Crédit Agricole (ACA) Q1 2026 Fixed Income earnings summary

Executive summary

• Achieved record quarterly revenues of €10 billion, driven by sustained activity, digitalization initiatives, and operational efficiency improvements.

• Net income group share reached €2.1 billion, up 5.5% year-over-year on a pro forma basis.

• CET1 ratio remains strong at 17.1%, above the strategic plan commitment and among the highest for European GSIBs.

• Two-thirds of the 2026 funding plan completed in Q1, supporting robust liquidity.

• Strategic developments include the launch of CA Savings in Germany, increased stake in Banco BPM to 22.9%, and agreement to acquire Bank Lviv in Ukraine.

Financial highlights

• Revenues increased by 2.8% year-over-year, reaching €10 billion; gross operating income up 6.2%.

• French Retail Banking NII surged: +34% for Regional Banks, +13% for LCL.

• Asset Management net inflows of €32 billion, Insurance net inflows of €5.7 billion, and record premium income up 14%.

• Cost of risk at €960 million, up 30.6% year-over-year, mainly due to prudent provisioning related to Middle East conflict.

• Cost/income ratio improved to 60.3%, down 1.3pp year-over-year.

Outlook and guidance

• Confident in delivering medium-term plan commitments despite macro uncertainties, with continued focus on operational efficiency and digital innovation.

• Expect cost of risk to converge toward 25 bps through the cycle, with current elevated level due to exceptional items.

• Guidance confirmed for CACEIS synergies, targeting €100 million additional net income in 2026.

• 2028 ambitions include doubling customer acquisition speed, maintaining C/I ratio below 55%, and expanding digital offerings.

• ESG targets: €240 billion in environmental transition financing and €1 billion in annual CIB sustainable finance revenues by 2028.