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    Delphine Lee • JPMorgan Chase & Co.

    Delphine Lee's questions to ING Groep NV (ING) leadership

    Delphine Lee's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Delphine Lee of JPMorgan Chase & Co. revisited the NII outlook, asking for more detail on the drivers for the expected lending margin improvement in 2026-27. She also challenged the 2027 liability margin guidance, questioning why it couldn't meaningfully exceed 110 basis points given the significant tailwinds.

    Answer

    CFO Tanate Phutrakul reiterated that the lending margin improvement is based on an expected resumption of normal-paced commercial lending in wholesale, plus a greater share of higher-margin consumer and business banking loans. On the liability margin, he maintained that while tailwinds exist, the 100-110 bps guidance reflects a necessary balance between managing margins and competing for deposit volumes.

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    Delphine Lee's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Delphine Lee of JPMorgan inquired about the potential for further deposit rate cuts beyond the EUR 1 billion in actions already taken. She also asked for a reminder of the macroeconomic assumptions underlying the IFRS 9 provisions for Stage 1 and Stage 2 loans.

    Answer

    CFO Tanate Phutrakul noted that on top of the EUR 1 billion in savings rate cuts, term deposit cuts also had a positive impact, and there is still room for further action. CFO Ljiljana Cortan explained that Stage 1 and 2 provisions reflect updated, unbiased macroeconomic forecasts, risk migration, and model updates.

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    Delphine Lee's questions to Credit Agricole SA (CRARY) leadership

    Delphine Lee's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Delphine Lee of JPMorgan Chase & Co. asked about the expected timing for the net interest income inflection in French retail, the specific sources of the larger-than-expected positive impact from Basel IV, and whether the stronger capital position could lead to a change in dividend policy.

    Answer

    Executive Jerome Grivet reiterated that an inflection in French retail net interest income is expected during 2025, dependent on short-term rates, deposit mix, and loan volumes in a competitive market. He explained the positive Basel IV impact was due to conservative initial assessments across all risk categories (equity, credit, operational) rather than one single surprise. Grivet indicated it is too early to change the dividend policy, suggesting the 50% payout ratio remains sensible.

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    Delphine Lee's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Delphine Lee asked about the expected timing for the net interest income inflection in French retail, the source of the larger-than-expected positive impact from Basel IV, and whether the higher capital ratio might lead to a change in dividend policy.

    Answer

    Executive Jerome Grivet reiterated that the net interest income inflection in French retail is anticipated within 2025, contingent on interest rates, deposit mix, and loan competition. He attributed the positive Basel IV surprise to conservative assessments across all risk categories rather than a single factor. Grivet stated it is too early to alter the dividend policy, suggesting the 50% payout target remains appropriate.

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    Delphine Lee's questions to Credit Agricole SA (CRARY) leadership • Q4 2024

    Question

    Delphine Lee followed up on the strategy in Italy, asking for the 'wish list' or best-case scenario for Crédit Agricole and Amundi. She also inquired about which countries would be prioritized for M&A opportunities that are slightly larger than typical bolt-ons.

    Answer

    Jerome Grivet, Executive, described the 'wish list' for Italy as developing existing partnerships, concluding new ones, and growing its own retail bank network simultaneously. For M&A, he noted that the focus remains on countries where the group already has a presence to ensure acquisitions are complementary and can be integrated effectively, rather than establishing new franchises in new countries.

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    Delphine Lee's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Delphine Lee from JPMorgan Chase & Co. requested color on the drivers of the strong performance in the Insurance division, an update on RWA optimization efforts, and clarification on the Q3 employee capital increase.

    Answer

    Executive Jerome Grivet attributed the Insurance division's strength to strong commercial momentum in both life and P&C, combined with a normal level of claims. He confirmed that RWA optimization is ongoing and that the previously discussed TRIM impact is now part of the 2025 Basel IV calculation. He also stated that the upcoming employee capital increase will be fully offset by a dedicated share buyback.

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