Category: Vehicles

MIL-OSI USA: NASA Tests in Simulated Lunar Gravity to Prep Payloads for Moon

Source: NASA

The old saying — “Practice makes perfect!” — applies to the Moon too. On Tuesday, NASA gave 17 technologies, instruments, and experiments the chance to practice being on the Moon… without actually going there. Instead, it was a flight test aboard a vehicle adapted to simulate lunar gravity for approximately two minutes.
The test began on February 4, 2025, with the 10:00 a.m. CST launch of Blue Origin’s New Shepard reusable suborbital rocket system in West Texas. With support from NASA’s Flight Opportunities program, the company, headquartered in Kent, Washington, enhanced the flight capabilities of its New Shepard capsule to replicate the Moon’s gravity — which is about one-sixth of Earth’s — during suborbital flight.
“Commercial companies are critical to helping NASA prepare for missions to the Moon and beyond,” said Danielle McCulloch, program executive of the agency’s Flight Opportunities program. “The more similar a test environment is to a mission’s operating environment, the better. So, we provided substantial support to this flight test to expand the available vehicle capabilities, helping ensure technologies are ready for lunar exploration.”
NASA’s Flight Opportunities program not only secured “seats” for the technologies aboard this flight — for 16 payloads inside the capsule plus one mounted externally — but also contributed to New Shepard’s upgrades to provide the environment needed to advance their readiness for the Moon and other space exploration missions.
“An extended period of simulated lunar gravity is an important test regime for NASA,” said Greg Peters, program manager for Flight Opportunities. “It’s crucial to reducing risk for innovations that might one day go to the lunar surface.”
One example is the LUCI (Lunar-g Combustion Investigation) payload, which seeks to understand material flammability on the Moon compared to Earth. This is an important component of astronaut safety in habitats on the Moon and could inform the design of potential combustion devices there. With support from the Moon to Mars Program Office within the Exploration Systems Development Mission Directorate, researchers at NASA’s Glenn Research Center in Cleveland, together with Voyager Technologies, designed LUCI to measure flame propagation directly during the Blue Origin flight.
The rest of the NASA-supported payloads on this Blue Origin flight included seven from NASA’s Game Changing Development program that seek to mitigate the impact of lunar dust and to perform construction and excavation on the lunar surface. Three other NASA payloads tested instruments to detect subsurface water on the Moon as well as to study flow physics and phase changes in lunar gravity. Rounding out the manifest were payloads from Draper, Honeybee Robotics, Purdue University, and the University of California in Santa Barbara.
Flight Opportunities is part of the agency’s Space Technology Mission Directorate and is managed at NASA’s Armstrong Flight Research Center.
By Nancy Pekar, NASA’s Flight Opportunities program

MIL OSI USA News –

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Published 5 February 2025
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI Europe: Written question – Vignettes for low-emission zones – E-000355/2025
Source: European Parliament
Question for written answer E-000355/2025
to the Commission
Rule 144
Oihane Agirregoitia Martínez (Renew)

A number of municipalities and coastal areas have established low-emission zones (LEZs) by means of local, community and regional legislation, however, mandatory use of vignettes identifying the type of vehicle being driven – and thus its emissions – differs from one Member State to another.

In the EU, where free movement is a cornerstone that must be upheld, the obligation to use different vignettes issued by different Member State administrations is detrimental in areas where cross-border economic activities play a vital role. Opaque administrative and bureaucratic red tape leads to disillusion with the EU.

Taking into account that it is often municipalities and community associations that decide LEZ categorisations and that the absence of harmonised environmental vignettes restricts the movement of vehicles:

1.Is the Commission considering working on a single, harmonised European vignette for the categorisation of vehicles in the Member States?

2.If so, what steps would have to be taken?

Submitted: 27.1.2025
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – Public procurement that takes security of supply into account – E-000360/2025
Source: European Parliament
Question for written answer E-000360/2025
to the Commission
Rule 144
Alexander Bernhuber (PPE)

A balanced public procurement framework that takes into account both sustainability and security of supply can make a decisive contribution to bolstering the resilience of the European food supply chain. However, this requires that a balance be struck between the objectives of equal treatment and the strategic interests inherent in being prepared for crises.

1.In so far as concerns sustainability and regional procurement, how does the Commission plan to support public procurers with regard to increasing the inclusion of regional products in order to promote short supply chains, sustainable diets and a reduction in transport emissions, without jeopardising the principles of non-discrimination and fair competition?

2.How does the Commission intend to structure public procurement criteria in such a way as to promote sustainable products while strengthening security of supply in times of crisis?

3.Based on the final report of the Strategic Dialogue on the revision of Directive 2014/24/EU, what concrete strategic measures are planned to promote regional and sustainable products – such as products from small farms or artisanal food products – in public procurement?

Submitted: 27.1.2025
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – What measures does the Commission intend to put in place to overcome the ‘energy transition’ crisis? – E-000311/2025
Source: European Parliament
Question for written answer E-000311/2025
to the Commission
Rule 144
Mathilde Androuët (PfE)

Both the Commissioner for Climate Change, Carbon Neutrality and Clean Growth[1] and the Draghi Report[2] have drawn attention to the erosion of our industrial sovereignty, particularly in relation to China, in the renewable energy and electric vehicle sectors. The Draghi Report also warns that Europe is losing competitiveness as a result of very high gas and electricity prices in the EU[3].

A study[4] by the Committee on Constitutional Affairs assessing the conditions for the creation of a Climate and Energy Union identifies legal, regulatory, institutional and political obstacles to its establishment. The study also points to the lack of sufficient financial resources to carry out an energy transition that requires massive investment, far in excess of the EUR 660 billion earmarked for the green transition in the Multiannual Financial Framework 2021-2027.

As an example, the Bruegel think tank estimates that EU countries would need to invest around EUR 1 300 billion each year until 2030 and then EUR 1 540 billion per year between 2031 and 2050 to complete the energy transition[5].

1.What adjustments does the Commission advocate in such a situation?

2.Does it dispute the figures provided by the Bruegel think tank?

Submitted: 23.1.2025

[1] Europe ‘getting more dependent on China’ for clean tech, EU climate chief warns, Frédéric Simon, Euractiv, 14 February 2024.

[2] Mario Draghi’s report on the future of European competitiveness, https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en#paragraph_47059

[3] La grande panne de l’industrie européenne, Bastien Bonnefous, Le Monde, 23 September 2024.

[4] https://www.europarl.europa.eu/RegData/etudes/STUD/2024/764399/IPOL_STU(2024)764399_EN.pdf

[5] L’Europe n’a pas les moyens de sa transition énergétique, Transitions & Énergies, 13 December 2024, https://www.transitionsenergies.com/europe-pas-les-moyens-transition-energetique
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – Potential security risks and geopolitical implications of the Iran-Venezuela alliance for the EU – E-000309/2025
Source: European Parliament

Question for written answer E-000309/2025
to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
Rule 144
Antonio López-Istúriz White (PPE), Dolors Montserrat (PPE), Javier Zarzalejos (PPE), Raúl de la Hoz Quintano (PPE), Nicolás Pascual de la Parte (PPE), Alma Ezcurra Almansa (PPE), Francisco José Millán Mon (PPE), Borja Giménez Larraz (PPE), Adrián Vázquez Lázara (PPE), Esther Herranz García (PPE), Pilar del Castillo Vera (PPE), Fernando Navarrete Rojas (PPE), Pablo Arias Echeverría (PPE), Isabel Benjumea Benjumea (PPE), Maravillas Abadía Jover (PPE), Carmen Crespo Díaz (PPE), Juan Ignacio Zoido Álvarez (PPE), Gabriel Mato (PPE), Susana Solís Pérez (PPE), Rosa Estaràs Ferragut (PPE), Elena Nevado del Campo (PPE), Esteban González Pons (PPE)

Recent reports indicate that, alongside Russia’s presence in Venezuela, there is an expanding strategic alliance between Iran and Nicolás Maduro’s regime. This alliance encompasses military cooperation, the establishment of a drone production base in Venezuela and economic transactions designed to circumvent international sanctions. These activities include the deployment of advanced unmanned aerial vehicles (UAVs), collaboration between the Iranian Quds Force and Venezuelan authorities, and the exchange of Venezuelan gold for Iranian crude oil through channels that violate international sanctions frameworks.

Given the EU’s commitment to maintaining regional and global stability, countering terrorism and enforcing international sanctions:
- 1.Is the VP/HR aware of these developments, and has she assessed their potential impact on the security and geopolitical stability of Latin America and the spillover effects on the EU?
- 2.What measures is the VP/HR taking to ensure that this partnership does not undermine the possibility of restoring democracy in Venezuela, nor hinder the EU’s efforts to counter terrorism, the proliferation of advanced weaponry and the circumvention of international sanctions?
- 3.How does the VP/HR plan to address the risks this alliance poses to the EU’s interests in Latin America, and what specific actions will she take to uphold the EU’s stance on regional and global security?
Submitted: 23.1.2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI United Kingdom: New AI technology reveals road safety risks across the West Midlands

Source: City of Coventry

Coventry City Council has partnered with the West Midlands Combined Authority to bring a new artificial intelligence (AI) technology to the city, detecting near misses between drivers and pedestrians.

