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    Guillaume Tiberghien • BNP Paribas

    Guillaume Tiberghien's questions to Credit Agricole SA (CRARY) leadership

    Guillaume Tiberghien's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Guillaume Tiberghien of BNP Paribas asked if the rebound in French retail sight deposits was a temporary effect of political uncertainty and sought to quantify the one-off NII gain in the division.

    Answer

    Executive Jerome Grivet acknowledged the accuracy of the analyst's calculation regarding the one-off gain, confirming that underlying NII growth was in the low-single digits. He agreed that caution was warranted on the sight deposit trend, linking it to broader consumer hesitancy ('attentisme') which could be influenced by the political situation and other factors.

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    Guillaume Tiberghien's questions to Credit Agricole SA (CRARY) leadership • Q1 2024

    Question

    Guillaume Tiberghien noted that the 2025 targets are now outdated and asked for guidance on how to model 2025. He also inquired if the strong performance in international retail was a new normal or a one-off, and sought clarification on whether TRIM model impacts were included in the neutral Basel IV assessment.

    Answer

    Executive Jerome Grivet stated that the company will not provide a new target for 2025 at this time but expects to set new, longer-term targets (e.g., for 2027 or 2028) within the next year. He characterized the strength in international retail as normal given the high-rate environment in those countries. He confirmed the TRIM impact is included in the assumption of a neutral Basel IV transition.

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