation with other executive branch officials, to pursue negotiation of agreements to address the threatened impairment of the national security of the United States with respect to imported automobiles and certain automobile parts from certain countries.  The Trade Representative’s negotiations did not lead to any agreements of the type contemplated by section 232.  I also directed the Secretary to monitor imports of automobiles and certain automobile parts and inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action under section 232 with respect to such imports.
    3.  In Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I found, based on information newly provided by the Secretary, that imports of automobiles and certain automobile parts continued to threaten to impair the national security of the United States and deemed it necessary and appropriate to impose a tariff system to adjust imports of automobiles and certain automobile parts so that such imports will not threaten to impair national security.  The tariffs on automobiles have been in effect since 12:01 a.m. eastern daylight time on April 3, 2025; the tariffs on automobile parts are set to go into effect on or after 12:01 a.m. eastern daylight time on May 3, 2025. 
    4.  In Proclamation 10908, I also deemed it necessary and appropriate to establish processes to identify and impose tariffs on additional automobile parts to ensure that the tariffs on automobiles and certain automobile parts are not circumvented and that the purpose of this action to eliminate the threat to the national security of the United States by imports of automobiles and certain automobile parts is not undermined.  I directed the Secretary to set up such a process within 90 days of the date of Proclamation 10908.
    5.  In Proclamation 10908, I also directed the Secretary to continue to monitor imports of automobiles and automobile parts, to review the status of such imports with respect to national security, and to inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  The Secretary has advised me that additional action is warranted in the interest of meeting the national security objectives outlined in Proclamation 10908.
    6.  In my judgment, it is necessary and appropriate to modify the system of monetary fees and related measures imposed to adjust imports of automobiles and certain automobile parts pursuant to Proclamation 10908 to more effectively eliminate the threat imports of automobiles and certain automobile parts pose on the national security of the United States.
    7.  I determine that the modified system, by linking the ultimate monetary fee imposed on imports of automobile parts to the imports’ use in assembly of automobiles within the United States, in the way and on the timeline described below, will adjust imports of automobiles and automobile parts and more effectively eliminate such imports’ threat to impair national security.  I find that the modified system will more effectively eliminate the national security threat because it will more quickly reduce reliance on foreign manufacturing and importation of automobiles and automobile parts; strengthen United States vehicle assembly operations by encouraging companies to expand domestic production capacity, which is critical to a strong domestic defense industrial base; shift manufacturing activity into the United States; increase domestic automotive research and development so that American-owned producers can produce cutting-edge technologies that are essential to the United States defense industrial base and our military superiority; create jobs in the automotive industry that increase the number of employees in the domestic automotive industry; and ensure that other benefits of production are concentrated in the United States. 
    8.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States so that such imports will not threaten to impair national security.
    9.  Section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code; section 604 of the Trade Act of 1974, as amended; and section 232 of the Trade Expansion Act of 1962, as amended, do hereby proclaim as follows:
    (1)  To more effectively eliminate the threat to impair national security posed by imports of automobiles and automobile parts, I find that it is necessary to modify the system imposed in Proclamation 10908 by reducing duties assessed on automobile parts accounting for 15 percent of the value of an automobile assembled in the United States for 1 year and equivalent to 10 percent of that value for an additional year as follows:
    (a)  For automobiles assembled in the United States, automobile manufacturers shall be eligible to receive an import adjustment offset amount applicable to section 232 duties on automobile parts based on the following schedule:
    (i)   The automobile manufacturer may apply for an import adjustment offset amount equal to 3.75 percent of the aggregate Manufacturer’s Suggested Retail Price (MSRP) value of all automobiles assembled in the United States from April 3, 2025, through April 30, 2026.
    (ii)  The automobile manufacturer may apply for an import adjustment offset amount equal to 2.5 percent of the aggregate MSRP value of all automobiles assembled in the United States from May 1, 2026, through April 30, 2027.
    (b)  The percentage rate provided in subsection (i) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 15 percent of an automobile’s MSRP value.  The percentage rate provided in subsection (ii) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 10 percent of an automobile’s MSRP value. 
    (c)  Only automobiles that undergo final assembly in the United States are eligible to be included in this calculation.  The manufacturer’s import adjustment offset amount may only be used by importers of record authorized by that manufacturer, and the amount may only be used to offset tariff liability related to that manufacturer’s automobile parts tariff liability under Proclamation 10908.  Should a manufacturer’s import adjustment offset amount exceed the total amount attributable to that manufacturer’s automobile parts tariff liability under Proclamation 10908, the relief is capped at the total amount of that manufacturer’s automobile parts tariff liability under Proclamation 10908, and the manufacturer may not use the additional amount above that cap to offset any other tariff liability.  A manufacturer with an approved import adjustment offset amount may determine the importers of record eligible to decrement against that manufacturer’s import adjustment offset amount, and that list of importers of record may include suppliers in that manufacturer’s supply chain for automobiles assembled in the United States if the manufacturer so chooses.
    (2)  (a)  Within 30 days of the date of this order, the Secretary shall establish a process by which manufacturers seeking an import adjustment offset amount shall submit to the Secretary:
    (i)    documentation certifying the number of automobiles the manufacturer projects it will assemble in the United States, as well as a list of all plant locations where the projected automobiles will undergo final production;
    (ii)   documentation certifying the manufacturer’s projected cost of tariffs due to imported automobile parts subject to Proclamation 10908, broken down by tariff costs the manufacturer will incur directly and tariff costs the manufacturer will incur from its suppliers;
    (iii)  documentation detailing the total import adjustment offset amount requested within the schedule determined by the Secretary in accordance with this proclamation;
    (iv)   documentation identifying the importer(s) of record, including importer of record numbers, eligible to use that manufacturer’s import adjustment offset amount, as well as the amount of the manufacturer’s offset amount allotted to each importer of record; and
    (v)    a certification, signed by a senior officer of the manufacturer, attesting under penalty of perjury that the information submitted under subsections (i) through (iv) is true, complete, and accurate to the best of the manufacturer’s knowledge, and that the manufacturer has conducted reasonable due diligence to verify the accuracy of the assertions and facts contained in its submissions.
    (b)  Upon verification of the completeness and accuracy of a manufacturer’s submission and the manufacturer’s eligibility, the Secretary shall approve the application and notify U.S. Customs and Border Protection (CBP) with the information necessary for CBP to administer and implement the manufacturer’s import adjustment offset amount, including importer of record number(s) for the importer(s) eligible to use each offset amount and the approved import adjustment offset amount.  CBP shall confer the approved offset amount to the approved importer(s) of record using processes and mechanisms consistent with CBP’s operational framework and tariff administration procedures, including offset against current tariff obligations due at the time of entry, or other lawful methods.
    (3)  The Secretary, in consultation with the Secretary of the Treasury and the Commissioner of CBP, shall issue such regulations, guidance, and procedures as necessary to carry out the provisions of this proclamation and Proclamation 10908, and may establish standards for determining United States content and for validating manufacturer certifications.
    (4)  The Secretary, in consultation with the United States International Trade Commission and CBP, shall determine whether modifications to the HTSUS are necessary to effectuate this proclamation and may make such modifications through notice in the Federal Registerif needed.
    (5)  CBP shall begin providing approved importers with an import adjustment offset amount as soon as practicable and may request information from importers of record as necessary to implement a particular manufacturer’s import adjustment offset amount. 
    (6)  Should an importer claim and receive any import adjustment offset amount from CBP in excess of the amount approved by the Secretary, CBP may assess monetary penalties in the maximum amount permitted by law.
    (7)  The Secretary shall continue to monitor imports of automobiles and automobile parts.  The Secretary also shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of such imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in Proclamation 10908, or any proclamation issued pursuant thereto, is no longer necessary.
    (8)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  This proclamation shall apply in accordance with the Executive Order of April 29, 2025 (Addressing Certain Tariffs on Imported Articles).
    IN WITNESS WHEREOF, I have hereunto set my hand this
    twenty-ninth day of April, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

