Credit Agricole - 1st quarter 2026 financial results

Robust results despite market turbulence

Strong quarterly results 

• Quarterly results up [1], driven by sustained business activity across all business lines and improved operational efficiency
• Revenues up +3.2% and costs under control, resulting in a positive jaw of +1.7 pp, on a like-for-like basis [2]
• Cost of risk under control, prudent provisioning in the context of the conflict in the Middle East Crédit Agricole Group: 30 basis points on outstandings, Crédit Agricole S.A.: 38 basis points on outstandings)
• Solid profitability with a return on tangible equity of 13.7%

 
Strong activity across all business lines

• Customer capture of 600k, supported by digital channels in France and Italy
• Robust loan production in competitive housing markets in both France and Italy; dynamic corporate loans; resilient production in personal finance and mobility, despite the ongoing adverse conditions in the automotive market
• Highly dynamic activity in the savings and insurance business lines
• Corporate and Investment Banking and Asset Servicing benefited from a very active market in the context of high volatility seen in March and from the excellent performance of the investment bank.

Continuation of strategic OPERATIONS

• Stake in Banco BPM increased to 22.9%
• Agreement to acquire Bank Lviv in Ukraine

Launch of CA Savings, digital savings platform in Germany

High solvency ratios

• Phased-in CET1 of 17.1% for Crédit Agricole Group and 11.4% for Crédit Agricole S.A.

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.

[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)