Crédit Agricole’s adjusted profit jumps 11% to €1.991 billion in the third quarter
Key Facts
Crédit Agricole said net income attributable to shareholders of Crédit Agricole S.A. was €1.991 billion in the third quarter of 2026, up 11% excluding the effects of certain specified exceptional items. The entity’s revenue rose 7.5% to €7.092 billion, beating the analyst consensus compiled by LSEG of €7.01 billion, according to Reuters. Profit was also slightly above the analyst consensus, the agency said. Chief Executive Officer Olivier Gavalda said the bank delivered "strong operating performance this quarter," linking the group’s continued expansion in Europe to the execution of its ACT 2028 strategic plan. The results show growth across more than one business, with broader revenue and improved operating profit, alongside varied pressure from the cost of risk and credit markets.
The entity’s figures differ from those of the broader banking group, which reported net income attributable to the group of €2.780 billion, up 28.2% from the third quarter of 2025. After adjusting for the effect of eliminating minority interests related to the buyback of Santander’s stake and the gain on SBI FM’s initial public offering, profit growth was 23%. The SBI FM IPO gain added €205 million to Crédit Agricole S.A.’s third-quarter result, one of the items that explains the difference between the adjusted growth rate of 11% and the reported accounting comparison. At group level, revenue rose 10.7% to €10.497 billion, while operating expenses increased 2.5% to €5.934 billion. As a result, gross operating profit climbed 23.6% to €4.564 billion, the cost-to-income ratio fell to 56.5%, down 4.5 percentage points year on year, and return on tangible equity was 14.2%.
Financing and investment were among the drivers of revenue growth, with group revenue from the activity rising 10.4% to €1.748 billion compared with the third quarter of 2025. Revenue from markets and investment activities was €858 million, up 14.1%, while investment banking activity grew 42.4%. Revenue from fixed income, currencies and commodities activities also rose 8.3%; the bank said performance benefited from good commercial momentum and an environment of rising interest rates. Reuters reported that sales growth in these activities exceeded 8%, compared with flat or declining revenue at French rivals BNP Paribas and Société Générale. In banking financing, revenue increased 7.1% to €889 million, supported by corporate finance, leveraged finance and transaction services, according to the bank’s statement.
On asset quality, the group’s cost of credit risk was €1.014 billion, up 16.7% from the same period a year earlier. The non-performing loan ratio remained at 2.3% at the end of September, while the stock of provisions stood at €23.2 billion. JPMorgan analysts said in a note cited by Reuters that the results offered a "mixed picture" because of the higher cost of risk, along with shortfalls in specialized lending and international retail banking. The bank’s data show differing credit trends across major European markets. In France, housing loan production slowed 4% year on year amid higher interest rates, while loan production in Italy rose 17%, including a 9% increase in housing loans.
Retail banking added 573,000 new customers in the third quarter, including 429,000 in France and 144,000 internationally, bringing the total of new customers since the start of 2026 to 1.8 million. Revenue at the French retail arm rose 17% to a record €1.15 billion, according to Reuters. This came as revenue grew at Crédit Agricole S.A. overall, while group figures indicate that higher operating income and banking activities also contributed to performance, alongside markets and investment activities. The day before the results were announced, the European Central Bank left its key interest rates unchanged, setting the deposit rate at 2.50%, the main refinancing rate at 2.65% and the marginal lending rate at 2.90%. The bank’s official financial calendar set November 25, 2026, as the date for a CAA workshop in Paris.