| ROBUST RESULTS DESPITE MARKET TURBULENCE | |||||||||||||
| CRÉDIT AGRICOLE S.A. | CRÉDIT AGRICOLE GROUP | ||||||||||||
| In m€ | Q1 2026 | Var. Q1/Q1 | Q1 2026 | Change Q1/Q1 | |||||||||
| Revenues | 6,994 | +0.9% | 10,000 | +2.8% | |||||||||
| Expenses | -3,981 | -0.2% | -6,033 | +0.7% | |||||||||
| Gross Operating Income | 3,013 | +2.4% | 3,967 | +6.2% | |||||||||
| Cost of risk | -547 | +32.2% | -960 | +30.6% | |||||||||
| Net income Group share | 1,676 | +1.8% | 2,097 | +5.5% | |||||||||
| Cost/income ratio | 56.9% | -0.6 pp | 60.3% | -1.3 pp | |||||||||
STRONG QUARTERLY RESULTS
HIGH SOLVENCY RATIOS
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Eric Vial, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors "The strength of the first quarter results is not a coincidence: it is based on a unique, diversified model, rooted in the territories, which demonstrates its relevance quarter after quarter. In a more volatile environment, Crédit Agricole fully assumes its mission: to provide long-term support to its customers, sustain local economies and actively contribute to the major transformations underway, with consistency and a sense of responsibility" | |
| Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A. "Despite the challenges, the Group posted solid and growing results for the first quarter. These results reflect a sustained development across all the business lines, an acceleration in the digitalisation of customer journeys, and continued expansion in Europe. The efficient cost management enabled the Group to achieve a 6.2% increase in operating profit compared to the first quarter of 2025." | |
At the meeting of the Board of Directors of Crédit Agricole S.A. on 29 April 2026, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of 800 million euros with no intention to increase its stake beyond 65% of the share capital of Crédit Agricole S.A. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.
This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.
All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.
Crédit Agricole Group
Group activity
The Group's commercial activity remained strong this quarter across all its business lines, with a very robust pace of new customer capture. In the first quarter of 2026, the Group gained 600,000 new retail banking customers, including 450,000 in France and 150,000 internationally (Italy, Poland, Egypt and Ukraine). This customer acquisition momentum is notably supported by digital onboarding, with a clear acceleration in France, via L by LCL Pro, and in Italy. At the heart of this trend, Ma Banque's digital journeys are being enhanced: opening of securities accounts and equity savings plans (PEA), obtaining online approvals in principle for home loans, and the launch of the new Oriance life insurance policy. At the same time, this momentum is gaining further traction with the roll-out of the CA Savings digital savings platform in Germany.
As of 31 March 2026, retail banking on-balance sheet deposits reached €845 billion, up 1.2% year-on-year in France and Italy (+1.1% for Regional Banks and LCL and +1.9% in Italy). Outstanding loans totalled €897 billion, up 1.9% year-on-year in these same regions (+1.8% for the Regional Banks and LCL, and +2.3% in Italy). In France, home loan production rose by 6% overall compared with the first quarter of 2025, in a stable and competitive market, although trends varied across the different networks. In the corporate segment, activity also remained well oriented, rising 7% compared with the same period in 2025. For CA Italia, corporate loan production, which doubled compared with the first quarter of 2025, was particularly buoyant, while the home loan market remained highly competitive.
In asset management, net inflows reached a very high level of €32 billion, driven by passive management (ETFs, index-based solutions) and, in active management, by fixed income/credit and diversified strategies and private assets. In insurance, gross inflows for savings/retirement amounted to €12.6 billion (+19% compared with the first quarter of 2025), with a unit-linked ratio of 34.7% and the promising launch of Oriance, a new fully digital life insurance policy. Net inflows reached a record €5.7 billion, positive on both euro-denominated and unit-linked products. In property and casualty insurance, performance was supported by premium increases and a portfolio of 18 million policies as at the end of March 2026 (+7.3% year-on-year). Overall, assets under management in asset management and savings reached €3,075 billion (+6.9% year-on-year), of which €2,398 billion in asset management, €378 billion in life insurance and €299 billion in wealth management.
The SFS division reported a solid business activity. At CAPFM, production remained resilient despite the continuing unfavourable automotive market conditions. It rose by +3.5% compared with the first quarter of 2025 to reach €11.4 billion, with growth across all business lines. Outstanding consumer finance increased to €123 billion, up +1.9% versus end-March 2025, driven by international personal finance and stable in the automotive sector (decline at CAAB and in China, increase at Leasys). For CAL&F's activities, leasing production recorded a slight decline in new business of -1.3% compared with March 2025 in a less buoyant environment in France, offset by growth across all entities internationally and by the consolidation of Merca Leasing. In factoring, production was high, driven by major deals (+53% versus the first quarter of 2025) in France and Germany.
