Crédit Agricole Toulouse 31: Net banking income up 13%, operating expenses +2%, net income +26%
Crédit Agricole Toulouse 31 has published its accounts as of 30 September 2026. They show a gap between two growth rates: social net banking income (PNB) rose 13% to €246.1 million, while operating expenses increased by only 2% to €140.5 million.
This gap lifted gross operating income by 31% to €105.6 million and individual net income by 26% to €71.5 million. The rise in net banking income relies first on the overall intermediation margin, which grew 35%, while outstanding loans increased by only 1.2% over one year.
Net banking income up 13% against operating expenses up 2%
The difference in growth rates between revenues and costs accounts for most of the increase in gross operating income, which rose from €80.5 million at the end of September 2025 to €105.6 million. The cost-to-income ratio, which compares net operating expenses to net banking income, therefore improved over the period.
According to the regional Caisse, the rise in expenses is linked to higher personnel costs, while other operating expenses remained stable. Further down the income statement, the cost of risk fell 12% to €10.7 million, compared with €12.2 million a year earlier, and represents 9 basis points of outstanding loans.
This decline in the cost of risk adds to the scissors effect on operations. The regional Caisse states that it maintains a very low default rate, while noting that changes in credit risk continue to be closely monitored in an uncertain economic environment.
The intermediation margin drives revenues, while volumes grow modestly
The overall intermediation margin rose 35%, driven by higher loan interest income, in a context of rising interest rates that the regional Caisse considers favourable.
Net banking income from own-account investments increased 12%, supported by the performance of equity investments and dividends from holdings, including SAS Rue La Boétie.
Net banking income from services rose 2%. On the activity side, production remains modest: €1,269 million of new loans have been granted since 1 January 2026, including €646 million of home loans and €511 million to professionals, farmers and businesses, for an outstanding portfolio of €12.4 billion.
Outstanding deposits reached €17.6 billion, up 2.7% over one year. On-balance-sheet deposits are nearly stable (+0.2%), while life insurance rose 9.8% and securities 3.2%. The customer base includes 487,841 clients, an increase of 5,924 since the beginning of the year.
Solvency ratio rises to 25.76%, no CCI repurchased
Prudential own funds amount to €1,182 million. The estimated solvency ratio rose 0.53 points to 25.76% as of 30 September 2026, compared with 25.23% as of 31 December 2025. The estimated leverage ratio stands at 8.17%, and the LCR liquidity ratio is 109.28%, above the required minimums.
The price of the CCI Toulouse 31 stood at €109.46 as of 30 September 2026, up 2.53% compared with 31 December 2025. This level has a direct impact on the share buyback programme approved by the combined general meeting of 27 March 2026, which caps the repurchase price at €100 per CCI.
With the share price above this cap, no CCI has been repurchased since the beginning of the year, against a maximum budget of €14,152,910. Over nine months, the increase in results is therefore attributable to the interest rate effect on the intermediation margin and to cost control, rather than to growth in outstanding loans.
