STRONG ACTIVITY, ACCELERATING THE AI TRANSFORMATION<\/p>\n
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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A.CR\u00c9DIT\u00a0AGRICOLE\u00a0GROUP\u00a0\u00a0\u00a0In m\u20acQ2 2026Var. Q2\/Q2Q2 2026Var.Q2\/Q2\u00a0\u00a0Revenues7,363+7.7%10,880+12.9%\u00a0\u00a0Expenses-3,870+4.6%-6,143+4.6%\u00a0\u00a0Gross Operating Income3,493+11.4%4,737+25.8%\u00a0\u00a0Cost of risk-466+5.6%-862+2.7%\u00a0\u00a0Net income Group share2,051+1.4%12,778+22.4%\u00a0(1)\u00a0\u00a0Cost\/income ratio52.6%-1.6 pp56.5%-4.5 pp\u00a0\u00a0STRONG QUARTERLY RESULTS AND HIGH PROFITABILITY<\/p>\n
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By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service<\/a> and Privacy Policy<\/a>.<\/p>\n Strong revenue growth (+7.7%) driven by all business lines, record high Positive jaws +3.1 pp and sharp rise in gross operating income (+11.4%)Cost of risk under control (Cr\u00e9dit\u00a0Agricole\u00a0Group: 30\u00a0basis points on outstandings; Cr\u00e9dit\u00a0Agricole\u00a0S.A.:\u00a038\u00a0basis points on outstandings)High profitability with a return on tangible equity of 14.3%STRONG ACTIVITY IN ALL BUSINESS LINES<\/p>\n Strong loan production across all regions, in France both home and corporate loans; upturn in home loans in Italy; high personal finance and mobility loan production; ongoing adverse conditions in the automotive market impacting used vehicle salesHighly dynamic activity in the savings and insurance business lines Corporate and investment banking buoyed by very strong Equity market performance with Asset servicing benefiting from market volatilityCONTINUATION OF STRATEGIC DEVELOPMENT OPERATIONS<\/p>\n Success of the CA Savings launch phaseIntegration of Milleis by LCL and Cr\u00e9dit Agricole AssurancesAgreement with a view to a long-term partnership between Cr\u00e9dit\u00a0Agricole\u00a0S.A. and BCC-Grupo CajamarStake in Banco BPM increased to 29.3%LAUNCH OF CR\u00c9DIT\u00a0AGRICOLE\u00a0GROUP\u2019S AI INDUSTRIAL PLATFORM<\/p>\n HIGH SOLVENCY RATIOS<\/p>\n CET1 of 17.2% for Cr\u00e9dit\u00a0Agricole\u00a0Group and 11.3% for Cr\u00e9dit\u00a0Agricole\u00a0S.A. \u00a0 2026 INTERIM DIVIDEND: \u20ac0.57 PAID IN CASH ON 15 OCTOBEREric Vial,\u00a0<\/p>\n Chairman of SAS Rue La Bo\u00e9tie and Chairman of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. Board of Directors<\/p>\n “Cr\u00e9dit 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, Cr\u00e9dit Agricole is mobilizing: deployment of initial exceptional measures in support of customers affected by the fires and creation of a \u20ac2 million emergency fund to support emergency services during this crisis.\u201d<\/p>\n Olivier Gavalda,<\/p>\n Chief Executive Officer of Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/p>\n “Cr\u00e9dit Agricole is publishing high operational performances this quarter and accelerating its transformation. With \u20ac500 million invested over three years and the creation of Cr\u00e9dit Agricole Artificial Intelligence, the Group is choosing to deploy AI at scale while maintaining control of its technologies and prioritizing European solutions.\u201d<\/p>\n This press release comments on the results of Cr\u00e9dit Agricole S.A. and those of Cr\u00e9dit Agricole Group, which comprises the Cr\u00e9dit Agricole S.A. entities and the Cr\u00e9dit Agricole Regional Banks, which own 63.5% of Cr\u00e9dit Agricole S.A.\u00a0<\/p>\n All financial data are now presented stated for Cr\u00e9dit Agricole Group, Cr\u00e9dit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.<\/p>\n Cr\u00e9dit Agricole Group<\/p>\n Group activity <\/p>\n The Group\u2019s commercial activity remained strong this quarter across all its business lines, with a very dynamic pace of new customer capture. In the second quarter of 2026, the Group gained 580,000 new retail banking customers, including 420,000 in France and 160,000 internationally (Italy, Poland, Egypt and Ukraine).