Momentum remains strong this quarter for the Large Customers division. Investment banking posted an excellent performance (+29.4% at constant exchange rates compared with the first quarter of 2025), driven by structured equity, mergers and acquisitions, and equity capital markets activities. Capital markets was impacted by the slowdown in the primary market (-6.4% in FICC at constant exchange rates). Financing activities declined by -6.0% compared with the first quarter of 2025 (-1.1% at constant exchange rates), with strong activity in Cash Management and Export Finance, and a slowdown in LBOs. Structured finance declined slightly (-3.7% at constant exchange rates) after a strong first quarter in 2025. Lastly, asset servicing maintained a very high level of assets under custody (€6,126 billion) and assets under administration (€3,830 billion), supported by the acquisition of new customers and the integration of Degroof Petercam's activities in the second quarter of 2025. Settlement and delivery volumes rose sharply against a backdrop of market volatility in March.
Continued support of transitions
The Crédit Agricole Group is stepping up its support for transitions by setting three new sustainable finance targets for 2028, announced in its ACT 2028 plan.
The Group is aiming for a green-to-brown ratio of 90:10 by 2028. This ratio measures the proportion of exposures linked to low-carbon energy sources compared to those linked to the extraction of fossil fuels (oil, gas, coal). At the end of 2024 and the end of 2025, this ratio stood at 84:16 and 89:11 respectively.
The Group is targeting an outstanding financing portfolio for environmental and social transitions 3 of €240 billion by the end of 2028. This stood at €220 billion at 31 December 2025, mainly broken down into €119 billion for the environmental transition and €78 billion for social inclusion and cohesion. This compares to the €202 billion reached at 31 December 2024, mainly broken down into €114 billion for the environmental transition and €71 billion for social inclusion and cohesion.
Finally, BFI aims to increase its annual revenues from sustainable finance 4 to reach €1 billion by 2028. In 2024 and 2025, these revenues amounted to €655 million and €729 million respectively.
Group results
In the first quarter of 2026, the Crédit Agricole Group's net income Group Share stood at €2,097 million, up +5.5% compared with the first quarter of 2025, driven by a strong increase in gross operating income.
Crédit Agricole Group consolidated results - Q1-26 and Q1-25
| En m€ | Q1-26 | Q1-255 | ? Q1/Q1 | ||||||
| Revenues | 10,000 | 9,726 | +2.8% | ||||||
| Operating expenses | (6,033) | (5,992) | +0.7% | ||||||
| Gross operating income | 3,967 | 3,734 | +6.2% | ||||||
| Cost of risk | (960) | (735) | +30.6% | ||||||
| Equity-accounted entities | 271 | 177 | +53.0% | ||||||
| Net income on other assets | 27 | 4 | x 6.8 | ||||||
| Change in value of goodwill | - | 0 | n.m. | ||||||
| Income before tax | 3,305 | 3,180 | +3.9% | ||||||
| Tax | (1,021) | (1,000) | +2.1% | ||||||
| Net income from discont'd or held-for-sale ope. | - | (0) | n.m. | ||||||
| Net income | 2,284 | 2,180 | +4.8% | ||||||
| Non controlling interests | (187) | (193) | (3.0%) | ||||||
| Net income Group Share | 2,097 | 1,987 | +5.5% | ||||||
| Cost/Income ratio | (19,609) | (17,764) | |||||||
| Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. | [E] | 51,092 | 50,065 | ||||||
| Total shares in issue, excluding treasury shares (period end, m) | [F] | 3,025 | 3,025 | ||||||
| NBV per share, after deduction of dividend to pay (€) | [D]/[F] | 23.4 € | 22.4 € | ||||||
| + Dividend to pay (€) | [H] | 1.13 € | 1.10 € | ||||||
| NBV per share, before deduction of dividend to pay (€) | 24.5 € | 23.5 € | |||||||
| TNBV per share, after deduction of dividend to pay (€) | [G]=[E]/[F] | 16.9 € | 16.5 € | ||||||
| * dividend proposed to the Board meeting to be paid | |||||||||
| ** including goodwill in non-controlling interests | |||||||||
| (€m) | Q1-26 | Q1-25 | |||||||
| Net income Group share | [K] | 1,676 | 1,824 | ||||||
| Additionnal corporate tax | [L] | -47 | -103 | ||||||
| IFRIC | [M] | -163 | -173 | ||||||
| NIGS annualised | [N] | 7,306 | 8,062 | ||||||
| Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised | [O] | -459 | -505 | ||||||
| Result adjusted | [P] = [N]+[O] | 6,846 | 7,557 | ||||||
| Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg (1) | [J] | 50,040 | 48,750 | ||||||
| Stated ROTE adjusted (%) | = [P] / [J] | 13.7% | 15.5% | ||||||
(1)Average of the TNBV not revalued attributable to ordinary shares calculated between 31/12/2025 and 31/03/2026 (line [E]). Average restated equity Group share of intangible assets, all unrealised gains and/or losses, AT1 debt stock and the proposed dividend distribution on current income.