                                   DONALD J. TRUMP

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI USA News: Addressing Certain Tariffs on Imported Articles

    Source: The White House

    class=”has-text-align-left”>
    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Purpose.  The United States has imposed tariffs under various statutory authorities and through a number of Executive Orders and proclamations to protect national security and address unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Although each of these actions, as listed in section 2 of this order, serves separate and distinct policy purposes, I have now determined that, to the extent these tariffs apply to the same article, these tariffs should not all have a cumulative effect (or “stack” on top of one another) because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goals.  To avoid the cumulative effect of overlapping tariffs on certain articles, this order sets out the procedure for determining which of multiple tariffs shall apply to an article when that article is subject to more than one of the actions listed in section 2 of this order.

    Sec. 2.  Applicability.  This order shall apply only to the administration of tariffs imposed through the following actions and subsequent amendments to those tariffs:
    (a)  Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States);
    (b)  Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended by Executive Order 14197 of February 3, 2025 (Progress on the Situation at Our Northern Border), Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), and Executive Order 14231 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Northern Border);
    (c)  Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended by Executive Order 14198 of February 3, 2025 (Progress on the Situation at Our Southern Border), Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), and Executive Order 14232 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Southern Border);
    (d)  Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10895 of February 10, 2025 Adjusting Imports of Aluminum Into the United States); and
    (e)  Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).

    Sec. 3.  Non-Stacking of Tariff Measures.  (a)  Notwithstanding any provision of any action listed in section 2 of this order, tariffs for articles subject to tariffs under the actions listed in section 2 of this order shall apply as follows: 
              (i)    An article subject to tariffs pursuant to the action listed in section (2)(a) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in sections 2(b) through 2(e) of this order.
             (ii)   An article subject to tariffs pursuant to the actions listed in section 2(b) or 2(c) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) or 2(e) of this order. 
             (iii)  An article subject to tariffs pursuant to the actions listed in section 2(d) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(e) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs; likewise, an article subject to tariffs pursuant to the actions listed in section 2(e) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs.
         (b)  Subsection (a) of this section shall not be construed to diminish the validity of any action listed in section 2 of this order.  Each action listed in section 2 of this order remains independently valid and enforceable, except that the duty rates provided by these actions shall not be cumulative when the conditions outlined in subsection (a) of this section are met.
         (c)  If an imported article is subject to both a tariff imposed pursuant to subsection (a) of this section and one or more tariffs imposed pursuant to an action or actions not listed in section 2 of this order, then the tariff imposed on the article pursuant to subsection (a) of this section shall be cumulative with the tariff or tariffs imposed pursuant to the action or actions not listed in section 2 of this order.