It’s part of a region-wide pilot scheme to improve safety and save lives with Grange Road in Longford being one of 40 existing sensors across the West Midlands that has been upgraded with the Smart Road Safety and Near Miss technology.

VivaCity’s AI-powered vision sensors detect and record near misses, such as when a vehicle passes within inches of a slower-moving pedestrian or cyclist. By using object speed and path data to estimate collision risks between road users it means potential collision hot spots can be identified before someone is hurt.

The technology has been impactful in guiding Coventry’s road safety work so far, influencing work to install a pedestrian refuge on Grange Road, following several near misses being recorded by the AI technology.

Until now, highway planners have had to use data from collisions that have already happened when deciding where to install safe crossings or speed reduction measures.

The analysis provided by the award-winning technology is being used by Transport for West Midlands (TfWM) and VivaCity to determine where safety measures are needed across the region.

Richard Parker, Mayor of the West Midlands, said: “One life lost on our roads is one too many. That’s why I’m committed to Vision Zero – no more deaths on our roads.

“We need to use every tool available to make journeys safer for everyone in the West Midlands. This new AI technology is helping us prevent collisions before they happen, protecting pedestrians, cyclists, and drivers. And Coventry is leading the way as the first place to roll out measures that have been guided by high-tech AI.”

Cllr Patricia Hetherton, Cabinet Member for City Services, said: “I’m pleased that we could partner with the combined authority and VivaCity on this road safety initiative. Anything that helps us prevent accidents or reduce their severity is welcomed by me. And as a result of this new clever technology and some cash from Transport for West Midlands, we will be narrowing the junction at Grange Road and adding a refuge in the middle so pedestrians can cross in two parts.

“Of course, we still need a focus on dealing with areas where accidents have happened – but this new technology will be really helpful as part of a co-ordinated approach to improving the safety of all road users in Coventry.”

Latest provisional figures show that while road deaths in the West Midlands have fallen by 12% over the last two years, 43% of all fatalities were pedestrians, highlighting the need for further measures to protect vulnerable road users.

The AI near-miss sensors build on the Regional Road Safety Action Plan’s broader crackdown on dangerous driving, complementing other actions such as additional funding for extra staff to review speed cameras and dashcam footage.

Published: Wednesday, 5th February 2025

MIL OSI United Kingdom –

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

Source: United Nations (Video News)

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

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

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

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

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

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

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

MIL OSI Video –

February 6, 2025
MIL-OSI Russia: Production complex to be built in Lublin with city support

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

As part of the implementation of a large-scale investment project (MaIP), construction of an industrial complex has begun in the Lyublino district of the South-Eastern Administrative District. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“The industrial park will appear in the largest industrial cluster of the city, which is distinguished by its developed infrastructure and convenient transport logistics. In the production complex with a total area of more than 13 thousand square meters, enterprises of the electronic, pulp and paper, construction and light industries will be able to operate. Private investments in the implementation of this large-scale investment project will exceed one billion rubles,” Vladimir Efimov noted.

Large-scale investment projects are one of the key measures to support industry in the capital.

“Moscow is a city that rationally places manufacturing enterprises. On behalf of Sergei Sobyanin, we are providing investors with land on special terms for the construction of modern industrial infrastructure in exchange for localizing production and creating new jobs. For example, 260 people will be able to work in the manufacturing complex in the Lyublino district,” said the Deputy Mayor of Moscow for Transport and Industry

Maxim Liksutov.

The facility will be located at the address: Stavropolskaya Street, Buildings 37–41. The largest wholesale and retail trading platforms working with customers from all over Russia are located in the immediate vicinity.

According to the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman, for the implementation of this large-scale investment project, the city provided the development company with 0.9 hectares of land at a preferential rate of one ruble per year. The complex includes 23 production boxes, the size of which can be adjusted – combined both horizontally and vertically. The territory will also accommodate a parking lot for 44 cars.

The status of MAIP can be obtained by investors who plan to build important facilities for the city. These can be technology parks, sports, educational and multifunctional complexes. For the construction of production facilities, by decision of the Mayor of Moscow, special conditions have been in effect since March 2022 – preferential land lease at a rate of one ruble per year. This is one of the key measures to support the capital’s business.

On the instructions of Sergei Sobyanin, the city is paying special attention to the quality of industrial infrastructure facilities.

Chairman of the Committee for State Construction Supervision (Mosgosstroynadzor) of the city of Moscow Anton Slobodchikov emphasized that the construction of the production complex, consisting of two- and four-story blocks, will be supervised by the department at all stages. The developer has already sent a notice to Mosgosstroynadzor about the start of work on the site, and inspectors have drawn up a program of on-site inspections. As part of the supervisory activities, the structures and materials used will be assessed for compliance with the approved design solutions.

Previously Mayor of Moscow told, that since 2022 the city has provided entrepreneurs with about 700 hectares of land without bidding for the implementation of large-scale investment projects.

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: //vv.mos.ru/nevs/ite/149704073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: DIT of Moscow: you can now pay for travel on the M-12 highway and the Central Ring Road on the mos.ru portal

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

In the capital, car owners can now pay for travel on toll sections of the M-12 “Vostok” highway (Moscow – Kazan) and the Central Ring Road (TsKAD) in the “My Payments” service on the mos.ru portal. In the capital Department of Information Technology told how to use it and save time when searching and paying travel bills.

“We continue to expand the functionality of the My Payments service so that city residents can solve even more everyday tasks online on mos.ru. In 2023, portal users were able to pay for travel on Bagration Avenue and the Moscow High-Speed Diameter (MSD), as well as top up their transponder account in their familiar interface. Now you can also pay for travel on the M-12 Vostok and Central Ring Road highways on mos.ru. This is especially convenient for those who often use the My Payments service to pay for other city services,” said Vladimir Novikov, Director of the Department for Support of Citywide Payment Systems of the Moscow Department of Information Technology.

How to find and pay a toll road bill on mos.ru

In order to pay for travel on the M-12 Vostok highway, the Central Ring Road and Bagration Avenue, you don’t have to look for the bill: on the day of the trip, it will automatically appear in the My Payments service if the user has indicated the vehicle registration number in their personal account on the mos.ru portal. In addition, you can find the bill using the Vehicle Registration Certificate widget. In the window that opens, you must indicate the state registration number of the vehicle, as well as the series and number of the vehicle registration certificate (STS). After that, the user will see all unpaid bills. Information about the vehicle can be saved in the profile so that you don’t have to enter it again in the future. In addition, it is suggested set up a subscription to receive notifications about new accounts. To do this, in your personal account on mos.ru, select the “Profile” section and go to the “Subscription settings” tab. In the required categories, check the convenient form for receiving notifications – by email or via push notifications.

You can also pay your bills for travel on the Moscow High-Speed Diameter in the My Payments service. More information about travel on the Moscow High-Speed Diameter — on the websiteYou can also pay for travel through mobile applications “Parkings of Russia”, “Main Road” and on the website “Avtodor – toll roads”.

How to top up your transponder account for automatic fare payment

On mos.ru in the service “My payments” you can top up your personal account of the transponder. This is a small electronic device that is placed on the windshield of the car and allows you to write off funds for travel on toll sections of roads automatically.

The transponder account number is automatically displayed in the My Payments service if the user has specified the same phone number in their profile on the mos.ru portal and in the contract with the toll road operator. If the numbers do not match, you can add the transponder yourself. To do this, in the Documents and Data section, go to the Transport tab, click Add Transponder and fill out the form. The service will automatically generate a payment template, which will be displayed along with the personal account balance in the corresponding section.

Thanks to this, you will not need to enter the transponder data and other information manually each time, just click the “Top up” button. If several transponders from different operators are used, the service will create a template for each of them, where the balance and recommended amount for topping up will be displayed.

Drivers can now top up the transponders of two toll road operators on mos.ru — JSC New Quality Roads and LLC United Toll Collection Systems. They allow paying for travel on any Russian toll roads and road sections. You can find out more about all the options for paying bills for travel on toll roads in the My Payments service in the instructions.

In addition, in the My Payments service on mos.ru, the Moscow State Services and My Moscow applications, car owners can pay fines and bills for the towing of vehicles. They are automatically displayed in the Bills for Payment section if the driver’s license and STS data are specified in the personal account. You can also find the required bill using the Vehicle Certificate widget in the My Payments service.

