Credit Agricole Targets Over EUR6 Billion in Net Income With 2025 Plan
June 22 2022 - 1:46AM
Dow Jones News
By Ed Frankl
Credit Agricole SA said it aims to produce net income of more
than 6 billion euros ($6.32 billion) as part of a new strategic
plan to 2025.
The French lender said it will aim to add one million additional
customers, based on strong organic growth potential, despite what
its Chairman Dominique Lefebvre called a current "opaque,
short-term environment".
The Paris-based company will target an average annual growth
rate between 2021 and 2025 of 3.5%, with a return on tangible
equity of more than 12%.
As part of its previous plan to 2022, Credit Agricole targeted
net income of more than EUR5 billion and ROTE of more than 11%.
It would continue to target a dividend pay-out rate of 50% in
cash.
The bank will also launch a new business line to focus on
renewable energy and another directed at healthcare.
It added that it would also 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 01:31 ET (05:31 GMT)
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