Credit Agricole profit rises 11% to €1.991 billion in third quarter
Key Facts
French bank Credit Agricole said net profit attributable to the group at its Crédit Agricole S.A. banking unit reached €1.991 billion in the third quarter of 2026, up 11% year on year, according to results published on October 30. Revenue grew 7.5% to €7.092 billion during the period. Gross operating income also rose 14.6% to €3.164 billion, outpacing revenue growth. The company said return on tangible equity was 14.2%, describing profitability as high and stable. These figures relate to Crédit Agricole S.A. and are separate from those of the broader banking group that includes it.
At the broader group level, net profit attributable to the group was €2.780 billion in the third quarter. The results summary said the figure rose 23% from the same period on the comparison basis shown in the results table. In another presentation, the company said net profit rose 28.2% to €2.780 billion, with the increase at 23% after adjusting for specified comparison effects. The difference between the two figures highlights the effect of the comparison basis used to assess group profit growth, while the 11% increase applies specifically to Crédit Agricole S.A.’s net profit. Growth at the banking unit should not be confused with growth at the group, as each refers to a different financial scope.
Revenue at the broader group reached €10.497 billion, up 10.7% year on year, according to the results. Operating expenses, meanwhile, rose 2.5% to €5.934 billion, the figure reported in the company’s table. The group recorded a cost of risk of 31 basis points of outstanding loans in the third quarter, compared with 39 basis points at Crédit Agricole S.A. These indicators place revenue and operating profit growth in the context of group performance, with the cost of risk differing between the group and the banking unit. They also show that revenue growth came alongside a smaller increase in operating expenses during the period.
On capital strength and liquidity, the group’s Common Equity Tier 1 (CET1) ratio was 17.3% on September 30, 2026, while the ratio at Crédit Agricole S.A. was 11.2%. The group’s liquidity reserves reached €491 billion in the third quarter. These figures show the reported levels of capital and liquidity alongside the earnings results, clearly distinguishing between the group ratio and that of the banking unit. The company reported a cost of risk of 31 basis points for the group and 39 basis points for the unit, two different measures by institutional scope. The company maintained its description of profitability as “high and stable,” with return on tangible equity of 14.2%.
Before the results were announced, Bloomberg reported on October 27 that analysts expected net profit at Credit Agricole and Societe Generale to rise 9% in the third quarter. It also said French bank shares had been among Europe’s weakest performers since the end of June. Comparing analysts’ expectations with the reported 11% increase in Crédit Agricole S.A.’s net profit provides a view of performance against the earlier estimate, while noting that the profit forecast cited applied to both banks. The available information did not include verified details on the contribution of fixed-income trading or other business units to Credit Agricole’s results. The published figures for revenue, operating income and profit therefore remain the basis for presenting the quarter’s performance.
The bank had listed October 30, 2026, as the scheduled date for publishing its third-quarter results in its financial calendar. The same calendar sets February 4, 2027, as the date for publishing full-year 2026 results. The annual results will follow the third-quarter figures, which showed net profit of €1.991 billion at Crédit Agricole S.A. and €2.780 billion for the group in the period. The annual results will also provide a view of performance across the year based on the figures the company reports at that time. The available information contains no further details on the bank’s outlook for the coming period.