<\/p>\n As of 30 June 2026, retail banking on-balance sheet deposits reached \u20ac846\u00a0billion, up 1.1% year-on-year in France and Italy (+1.2% for Regional\u00a0Banks and LCL and -0.3% in Italy). Outstanding loans totalled \u20ac904\u00a0billion, up +2.1% year-on-year in these same regions (+2.0% for the Regional Banks and LCL, and +2.6% in Italy). In France, home loan production was up by +10% overall compared with the second quarter of 2025 (+12% for Regional Banks and +2% for LCL). In the corporate segment, activity also remained well oriented, rising +8% compared with the same period in 2025. In Italy, production was strong with an upturn in home loans in a competitive market and corporate loan production that remains solid.<\/p>\n In asset management, net inflows reached a high level (+\u20ac24 billion), buoyed by medium to long-term inflows, especially by passive management (ETFs, index-based solutions) and, in active management, by fixed-income\/credit strategies. There was also good momentum in third-party distribution. In insurance, gross savings\/retirement inflows amounted to \u20ac11.8 billion (+19% compared to second quarter 2025). Net inflows reached a record +\u20ac6.1\u00a0billion, positive for both euro-denominated and unit-linked products. In property and casualty insurance, performance was supported by prices changes, scope effects and portfolio growth to 18.2\u00a0million policies at the end of June 2026 (+7.3% year-on-year). Overall, assets under management in asset management and savings reached \u20ac3,290\u00a0billion (+13.3% year-on-year), of which \u20ac2,581\u00a0billion in asset management, \u20ac392\u00a0billion in life insurance and \u20ac317\u00a0billion in wealth management.<\/p>\n The SFS division reported a solid business activity. CAPFM\u2019s production was strong, driven by both personal finance and mobility, up +3.2% compared with the second quarter of 2025 to reach \u20ac12.8 billion. Consumer finance outstandings were up \u20ac124.3 billion\u00a0(+2.8% compared with the end of June 2025). The ongoing adverse automotive market weighed, however, on used vehicle sales. For CAL&F, leasing production recorded an increase of +15.2% compared with the second quarter of 2025, driven in France by property leasing and renewable energy, and internationally by the integration of Merca Leasing. In factoring, production was strong internationally but with a downturn in France.<\/p>\n Momentum was still strong this quarter for the Large Customers division. Revenues from Corporate and investment banking were up +4.4% compared with the second quarter of 2025, reaching \u20ac1,780 million. Revenues from Capital markets and investment banking were up at \u20ac933\u00a0million (+8.5% compared with the second quarter of 2025), driven by investment banking (+63.8% excluding foreign exchange impact) due to an excellent performance from structured equity and ECM activities. FICC performance was stable on a high comparison base, with revenues impacted most notably by the underperformance of treasury products against a backdrop of the reduction in central bank balance sheets. Revenues from Financing activities stood at \u20ac847 million (+0.3% compared to the second quarter of 2025) with structured finance up +3.8%, with asset financing up with strong growth in the transport sector. Commercial banking was stable, excluding foreign exchange impact.<\/p>\n Lastly, asset servicing maintained a high level of assets under custody (\u20ac6,190\u00a0billion) and assets under administration (\u20ac3,871\u00a0billion), supported by the acquisition of new customers, the integration of Degroof Petercam\u2019s activities and positive market effects. Settlement and delivery volumes rose sharply against a backdrop of increased market volatility in 2026.<\/p>\n Accelerating the AI transformation<\/p>\n Cr\u00e9dit Agricole is accelerating its transformation around artificial intelligence with an investment of \u20ac500 million over three years from the IT investment plan of the ACT 2028 strategic plan, including \u20ac150 million to endow the capital of the AI Company.<\/p>\n This ambition is reflected in particular in the creation of Cr\u00e9dit Agricole Artificial Intelligence, an entity dedicated to the development and operation of shared technological bases, as well as the deployment of an industrial agent platform designed to strengthen employee productivity and enrich interactions with customers. Driven by the principles of performance, European technological sovereignty and ethical AI, this approach aims to make AI a collective lever for transformation and efficiency for the benefit of the entire Group.