    Sec. 4.  Non-applicability to Other Tariff Measures.  (a)  Nothing in this order shall be interpreted to alter or limit the application of any duties, taxes, fees, or exactions other than those imposed pursuant to the actions listed in section 2 of this order.
    (b)  Accordingly, an article that is subject to duties pursuant to an action listed in section 2 of this order may still be subject to other applicable duties, taxes, fees, exactions, and charges, such as, but not limited to, those set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTSUS); duties imposed pursuant to section 301 of the Trade Act of 1974, as amended; duties imposed pursuant to Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended; and antidumping and countervailing duties.

    Sec. 5.  Implementation.  (a)  The Secretary of Homeland Security, acting through the Commissioner of U.S. Customs and Border Protection and in consultation with the Secretary of the Treasury, shall take all necessary steps to update guidance, systems, and enforcement mechanisms, including to revise, suspend, or rescind any regulations that may be inconsistent with this order, to reflect the policy set forth in this order.
    (b)  The Secretary of Commerce and the Secretary of Homeland Security, in coordination with the Secretary of the Treasury and the United States Trade Representative, shall provide additional guidance as necessary to ensure consistent interpretation and application of the policy set forth in this order.
    (c)  The Secretary of Homeland Security is authorized to determine whether changes to the HTSUS are necessary and to coordinate with the Chair of the United States International Trade Commission to implement all necessary changes to execute this order.
    (d)  Any changes to the HTSUS necessary to comply with this order shall be made not later than 12:01 a.m. eastern daylight time on May 16, 2025.  This order shall apply retroactively to all entries of merchandise subject to any applicable tariffs outlined in section 2 of this order and made on or after March 4, 2025.  Any refunds will be processed pursuant to applicable laws and U.S. Customs and Border Protection’s standard procedures for such refunds.

    Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
              (i)   the authority granted by law to an executive department or agency, or the head thereof; or
              (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,
        April 29, 2025.

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

    Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

    As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

    Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

    A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

    The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

    This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.


    How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

    Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

    In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

    Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

    When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

    “Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

    Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

    The long and the short

    In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

    JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

    Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

    In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

    Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

    Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

    Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

    The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

    The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

    If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

    Steve Dunne receives funding from the Equality and Human Rights Commission.

    – ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

    MIL OSI – Global Reports –

    April 30, 2025

  • MIL-OSI: NMI Holdings, Inc. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EMERYVILLE, Calif., April 29, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025, compared to $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024. Adjusted net income for the quarter was $102.5 million, or $1.28 per diluted share, compared to $86.1 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024.

    Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered standout operating performance, continued growth in our high-quality insured portfolio and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. We continue to manage our business with discipline and a focus on through-the-cycle performance, and looking forward, we’re well positioned to continue to serve our customers and their borrowers, support our talented team, and deliver sustained performance and long-term value for our shareholders.”

    Selected first quarter 2025 highlights include:

    • Primary insurance-in-force at quarter end was $211.3 billion, compared to $210.2 billion at the end of the fourth quarter and $199.4 billion at the end of the first quarter of 2024.
    • Net premiums earned were $149.4 million, compared to $143.5 million in the fourth quarter and $136.7 million in the first quarter of 2024.
    • Total revenue was $173.2 million, compared to $166.5 million in the fourth quarter and $156.3 million in the first quarter of 2024.
    • Insurance claims and claim expenses were $4.5 million, compared to $17.3 million in the fourth quarter and $3.7 million in the first quarter of 2024. Loss ratio was 3.0%, compared to 12.0% in the fourth quarter and 2.7% in the first quarter of 2024.
    • Underwriting and operating expenses were $30.2 million, compared to $31.1 million in the fourth quarter and $29.8 million in the first quarter of 2024. Expense ratio was 20.2%, compared to 21.7% in the fourth quarter and 21.8% in the first quarter of 2024.
    • Net income was $102.6 million, compared to $86.2 million in the fourth quarter and $89.0 million in the first quarter of 2024. Diluted EPS was $1.28, compared to $1.07 in the fourth quarter and $1.08 in the first quarter of 2024.
    • Shareholders’ equity was $2.3 billion at quarter end and book value per share was $29.65. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $30.85, up 4% compared to $29.80 in the fourth quarter and 17% compared to $26.42 in the first quarter of 2024.
    • Annualized return on equity for the quarter was 18.1%, compared to 15.6% in the fourth quarter and 18.2% in the first quarter of 2024.
    • At quarter-end, total PMIERs available assets were $3.2 billion and net risk-based required assets were $1.9 billion.
      Quarter Ended Quarter Ended Quarter Ended Change(1) Change(1)
      3/31/2025 12/31/2024 3/31/2024 Q/Q Y/Y
    INSURANCE METRICS ($billions)
    Primary Insurance-in-Force $ 211.3   $ 210.2   $ 199.4   1 % 6 %
    New Insurance Written – NIW   9.2     11.9     9.4   (23) % (2)%
               
    FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
    Net Premiums Earned $ 149.4   $ 143.5   $ 136.7   4 % 9 %
    Net Investment Income   23.7     22.7     19.4   4 % 22 %
    Insurance Claims and Claim Expenses   4.5     17.3     3.7   (74) % 21 %
    Underwriting and Operating Expenses   30.2     31.1     29.8   (3) %  1 %
    Net Income   102.6     86.2     89.0   19 % 15 %
    Diluted EPS $ 1.28   $ 1.07   $ 1.08   20 % 18 %
    Book Value per Share (excluding net unrealized gains and losses)(2) $ 30.85   $ 29.80   $ 26.42   4 % 17 %
    Loss Ratio   3.0 %   12.0 %   2.7 %    
    Expense Ratio   20.2 %   21.7 %   21.8 %    
                           
    (1) Percentages may not be replicated based on the rounded figures presented in the table.
    (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
     

    Conference Call and Webcast Details

    The company will hold a conference call, which will be webcast live today, April 29, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

    About NMI Holdings, Inc.

    NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

    Use of Non-GAAP Financial Measures

    We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

    Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

    Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

    Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

    Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.

    Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

    Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

    Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

    (1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

    (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

    (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

    (4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.

    Investor Contact
    Gregory Epps
    Senior Manager, Investor Relations and Treasury
    Investor.relations@nationalmi.com

    Consolidated statements of operations and comprehensive income (unaudited) For the three months ended March 31,
        2025       2024  
      (In Thousands, except for per share data)
    Revenues      
    Net premiums earned $ 149,366     $ 136,657  
    Net investment income   23,686       19,436  
    Net realized investment gains   24       —  
    Other revenues   170       160  
    Total revenues   173,246       156,253  
    Expenses      
    Insurance claims and claim expenses   4,478       3,694  
    Underwriting and operating expenses   30,175       29,815  
    Service expenses   116       137  
    Interest expense   7,106       8,040  
    Total expenses   41,875       41,686  
           
    Income before income taxes   131,371       114,567  
    Income tax expense   28,812       25,517  
    Net income $ 102,559     $ 89,050  
           
    Earnings per share      
    Basic $ 1.31     $ 1.10  
    Diluted $ 1.28     $ 1.08  
           
    Weighted average common shares outstanding      
    Basic   78,407       80,726  
    Diluted   79,858       82,099  
           
    Loss ratio(1)   3.0 %     2.7 %
    Expense ratio(2)   20.2 %     21.8 %
    Combined ratio   23.2 %     24.5 %
           
    Net income $ 102,559     $ 89,050  
    Other comprehensive income (loss), net of tax:      
    Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $8,186 and $(2,729) for the quarters ended March 31, 2025 and 2024, respectively   30,795       (9,905 )
    Reclassification adjustment for realized gains included in net income, net of tax expense of $5 for the quarter ended March 31, 2025   (19 )     —  
    Other comprehensive income (loss), net of tax   30,776       (9,905 )
    Comprehensive income $ 133,335     $ 79,145  
                   
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                   
    Consolidated balance sheets (unaudited) March 31, 2025   December 31, 2024
    Assets (In Thousands, except for share data)
    Fixed maturities, available-for-sale, at fair value (amortized cost of $2,923,088 and $2,876,343 as of March 31, 2025 and December 31, 2024, respectively) $ 2,809,247     $ 2,723,541  
    Cash and cash equivalents (including restricted cash of $90 as of December 31, 2024)   74,209       54,308  
    Premiums receivable, net   84,153       82,804  
    Accrued investment income   23,641       22,386  
    Deferred policy acquisition costs, net   64,013       64,327  
    Software and equipment, net   24,960       25,681  
    Intangible assets and goodwill   3,634       3,634  
    Reinsurance recoverable   31,379       32,260  
    Prepaid federal income taxes   322,175       322,175  
    Other assets   18,785       18,857  
    Total assets $ 3,456,196     $ 3,349,973  
           
    Liabilities      
    Debt $ 415,606     $ 415,146  
    Unearned premiums   59,176       65,217  
    Accounts payable and accrued expenses   78,937       103,164  
    Reserve for insurance claims and claim expenses   151,847       152,071  
    Deferred tax liability, net   418,916       386,192  
    Other liabilities   10,143       10,751  
    Total liabilities   1,134,625       1,132,541  
           
    Shareholders’ equity      
    Common stock – $0.01 par value; 88,321,226 shares issued and 78,301,469 shares outstanding as of March 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)   883       879  
    Additional paid-in capital   1,001,545       1,004,692  
    Treasury Stock, at cost: 10,019,757 and 9,301,900 common shares as of March 31, 2025 and December 31, 2024, respectively   (272,647 )     (246,594 )
    Accumulated other comprehensive loss, net of tax   (94,028 )     (124,804 )
    Retained earnings   1,685,818       1,583,259  
    Total shareholders’ equity   2,321,571       2,217,432  
    Total liabilities and shareholders’ equity $ 3,456,196     $ 3,349,973  
                   
