Sign in

    Flora Benhakoun Bocahut • Barclays

    Flora Benhakoun Bocahut's questions to Credit Agricole SA (CRARY) leadership

    Flora Benhakoun Bocahut's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Flora Benhakoun Bocahut from Barclays asked if there were any tangible signs of regulatory simplification, whether a steepening yield curve is a net positive or negative for the P&L, and about the potential FX headwind from a weaker U.S. dollar.

    Answer

    Executive Jerome Grivet stated bluntly that there have been no signs of regulatory simplification from lawmakers or the ECB. He explained that a steepening curve from lower short-term rates is not massively positive, as benefits are offset by lower hedge portfolio yields. A weaker U.S. dollar would be slightly negative for P&L, as dollar-denominated revenues exceed costs, but the impact is not considered massive as the exposure is managed regularly.

    Ask Fintool Equity Research AI

    Flora Benhakoun Bocahut's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Flora Benhakoun Bocahut asked about any tangible signs of regulatory simplification, the potential P&L impact of a steepening yield curve, and the group's exposure to the U.S. dollar.

    Answer

    Executive Jerome Grivet stated there have been no concrete signs of regulatory simplification from lawmakers or the ECB. He explained that a steepening yield curve is not expected to have a major impact, positive or negative. On U.S. dollar exposure, he noted the bank aims for neutrality on solvency, and while a weaker dollar creates a minor negative P&L translation effect, it is not considered massive.

    Ask Fintool Equity Research AI

    Flora Benhakoun Bocahut's questions to Credit Agricole SA (CRARY) leadership • Q4 2024

    Question

    Flora Benhakoun Bocahut asked about the bank's appetite to change its 50% dividend payout policy. She also inquired about the regional banks' plan to increase their ownership to 65%, seeking the rationale for that specific limit and whether changes to the group's capital structure are being considered.

    Answer

    Jerome Grivet, Executive, stated that while the payout policy will be reassessed in the next medium-term plan, he doubts it will change from the 50/50 split between dividends and retained capital, as it has proven effective. He explained the 65% ownership limit is consistent with the regional banks' prior statements and affirmed there are currently no discussions about changing the group's efficient capital structure.

    Ask Fintool Equity Research AI

    Flora Benhakoun Bocahut's questions to Deutsche Bank AG (DB) leadership

    Flora Benhakoun Bocahut's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Flora Bocahut from Barclays asked if there was a positive risk to the full-year cost guidance due to FX tailwinds. She also questioned the outlook for Origination & Advisory (O&A) revenues after the bank dropped its prior guidance, asking if a year-on-year increase was still possible.

    Answer

    CFO James von Moltke acknowledged the FX tailwind on reported costs but noted it largely neutralizes at the pre-tax profit level. CEO Christian Sewing affirmed his confidence that O&A revenues in 2025 would still exceed 2024 levels, citing a robust pipeline and no canceled deals despite the markdown in Q1.

    Ask Fintool Equity Research AI