<\/p>\n Group results<\/p>\n In the second quarter of 2026, the Cr\u00e9dit\u00a0Agricole\u00a0Group\u2019s net income Group Share stood at \u20ac2,778\u00a0million, up +7.8% compared with the second quarter of 2025, driven by a strong increase in gross operating income (+25.8%). Excluding the base effect related to the capital gain of the deconsolidation of Amundi US\u00a0(2), the net income Group Share increase was +22.4%.<\/p>\n Cr\u00e9dit\u00a0Agricole\u00a0Group, Income statement Q2 and H1 2026<\/p>\n \u20acmQ2-26Q2-25\u2206 Q2\/Q2\u00a0H1-26H1-25\u2206 H1\/H1Revenues10,8809,638+12.9%\u00a020,88019,364+7.8%Operating expenses(6,143)(5,872)+4.6%\u00a0(12,176)(11,864)+2.6%Gross operating income4,7373,766+25.8%\u00a08,7047,500+16.1%Cost of risk(862)(840)+2.7%\u00a0(1,822)(1,575)+15.7%Equity-accounted entities183198(7.3%)\u00a0454375+21.2%Net income on other assets(11)452n.m.\u00a016456(96.6%)Change in value of goodwill-0n.m.\u00a0-0n.m.Income before tax4,0473,576+13.2%\u00a07,3526,756+8.8%Tax(1,080)(648)+66.6%\u00a0(2,101)(1,648)+27.5%Net income from discont. or held-for-sale ope.-(0)n.m.\u00a0-0n.m.Net income2,9672,928+1.3%\u00a05,2515,108+2.8%Non controlling interests(189)(352)(46.2%)\u00a0(376)(545)(30.9%)Net income Group Share2,7782,577+7.8%\u00a04,8754,564+6.8%Cost\/Income ratio (%)56.5%60.9%-4.5 pp\u00a058.3%61.3%-3.0 ppIn the second quarter of 2026, revenues amounted to \u20ac10,880\u00a0million, up +12.9% compared with the second quarter of 2025, benefiting from a very sharp rise in the regional banks\u2019 net interest income (up +38% compared with the second quarter of 2025). Operating expenses stood at -\u20ac6,143 million, up +4.6% year-on-year, thereby generating a positive jaws of +8.3 percentage points. Consequently, gross operating income amounted to \u20ac4,737\u00a0million, up +25.8% compared with the first quarter of 2025, with a cost\/income ratio of 56.5%, an improvement of -4.5\u00a0percentage points compared with the second quarter of 2025.<\/p>\n The cost of credit risk stood at -\u20ac862\u00a0million, up +2.7% compared with the second quarter of 2025. This figure comprises a net addition of -\u20ac866 million for non-performing loans (stage 3), including the technical migration of a few files currently being disposed of, with a total addition amounting to -\u20ac128 million, and a net reversal of +\u20ac27 millions for performing loans (stage 1 and 2). There was also a net addition of -\u20ac24\u00a0million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter of 2026 were updated, with a central scenario (French GDP +0.9% in 2026, +0.9% in 2027) an unfavourable scenario (French GDP +0.3% in 2026 and -0.6% in 2027) and a severely adverse scenario (French GDP -1.2% in 2026 and -1.5% in 2027). The cost of risk\/outstandings\u00a0(3) was 30\u00a0basis points over a four-quarter rolling period and 28\u00a0basis points on an annualised quarterly basis\u00a0(4).<\/p>\n Pre-tax income stood at \u20ac4,047\u00a0million, a year-on-year increase of +13.2% compared to second quarter 2025. It includes the contribution of equity-accounted entities of +\u20ac183 million. The tax charge amounted to -\u20ac1,080\u00a0million, up +66.6% over the period.<\/p>\n Net income before non-controlling interests stood at \u20ac2,967\u00a0million, up +1.3% year-on-year. Non-controlling interests were up + \u20ac162 million due to the capital gain related to the deconsolidation of Amundi US and the acquisition of Santander\u2019s non-controlling interests in CACEIS.<\/p>\n Net income Group sharein first half 2026 amounted to \u20ac4,875\u00a0million, compared with \u20ac4,564\u00a0million in\u00a0first\u00a0half\u00a02025, an increase of +6.8% and +14.5% excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US.<\/p>\n Revenues totalled \u20ac20,880\u00a0million, up +7.8% in first half 2026 compared with first half 2025.<\/p>\n Operating expenses amounted to -\u20ac12,176\u00a0million, up +2.6% compared to the first half of 2025. The cost\/income ratio for the first half of 2026 was 58.3%, an improvement of -3.0\u00a0percentage points compared with the first half of 2025.