    Non-GAAP Financial Measure Reconciliations (unaudited)
      As of and for the three months ended
      3/31/2025   12/31/2024   3/31/2024
    As Reported (In Thousands, except for per share data)
    Revenues          
    Net premiums earned $ 149,366     $ 143,520     $ 136,657  
    Net investment income   23,686       22,718       19,436  
    Net realized investment gains   24       33       —  
    Other revenues   170       233       160  
    Total revenues   173,246       166,504       156,253  
    Expenses          
    Insurance claims and claim expenses   4,478       17,253       3,694  
    Underwriting and operating expenses   30,175       31,092       29,815  
    Service expenses   116       184       137  
    Interest expense   7,106       7,102       8,040  
    Total expenses   41,875       55,631       41,686  
               
    Income before income taxes   131,371       110,873       114,567  
    Income tax expense   28,812       24,706       25,517  
    Net income $ 102,559     $ 86,167     $ 89,050  
               
    Adjustments:          
    Net realized investment gains   (24 )     (33 )     —  
    Adjusted income before taxes   131,347       110,840       114,567  
               
    Income tax benefit on adjustments(1)   5       7       —  
    Adjusted net income $ 102,540     $ 86,141     $ 89,050  
               
    Weighted average diluted shares outstanding   79,858       80,623       82,099  
               
    Diluted EPS $ 1.28     $ 1.07     $ 1.08  
    Adjusted diluted EPS $ 1.28     $ 1.07     $ 1.08  
               
    Return on equity   18.1 %     15.6 %     18.2 %
    Adjusted return on equity   18.1 %     15.6 %     18.2 %
               
    Expense ratio(2)   20.2 %     21.7 %     21.8 %
    Adjusted expense ratio(3)   20.2 %     21.7 %     21.8 %
               
    Combined ratio(4)   23.2 %     33.7 %     24.5 %
    Adjusted combined ratio(5)   23.2 %     33.7 %     24.5 %
               
    Book value per share(6) $ 29.65     $ 28.21     $ 24.56  
    Book value per share (excluding net unrealized gains and losses)(7) $ 30.85     $ 29.80     $ 26.42  
                           
    (1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
    (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
    (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
    (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding.
    (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
                           
    Historical Quarterly Data   2025       2024  
      March 31   December 31   September 30   June 30   March 31
      (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 149,366     $ 143,520     $ 143,343     $ 141,168     $ 136,657  
    Net investment income   23,686       22,718       22,474       20,688       19,436  
    Net realized investment gains (losses)   24       33       (10 )     —       —  
    Other revenues   170       233       285       266       160  
    Total revenues   173,246       166,504       166,092       162,122       156,253  
    Expenses                  
    Insurance claims and claim expenses   4,478       17,253       10,321       276       3,694  
    Underwriting and operating expenses   30,175       31,092       29,160       28,330       29,815  
    Service expenses   116       184       208       194       137  
    Interest expense   7,106       7,102       7,076       14,678       8,040  
    Total expenses   41,875       55,631       46,765       43,478       41,686  
                       
    Income before income taxes   131,371       110,873       119,327       118,644       114,567  
    Income tax expense   28,812       24,706       26,517       26,565       25,517  
    Net income $ 102,559     $ 86,167     $ 92,810     $ 92,079     $ 89,050  
                       
    Earnings per share                  
    Basic $ 1.31     $ 1.09     $ 1.17     $ 1.15     $ 1.10  
    Diluted $ 1.28     $ 1.07     $ 1.15     $ 1.13     $ 1.08  
                       
    Weighted average common shares outstanding                  
    Basic   78,407       78,997       79,549       80,117       80,726  
    Diluted   79,858       80,623       81,045       81,300       82,099  
                       
    Other data                  
    Loss ratio(1)   3.0 %     12.0 %     7.2 %     0.2 %     2.7 %
    Expense ratio(2)   20.2 %     21.7 %     20.3 %     20.1 %     21.8 %
    Combined ratio   23.2 %     33.7 %     27.5 %     20.3 %     24.5 %
                                           
