Azzurra Guelfi's questions to Credit Agricole SA (CRARY) leadership • Q1 2024
Question
Azzurra Guelfi questioned if the upgraded 2024 net profit target of 'above €6 billion' was conservative given the strong Q1 results and acquisition benefits. She also asked for the outlook on French retail Net Interest Income (NII) amid margin pressures.
Answer
Executive Jerome Grivet stated that while the target might seem conservative, the company is sticking to the 'above €6 billion' guidance for 2024, which is already one year ahead of the original plan. He noted potential headwinds and integration costs. For French retail NII, he explained the Q1 decline was due to subdued new loan production, a slight increase in liability costs, and fewer days in the quarter, leading to a prudent outlook for the rest of the year.