<\/p>\n Gross operating income totalled \u20ac8,704\u00a0million, up +16.1% compared with the first half of 2025.<\/p>\n Cost of risk for the half-year stood at -\u20ac1,822\u00a0million, of which -\u20ac132\u00a0million in cost of risk on performing loans (stage 1 and 2), -\u20ac1,620\u00a0million in cost of risk on non-performing loans (stage 3) and -\u20ac70\u00a0million in other risks, i.e. an increase of +15.7% compared with first half of 2025.<\/p>\n At 30 June 2026, risk indicators confirm the high quality of Cr\u00e9dit\u00a0Agricole\u00a0Group\u2019s assets and risk coverage level. The Non-Performing Loans ratio was low at 2.3%. Loan loss reserves amounted to \u20ac22.8\u00a0billion at the end of June 2026 (\u20ac13\u00a0billion for the Regional Banks), 41% of which represented provisioning of performing loans (47% for the Regional Banks). The prudent management of these loan loss reserves enabled the Cr\u00e9dit\u00a0Agricole\u00a0Group to post an overall coverage ratio for non-performing loans of 78.4%\u00a0(5) at the end of June 2026.<\/p>\n Net income on other assets stood at \u20ac16\u00a0million in first half\u00a02026, vs. \u20ac456\u00a0million in first half\u00a02025 which included the capital gain related to the deconsolidation of Amundi US. Pre-tax\u00a0income\u00a0before discontinued operations and non-controlling interests rose by +8.8% to \u20ac7,352\u00a0million. The tax charge worked out at<\/p>\n -\u20ac2,101\u00a0million, up +27.5%.<\/p>\n Net\u00a0income before non-controlling interests was therefore up by +2.8%. Non-controlling interests amounted to -\u20ac376\u00a0million in first half 2026, a drop of -30.9% impacted by the base effect related to the capital gain of the deconsolidation of Amundi US.<\/p>\n Regional banks<\/p>\n Gross customer capture totalled +300,000 new customers. The share of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.9% (at the end of April 2026, source Banque de France), up by +0.2 percentage point compared to April 2025. Loan production remains buoyant, up +7.5% compared to the second quarter of 2025, driven by home loans, which rose +11.7%, and also by specialised markets, which rose +4.1% compared to the second quarter of 2025. The average production rate for home loans reached 3.08%\u00a0(6). The global loan stock rate improved by +14 basis points year-on-year. Outstanding loans totalled \u20ac665\u00a0billion at the end of June 2026, up by +2% year-on-year, with an increase across all markets.<\/p>\n Customer assets were up +3.6% year-on-year to reach \u20ac957\u00a0billion at the end of June 2026. This growth was driven both by on-balance sheet deposits, which reached \u20ac614\u00a0billion (+1.3% year-on-year), and off-balance sheet deposits, which reached \u20ac343\u00a0billion (+8.1% year-on-year) benefiting from robust inflows in life insurance. The market share of on-balance sheet deposits is up compared to last year and stood at 20.5% (Source Banque de France, data at the end of April 2026, i.e. +0.1 percentage points compared to April 2025). The equipment rate for property and casualty insurance\u00a0(7) was 45% at the end of June 2026 and continued to rise (up +0.8\u00a0percentage point compared to the end of June 2025). In terms of payment instruments, the number of cards rose by +2% year-on-year, as did the percentage of premium cards in the stock, which increased by 3\u00a0percentage point year-on-year to account for 21% of total cards.<\/p>\n In the second quarter of 2026, the Regional Banks\u2019 consolidated revenues including the SAS Rue La Bo\u00e9tie dividend stood at \u20ac6,239\u00a0million, up +12.9% compared to the second quarter of 2025. Revenues were driven by a sharp rise in the net interest income (+38% Q2\/Q2), robust fee and commission income in insurance and growth in portfolio revenues (+11% Q2\/Q2) benefiting from the increase in dividends traditionally paid by SAS Rue de La Bo\u00e9tie in the second quarter of each year. Operating expenses increased in a controlled manner. The cost\/income ratio improved by -4.8\u00a0percentage points compared with the second quarter of 2025. The cost of risk, in line with previous quarters, stood at -\u20ac389\u00a0million. The cost of risk\/outstandings (in annualised quarter) remained under control at 23\u00a0basis points (-2\u00a0basis point decrease compared to first quarter 2026). The consolidated net income of the Regional Banks stood at \u20ac2,938\u00a0million, up 24% compared with the second quarter of 2025.