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                                           

    Portfolio Statistics

    The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

    Primary portfolio trends As of and for the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      ($ Values In Millions, except as noted below)
    New insurance written (NIW) $ 9,221     $ 11,925     $ 12,218     $ 12,503     $ 9,398  
    New risk written   2,428       3,134       3,245       3,335       2,486  
    Insurance-in-force (IIF)(1)   211,308       210,183       207,538       203,501       199,373  
    Risk-in-force (RIF)(1)   56,515       56,113       55,253       53,956       52,610  
    Policies in force (count)(1)   661,490       659,567       654,374       645,276       635,662  
    Average loan size($ value in thousands)(1) $ 319     $ 319     $ 317     $ 315     $ 314  
    Coverage percentage(2)   26.7 %     26.7 %     26.6 %     26.5 %     26.4 %
    Loans in default (count)(1)   6,859       6,642       5,712       4,904       5,109  
    Default rate(1)   1.04 %     1.01 %     0.87 %     0.76 %     0.80 %
    Risk-in-force on defaulted loans(1) $ 567     $ 545     $ 468     $ 401     $ 414  
    Average net premium yield(3)   0.28 %     0.27 %     0.28 %     0.28 %     0.28 %
    Earnings from cancellations $ 0.6     $ 0.8     $ 0.8     $ 1.0     $ 0.6  
    Annual persistency(4)   84.3 %     84.6 %     85.5 %     85.4 %     85.8 %
    Quarterly run-off(5)   3.9 %     4.5 %     4.0 %     4.2 %     3.6 %
                                           
    (1) Reported as of the end of the period.
    (2) Calculated as end of period RIF divided by end of period IIF.
    (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
    (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
    (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.
                                           

    NIW, IIF and Premiums

    The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

    NIW For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 9,049   $ 11,688   $ 11,978   $ 12,288   $ 9,175
    Single   172     237     240     215     223
    Total $ 9,221   $ 11,925   $ 12,218   $ 12,503   $ 9,398
                                 
    Primary IIF As of
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 193,856   $ 192,228   $ 189,241   $ 184,862   $ 180,343
    Single   17,452     17,955     18,297     18,639     19,030
    Total $ 211,308   $ 210,183   $ 207,538   $ 203,501   $ 199,373
                                 

            The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, and 2025 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, and 2025 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.

      For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Thousands)
    The QSR Transactions                  
    Ceded risk-in-force $ 12,888,870     $ 13,024,200     $ 12,968,039     $ 12,815,434     $ 12,669,207  
    Ceded premiums earned   (41,011 )     (41,596 )     (41,761 )     (41,555 )     (41,269 )
    Ceded claims and claim expenses (benefits)   523       4,075       2,449       (138 )     659  
    Ceding commission earned   9,768       9,997       10,152       10,222       10,292  
    Profit commission   23,398       20,149       21,883       24,351       23,407  
    The ILN Transactions(1)                  
    Ceded premiums $ (3,311 )   $ (4,217 )   $ (4,302 )   $ (5,858 )   $ (5,976 )
    The XOL Transactions                  
    Ceded Premiums $ (10,168 )   $ (9,969 )   $ (9,760 )   $ (9,403 )   $ (9,223 )
                                           
    (1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
                                           

    The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

    NIW by FICO For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 4,971   $ 6,508   $ 4,888
    740-759   1,753     2,090     1,797
    720-739   1,177     1,621     1,220
    700-719   665     890     780
    680-699   413     575     530
    <=679   242     241     183
    Total $ 9,221   $ 11,925   $ 9,398
    Weighted average FICO   758     758     757
                     
    NIW by LTV For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 1,147     $ 1,510     $ 1,062  
    90.01% to 95.00%   4,274       5,370       4,414  
    85.01% to 90.00%   2,751       3,740       2,931  
    85.00% and below   1,049       1,305       991  
    Total $ 9,221     $ 11,925     $ 9,398  
    Weighted average LTV   92.2 %     92.1 %     92.3 %
                           
    NIW by purchase/refinance mix For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    Purchase $ 8,822   $ 10,799   $ 9,157
    Refinance   399     1,126     241
    Total $ 9,221   $ 11,925   $ 9,398
                     

    The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2025.

    Primary IIF and RIF As of March 31, 2025
      IIF   RIF
    Book Year (In Millions)
    2025 $ 9,152   $ 2,409
    2024   42,379     11,242
    2023   33,286     8,789
    2022   46,203     12,356
    2021   48,162     13,049
    2020 and before   32,126     8,670
    Total $ 211,308   $ 56,515
               

            The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

    Primary IIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 106,004   $ 105,315   $ 99,195
    740-759   37,716     37,321     35,416
    720-739   29,430     29,343     28,033
    700-719   19,737     19,766     18,904
    680-699   13,324     13,374     13,002
    <=679   5,097     5,064     4,823
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 28,117   $ 27,883   $ 25,935
    740-759   10,132     10,006     9,392
    720-739   7,966     7,926     7,484
    700-719   5,384     5,383     5,089
    680-699   3,610     3,615     3,479
    <=679   1,306     1,300     1,231
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary IIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 24,167   $ 23,555   $ 20,277
    90.01% to 95.00%   104,312     103,472     97,028
    85.01% to 90.00%   64,298     64,290     61,169
    85.00% and below   18,531     18,866     20,899
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 7,546   $ 7,345   $ 6,275
    90.01% to 95.00%   30,804     30,563     28,663
    85.01% to 90.00%   15,957     15,956     15,174
    85.00% and below   2,208     2,249     2,498
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary RIF by Loan Type As of
      March 31, 2025   December 31, 2024   March 31, 2024
    Fixed 98 %   98 %   98 %
    Adjustable rate mortgages:          
    Less than five years —     —     —  
    Five years and longer 2     2     2  
    Total 100 %   100 %   100 %
                     

    The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

    Primary IIF As of and for the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    IIF, beginning of period $ 210,183     $ 207,538     $ 197,029  
    NIW   9,221       11,925       9,398  
    Cancellations, principal repayments and other reductions   (8,096 )     (9,280 )     (7,054 )
    IIF, end of period $ 211,308     $ 210,183     $ 199,373  
                           

    Geographic Dispersion

    The following table shows the distribution by state of our primary RIF as of the periods indicated.

