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Name | Symbol | Market | Type |
---|---|---|---|
Credit Agricole SA (PK) | USOTC:CRARY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 3.61% | 7.17 | 7.01 | 7.27 | 7.18 | 7.08 | 7.13 | 73,575 | 18:00:18 |
By Ed Frankl
Credit Agricole SA said Wednesday that it aims to take on one million additional customers, boost its net income and add two new business lines and as part of a new strategic plan to 2025.
The French lender said it will target one million additional retail-banking customers alongside yearly net income of 6 billion euros ($6.32 billion), based on strong organic-growth potential and increased offering in protection insurance, savings solutions and real estate.
In addition, the Paris-based company will target an average annual revenue growth rate of around 3.5% between 2021 and 2025, with a return on tangible equity--ROTE--of more than 12%.
It comes despite what its Chairman Dominique Lefebvre called a current "opaque short-term environment."
"The 'medium term' is no longer observable. It has made way for a 'short-term' horizon that is particularly opaque under the combined effects of multiple crises," the company said in its strategy presentation.
As part of its previous plan to 2022, which it achieved a year early, Credit Agricole targeted net income of more than EUR5 billion and ROTE of more than 11%.
It said it would continue to aim for a dividend payout rate of 50% in cash, and target a common equity Tier 1 ratio--a measure of financial strength--of 11%, from more than 11% under 2022 targets.
The bank will also launch two new business lines--one to focus on renewable energy and another directed at healthcare.
"It is now easier to think long-term than it is to predict the short-term," Chief Executive Philippe Brassac said.
"By creating two new business lines to make energy transition accessible to all, and to facilitate access to care and aging services, we are extending our mission as shapers of the future," he added.
The company said it will continue its targeted acquisitions strategy, while keeping to its profitability constraints of more than 10% in return on investment.
In an effort to keep up with the digital transformation, Credit Agricole said it would allocate around EUR20 billion to IT and digital spending over the period.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
June 22, 2022 02:16 ET (06:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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