Credit Agricole Group financial results for the second quarter and first half of 2026

Crédit Agricole Group posted strong results for the second quarter and first half of 2026, combining record financial performance with accelerated strategic and AI-driven transformation.

Very strong activity in all business lines

During the quarter, 580,000 new customers joined the retail banks, 420,000 in France and 160,000 internationally (Italy, Poland, Egypt and Ukraine).

The credit business remains well positioned. Loan production in Retail Banking in France, Italy and Poland came to €36 billion, up +8% compared with the second quarter of 2025. Loan production remained strong across all regions, supported by both home and corporate lending in France, an upturn in home loans in Italy, and strong personal finance and mobility loan production, despite ongoing adverse conditions in the automotive market impacting used vehicle sales.

The insurance business is very dynamic with overall premium income of €15 billion, an increase of +18% compared with the second quarter of 2025. Savings and insurance activities remained highly dynamic throughout the quarter.

In asset management, Amundi’s net inflows reached the very high level of €24 billion.

Corporate and Investment Banking confirms its position in its market. Crédit Agricole CIB ranks second in green, social and sustainable bonds in EUR, third in All bonds in EUR Worldwide and second in syndicated loans in France. Corporate and Investment Banking also benefited from very strong Equity market performance, while Asset Servicing activities were supported by market volatility.

Record revenues

Driven by this momentum in all business lines, quarterly revenues continued to rise steadily and reached a record level of €7.4 billion for Crédit Agricole S.A., up +7.7% compared with the second quarter of 2025. Crédit Agricole Group revenues reached €10.9 billion, up +12.9% compared with the second quarter of 2025. This record performance was supported by strong revenue growth across all business lines, while positive jaws of +3.1 percentage points contributed to a sharp increase in gross operating income of +11.4%.

A controlled management framework

This performance was part of a controlled management framework. The cost/income ratio for the first half of 2026 was 58.3%, an improvement of -3 percentage points compared with the first half of 2025. The figure for Crédit Agricole S.A. reached 54.7% over the half-year, an improvement of -1.2 percentage points compared with the first half of 2025. The cost of risk remained under control at 30 basis points on outstandings for Crédit Agricole Group and 38 basis points for Crédit Agricole S.A.

Solid results

Driven by the sharp increase in gross operating income (compared with the second quarter of 2025), up +25.8% to €4.7 billion, the quarterly net income Group share for Crédit Agricole Group was €2.8 billion, up +22.4%*. For Crédit Agricole S.A., this figure was €2.1 billion, up +1.4%*. The Group maintained a high level of profitability, with a return on tangible equity of 14.3%.

A strong group

Crédit Agricole Group has the highest level of solvency among European systemically important banks. Capital ratios for Crédit Agricole Group are well above regulatory requirements. The CET1 ratio for Crédit Agricole S.A. stood at 11.3%.

At 30 June 2026, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.2%, i.e. 6.8 percentage points above regulatory requirements.

The Group’s liquidity reserves totalled €475 billion at 30 June 2026.

The Group also announced an interim dividend of €0.57 per share, payable in cash on 15 October 2026.

A quarter marked by the acceleration of the Group’s development and transformation

During the quarter, the Group accelerated its development in Europe. The most significant transactions included:

• in Germany: successful launch phase of the European CA Savings platform;
• in France: completion of the acquisition of the Milleis Group by LCL and Crédit Agricole Assurances;
• in Spain: signing of an agreement for a long-term partnership between Crédit Agricole S.A. and BCC-Grupo Cajamar;
• in Italy: increase of Crédit Agricole S.A.’s stake in Banco BPM to 29.3%.

These transactions illustrate the continuation of the Group’s strategic development operations across Europe.

The Group also continued its transformation. Nearly €500 million will be invested over three years (2026-2028) to accelerate AI deployment across the Group.

Crédit Agricole Artificial Intelligence (the creation of which was announced in June) will be operational as of September, running the AI technology platforms for all Group entities. The launch of Crédit Agricole Group’s AI Industrial Platform marks a key milestone in the acceleration of the Group’s AI transformation and large-scale deployment strategy.

New innovative solutions are also now available to customers. For example, Crédit Agricole was the first French bank to launch its own iOS mobile payment solution, providing its customers with a simple, secure mobile banking payment solution designed with technological sovereignty in mind.

A pioneer at European level, Crédit Agricole also launched its euro stablecoin, EURXT (EURO eXchange Token), and the first subscription via EURXT into a tokenised Amundi money market fund. This transaction marks a significant milestone in the development of on-chain settlement solutions for institutional investors and corporates.

Management comments

Eric Vial, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors, said:

"Crédit Agricole is publishing high results this quarter, with a very dynamic activity across all business lines and retail banking networks. These results demonstrate the strength and relevance of its diversified universal banking model. In the face of unprecedented wildfires affecting France, Crédit Agricole is mobilizing: deployment of initial exceptional measures in support of customers affected by the fires and creation of a €2 million emergency fund to support emergency services during this crisis.”

Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A., added:

"Crédit Agricole is publishing high operational performances this quarter and accelerating its transformation. With €500 million invested over three years and the creation of Crédit Agricole Artificial Intelligence, the Group is choosing to deploy AI at scale while maintaining control of its technologies and prioritizing European solutions.”

*Change in Net income Group share restated for the impact of the capital gain related to the deconsolidation of Amundi US in Q2-25.