The My Payments service on the mos.ru portal and in the Moscow State Services and My Moscow mobile applications is one of the most popular ways to pay bills for services among residents, legal entities and entrepreneurs of the capital. It allows you to pay for about nine thousand different state and commercial city services. Over the seven years of operation, Muscovites paid with its help over 107 million accounts. More information about all the possibilities of the service “My payments” can be found in the instructions.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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 account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

https: //vv.mos.ru/nevs/ite/149638073/

MIL OSI Russia News –

February 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

Crédit Agricole Group

Group activity

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

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

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

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

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

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

Roll-out of strategic plan

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

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

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

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

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

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

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

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

Continued support for the energy transition

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

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

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

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

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

Group results

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group – Stated and underlying results 2024 and 2023

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

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

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

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

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

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

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

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

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

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

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

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

Regional banks

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

Crédit Agricole S.A.

Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

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

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

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

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

Results of the Asset Gathering division

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

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

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

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

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

Insurance results

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

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

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

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

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

Asset Management results

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

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

Wealth Management results⁵⁹

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

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

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

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

Activity of the Large Customers division

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

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

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

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

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

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

Results of the Large Customers division

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

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

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

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

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

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

Corporate and Investment Banking results

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

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

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

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

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

Asset servicing results

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

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

Specialised financial services activity

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

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

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

Specialised financial services’ results

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

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

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

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

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

Personal Finance and Mobility results

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

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

Leasing & Factoring results

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

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

Crédit Agricole S.A. Retail Banking activity

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

Retail banking activity in France

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

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

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

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

Retail banking activity in Italy

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

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

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

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

Crédit Agricole Group activity in Italy⁷⁶

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

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

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

International Retail Banking activity excluding Italy

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

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

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

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

French retail banking results

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

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

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

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

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

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

International Retail Banking results⁸⁵

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

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

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

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

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

Results in Italy

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

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

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

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

Results for Crédit Agricole Group in Italy⁸⁷

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

International Retail Banking results – excluding Italy

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

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

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

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

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

Corporate Centre results

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

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

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

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

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

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

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

Financial strength

Crédit Agricole Group

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

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

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

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

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

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

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

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

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

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

TLAC

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

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

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

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

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

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

MREL

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

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

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

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

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

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

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

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

Crédit Agricole S.A.

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

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

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

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

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

Preliminary presentation information:

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

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

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

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

Comments on the liquidity position:

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

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

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

This increase in liquidity reserves is notably explained by:

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

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

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

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

This included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Economic and financial environment

2024 retrospective

Continuing trend of disinflation and monetary easing

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

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

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

Financial markets

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

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

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

2025 Outlook

A highly conditional scenario

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group – Specific items

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

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

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

* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific items

Q4-24

Q4-23

2024

2023

€m

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

DVA (LC)

(26)

(19)

(15)

(11)

Loan portfolio hedges (LC)

(24)

(18)

Home Purchase Savings Plans (LCL)

–

Home Purchase Savings Plans (CC)

–

(2)

(1)

236

175

Mobility activities reorganisation (SFS)

–

300

214

Check Image Exchange penalty (CC)

–

Check Image Exchange penalty (LCL)

–

Total impact on revenues

₍₂₄₎

₍₁₇₎

₁₉

₁₄

₃₀

₂₁

₆₁₇

₄₆₄

_{Degroof Petercam integration costs (AG)}

₍₁₃₎

₍₉₎

_–

₍₂₆₎

₍₁₉₎

_–

_{ISB integration costs (LC)}

₍₂₇₎

₍₁₅₎

_–

₍₉₇₎

₍₅₂₎

_–

_{Mobility activities reorganisation (SFS)}

_–

₄

₃

_–

₍₁₄₎

₍₁₀₎

Total impact on expenses

₍₃₉₎

₍₂₅₎

₄

₃

₍₁₂₃₎

₍₇₁₎

₍₁₄₎

₍₁₀₎

Provision for risk Ukraine (IRB)

–

(20)

–

Mobility activities reorganisation (SFS)

–

(85)

(61)

Total impact on cost of credit risk

–

(20)

(85)

(61)

Mobility activities reorganisation (SFS)

–

(39)

Total impact equity-accounted entities

–

(39)

ISB integration costs (LC)

(2)

–

(2)

–

Degroof Petercam acquisition costs (AG)

–

(22)

(16)

–

Mobility activities reorganisation (SFS)

–

Total impact Net income on other assets

(1)

–

(24)

(16)

Mobility activities reorganisation (SFS)

–

Total impact on change of value of goodwill

–

Mobility activities reorganisation (SFS)

–

Total impact on tax

–

Total impact of specific items

(64)

(41)

(138)

(86)

580

425

Asset gathering

(12)

(9)

–

(49)

(35)

–

French Retail banking

–

International Retail banking

–

(20)

–

Specialised financial services

–

263

176

Large customers

(52)

(32)

(70)

(32)

(39)

(28)

Corporate centre

–

(2)

(1)

277

216

* Impact before tax and before minority interests

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix 4 – Data per share

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

(€m)

Q4-2024
Q4-2023

2024
2023

Net income Group share – stated

1,689
1,334

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

(112)
(87)

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

–
–

(266)
–
NIGS attributable to ordinary shares – stated

[A]
1,577
1,247

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

[B]
3,025
3,032

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

[A]/[B]
0.52 €
0.41 €

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

1,730
1,303

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

[C]
1,618
1,216

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

[C]/[B]
0.54 €
0.40 €

2.14 €
1.80 €

(€m)

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

74,710
71,086
– AT1 issuances

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

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

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

[D]

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

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

[E]

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

[F]

3,025
3,029

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

Dividend to pay (€)

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

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

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

20,4 €

1,05 €

14,7 €

15,7 €

€20.4

€1.05

€14.7

€15.7

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

(€m)

2024
2023
Net income Group share – stated

[K]

7,087
6,348
Impairment of intangible assets

[L]

0
0
Stated NIGS annualised

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

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

[O]

-729
-458
Stated result adjusted

[P] = [N]+[O]

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

[J]

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

= [P] / [J]

13.8%
13.6%
Underlying Net income Group share

[Q]

7,172
5,923
Underlying NIGS annualised

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

7,172
5,923
Underlying NIGS adjusted

[S] = [R]+[O]

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

= [S] / [J]

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

0.0%

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

Alternative Performance Indicators⁹⁹

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

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

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

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

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

Applicable standards and comparability

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

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

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

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

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

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

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

Financial Agenda

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

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

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


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

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

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

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

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

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

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

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

Attachment

EN_CASA_PR_2024-Q4

The MIL Network –

February 5, 2025

MIL-OSI China: Toyota to build Lexus factory in Shanghai

Source: China State Council Information Office

Toyota Motor Corp. announced on Wednesday that it will construct a new Lexus factory in Shanghai as the company seeks to strengthen its development and manufacturing capabilities in the Chinese market.

The plant, set to begin operations in 2027 or later, will focus on producing electric vehicles (EVs) and automotive batteries.

Unlike previous ventures in China, the factory will be wholly owned by Toyota rather than operated as a joint venture. The initial production capacity is expected to be around 100,000 units per year, with approximately 1,000 new jobs planned at the start of operations.

The company on Wednesday raised its net profit forecast for the fiscal year ending March 2025 to 4.52 trillion yen (about 29.5 billion U.S. dollars) from its earlier estimate of 3.57 trillion yen amid production recovery and the weaker yen.

MIL OSI China News –

February 5, 2025
MIL-OSI Russia: Over the past seven years, more than a million vehicles have been registered at government service centers

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

More than a million vehicles have been registered at government service centers in seven years. Today, this can be done at flagship offices, as well as at the My Documents centers in the Krasnoselsky and Danilovsky districts. State Traffic Inspectorate employees will help register a vehicle, make changes to registration data, or deregister it.

You can get the service by appointment on the mos.ru portal. To do this, go to the service catalog, select the “Transport” section, the “Purchase, sale, registration of cars and motorcycles” subsection, click on the “Sign up for traffic police registration actions at government service centers” button, and then select a suitable time and office.

After this, you should arrive at the specialized parking lot at the appointed time. The administrator at the reception will issue an electronic queue ticket and help pay the state fee at the bank terminals located in the office, and the State Traffic Inspectorate employee will draw up the necessary documents. At the equipped site, specialists will inspect the vehicle.

When submitting an application viagovernment services portal you need to fill out an application and pay the state fee online. At the office, get a ticket for an appointment with the State Traffic Inspectorate employees, who will carry out all the necessary administrative procedures to provide the state service for registering a vehicle.

“My Documents” provides more than 300 government services, 99 percent of which can be obtained on an extraterritorial basis. Government service centers are open daily: flagship centers – from 10:00 to 22:00, district centers – from 08:00 to 20:00.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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: //vv.mos.ru/nevs/ite/149689073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI New Zealand: Truck driver charged after passing lane incident

Source: New Zealand Police (National News)

Attribute to Commercial Vehicle Safety Team National Manager Inspector Scott Webb:

A dangerous passing incident on the Kaimai Ranges last month has resulted in a truck driver being charged.

The incident occurred on State Highway 29 on 7 January and was filmed on a dashcam. The footage shows a truck on the wrong side of the road at a passing lane.

