Crédito Agricole profits triple in 2023 to €296.8 million

Crédito Agrícole brought in record profits of €296.8 million in 2023, more than triple the €87.8 million it brought in for 2022 the bank announced on Monday.

The bank’s financial margin doubled from €367.8 million to €749.5 million. The amount of credit it lent to customers rose 2.29% in 2023 to 4.68%, a variation that was mitigated partially by a 0.22% increase in the average in interest rate on customer deposits to 0.25%.
“The context that we are experiencing, particularly in Europe, has driven the growth in the sector, and the financial results achieved are a reflection of this”, states the group’s president Licínio Pina.
Net bank charges grew 10.7% in 2023 to €153 million. According to the bank insurance companies made a €14.4 million contribution to profits, with CA Seguros bringing in €7.9 million and CA Vida €6.6 million.
On the expenses side, the bank’s costs grew by 5.1% to €421.2 million, with staff costs up 5.5% to around €13 million because of wage increases across the group (3.7%) and salary updates (4.6%), as well as performance bonuses.
In 2023 the bank bolstered cash to cover impairments and provision to €129.1 million, up €71.7 million compared to 2022.