    Top 10 primary RIF by state As of
      March 31, 2025   December 31, 2024   March 31, 2024
    California 10.1 %   10.1 %   10.2 %
    Texas 8.5     8.6     8.8  
    Florida 7.3     7.3     7.5  
    Georgia 4.1     4.1     4.2  
    Washington 3.9     3.9     3.9  
    Illinois 3.8     3.8     3.9  
    Virginia 3.7     3.7     3.9  
    Pennsylvania 3.4     3.4     3.4  
    Ohio 3.3     3.3     3.0  
    North Carolina 3.2     3.2     3.1  
    Total 51.3 %   51.4 %   51.9 %
                     

    The table below presents selected primary portfolio statistics, by book year, as of March 31, 2025.

      As of March 31, 2025    
    Book Year Original Insurance Written   Remaining Insurance in Force   % Remaining of Original Insurance   Policies Ever in Force   Number of Policies in Force   Number of Loans in Default   # of Claims Paid   Incurred Loss Ratio (Inception to Date)(1)   Cumulative Default Rate(2)   Current default rate(3)
      ($ Values In Millions)    
    2016 and prior $ 37,222   $ 2,133   6 %   151,615   11,572   237   398   2.1 %   0.4 %   2.0 %
    2017   21,582     1,753   8 %   85,897   10,007   263   189   1.8 %   0.5 %   2.6 %
    2018   27,295     2,306   8 %   104,043   12,534   403   191   2.6 %   0.6 %   3.2 %
    2019   45,141     5,923   13 %   148,423   26,358   509   99   2.1 %   0.4 %   1.9 %
    2020   62,702     20,011   32 %   186,174   70,620   575   57   1.3 %   0.3 %   0.8 %
    2021   85,574     48,162   56 %   257,972   160,946   1,704   95   3.3 %   0.7 %   1.1 %
    2022   58,734     46,203   79 %   163,281   135,610   2,014   112   16.2 %   1.3 %   1.5 %
    2023   40,473     33,286   82 %   111,994   96,394   836   17   14.0 %   0.8 %   0.9 %
    2024   46,044     42,379   92 %   120,747   113,636   318   —   7.9 %   0.3 %   0.3 %
    2025   9,221     9,152   99 %   23,956   23,813   —   —   — %   — %   — %
    Total $ 433,988   $ 211,308       1,354,102   661,490   6,859   1,158            
                                               
    (1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
    (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
    (3) Calculated as the number of loans in default divided by number of policies in force.
                                               

    The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

      For the three months ended March 31,
        2025       2024  
      (In Thousands)
    Beginning balance $ 152,071     $ 123,974  
    Less reinsurance recoverables(1)   (32,260 )     (27,514 )
    Beginning balance, net of reinsurance recoverables   119,811       96,460  
           
    Add claims incurred:      
    Claims and claim expenses incurred:      
    Current year(2)   34,559       32,976  
    Prior years(3)   (30,081 )     (29,282 )
    Total claims and claim expenses incurred   4,478       3,694  
           
    Less claims paid:      
    Claims and claim expenses paid:      
    Current year(2)   —       —  
    Prior years(3)   4,076       852  
    Reinsurance terminations(4)   (255 )     —  
    Total claims and claim expenses paid   3,821       852  
           
    Reserve at end of period, net of reinsurance recoverables   120,468       99,302  
    Add reinsurance recoverables(1)   31,379       27,880  
    Ending balance $ 151,847     $ 127,182  
                   
    (1) Related to ceded losses recoverable under the QSR Transactions.
    (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $25.9 million attributed to net case reserves and $6.6 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $22.4 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (4) Represents the settlement of reinsurance recoverables in conjunction with the termination of one reinsurer under the 2016, 2018 and 2021 QSR Transactions by mutual agreement on a cut-off basis with no termination fee.
     

    The following table provides a reconciliation of the beginning and ending count of loans in default:

      For the three months ended March 31,
      2025     2024  
    Beginning default inventory 6,642     5,099  
    Plus: new defaults 2,421     1,876  
    Less: cures (2,094 )   (1,817 )
    Less: claims paid (95 )   (42 )
    Less: rescission and claims denied (15 )   (7 )
    Ending default inventory 6,859     5,109  
               

    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

      For the three months ended March 31,
        2025       2024  
      ($ Values In Thousands)
    Number of claims paid(1)   95       42  
    Total amount paid for claims $ 5,225     $ 1,145  
    Average amount paid per claim $ 55     $ 27  
    Severity(2)   69 %     54 %
                   
    (1) Count includes 20 and 16 claims settled without payment during the three months ended March 31, 2025 and 2024, respectively.
    (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.
                   