<\/p>\n The Regional Banks\u2019 contribution to net income Group share was \u20ac634\u00a0million in the second quarter of 2026 (x3.5 compared with the second quarter of 2025).<\/p>\n In the first half 2026, revenues including the dividend from SAS Rue La Bo\u00e9tie were up (+11%) compared to the first half of 2025. Operating expenses rose by +2.3%, and gross operating income consequently grew by +23% over the first half. With cost of risk at \u20ac801 million, the Regional banks\u2019 net income Group share, including the SAS Rue La Bo\u00e9tie dividend, amounted to \u20ac3,350 million, up +23% compared to the first half of 2025. Finally, the Regional Banks\u2019 contribution to the results of Cr\u00e9dit\u00a0Agricole\u00a0Group in first half 2026 amounted to \u20ac1,056\u00a0million (x2 compared with the first half of 2025) with revenues of \u20ac7,603\u00a0million (+13%) and a cost of risk of -\u20ac795\u00a0million (+11%).<\/p>\n Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/p>\n Results<\/p>\n Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s Board of Directors, chaired by Eric Vial, met on 30 July 2026 to examine the financial statements for the second\u00a0quarter and first\u00a0half\u00a0of\u00a02026.<\/p>\n Cr\u00e9dit Agricole S.A. – Income statement, Q2 and H1-26<\/p>\n \u20acmQ2-26Q2-25\u2206 Q2\/Q2\u00a0H1-26H1-25\u2206 H1\/H1Revenues7,3636,836+7.7%\u00a014,35713,771+4.3%Operating expenses(3,870)(3,700)+4.6%\u00a0(7,851)(7,691)+2.1%Gross operating income3,4933,136+11.4%\u00a06,5066,080+7.0%Cost of risk(466)(441)+5.6%\u00a0(1,013)(855)+18.5%Equity-accounted entities153172(10.7%)\u00a0396321+23.2%Net income on other assets(10)455n.m.\u00a0(13)456n.m.Change in value of goodwill–n.m.\u00a0–n.m.Income before tax3,1703,321(4.6%)\u00a05,8766,002(2.1%)Tax(874)(574)+52.3%\u00a0(1,663)(1,360)+22.3%Net income from discont. or held-for-sale ope.-0n.m.\u00a0-0n.m.Net income2,2962,748(16.4%)\u00a04,2124,643(9.3%)Non controlling interests(245)(420)(41.7%)\u00a0(485)(669)(27.4%)Net income Group Share2,0512,328(11.9%)\u00a03,7273,974(6.2%)Cost\/Income ratio (%)52.6%54.1%-1.6 pp\u00a054.7%55.9%-1.2 ppIn the second quarter of 2026, Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s net\u00a0income\u00a0Group\u00a0share came to \u20ac2,051\u00a0million, down -11.9% compared to the second\u00a0quarter of 2025 which included the +\u20ac304 million impact relating to the capital gain linked to the deconsolidation of Amundi US. Excluding this impact, the quarter-on-quarter change comes to +1.4%.<\/p>\n Revenues totalled \u20ac7,363\u00a0million, up +7.7% compared to the second quarter of 2025. Operating expenses amounted to -\u20ac3,870 million, up +4.6% over the period, thereby generating a positive jaws of +3.1 percentage points. Gross operating income stood at \u20ac3,493\u00a0million, an increase of +11.4% compared to the second quarter of 2025.<\/p>\n Cost of risk was a net addition of -\u20ac466\u00a0million, up +5.6% compared to the second quarter of 2025. This figure comprises a net addition for non-performing loans (stage 3) of -\u20ac699\u00a0million (compared to a net addition of -\u20ac524\u00a0million in the second quarter of 2025), including the technical migration of a few files currently being disposed of, with a total addition amounting to -\u20ac128 million, and a net reversal on performing loans (stages 1 and 2) of +\u20ac240\u00a0million (compared with a net reversal of +\u20ac91\u00a0million in the second quarter of 2025). Also noteworthy is a net addition of -\u20ac7\u00a0million for other risks (compared with a net addition of -8\u00a0million in the second quarter of 2025). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter of 2026 were updated, with a central scenario (French GDP +0.9% in 2026, +0.9% in 2027) an unfavourable scenario (French GDP +0.3% in 2026 and -0.6% in 2027) and a severely adverse scenario (French GDP -1.2% in 2026 and -1.5% in 2027). In the second quarter of 2026, the cost of risk\/outstandings was 38\u00a0basis points over a four-rolling quarter period\u00a0(8) and 32\u00a0basis points on an annualised quarterly basis\u00a0(9) (respectively stable and improving by 6\u00a0basis points compared to the first quarter of 2026).