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The medium-term plan income estimations are made in a still fragile economic context but reflecting a progressive normalisation of the situation in the eurozone. They are based on the proven resilience of the retail banking and savings management and insurance businesses and a rebound of business lines that have been adjusted to the new environment resulting from the 2011 crisis.
Three areas for improvement underpin the medium-term plan:
Financial efficiency with moderate overall revenue targets for Crédit Agricole S.A. but targeted growth according to each business.
Operational efficiency with a cost savings plan to support a cost/income target of below 60% for Crédit Agricole Group and below 64% for Crédit Agricole S.A.
Continued decrease in the cost of risk, driven by good asset quality and normalisation of the situation in Italy.
The capital management policy is forward-looking, with a continued strengthening of the Regional Banks' capital, Crédit Agricole S.A.'s target fully loaded CET1 ratio exceeding 9.5% as soon as 2015 and reaching 10.5% at end-2016 i.e. a leeway of about 100 bp (or more than €3 billion).