(2)ROTE calculated on the basis of tangible equity restated for all unrealised gains and/or losses
Alternative Performance Indicators59
NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders' equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.
NBV per share Net Book Value per share - NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.
Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.
EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.
Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.
Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.
Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.
The calculation method for the indicator is specified each time the indicator is used.
Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:
- a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor's financial situation.
- the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.
Impaired loan
Loan which has been provisioned due to a risk of non-repayment.
Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.
Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.
Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.
Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.
RoTE Return on Tangible Equity
RoTE (Return on Tangible Equity) compares annualised net income Group share, excluding the impairment of intangible assets and goodwill and net of AT1 coupons, to average restated equity Group share of intangible assets, unrealised gains and/or losses, AT1 debt stock and the proposed distribution in N+1.
Disclaimer
The financial information for first quarter 2026 for Crédit Agricole S.A. and Crédit Agricole Group comprises this press release and the presentation slides and related appendices, all of which are available at
https://www.credit-agricole.com/en/finance/financial-publications
This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.
Applicable standards and comparability
The figures presented for the three-months period ending 31 March 2026 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and has not been audited.
Note: The scope of consolidation for the Crédit Agricole S.A. Group and the Crédit Agricole Group has not changed materially since the filing of Crédit Agricole S.A.'s 2025 Universal Registration Document with the AMF. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
NB: All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.
At 31 March 2026, Banco BPM was consolidated using the equity-accounted method.
All data as of March 31, 2025 is presented on a pro forma basis, with Banco BPM accounted for under the equity method. Full detailed figures are provided in the quarterly data series published alongside the presentation slides.
Financial Agenda
20 May 2026 General Meeting in Saint-Brieuc
26 May 2026 Workshop LCL
26 May 2026 Ex dividend date
28 May 2026 Dividend payment date
31 July 2026 Publication of the 2026 second quarter and the first half-year results
13 October 2026 Ex interim dividend date
15 October 2026 Interim dividend payment date
30 October 2026 Publication of the 2026 third quarter and first nine months results
Contacts
CREDIT AGRICOLE PRESS CONTACTS
| Alexandre Barat Olivier Tassain | + 33 1 57 72 12 19 + 33 1 43 23 25 41 | alexandre.barat@credit-agricole-sa.fr olivier.tassain@credit-agricole-sa.fr |
| Mathilde Durand | + 33 1 57 72 19 43 | mathilde.durand@credit-agricole-sa.fr |
| Bénédicte Gouvert | + 33 1 49 53 43 64 | benedicte.gouvert@ca-fnca.fr |
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
| Institutional investors | investor.relations@credit-agricole-sa.fr | |
| Individual shareholders | +33 800 000 777 (toll-free number in France only) | relation@actionnaires.credit-agricole.com |
| Cécile Mouton | + 33 1 57 72 86 79 | cecile.mouton@credit-agricole-sa.fr |
| Equity investor relations: | ||
| Jean-Yann Asseraf Fethi Azzoug | + 33 1 57 72 23 81 + 33 1 57 72 03 75 | jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr |
| Oriane Cante | + 33 1 43 23 03 07 | oriane.cante@credit-agricole-sa.fr |
| Nicolas Ianna | + 33 1 43 23 55 51 | nicolas.ianna@credit-agricole-sa.fr |
| Leila Mamou | + 33 1 57 72 07 93 | leila.mamou@credit-agricole-sa.fr |
| Anna Pigoulevski | + 33 1 43 23 40 59 | anna.pigoulevski@credit-agricole-sa.fr |
| Debt investor and rating agency relations: | ||
| Gwenaëlle Lereste | + 33 1 57 72 57 84 | gwenaelle.lereste@credit-agricole-sa.fr |
| Florence Quintin de Kercadio | + 33 1 43 23 25 32 | florence.quintindekercadio@credit-agricole-sa.fr |
| Yury Romanov | + 33 1 43 23 86 84 | yury.romanov@credit-agricole-sa.fr |
See all our press releases at: www.credit-agricole.com - www.creditagricole.info
| Crédit_Agricole | Crédit Agricole Group | créditagricole_sa |
1 All changes are expressed compared with Q1-25 on a pro forma basis (Banco BPM consolidated under the equity method)
2 Excluding the effects of the deconsolidation of Amundi US (€90m in revenues and -€67m in expenses in Q1-25) and the ICG securities valuation (-€68m in revenues in Q1-26)
