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    Jonathan Matthew Clark • Mediobanca

    Jonathan Matthew Clark's questions to Credit Agricole SA (CRARY) leadership

    Jonathan Matthew Clark's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Jonathan Matthew Clark of Mediobanca asked for confirmation on whether the TRIM impact was included in the Q1 CRR3 capital effect, the specific P&L impact from the Banco BPM stake revaluation in Q1, and details on the hedging strategy for the stake.

    Answer

    Executive Jerome Grivet confirmed the TRIM exercise is now complete and its effects are behind the company, though regular model reviews by the ECB will continue. He estimated the Q1 revenue impact from the BPM valuation was roughly €300 million, up from €200 million in Q1 2024, but with a higher tax rate in 2025. Grivet clarified that only the portion of the BPM stake accounted for through P&L is partially hedged; the stake held through OCI is not.

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    Jonathan Matthew Clark's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Jonathan Matthew Clark asked for confirmation on whether the TRIM impact was included in the recent CRR3 capital calculation, requested the specific P&L impact from the Banco BPM stake revaluation, and inquired about the hedging strategy for the stake.

    Answer

    Executive Jerome Grivet confirmed that the TRIM exercise is complete and its impacts are in the past. He estimated the Q1 revenue impact from the BPM revaluation was around €300 million, noting a higher tax rate compared to the prior year. He clarified that only the portion of the BPM stake accounted for through P&L is partially hedged, while the OCI portion is not.

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    Jonathan Matthew Clark's questions to Credit Agricole SA (CRARY) leadership • Q4 2024

    Question

    Jonathan Matthew Clark requested clarification on the macro hedging strategy at LCL, asking which specific products it covers. He also asked for guidance on the group's tax rate for the upcoming year.

    Answer

    Executive Jerome Grivet explained that the macro hedge is not on specific products but is a portfolio-level strategy. It aggregates all fixed-rate exposures from customer assets and liabilities and uses swaps to cover the net gap. Regarding the tax rate, he confirmed a new corporate tax surcharge will be payable in 2025, which could represent a charge of EUR 200-300 million for the group, though the final allocation is not yet set.

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    Jonathan Matthew Clark's questions to ING Groep NV (ING) leadership

    Jonathan Matthew Clark's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Jonathan Matthew Clark from Mediobanca asked for details on the replicating portfolio, specifically questioning if the shift to 55% invested over one year was gradual, what maturity instruments were used, and the portfolio's updated overall duration.

    Answer

    CFO Tanate Phutrakul confirmed the shift was gradual, using swaps and the investment portfolio. He stated the average duration remains around 2.4 years, employing a 'barbell' strategy with significant replication in the 3-month bucket and then spread from over one year to 10-15 years.

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