Crédit Agricole Targets Profit Over EUR 6 Bln By 2025

Crédit Agricole SA (CDA.L), a French banking group, said on Wednesday that it aims to achieve a strong profitability by fiscal 2025 and a rise in revenues in all business lines.

The lender expects to report a net income of over 6 billion euros by 2025 and an increase in the return on tangible equity (ROTE) target to over 12 percent.

"This objective is secured on the one hand by the Group's development model, based on a balanced and diversified business mix, with leading and profitable business lines, and on the other hand thanks to continued efforts to improve operational efficiency," the company said in a statement.

For the fiscal 2022, the company projects to post a net income of over 5 billion euros.

Crédit Agricole believes its revenues would be balanced and would increase in all business lines, with an average annual growth rate of around 3.5 percent between 2021 and 2025.

In the long term, 2030 and beyond, the Group is organizing and structuring two new business lines.

The firm said that it is launching Crédit Agricole Transitions & Energies to boost renewable energy consumption, and Crédit Agricole Santé & Territoires to facilitate access to healthcare and ageing services.

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