<\/p>\n At 30 June 2026, risk indicators confirm the high quality of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s assets and risk coverage level. The Non-Performing Loans ratio was low at 2.5%, up +0.2\u00a0percentage point over the quarter. The coverage ratio\u00a0(10), which remained high at 65.6%, decreased by -7\u00a0percentage points\u00a0over the quarter, mainly due to the to the technical migration of a few files currently being disposed of\u00a0(11). Loan loss reserves amounted to \u20ac9.7\u00a0billion for Cr\u00e9dit\u00a0Agricole\u00a0S.A., stable compared to the end of March 2026. Of these loan loss reserves, 33.1% corresponds to the provisioning of performing loans.<\/p>\n The contribution of equity-accounted entities was +\u20ac153\u00a0million in the second quarter of 2026 versus +\u20ac172 million, including in particular the impact at Leasys of the drop in margins on used vehicles (contribution of -\u20ac37 million in the second quarter of 2026). Pre-tax income, discontinued operations and non-controlling interests therefore decrease by -4.6% to \u20ac3,170 million. The tax charge was up -\u20ac300 million quarter-on-quarter at -\u20ac874 million, mainly due to higher gross operating income in the quarter, unfavourable base effects and higher taxes in Italy, Ukraine and Poland. Net\u00a0income before non-controlling\u00a0interests was down -16.4% to \u20ac2,296\u00a0million. Non-controlling interests stood at -\u20ac245 million in the second quarter of 2026, down -41.7% due to the base effect related to the capital gain of the deconsolidation of Amundi US\u00a0and the acquisition of Santander\u2019s minority interests in CACEIS.<\/p>\n Net\u00a0income\u00a0Group\u00a0sharein the\u00a0first\u00a0half\u00a0of\u00a02026 amounted to \u20ac3,727\u00a0million compared with \u20ac3,974\u00a0million in the\u00a0first\u00a0half\u00a0of\u00a02025, which included the impact of the capital gain related to deconsolidation of Amundi US. Excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US, the change was +1.6% from the previous half year.<\/p>\n Revenues were up +4.3% compared to first\u00a0half\u00a02025. Operating expenses were up +2.1% compared to first half 2025. The cost\/income ratio for the first half of the year was 54.7%, an improvement of -1.2\u00a0percentage points compared to first half 2025. Gross operating income totalled \u20ac6,506\u00a0million, up +7.0% compared to the first half of 2025. The cost of risk increased by +18.5% over the period, to -\u20ac1,013\u00a0million, versus -\u20ac855\u00a0million for first half 2025.<\/p>\n The contribution of equity-accounted entities stood at \u20ac396 million\u00a0in first half 2026, up +\u20ac75\u00a0million compared to first half 2025, or +23.2%. Net income on other assets stood at -\u20ac13\u00a0million in first half\u00a02026, vs. +\u20ac456\u00a0million in first half\u00a02025 which included the capital gain related to the deconsolidation of Amundi US. Pre-tax income, discontinued operations and non-controlling interests therefore decreased by -2.1% to \u20ac5,876\u00a0million. The tax charge was -\u20ac1,663\u00a0million, versus -\u20ac1,360\u00a0million for first half 2025. Net\u00a0income before non-controlling\u00a0interests was down -9.3% to \u20ac4,212\u00a0million. Non-controlling interests stood at -\u20ac485\u00a0million in first half 2026, down -27.4% compared with first half 2025.<\/p>\n RoTE\u00a0(12), calculated on the basis of an annualised net income Group share\u00a0(13), IFRIC charges, the effects of the additional corporate tax charge linearised over the year, net of annualised Additional\u00a0Tier\u00a01 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1s, and restated for all volatile items recognised in equity (including unrealised gains and\/or losses), reached 14.3% in the first half of 2025, down -0.9\u00a0percentage point compared to the first half of 2025.