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

      As of March 31,
    Average reserve per default:   2025     2024
      (In Thousands)
    Case(1) $ 20.3   $ 22.9
    IBNR(1)(2)   1.8     2.0
    Total $ 22.1   $ 24.9
               
    (1) Defined as the gross reserve per insured loan in default.
    (2) Amount includes claims adjustment expenses.
               

     The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

      As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Thousands)
    Available assets $ 3,230,653   $ 3,108,211   $ 2,821,803
    Net risk-based required assets   1,867,414     1,828,807     1,561,655
                     

    The MIL Network –

    April 30, 2025

  • MIL-Evening Report: Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity

    Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago

    Hagen Hopkins/Getty Images

    Finance Minister Nicola Willis has warned her 2025 “Growth Budget” will be “one of the tightest budgets in a decade”, with plans to reduce spending by billions.

    It’s clear New Zealand is following a global trend towards austerity by focusing on reducing government spending and lowering government debt.

    Complicating the economic picture for the government are Donald Trump’s tariffs and his trade war with China. In early April, financial services company J.P. Morgan Research said there was a 60% probability of the United States experiencing a recession in 2025 — with a 40% chance of a global recession.

    Despite this uncertain economic future, the idea that New Zealand’s debt-to-GDP ratio requires immediate and drastic austerity-like measures is not supported by the evidence.

    The ratio measures the government’s debt compared to its gross domestic product (GDP). Currently, New Zealand’s ratio is about 47%. This is substantially higher than before the pandemic (32% in 2019) and higher than Australia (35%).

    But it is at the lower end compared with other advanced economies. The 2023 debt-to-GDP ratio in the US was 112%, 101% in the United Kingdom, and about 50% in Canada, Ireland and South Korea.

    Rather than tightening the belt to reduce debt and increase fiscal balance, New Zealand needs to focus on boosting productivity, investing in education, building strong and resilient infrastructure and supporting health and wellbeing.

    Lowering debt and creating fiscal space are legitimate goals. But they should be viewed as a means to an end, not an end in itself.

    A necessary medicine

    Austerity is often presented as necessary medicine during an economic crisis. The logic is seemingly straightforward: reduce government spending and debt to not overstimulate the economy, create fiscal resilience for future shocks, support low and stable inflation, and signal fiscal responsibility to international markets.

    Several countries adopted austerity measures in response to high deficits following the global financial crisis.

    Greece implemented deep spending cuts, tax hikes and pension reforms under the terms of a bailout from the European Union and International Monetary Fund (IMF). This reduced its deficit but caused a severe economic contraction and social unrest.

    Spain similarly cut public wages, raised taxes and reformed pensions, stabilising its finances but causing persistently high unemployment.

    Italy’s austerity measures involved pension reforms and tax hikes, achieving modest fiscal improvement but sparking political instability.

    The UK focused on reducing public spending and welfare support, significantly lowering its deficit while putting pressure on public services and increasing inequality. Research found UK’s austerity measures led to hundreds of thousands of avoidable deaths.

    While in many cases austerity helped restore fiscal balance, it often came with heavy economic and social costs, particularly in terms of unemployment, growth and public welfare.

    In March, people in the United Kingdom took to the streets to protest ongoing austerity measures.
    Mike Kemp/Getty Images

    Productivity is the key

    Research indicates that debt-to-GDP ratios above about 80% tend to be associated with lower growth. But below this threshold, the ratio tends to be associated with increases in growth.

    It is clear that deficits are neither always bad for economic growth, nor that they always lead to inflation, when combined with a credible fiscal strategy to return to surpluses in the future.

    To raise the future wellbeing of all New Zealanders we need to avoid the heavy costs of austerity and rather focus on stimulating economic growth. And this comes with a price tag.

    Using debt to finance investments into capital, which in turn increases our productivity, is key to fostering economic growth. This goes hand-in-hand with targeted industrial policies, reduction in regulation, increases in government efficiency and trade liberalisation

    Importantly, public investment boosts economic growth mainly through two channels: efficiency (how much infrastructure is actually delivered for the money spent) and productivity (how well that infrastructure supports economic activity).

    Research from the IMF suggests an increase in public investment of one percentage point of GDP is associated with an increase in output of about 0.2% in the same year and 1.2% four years later.

    All-of-government focus

    What New Zealand needs is a long-term growth strategy and an all-of-government focus on lifting productivity. This must be grounded in fiscal responsibility – one that boosts government efficiency. But not at the cost of delaying high-impact investments or leaving growth opportunities on the table.

    Maintaining discipline while strategically investing in the drivers of long-term prosperity is essential for securing New Zealand’s economic future.

    The path ahead requires careful navigation, not a rush towards austerity.

    By thoughtfully balancing the need for fiscal prudence with the importance of investing in our productivity, human capital and infrastructure, we can ensure a more resilient and prosperous future for all New Zealanders.

    Dennis Wesselbaum 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. Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity – https://theconversation.com/willis-warns-of-a-tight-budget-to-come-but-nz-should-be-going-for-productivity-not-austerity-254689

    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025
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