Crédit Agricole profit rises 17.9% to €1.991 billion in third quarter
Key Facts
Crédit Agricole said net income attributable to shareholders of its banking unit Crédit Agricole S.A. was €1.991 billion in the third quarter of 2026, up 17.9% year on year, according to results published on October 30. Reuters said profit of €1.99 billion was slightly above the average analyst forecast compiled by LSEG. The reported increase differs from growth of 11% after excluding the specified comparison effects cited in the bank’s statement. Those effects included €79 million related to the buyback of Santander’s minority stake in the third quarter of 2025, and a capital gain of €205 million from the initial public offering of SBI FM in the third quarter of 2026. This means the adjusted growth rate reflects the exclusion of those two effects, while reported net profit recorded a larger increase.
Net banking income at Crédit Agricole S.A. rose 7.5% to €7.092 billion, while gross operating income increased 14.6% to €3.164 billion, according to the official results. Investment banking stood out among the revenue drivers; Reuters reported that its revenue reached €1.75 billion, up 10% during the quarter. Fixed income, currencies and commodities sales rose 8.3%, while equities and structured equity business surged 42%. In French retail banking, revenue increased 17% to a record €1.15 billion, Reuters reported. These figures detail revenue growth across different businesses, alongside an increase in gross operating income at a faster pace than banking income.
At the customer level, the bank said it gained 573,000 new retail banking customers in the third quarter, including 429,000 in France and 144,000 internationally. The number of new customers who joined in the first nine months of the year reached 1.8 million, according to the official results. Over the same period, Crédit Agricole S.A. revenue reached €21.449 billion, up 5.3% from the first nine months of 2025, while net income attributable to the group was €5.718 billion, an increase of 1%. These figures place the quarterly results within the nine-month performance, with revenue growth through the end of September outpacing net profit growth. Customer growth also accompanies an expansion in retail banking activity in France and international markets.
On asset quality, the cost of risk was 31 basis points of outstanding loans at Crédit Agricole Group in the third quarter, compared with 39 basis points at Crédit Agricole S.A., according to the official statement. The group recorded a Common Equity Tier 1 capital ratio of 17.3%, while the banking unit’s ratio reached 11.2%. The group’s liquidity reserves also amounted to €491 billion. These indicators differ by institutional scope, with the capital and cost-of-risk ratios pertaining to the broader group and the banking unit, respectively. On profitability, the bank described its performance as “stable and high” and reported a return on tangible equity of 14.2%.
The results come as investors monitor European banks’ ability to maintain their recent record profit levels, amid concerns that the profit boom may be losing momentum, according to Reuters. The agency also pointed to pressure on Crédit Agricole to control costs while continuing to grow revenue, amid competition from U.S. investment banks in investment activities and digital companies in retail banking. Investment banking and French retail revenue were among the businesses that showed growth in the quarter, while net profit slightly exceeded LSEG expectations. The available information did not include figures on the share’s performance after the announcement. On strategy, the chief executive said the bank was continuing to implement its ACT 2028 plan, adding: “This quarter, we are delivering strong operating performance and continuing to implement our ACT 2028 strategic plan.”