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French bank Credit Agricole targets higher profits and more customers by 2025

A branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski

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PARIS, June 22 (Reuters) – French bank Credit Agricole (CAGR.PA) targeted one million extra retail banking customers by 2025 and a net profit of more than 6 billion euros ($6.30 billion), as France’s second-largest listed bank unveiled a new strategic roadmap.

“Our 2025 trajectory is one of amplification, based on strong organic growth potential with a target of over one million additional customer,” said Xavier Musca, deputy chief executive of Credit Agricole SA.

Credit Agricole said it was hoping to have a net income of more than 6 billion euros by 2025 and a return on tangible equity of more than 12%.

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It added it would be allocating around 20 billion euros to information technology (IT) and digital spending over the period, inclouding 1 billion euros in investment programmes for technological transformation.

In February, Credit Agricole said it had beaten the financial targets of its previous strategic plan a year early with a net profit at 5.4 billion euros in 2021, well above a 5-billion target for this year. read more

($1 = 0.9529 euros)

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Reporting by Matthieu Protard;
Editing by Sudip Kar-Gupta

Our Standards: The Thomson Reuters Trust Principles.

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