Crédit Agricole S.A.: €1,991 million net income in the third quarter of 2026, above expectations
In the third quarter of 2026, Crédit Agricole S.A. saw its revenues rise 7.5% to €7,092 million, while its operating expenses increased 2.4%. This 5.1-point gap lifted gross operating income to €3,164 million, up 14.6%.
Excluding exceptional items, net income attributable to the group rose 11.0% over the quarter. Over the first nine months, the reported increase is 1.0% (2.9% on an adjusted basis), and the quarterly cost of risk increased 19.6%.
Net income attributable to the group of €1,991 million in the third quarter
Net income attributable to the group reached €1,991 million, compared with €1,688 million a year earlier. It includes a €205 million capital gain related to the initial public offering of SBI FM, an Indian joint venture of Amundi, whereas the third quarter of 2025 included a positive effect of €79 million related to the buyout of Santander's minority interests.
Earnings per share stood at €0.62, above the €0.55 expected on average by analysts before publication. The cost-to-income ratio improved by 2.8 points to 55.4%.
The cost of risk rose 19.6% to €585 million. The increase stems from performing loans (a €97 million charge compared with a €19 million reversal a year earlier), while the charge on non-performing loans remained close to its 2025 level, at €483 million versus €490 million.
Relative to outstandings, the cost of risk stood at 39 basis points on an annualised quarterly basis, 7 basis points more than in the second quarter of 2026. The non-performing loan ratio was stable at 2.5%, and the coverage ratio rose 1.4 points to 67.0%.
Savings management, investment banking and LCL drive the increase
The Savings Management and Insurance division posted net income attributable to the group of €1,024 million, up 55.2%, including the SBI FM capital gain. Its managed assets reached €3,299 billion, up 10.9% over one year, and Amundi recorded net inflows of €46 billion in the quarter.
Revenues of the Financing and Investment Banking division rose 10.4% to €1,748 million, a record for a third quarter according to the group, with investment banking revenues up 42.4%. The Large Clients division's net income increased 7.1%, and 22.6% excluding the base effect linked to Santander.
In France, LCL's revenues increased 17% to €1,149 million, driven by net interest margin (+18% excluding Milleis). Its net income attributable to the group rose from €177 million to €234 million.
International retail banking, by contrast, fell 9.3% to €211 million, due to higher taxes in Italy, Poland and Ukraine.
Specialised financial services, which accounted for 2% of business line net income over nine months, saw quarterly net income drop from €97 million to €9 million. Auto financing (CAPFM) posted a loss of €25 million, penalised, according to the group, by lower margins on used vehicles and the decline in short-term rental.
German expansion launched with a CET1 ratio of 11.2%
These accounts are published after a 14% decline in the share price over one month, observed at the end of the week of 20 October 2026, amid tensions over French sovereign debt. According to the consensus of the analysts surveyed, the stock trades at around 6.5 times expected earnings for the current financial year.
Strategically, the group launched Crédit Agricole Deutschland in October, a universal bank for individuals in Germany, drawing on a base of around 1 million customers. It also announced a project to acquire IKB, a bank specialised in financing German Mittelstand companies.
Crédit Agricole has also created Crédit Agricole Capital Naturel, with the announced acquisition of a majority stake in EcoTree and the launch of a fund targeting €200 million in the long term. This announcement adds to the partnership signed with Mistral, announced on the same date by Crédit Agricole Artificial Intelligence.
Return on tangible equity reached 14.2% over nine months, down 0.2 points year on year. The CET1 ratio of Crédit Agricole S.A. stood at 11.2% at 30 September 2026, compared with 11.3% at end-June, a margin of 2.4 points above the regulatory requirement; that of the Crédit Agricole Group reached 17.3%.