Following an investigation, Police have charged a 40-year-old Tauranga man with dangerous driving. He has been summonsed to appear in the Tauranga District Court on 27 February.

As the case is before the court, we are unable to comment further.

ENDS

MIL OSI New Zealand News –

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

Source: Auckland Council

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI New Zealand: Road blocked, SH1, Tamahere

Source: New Zealand Police (District News)

State Highway One/Waikato Expressway is blocked following a single vehicle crash this afternoon.

Police were alerted to the crash before the Tamahere Road off-ramp at around 4pm.

There are no reports of injuries at this stage.

The southbound lane is blocked and motorists are advised to avoid the area if possible.

ENDS

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI USA: On Senate Floor, Shaheen Condemns Proposed Trump Tariffs that Would Increase Costs on Granite Staters
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) delivered remarks on the Senate floor condemning President Trump’s proposed tariffs on Mexico and Canada, New Hampshire’s largest trading partner, that could cause prices on everything from gas to cars to groceries to skyrocket, hurting Granite Staters and Granite State businesses. Click here to watch the full speech.

Key Quotes from Senator Shaheen:
- “Even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.”
- “President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.”
- “For Elon Musk and his billionaire friends, and the billionaire friends of the President, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold.”
- “I’m glad for the delay. I don’t want people to misunderstand that. But how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?”
Remarks as delivered can be found below:

We’re here today to talk about a very serious issue, and that is the tariffs that President Trump is talking about imposing on goods from Canada and Mexico, and the impact that will have on Americans.

On Saturday, President Trump announced a 25% tariff, which would be a tax on imported goods from Canada and Mexico, and a 10% tariff, which would amount to a tax on imported energy from Canada, and on all goods from China.

So, 10% on all goods from China and then 10% on energy from Canada.

He’s also threatened universal tariffs on all countries.

Now, thankfully, the tariffs that he announced on Canada and Mexico appear to have been delayed for a month, but the tariff taxes on China are now in effect.

And even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.

Now, I want to point out in the beginning very clearly that it’s not foreign countries who pay these taxes, these tariff taxes, it’s Americans who pay these tariff taxes.

These are tariff taxes on imported goods, meaning that the person or company who is importing the good will be footing the bill – and these costs will be passed on to American consumers and businesses.

And you don’t have to take my word for it: Best Buy’s CEO said, and I quote, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.”

And Walmart’s CFO said, “there will probably be cases where prices will go up for consumers.”

Columbia Sportswear’s CEO said about tariffs “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.”

Now, if we look at the cost of just the tariff taxes that were originally announced on Saturday, those would raise costs for the average American household by more than $1,200 a year.

And if we get into a trade war with increasingly high tariffs on both sides—and that’s what it appears could be happening with China—those costs would go up even more.

Now, President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.

I’m glad the administration and the President listened to reason.

He delayed the start of these tariffs, but I hope we don’t have to be back here in a few weeks making this case again.

And I want to make sure that people understand what these tariff taxes would do and highlight some of the areas where Americans would be directly affected.

First is energy.

America imports more oil and gas from Canada than any other product.

In New Hampshire, more than half of the gas in people’s cars comes from Canada.

These tariff taxes would make gas prices go up, and they could even lead to supply shortages because refinery and delivery infrastructure just doesn’t turn on a dime.

President Trump’s new 10% tariff tax on energy from Canada would also directly raise the cost of keeping warm for Granite Staters during the coldest months of this year.

In New Hampshire, our number one import from Canada is heating oil, and nearly a quarter of a million households in New Hampshire—that’s about 40% of our households—more than Vermont, I think
Senator Welch, rely on fuel oil to heat their homes.

We’re the second highest state in the nation, next to Maine who relies on number two heating oil, to heat our homes.

Another hundred thousand Granite Staters rely on propane and about 30,000 homes use wood.

So that’s about 60% of New Hampshire that relies on delivered fuel to stay warm. Much of that is coming from Canada.

The average home in New Hampshire on heating oil, uses about 600 gallons in the winter and for older, draftier homes, and sadly we have a lot of those in New Hampshire, or those who are further up north, families may be using upwards of a thousand gallons a winter.

And with temperatures dipping as low as 20 below zero in the state in recent weeks, heating oil is a real necessity.

And my constituents are already getting notices, and I don’t know, Senator Welch, if the same is true of your constituents, but I bet it is. But they’re saying that those notices tell them their costs are going to go up if these tariffs go into effect.

On Sunday, I heard from Derek in Sandwich, New Hampshire, who received a letter from his heating supplier, Irving Oil, that informed him that his bill for heating oil would be going up.

The letter stated, “As you may be aware, the U.S. government has announced a new tariff on imports from Canada, including the heating oil or propane that Irving Energy delivers to you.”

And the letter went on to describe that the tariff costs will be added to the price that he pays, even though he already has a contract.

As Derek wrote to me, “I will now have less to spend locally. My local businesses will suffer through lost business and increased costs. And then their suppliers and employees will suffer. It’s a real hardship.”

On inauguration day, this year, heating oil cost an average of $3.93 a gallon in New Hampshire.

Tacking an ill-advised 10% tariff tax on heating oil from Canada could mean about $150 to $250 more for many in New Hampshire just to keep warm through the winter.

And while for Elon Musk and his billionaire friends, and the billionaire friends of the president, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold in the winter.

So let me also be clear: We don’t use gas and heating oil from Canada because we don’t produce it here in the United States. We do it because it makes logistical and economic sense because in New England, we are at the end of the pipelines that are coming from Texas and the south.

Now, the United States produces more oil than any other country in the history of the world.

That was true during the last three years of the first Trump Administration. It was true for the last four years of the Biden Administration.

But for New Hampshire, the Saint John Refinery in Canada simply provides us the closest, lowest-cost supply.

And by the way, that refinery sources as much as half of its crude oil from the United States.

So, it’s helping oil producers in the United States send their oil the refinery, and we get it back in New Hampshire and New England.

President Trump campaigned on cutting energy prices in half. Reckless tariffs on Canada and Mexico will make those prices higher, not lower.

New Hampshire families shouldn’t be punished for what The Wall Street journal has just called, “The Dumbest Trade War in History”.

And that’s not all. These tariff taxes will affect groceries because the U.S. imports 38% of our fresh vegetables, 60% of our fresh fruit and more than 99% of the coffee that we drink.

If we take all these together, Americans could be seeing an extra $200 a year on their grocery bills because of the trump tariff taxes.

That doesn’t include the longer term impact of taxes on farm equipment or fertilizer. America imports about 85% of the potash fertilizer we use and much of that comes from Canada.

Now, we already have record-high prices on coffee and eggs, if you can find eggs, some grocery stores are sold out. And one of the things that just happened in the last week is that because of the stop-work order that President Trump put on our services that we provide overseas to track bird flu, we’re no longer tracking the bird flu that has helped to drive up the cost of eggs.

So, it could get worse and we’re not even going to know about it until we see those prices reflected at the grocery store.

Any new 25% tariff tax on these imports would make our food more expensive when families are already stretching and straining their household budgets.

Tariffs sometimes get talked about as a way to support American manufacturers, but that also misses the mark.

Half of the products the U.S. imports are either raw materials or intermediate components, and that means the parts we make into cars or electronics.

All of these inputs would get more expensive for American manufacturers, which is only going to make it harder for them to compete internationally.

One of the messages I hear regularly from businesses is that uncertainty is one of the hardest things for them to deal with.

One example of this is a call I got two weeks ago from a small business owner in New Hampshire who sells specialized agricultural equipment both in the U.S. and overseas.

This is a family business with five employees. His father founded it 50 years ago, and he reached out specifically because he’s worried about what tariffs on the components he buys from Canada could do to his business.

For the specialized equipment that he needs, there aren’t a lot of manufacturers out there.

So, he reached out to my office asking if he was going to have to pay $5,000 more in costs for each of the machines he sells.

He took over this business just a couple of years ago and he’s been working to invest to modernize it and expand.

Now he has to worry about whether he can try to grow the business, whether he might face new foreign competition or even if he can pay out bonuses or give raises to his employees.

He can’t even be certain what kind of pricing schedule he should send out for the year because his costs could go up $5,000 next month.

And last week, I heard from another small business, Granite State Packing. It’s a start-up meat-processing company that’s only two years old.

They started just two years ago, and they already have ten employees.

Last year, they actually got $1.6 million in a grant from USDA to expand their operations. That’s going to allow them to double their workforce.

In order to expand, they placed an order for $500,000 in new equipment because the specialized equipment that they use isn’t made in the United States.

Now, depending on how and when these tariffs go into effect, and when their equipment might get delivered, they could be looking at an increased bill for $125,000.

That’s going to affect whether they can follow through on the expansion, whether they can actually add the staff they want to add, and they don’t have any way of knowing if they’re going to face an unexpected $125,000 bill because President Trump and this administration hasn’t made up their mind about what they’re going do with these tariffs.

