PARIS (dpa-AFX) - French lender Credit Agricole Group (CRARF, CDA.L, ACA) on Thursday announced a new Group Project and a new 2022 Medium-Term Plan jointly drafted by Crédit Agricole S.A and the Regional banks.
Under the Medium-Term plan, Credit Agricole S.A. aims to deliver higher and secured profitability, with net income Group share above 5 billion euros, compared to 4.4 billion euros in 2018. The company also targets a return on tangible equity or ROTE above 11%, compared to 12.7% in 2018.
The company further projects revenue synergies totaling 10 billion euros in 2022.
Credit Agricole said the 2022 strategic plan builds upon the previous Medium-Term Plan, Strategic Ambitions 2020, which delivered almost all of its financial results a year ahead of schedule.
Further, the CET1 ratio targets set for Crédit Agricole Group and Crédit Agricole S.A. for end 2022 are above 16% and 11% respectively.
Separately, French asset management company Amundi, whose majority shareholder is Crédit Agricole S.A, confirmed its strategic ambitions as part of Crédit Agricole's 2022 Medium-Term Plan.
Amundi's financial targets for the period of the new Plan are an average annual adjusted net income growth target of 5% between 2018 and 2022.
As part of this Plan, Amundi confirmed its 2020 profitability targets.
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