3 Financing the environmental transition, social inclusion and general transition financing.
4 Any transaction with a sustainable financial structure that complies with market standards and those of the Group.
5 All changes are expressed compared with Q1-25 on a pro forma basis (Banco BPM consolidated under the equity method)
6 Excluding the effects of the deconsolidation of Amundi US (€90m in revenues and -€67m in costs in Q1-25) and ICG securities valuation (-€68m in Q1-26)
7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
9 One-off from the first consolidation of Amundi's stake in ICG (€85 million) and the impact of the change in the scope of Victory Capital (€31 million)
10 Average production rate for January and February 2026
11 Equipment rate - Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
12 All changes are expressed compared with Q1-25 on a pro forma basis (Banco BPM consolidated under the equity method)
13 Excluding the effects of the deconsolidation of Amundi US (€90m in Q1-25) and ICG securities valuation (-€68m in Q1-26)
14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter.
17 One-off from the first consolidation of Amundi's stake in ICG (€85 million) and the impact of the change in the scope of Victory Capital (€31 million)
18 At constant scope (excluding Abanca SG, PiùVera Assicurazioni and PiùVera Protezione), total revenues rose by +13.6%
19 In local standards
20 At constant scope (excluding Abanca SG and PiùVera Assicurazioni), revenues rose by +7.5%
21 At a constant scope (excluding Abanca SG and PiùVera Assicurazioni), the portfolio volume is 17.2 million policies, up +2.3% compared to the end of March 2025
22 Property & casualty combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross earned premiums. Undiscounted ratio: 99.0% (+3.1 pp over the year).
23 At constant scope (excluding Abanca SG, PiùVera Assicurazioni and PiùVera Protezione), revenues rose by +5.8%
24 At constant scope (excluding PiuVera Protezione), revenues rose by +6.9%
25 Excluding assets under custody for institutional clients
26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
28 Net of reinsurance cost, including financial results
29 Scope effect of Amundi US deconsolidated in Q1 2025: €90m in revenues and -€67m in expenses
30 One-off ICG impact: -€68 million in revenues relating to the valuation of securities and an additional +€85 million in equity-accounted income relating to the impact of first-time consolidation
31 Scope effect of Amundi US deconsolidated in Q1 2025: €90m in revenues and -€67m in expenses
32 One-off ICG impact: -€68 million in revenues relating to the valuation of securities and an additional +€85 million in equity-accounted income relating to the impact of first-time consolidation
33 Indosuez Wealth Management scope
34 Q1-26 Integration costs: -€12.6 million (Degroof Petercam, Banque Thaler and the BNP Paribas portfolio in Monaco) compared with -€12.7 million in Q1-25 (Degroof Petercam)
35 Impact of Banque Thaler (-€5.2 million), the resumption of despositary activities by CACEIS and the acquisition of the BNP Paribas customer portfolio in Monaco (+€0.7 million)
36 Bloomberg in EUR
37 Refinitiv LSEG
38ISB integration costs: €0m in Q1-26 vs. -€9m in Q1-25
39ISB integration costs: €0m in Q1-26 vs. -€9m in Q1-25
40 Excluding automotive joint ventures
41 Annualised CoR/outstandings: cost of risk for the quarter multiplied by four divided by the outstandings at the start of the current quarter
42 Merca Leasing Q1-26 scope effect: +€7.6 million in revenues, -€2.5 million in expenses; -€0.9 million in cost of risk
43 Source: ABI April 2026: +2.1% March/March for all loans
44 At 31 March 2026 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.
45 Italy 2026 Budget Law: 2 percentage point increase in the corporate tax rate, raising the IRAP tax rate for banks and financial intermediaries to 6.65% from 4.65% previously
46 Poland: 2026 tax rate at 30% vs. 19% in 2025
47 Ukraine: 2026 tax rate of 50% vs. 25% in 2025
48 Cost of risk/outstandings (in annualised quarterly bp)
49 The final figure at 31 December 2025 for the Crédit Agricole Group's regulatory solvency ratios, standing at 17.3% for CET1
50 SREP requirement applicable at 31 March 2026, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1.5% G-SIB buffer (applicable since 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.78%, as well as the 0.09% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.67% as well as the 0.14% systemic risk buffer.
51 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2026.
52 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €45.5 billion, including €32.4 billion in distributable reserves and €13.1 billion in share premiums at 31 December 2025.
53 From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
54 Gross amount before buy-backs and amortisations
55 Excl. AT1 issuances
56 Excl. senior secured issuances
57 Q1-25 is expressed on a pro forma basis (Banco BPM consolidated under the equity method)
58 Q1-25 is expressed on a pro forma basis (Banco BPM consolidated under the equity method)
59 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company's actual performance. Each APM indicator is matched in its definition to accounting data.