Over the weekend, I had another business owner from C&J bus lines, they run a great bus line from the seacoast of New Hampshire to Boston.

The owner told me that they’ve ordered seven new buses from Quebec—new buses because they’re made in Quebec—these tariffs would add $150,000 to the cost of each bus.

Now, between that and the higher fuel costs that they would pay, they could be looking at $1.3 million more in added costs this year because of the Trump tariff tax.

No small business can easily just absorb a 25% price increase, nor can they plan on how to grow their business and keep providing good-paying jobs with this kind of uncertainty.

Make no mistake, I’m glad the administration delayed these tariffs. I hope they understand how this action could affect America’s small businesses and the impact this would have on the economy.

And let me finally just talk about housing impacts, because New Hampshire has an affordable housing crisis.

These tariffs would make that worse.

Lumber makes up about 15% of building a house, and a lot of building materials, in addition to lumber, are imported.

The National Association of Homebuilders wrote in part, and I quote, “imposing additional tariffs on these imports will ultimately be passed on to home buyers in the form of increased housing prices.”

That means that this 25% tariff tax would directly add to the cost of building a home at a time when too many Granite Staters and too many Americans across the country already can’t afford housing.

And we shouldn’t pretend that American tariffs are going to go unanswered. Other countries are going to retaliate, and getting into a tit for tat trade war is not going to help working Americans pay their bills.

Families across New Hampshire and America are worried about the high cost of housing, about the cost of groceries, about what it costs to heat their homes.

Business owners are similarly worried about costs or unexpected expenses. I’m hearing regularly from them about the impact of the uncertainty on their ability to grow their businesses because of these tariffs.

President Trump promised during his campaign, and I’m quoting here, “to lower the price of everything,” but instead of doing something to lower costs, what he’s doing now, what his administration is doing, is planning to add a 25% tariff tax to countless imports from Canada and Mexico.

And they’ve already added a 10% tariff tax on goods coming in from China.

And again, while this was delayed at the last minute, this would raise costs for everything from groceries to housing to energy.

It would proportionately hit lower-income families.

I’m glad for the delay. I don’t want people to misunderstand that, but how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?

I want to finish by reading a quote here.

The quote says, “Tariffs are inflationary, and would strengthen the dollar—hardly a good starting point for U.S. Industrial renaissance.”

That’s a quote from Scott Bessent, the new Treasury Secretary who just got confirmed, when he wrote to his investors just a year ago.

I happen to agree with what he said then, but unfortunately the administration he just joined seems to be willing to risk more inflation.

These sweeping tariff tax increases would hurt American families, businesses and workers.

I’m glad the taxes on goods from Canada and Mexico were delayed.

I hope this administration can provide everyone with certainty that they won’t go into effect next month.

Thank you, Mr. President. I yield to my colleague from Vermont.

Last week, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada which are expected to cost the average Granite Stater $1,100 per year.

Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.

After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”
MIL OSI USA News –
February 5, 2025
MIL-OSI New Zealand: Serious crash: The Strand, Parnell

Source: New Zealand Police (District News)

A section of The Strand in Parnell is being closed following a serious crash.

The crash involves a truck and pedestrian and was reported just after 2pm.

The pedestrian is currently in a critical condition, and will be transported to hospital.

Emergency services are at the scene and a section of The Strand is being closed between the intersections with St Georges Bay Road and Tamaki Drive.

We anticipate this will cause disruption in this busy transport corridor this afternoon.

The Serious Crash Unit has been advised and will attend the scene.

ENDS.

Jarred Williamson/NZ Police

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI China: 5.0-magnitude quake hits China’s Xinjiang

Source: China State Council Information Office 2

A 5.0-magnitude earthquake jolted Kuqa City in Aksu Prefecture of northwest China’s Xinjiang Uygur Autonomous Region at 7:42 a.m. Wednesday (Beijing Time), according to the China Earthquake Networks Center (CENC).
The epicenter was monitored at 41.23 degrees north latitude and 83.74 degrees east longitude. The quake struck at a depth of 10 km, said a report issued by the CENC.

MIL OSI China News –

February 5, 2025
MIL-OSI China: China sees travel surge as Spring Festival holiday concludes

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

Passengers are seen at the waiting hall of Shanghai Hongqiao Railway Station in Shanghai, east China, Feb. 4, 2025. [Photo/Xinhua]

BEIJING, Feb. 4 — With the Spring Festival holiday drawing to an end, China’s highways, railways and airports are seeing a surge of people returning from family reunions and festival celebrations.

Passengers are seen at the waiting hall of Beijing South Railway Station in Beijing, capital of China, Feb. 4, 2025. [Photo/Xinhua]

Passengers are seen at the waiting hall of Beijing South Railway Station in Beijing, capital of China, Feb. 4, 2025. [Photo/Xinhua]

A drone photo taken on Feb. 4, 2025 shows vehicles driving into a ferry at Yantai Port in east China’s Shandong Province. [Photo/Xinhua]

A drone photo taken on Feb. 4, 2025 shows vehicles at a toll gate of Hefei-Nanjing expressway in Quanjiao County, Chuzhou City of east China’s Anhui Province. [Photo/Xinhua]

A police officer offers help at Fuyang West Railway Station in Fuyang City, east China’s Anhui Province, Feb. 4, 2025. [Photo/Xinhua]

A drone photo taken on Feb. 4, 2025 shows vehicles on an expressway in Chaohu City, east China’s Anhui Province. [Photo/Xinhua]

Passengers wait for the train at Hangzhou East Railway Station in Hangzhou, east China’s Zhejiang Province, Feb. 4, 2025. [Photo/Xinhua]

Passengers arrive at Harbin Railway Station in Harbin, northeast China’s Heilongjiang Province, Feb. 4, 2025. [Photo/Xinhua]

Passengers are seen at the waiting hall of Hangzhou East Railway Station in Hangzhou, east China’s Zhejiang Province, Feb. 4, 2025. [Photo/Xinhua]

Passengers check in at Daozhou Railway Station in Yongzhou, central China’s Hunan Province, Feb. 4, 2025. [Photo/Xinhua]

Passengers prepare to board the train at Handan Railway Station in Handan, north China’s Hebei Province, Feb. 4, 2025. [Photo/Xinhua]

Passengers check in at Shijiazhuang Railway Station in Shijiazhuang, north China’s Hebei Province, Feb. 4, 2025. [Photo/Xinhua]

Passengers prepare to board the train at Tengzhou East Railway Station in Zaozhuang City, east China’s Shandong Province, Feb. 4, 2025. [Photo/Xinhua]

MIL OSI China News –

February 5, 2025
MIL-OSI Australia: Dumaresq Overflow Channel Bridge back in business

Source: New South Wales Government 2

Headline: Dumaresq Overflow Channel Bridge back in business

Published: 5 February 2025

Released by: Minister for Emergency Services, Minister for Regional Transport and Roads

Motorists west of Tenterfield will soon have improved access on Bruxner Way with the completion of work to rebuild the Dumaresq Overflow Channel Bridge following serious damage in the March 2021 flooding event.

Bruxner Way is a regional road linking Tenterfield to Boggabilla and Goondiwindi, and services a largely agricultural region, with vehicles forced to use a single lane side road under traffic control since the bridge was washed away.

Work started in May 2023 and included the demolition of the damaged bridge and approach embankments, reconstruction and rehabilitation of the channel and surrounding riverbanks, and installation of steel guardrail.

This project was jointly funded by the Commonwealth Government, with Tenterfield Shire Council, Transport for NSW and the NSW Reconstruction Authority, contributing through a NSW Government Tripartite funding initiative. This type of agreement reduces the financial pressure on councils, providing advanced funding and ensuring faster repairs for communities.

Work to build the new bridge was carried out for Tenterfield Shire Council by Transport for NSW and was jointly funded through the federal-state Disaster Recovery Funding Arrangements.

The new three-span concrete bridge opened in an event yesterday attended by Parliamentary Secretary for Disaster Recovery Janelle Saffin, Tenterfield Mayor Bronwyn Petrie, and representatives from Transport for NSW.

More information about Council projects is available at https://www.tenterfield.nsw.gov.au/

Quotes attributable to Federal Minister for Emergency Management, Jenny McAllister:

“We know that the consecutive flooding events across 2021 and 2022 had a significant impact on communities across northern NSW.

“The Albanese and Minns Governments are working together to not just rebuild assets damaged across these flooding events, but where possible to build back in a way that makes infrastructure more resilient, reducing the impact of future disasters.

“The completed Dumaresq Overflow Channel Bridge means that residents and local agribusiness have an easier and quicker regional access.”

Quotes attributable to NSW Minister for Emergency Services, Jihad Dib:

“Northern NSW continues to build back its essential infrastructure following the devasting flood events that caused billions of dollars in damage across the region.

“It’s vital we restore infrastructure damaged by natural disasters.

“This is a great example of three levels of government working together to ensure residents, businesses, and visitors are all able to drive safely on these roads once more.”

