French bank Crédit Agricole aims for higher profits and more customers by 2025

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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) was aiming for one million additional retail banking customers by 2025 and a net profit of more than 6 billion euros (6.30 billion dollars), while the second listed French bank unveiled a new strategic roadmap.

“Our 2025 trajectory is one of amplification, based on strong organic growth potential with a target of more than one million additional customers,” said Xavier Musca, Deputy CEO of Crédit Agricole SA.

Crédit Agricole said it hopes to have net income of more than €6 billion by 2025 and a return on tangible equity of more than 12%.

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He added that he would allocate about 20 billion euros to information technology (IT) and digital spending over the period, gobbling up 1 billion euros in investment programs for technological transformation.

In February, Crédit Agricole announced that it had beaten the financial targets of its previous strategic plan a year ahead of schedule with net profit of 5.4 billion euros in 2021, well above a target of 5 billion for This year. Read more

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Report by Matthieu Protard; Editing by Sudip Kar-Gupta

Our standards: The Thomson Reuters Trust Principles.

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