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Dow Jones Newswires: Credit Agricole targets over $6 billion in net income with 2025 plan

Credit Agricole SA said it aims to produce net income of more than 6 billion euros ($6.32 billion) as part of a new strategic plan to 2025.

The French lender
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said it will aim to add one million additional customers, based on strong organic growth potential, despite what its Chairman Dominique Lefebvre called a current “opaque, short-term environment”.

The Paris-based company will target an average annual growth rate between 2021 and 2025 of 3.5%, with a return on tangible equity of more than 12%.

As part of its previous plan to 2022, Credit Agricole targeted net income of more than EUR5 billion and ROTE of more than 11%.

It would continue to target a dividend pay-out rate of 50% in cash.

The bank will also launch a new business line to focus on renewable energy and another directed at healthcare.

It added that it would also allocate around EUR20 billion to IT and digital spending over the period.

Write to Ed Frankl at edward.frankl@dowjones.com

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