Quotes attributable to NSW Minister for Regional Transport and Roads, Jenny Aitchison:

“The NSW Government is pleased to be working with our Federal and local government colleagues to help restore access via the Dumaresq Overflow Channel Bridge.

“Residents in northern NSW have proven how resilient they can be in the face of the destruction they experienced in these significant flood events.

“It’s great that this project will once again allow vehicles to access Bruxner Way.”

Quotes attributable to NSW Parliamentary Secretary for Disaster Recovery and Member for Lismore, Janelle Saffin:

“I’m glad to be here today to be able to attend the official bridge reopening.

“Locals and visitors who use this road will be delighted that work on this bridge has been completed, providing access for residents, agriculture, business and tourism in this part of the world.

“As recovery and rebuilding continues, this project is another example of the hard work being done by all levels of government to aid those who rely on the local road network every day.

“I’d like to thank Tenterfield Council and Transport for NSW for getting this finished to such a high standard.”

Quotes attributable to Tenterfield Shire Mayor Bronwyn Petrie:

“We are pleased to see the reopening of the bridge on the Bruxner Way, west of Tenterfield, which is a significant regional and interstate road.

“It has been nearly four years since the embankments were washed away in a devastating flood in March 2021, requiring road users to use a detour subject to closure during flood events, disrupting local traffic and heavy freight transport.

“Tenterfield Shire Council greatly appreciates the disaster funding from the State and Federal governments to enable the rebuild and expresses our thanks to Transport for NSW and contractors for their work on the reconstruction.”

MIL OSI News –

February 5, 2025
MIL-OSI New Zealand: Motorists urged to drive to the conditions on SH47
Source: New Zealand Transport Agency

5 February 2025 11:59 am | NZ Transport Agency Waka Kotahi

NZ Transport Agency Waka Kotahi (NZTA) is advising motorists travelling between Turangi and National Park on SH4 to drive to the conditions following a bitumen spillage.

NZTA has received a number of reports today on SH47 of bitumen sticking to vehicle tyres.

Crews are currently on site applying loose grit to the road to cover the spillage while NZTA investigates the cause.

Traffic management is in place, in addition to a temporary lower speed.

Please drive to the conditions while the traffic management is in place and expect some delays while the traffic moves through the site.

NZTA National Journey Manager Helen Harris is reassuring motorists that SH47 is still open and that it’s vital people adhere to the traffic management in place.
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MIL OSI New Zealand News –
February 5, 2025
MIL-OSI Security: Oglala Man Found Guilty in Federal Trial of Involuntary Manslaughter

Source: Office of United States Attorneys

RAPID CITY – United States Attorney Alison J. Ramsdell announced that a jury has convicted Clayton Fire Thunder, age 40, of Oglala, South Dakota, of Involuntary Manslaughter and two counts of False Statement following a two-day jury trial in federal district court in Rapid City, South Dakota. The verdict was returned on January 30, 2025.

The charges carry a maximum penalty of eight years in custody and/or a $250,000 fine, three years of supervised release, and a $100 special assessment to the Federal Crime Victims Fund.

Fire Thunder was indicted by a federal grand jury in May 2024.

The conviction relates to the following facts presented at trial. At approximately 4:00 A.M. on September 15, 2022, Fire Thunder caught a ride to a man’s residence just a few miles east of Pine Ridge, South Dakota. Fire Thunder was intoxicated. The individual Fire Thunder was seeking to contact was a methamphetamine dealer. Fire Thunder had acquired a firearm and intended to exchange the firearm with the methamphetamine dealer. As Fire Thunder approached the front door of the residence, he heard noises coming from inside the residence. At some point while on the exterior of the residence, Fire Thunder mishandled the firearm, causing a bullet to discharge into the house. Fire Thunder heard a female screaming, and he left the residence. A later investigation revealed that the bullet had traveled through the siding of the residence and into the adjacent bedroom where the methamphetamine dealer and a female were present. The female was struck by the bullet on her left side slightly below her arm. She later succumbed to her injuries. During two separate interviews with FBI agents in October 2023 and May 2024, Fire Thunder made false statements about the firearm and his involvement in the killing.

This case was investigated by the Oglala Sioux Tribe Department of Public Safety and the FBI. Assistant U.S. Attorney Megan Poppen prosecuted the case.

A presentence investigation was ordered and a sentencing date has been set for April 25, 2025. The defendant was remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Sisseton Man Sentenced to Federal Prison for Child Abuse

Source: Office of United States Attorneys

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

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

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

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

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

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

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

MIL Security OSI –

February 5, 2025
MIL-OSI USA: Chairman Mast Exposes Outrageous USAID and State Department Grants

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast released the following video exposing radical, far-left grants issued by the State Department and United States Agency for International Development under the Biden administration.

WATCH HERE

Democrats and unaccountable bureaucrats don’t want Americans to know how their hard-earned tax dollars are being wasted abroad. Chairman Mast is here to set the record straight.

Several egregious examples include:

$15 million for condoms to the Taliban through USAID.

$446,700 to promote the expansion of atheism in Nepal through the State Department.

$1 million to boost French-speaking LGBTQ groups in West and Central Africa through the State Department.

$14 million in cash vouchers for migrants at the southern border through the State Department.

$20,600 for a drag show in Ecuador through the State Department.

$47,020 for a transgender opera in Colombia through the State Department.

$32,000 for an LGBTQ-centered comic book in Peru through the State Department.

$55,750 for a climate change presentation warning about the impact of climate change in Argentina to be led by female and LGBT journalists through the StateDepartment.

$3,315,446 for “being LGBTQ in the Caribbean” through USAID.

$7,071.58 for a BIPOC speaker series in Canada through the State Department.

$80,000 for an LGBTQ community center in Bratislava, Slovakia through the State Department.

$3.2 million to help Tunisian migrants readjust to life in Tunisia after deportation through the State Department.

$16,500 to foster a “united and equal queer-feminist discourse in Albanian society” through the State Department.

$10,000 to pressure Lithuanian corporations to promote “DEI values” through the State Department.

$8,000 to promote DEI among LGBTQ groups in Cyprus through the State Department.

$1.5 million to promote job opportunities for LGBTQ individuals in Serbia through USAID.

$70,884 to create a U.S.-Irish musical to promote DEI in Ireland through the State Department.

$39,652 to host seminars at the Edinburgh International Book Festival on gender identity and racial equality through the State Department.

$2.5 million to build electric vehicle charging stations in Vietnam’s largest cities through USAID.

$425,622 to help Indonesian coffee companies become more climate and gender friendly through USAID.

###

MIL OSI USA News –

February 5, 2025
MIL-OSI Security: Three Mexican Nationals arrested with 14 kilograms of crystal methamphetamine

Source: Office of United States Attorneys

Seattle – Three citizens of Mexico were arrested late last week in Bellevue, Washington in connection with a drug deal involving more than 25 pounds of crystal methamphetamine, announced U.S. Attorney Tessa M. Gorman. All three men are being held at the Federal Detention Center at SeaTac, Washington, on a criminal complaint.

According to records filed in the case, on January 29, 2025, an undercover agent with Homeland Security Investigations began communicating with a transnational drug organization about purchasing crystal methamphetamine. The deal was set for the next day: 30 pounds of crystal methamphetamine for $62,000 to be exchanged at a restaurant parking lot in Bellevue.

After the undercover agents were shown the drugs, they walked the defendants back towards a vehicle where they claimed the money was waiting. As law enforcement swooped in to arrest the drug traffickers, they attempted to flee but were taken into custody. The men are charged with conspiracy to distribute controlled substances and possession of controlled substances with attempt to distribute.

The three men are identified as:

Eber Omar Barrones-Madrid, age 24

Juan Jose Prado-Estrada, age 25

Jose Manuel Ochoa-Sanchez, age 27

The charges contained in the criminal complaint are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

The case is being investigated by Homeland Security Investigations (HSI).

The case is being prosecuted by Assistant United States Attorney Vince Lombardi.

MIL Security OSI –

February 5, 2025
MIL-OSI USA: Grassley, Colleagues Reintroduce Bill to Keep AM Radio in New Vehicles

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Sen. Chuck Grassley (R-Iowa) joined Senate Commerce Committee Chairman Ted Cruz (R-Texas) and Sen. Edward J. Markey (D-Mass.) to reintroduce the bipartisan AM Radio for Every Vehicle Act. The legislation would direct the National Highway Traffic Safety Administration (NHTSA) to require automakers to maintain AM broadcast radio in their new vehicles at no additional charge.

“AM radio is the backbone of our emergency alert system, especially for tens of millions of Americans in rural areas. It’s been a part of our daily commutes and road trips for decades. Iowans rely on AM radio to catch up on local news, weather and commodity and livestock markets, as well as to hear competing viewpoints about the important issues of the day. The AM Radio for Every Vehicle Act will protect this critical resource, and I urge my colleagues to support this legislation,” Grassley said.

