Crédit Agricole (ACA) Q1 2026 Fixed Income earnings summary

Executive summary

• Quarterly results increased, supported by robust business activity and operational efficiency improvements.

• Prudent provisioning in response to geopolitical risks, notably the Middle East conflict.

• Two-thirds of the 2026 funding plan completed; solvency position remains highest among European GSIBs.

• Strategic moves include raising Banco BPM stake to 22.9% and agreement to acquire Bank Lviv in Ukraine.

• Launch of CA Savings, a digital savings platform in Germany, highlights ongoing digital transformation.

Financial highlights

• Q1-26 net income Group share: €2.1bn, up 5.5% year-over-year.

• Revenues reached €10bn, up 2.8% year-over-year; gross operating income up 6.2%.

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

• CET1 phased-in ratio at 17.1% for the group and 11.4% for S.A., both well above regulatory requirements.

• ROTE at 13.7%, stable sequentially and down 0.4% year-over-year.

Outlook and guidance

• Continued focus on operational efficiency and digital innovation to drive growth.

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

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