“During weather disasters or power outages, AM radio is consistently the most reliable form of communication and is critical to keep millions of Texans safe. AM radio has long been a haven for people to express differing viewpoints, allowing free speech and our robust democratic process to flourish for decades. I am honored to once again partner with Sen. Markey on this bipartisan legislation on behalf of our constituents who depend on AM radio and public airwaves for access to news, music, talk, and emergency alerts,” Cruz said.

“As we witness more tragic climate change-induced disasters like the wildfires in Los Angeles, broadcast AM radio continues to be a critical tool for communication. AM radio is a lifeline for people across the country for news, sports, and especially emergency information,” Markey said. “Tens of millions of listeners across the country have made clear that they want AM radio to remain in their vehicles. Our AM Radio for Every Vehicle Act heeds their words and ensures that this essential tool doesn’t get lost on the dial.”

Additional cosponsors are Sens. Tammy Baldwin (D-Wis.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Richard Blumenthal (D-Conn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Maria Cantwell (D-Wash.), Shelley Moore Capito (R-W.V.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Josh Hawley (R-Mo.), Maggie Hassan (D-N.H.), Mazie Hirono (D-Hawaii), Jim Justice (R-W.V.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), James Lankford (R-Okla.), Ben Ray Luján (D-N.M.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Jeff Merkley (D-Ore.), Jerry Moran (R-Kan.), Chris Murphy (D-Conn.), Jack Reed (D-R.I.), Pete Ricketts (R-Neb.), Bernie Sanders (I-Vt.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Tim Sheehy (R-Mont.), Tina Smith (D-Minn.), Dan Sullivan (R-Alaska), Ron Wyden (D-Ore.), Todd Young (R-Ind.), John Barrasso (R-Wy.), Jim Banks (R-Ind.), and John Hoeven (R-N.D.).

Read the bill text HERE.

Background:

Grassley and his colleagues previously introduced the AM Radio for Every Vehicle Act during the 118^th Congress. The legislation passed the Senate Commerce Committee in July 2023 and the House Energy and Commerce Committee in September 2024.

-30-

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Massachusetts Member of Al-Qaeda in the Arabian Peninsula Sentenced to 44 Years in Prison for Terrorism Offenses

Source: US State Government of Utah

Minh Quang Pham, also known as “Amim”, 41, of Massachusetts, was sentenced today to 44 years in prison and a lifetime of supervised release for attempted suicide bombing in alliance with al-Qaeda in the Arabian Peninsula (AQAP), a designated foreign terrorist organization.

“The defendant was sentenced for an attempt to commit an act of terrorism and plotting a suicide bombing on behalf of AQAP,” said Devin DeBacker, head of the Justice Department’s National Security Division. “The Justice Department will not rest in seeking justice for acts of terrorism and will continue to thwart any attempt to jeopardize global security.”

“Pham coordinated with known terrorist Anwar al-Aulaqi on a plot to conduct a suicide bombing at Heathrow International Airport which could have killed or injured many people, but fortunately that plan was stopped,” said Assistant Director David J. Scott of the FBI’s Counterterrorism Division. “Pham also tried to recruit others to commit acts of terrorism. The FBI will work with our partners to hold accountable those who align themselves with terrorist organizations and attempt to carry out acts of violence.”

“Minh Quang Pham’s actions were not just an affront to the safety of this country, but to the principles of peace and security that we hold dear,” said U.S. Attorney Danielle R. Sassoon for the Southern District of New York. “Today’s sentencing underscores our collective resolve to stop terrorism before it occurs, and place would-be terrorists in prison.”

According to court documents, in December 2010, Pham informed others that he planned to travel to Ireland while residing in London. From Ireland, he traveled to Yemen, the principal base of operations for AQAP. Pham traveled to Yemen in order to join AQAP, wage jihad on behalf of AQAP, and martyr himself for AQAP’s cause. After arriving in Yemen, he swore an oath of loyalty to AQAP in the presence of an AQAP commander.

While in Yemen in 2010 and 2011, Pham provided assistance to and received training from Anwar al-Aulaqi, a U.S.-born senior leader of AQAP. Al-Aulaqi advised Pham to return to the U.K. for the purpose of finding and making contact with individuals who, like Pham, wanted to travel to Yemen to join AQAP. Al-Aulaqi also provided Pham with money, as well as a telephone number and e-mail address that Pham was to use to contact al-Aulaqi upon his return to the U.K. In addition, Pham exchanged his laptop computer with al-Aulaqi, who provided him with a new “clean” laptop to take with him when he returned to the U.K. so that the authorities would not find anything if they searched his computer.

In or about June 2011, prior to his departure from Yemen, Pham approached al-Aulaqi about conducting a suicide attack whereby he would “sacrifice” himself on behalf of AQAP. Al-Aulaqi personally taught Pham how to create a lethal explosive device using household chemicals and directed Pham to detonate such an explosive device at the arrivals area of Heathrow International Airport following Pham’s return to the U.K. in 2011. Al-Aulaqi instructed Pham to carry an explosive in a concealed backpack and target the area where flights arrived from the U.S. or Israel. During this time, Pham made videos depicting his preparation to carry out that attack. In one video, Pham is shown wiring an electrical device for the use of making an explosive device. In another video, he sketches an explosive device to be contained in a backpack, and in a third, Pham wears a backpack with wiring for explosives on it, which he turns on in the video.

During this time, around June or July 2011 — shortly before Pham returned from Yemen to the U.K. — Pham recorded a video in which he attempted to recruit and encourage individuals in the West to engage in violent jihad abroad or in their home countries. In this video, he also expresses a desire to martyr himself. At the outset of this video, consisting of an approximately 13-minute-long monologue, Pham states that, “America itself is not fighting a war with a group or an organization, they are fighting with the army of Allah, the believers.” He continues, in part, “We have that opportunity, that ability to be in their midst, in their land . . . and I advise the brothers inshallah to, whatever you can, to gather and prepare and strike the enemy in their own land . . . The saying, a thousand cuts, you hit them with as much as you can until inshallah the enemy will bleed to death.” During his time in Yemen, Pham also assisted with the preparation and dissemination of AQAP’s propaganda magazine, Inspire. Pham, who has college degrees in both graphic design and animation, worked directly with now-deceased U.S. citizen, Samir Khan, who was a prominent member of AQAP responsible for editing and publishing Inspire.

Pham also received a six-page document entitled “Your Instructions” from al-Aulaqi in Yemen, which provided detailed instructions on how Pham was to commit his suicide attack at Heathrow. The document from al-Aulaqi instructed Pham, “[d]o not do anything for the first three months” and “[y]ou should target Christmas/ New Year season[.]” The instructions from al-Aulaqi provided explicit direction about the importance of using shrapnel to kill as many people as possible, including that “[t]he proper use of shrapnel is as important as the main charge itself. The detonation wave from a main charge of AP by itself is most likely not going to cause the death of anyone except those who are in its immediate vicinity. It is the shrapnel that would do the job. You may imagine this IED as a shotgun that is firing in all directions.” The document therefore instructed Pham to take “special care” with the “proper arrangement and choice of shrapnel,” and to “poison” it to inflict maximum death.

On July 27, 2011, Pham returned to the U.K. Upon his arrival at Heathrow, U.K. authorities detained Pham, searched him, and recovered various materials from him, including a live round of 7.62mm caliber armor-piercing ammunition, which is consistent with ammunition that is used in a Kalashnikov assault rifle, a type of weapon for which Pham received training from AQAP in Yemen. U.K. authorities released Pham and cautioned him for his possession of the live round of ammunition, before, in December 2011, arresting him pursuant to their authorities under U.K. immigration law. In searches of Pham’s residence, other locations, and vehicles, U.K. authorities recovered several pieces of electronic media. Among other things, a forensic analysis of Pham’s electronic media showed that he was accessing speeches and writings of al-Aulaqi as late as December 2011 — months after Pham’s return to the U.K.

On May 24, 2012, a grand jury returned an indictment charging Pham with terrorism offenses and U.S. authorities sought Pham’s extradition from the U.K. He was provisionally arrested with a view towards extradition on June 29, 2012, and he was extradited to the United States on Feb. 26, 2015. On Jan. 8, 2016, Pham pleaded guilty to terrorism offenses related to certain of the same underlying conduct. On May 27, 2016, Pham was sentenced by U.S. District Judge Alison J. Nathan principally to a term of 40 years in prison. On Sept. 12, 2017, the U.S. Court of Appeals for the Second Circuit affirmed Pham’s conviction and sentence. Thereafter, Pham made a motion that, based on intervening Supreme Court decisions, resulted in the vacatur of one of the counts of his conviction. Ultimately, the government, with Pham’s consent, moved to vacate Pham’s earlier convictions. On April 8, 2021, a grand jury returned a superseding indictment, reinstating certain charges and filing other new charges against Pham, and which formed the basis for Pham’s May 11, 2023, guilty plea and conviction.

The FBI Washington and New York Field Offices investigated the case. The Justice Department’s Office of International Affairs, Metropolitan Police Service/SO 15 Counter Terrorism Command at New Scotland Yard, Crown Prosecution Service, and the Home Office provided assistance in the investigation, extradition, and prosecution of the case.

Assistant U.S. Attorney Jacob H. Gutwillig for the Southern District of New York and Trial Attorney John Cella of the National Security Division’s Counterterrorism Section prosecuted the case.

MIL OSI USA News –

February 5, 2025
MIL-OSI Australia: Firearm, drugs seized during vehicle intercept at Claremont

Source: Tasmania Police

Firearm, drugs seized during vehicle intercept at Claremont

Wednesday, 5 February 2025 – 9:50 am.

A man has been charged after police seized a loaded firearm and a trafficable quantity of methylamphetamine (ice) from a vehicle at Claremont yesterday.
The driver of the vehicle – a 29 year old Claremont man – was arrested and charged with driving while disqualified, trafficking in a controlled substance, and multiple firearm offences.
During a subsequent search of an address at Claremont, officers from Southern Drugs & Firearms Unit, the Dog Handler Unit, and Glenorchy Criminal Investigation Branch seized additional ammunition and a trafficable quantity of MDMA.
The driver was detained to appear in the Hobart Magistrates Court today.
Detective Acting Inspector Richard Penney said “One loaded firearm on the streets illegally, is one too many”.
“Tasmania Police remains committed to ensuring those who deal in illicit drugs and firearms are brought to justice.”
Anyone with information about illegal drug and firearm activity is urged to contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au

MIL OSI News –

February 5, 2025
MIL-OSI Security: Massachusetts Member of Al-Qaeda in the Arabian Peninsula Sentenced to 44 Years in Prison for Terrorism Offenses

Source: United States Attorneys General 13

Minh Quang Pham, also known as “Amim”, 41, of Massachusetts, was sentenced today to 44 years in prison and a lifetime of supervised release for attempted suicide bombing in alliance with al-Qaeda in the Arabian Peninsula (AQAP), a designated foreign terrorist organization.

“The defendant was sentenced for an attempt to commit an act of terrorism and plotting a suicide bombing on behalf of AQAP,” said Devin DeBacker, head of the Justice Department’s National Security Division. “The Justice Department will not rest in seeking justice for acts of terrorism and will continue to thwart any attempt to jeopardize global security.”

“Pham coordinated with known terrorist Anwar al-Aulaqi on a plot to conduct a suicide bombing at Heathrow International Airport which could have killed or injured many people, but fortunately that plan was stopped,” said Assistant Director David J. Scott of the FBI’s Counterterrorism Division. “Pham also tried to recruit others to commit acts of terrorism. The FBI will work with our partners to hold accountable those who align themselves with terrorist organizations and attempt to carry out acts of violence.”

“Minh Quang Pham’s actions were not just an affront to the safety of this country, but to the principles of peace and security that we hold dear,” said U.S. Attorney Danielle R. Sassoon for the Southern District of New York. “Today’s sentencing underscores our collective resolve to stop terrorism before it occurs, and place would-be terrorists in prison.”

According to court documents, in December 2010, Pham informed others that he planned to travel to Ireland while residing in London. From Ireland, he traveled to Yemen, the principal base of operations for AQAP. Pham traveled to Yemen in order to join AQAP, wage jihad on behalf of AQAP, and martyr himself for AQAP’s cause. After arriving in Yemen, he swore an oath of loyalty to AQAP in the presence of an AQAP commander.

While in Yemen in 2010 and 2011, Pham provided assistance to and received training from Anwar al-Aulaqi, a U.S.-born senior leader of AQAP. Al-Aulaqi advised Pham to return to the U.K. for the purpose of finding and making contact with individuals who, like Pham, wanted to travel to Yemen to join AQAP. Al-Aulaqi also provided Pham with money, as well as a telephone number and e-mail address that Pham was to use to contact al-Aulaqi upon his return to the U.K. In addition, Pham exchanged his laptop computer with al-Aulaqi, who provided him with a new “clean” laptop to take with him when he returned to the U.K. so that the authorities would not find anything if they searched his computer.

In or about June 2011, prior to his departure from Yemen, Pham approached al-Aulaqi about conducting a suicide attack whereby he would “sacrifice” himself on behalf of AQAP. Al-Aulaqi personally taught Pham how to create a lethal explosive device using household chemicals and directed Pham to detonate such an explosive device at the arrivals area of Heathrow International Airport following Pham’s return to the U.K. in 2011. Al-Aulaqi instructed Pham to carry an explosive in a concealed backpack and target the area where flights arrived from the U.S. or Israel. During this time, Pham made videos depicting his preparation to carry out that attack. In one video, Pham is shown wiring an electrical device for the use of making an explosive device. In another video, he sketches an explosive device to be contained in a backpack, and in a third, Pham wears a backpack with wiring for explosives on it, which he turns on in the video.

During this time, around June or July 2011 — shortly before Pham returned from Yemen to the U.K. — Pham recorded a video in which he attempted to recruit and encourage individuals in the West to engage in violent jihad abroad or in their home countries. In this video, he also expresses a desire to martyr himself. At the outset of this video, consisting of an approximately 13-minute-long monologue, Pham states that, “America itself is not fighting a war with a group or an organization, they are fighting with the army of Allah, the believers.” He continues, in part, “We have that opportunity, that ability to be in their midst, in their land . . . and I advise the brothers inshallah to, whatever you can, to gather and prepare and strike the enemy in their own land . . . The saying, a thousand cuts, you hit them with as much as you can until inshallah the enemy will bleed to death.” During his time in Yemen, Pham also assisted with the preparation and dissemination of AQAP’s propaganda magazine, Inspire. Pham, who has college degrees in both graphic design and animation, worked directly with now-deceased U.S. citizen, Samir Khan, who was a prominent member of AQAP responsible for editing and publishing Inspire.

Pham also received a six-page document entitled “Your Instructions” from al-Aulaqi in Yemen, which provided detailed instructions on how Pham was to commit his suicide attack at Heathrow. The document from al-Aulaqi instructed Pham, “[d]o not do anything for the first three months” and “[y]ou should target Christmas/ New Year season[.]” The instructions from al-Aulaqi provided explicit direction about the importance of using shrapnel to kill as many people as possible, including that “[t]he proper use of shrapnel is as important as the main charge itself. The detonation wave from a main charge of AP by itself is most likely not going to cause the death of anyone except those who are in its immediate vicinity. It is the shrapnel that would do the job. You may imagine this IED as a shotgun that is firing in all directions.” The document therefore instructed Pham to take “special care” with the “proper arrangement and choice of shrapnel,” and to “poison” it to inflict maximum death.

On July 27, 2011, Pham returned to the U.K. Upon his arrival at Heathrow, U.K. authorities detained Pham, searched him, and recovered various materials from him, including a live round of 7.62mm caliber armor-piercing ammunition, which is consistent with ammunition that is used in a Kalashnikov assault rifle, a type of weapon for which Pham received training from AQAP in Yemen. U.K. authorities released Pham and cautioned him for his possession of the live round of ammunition, before, in December 2011, arresting him pursuant to their authorities under U.K. immigration law. In searches of Pham’s residence, other locations, and vehicles, U.K. authorities recovered several pieces of electronic media. Among other things, a forensic analysis of Pham’s electronic media showed that he was accessing speeches and writings of al-Aulaqi as late as December 2011 — months after Pham’s return to the U.K.

On May 24, 2012, a grand jury returned an indictment charging Pham with terrorism offenses and U.S. authorities sought Pham’s extradition from the U.K. He was provisionally arrested with a view towards extradition on June 29, 2012, and he was extradited to the United States on Feb. 26, 2015. On Jan. 8, 2016, Pham pleaded guilty to terrorism offenses related to certain of the same underlying conduct. On May 27, 2016, Pham was sentenced by U.S. District Judge Alison J. Nathan principally to a term of 40 years in prison. On Sept. 12, 2017, the U.S. Court of Appeals for the Second Circuit affirmed Pham’s conviction and sentence. Thereafter, Pham made a motion that, based on intervening Supreme Court decisions, resulted in the vacatur of one of the counts of his conviction. Ultimately, the government, with Pham’s consent, moved to vacate Pham’s earlier convictions. On April 8, 2021, a grand jury returned a superseding indictment, reinstating certain charges and filing other new charges against Pham, and which formed the basis for Pham’s May 11, 2023, guilty plea and conviction.

The FBI Washington and New York Field Offices investigated the case. The Justice Department’s Office of International Affairs, Metropolitan Police Service/SO 15 Counter Terrorism Command at New Scotland Yard, Crown Prosecution Service, and the Home Office provided assistance in the investigation, extradition, and prosecution of the case.

Assistant U.S. Attorney Jacob H. Gutwillig for the Southern District of New York and Trial Attorney John Cella of the National Security Division’s Counterterrorism Section prosecuted the case.

MIL Security OSI –

February 5, 2025

Category: Vehicles

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