<\/p>\n Distribution<\/p>\n In accordance with the announcement made on November 18, 2025 during the presentation of the ACT2028 strategic plan, the Board of Directors decided on July 30, 2026 to pay an interim dividend in cash, corresponding to 50% of consolidated net earnings per share for the first half of 2026, i.e. \u20ac0.57 per share. It will be ex-dividend date on October 13, 2026 and paid on October 15, 2026, and will be applied to the dividend to be distributed for the current 2026 financial year.<\/p>\n Analysis of the activity and the results of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s divisions and business lines <\/p>\n Activity of the Asset Gathering division<\/p>\n At the end of June 2026, assets under management in the Asset Gathering (AG) division stood at \u20ac3,290\u00a0billion, up by +\u20ac385\u00a0billion over the quarter (or +13.3%), thanks to positive net inflows across all business lines, benefiting as well from a positive market effect over the period.<\/p>\n Insurance activity (Cr\u00e9dit\u00a0Agricole\u00a0Assurances) was very strong, with total premium income at a record high of \u20ac15.0\u00a0billion, up +17.6%\u00a0(14) compared to second quarter 2025.<\/p>\n In Savings\/Retirement, revenues for the second quarter of 2026 reached \u20ac11.8\u00a0billion, up +19.1% compared with the second quarter of 2025, driven by the savings rate among French households, the success of the new Oriance 100% self-care policy (launched on 23 February in the Regional Banks). The momentum in gross inflows was seen in both unit-linked products and euro-denominated products. Unit-linked rate in gross inflows\u00a0(15) was 33.5%. Net inflows were still dynamic and reached a record level of +\u20ac6.1\u00a0billion, comprised of +\u20ac3.5\u00a0billion net inflows into euro funds and +\u20ac2.6\u00a0billion for unit-linked contracts.<\/p>\n Assets under management (savings, retirement and funeral insurance) continued to grow as a result of net inflows and positive market effects and came to \u20ac392.1 billion (up +\u20ac32.7 billion year-on-year, or +9.1%). Unit-linked products accounted for 32% of assets under management, up +1.3\u00a0percentage points compared with the end of March 2026, and +0.9\u00a0percentage point compared with December 2025.<\/p>\n In property and casualty insurance, premium income stood at \u20ac1.6\u00a0billion in the second quarter of 2026, up +11.4%\u00a0(16) compared with the second quarter of 2025. The portfolio reached 18.2\u00a0million policies at the end of June 2026 (up +7.3%\u00a0(17) year-on-year). The equipment rate among individual customers at Cr\u00e9dit\u00a0Agricole\u00a0Group banks continued to rise year-on-year, both at the Regional Banks (45%, up +0.8\u00a0percentage point), at LCL (28.9%, up +0.5\u00a0percentage point), and at CA Italia (21.2%, up +0.6\u00a0percentage points). Finally, the combined ratio at the end of June 2026 stood at 96.7%\u00a0(18), up +2.1\u00a0percentage points year-on-year, due to climate-related claims in the first quarter.<\/p>\n In death & disability\/creditor insurance\/group insurance, premium income for the second quarter of 2026 stood at \u20ac1.6\u00a0billion, up +13.5%\u00a0(19) compared with the second quarter of 2025. Creditor insurance recorded growth of +13.5% at current scope, and +5.7%, restating for the consolidation of Pi\u00f9Vera Assicurazioni and Pi\u00f9Vera Protezione. Group insurance posted a sharp rise (+21.7% compared with the second quarter of 2025), notably with the entry into force of the Industries Electriques et Gazi\u00e8res (IEG) contract on 1 July 2025. Lastly, Individual death & disability showed growth of +9.8%\u00a0(20) related to the increase in the average amount of guarantees.<\/p>\n In Asset Management (Amundi), assets under management by Amundi increased by +7.6% and +13.9%, respectively, over the quarter and the year, reaching a new record of \u20ac2,581\u00a0billion at the end of June 2026. Assets under management benefited from a high level of inflows over the quarter (+\u20ac24\u00a0billion), as well as from a positive market and foreign exchange impact of +\u20ac152.7\u00a0billion.<\/p>\n By asset class, and excluding associates (JVs, Victory Capital, ICG) net inflows were driven by medium-to-long-term net inflows of +\u20ac20\u00a0billion, buoyed by ETFs (+\u20ac12 billion) and active management (+\u20ac9\u00a0billion) still driven by fixed-income\/credit strategies.<\/p>\n By customer type, net inflows were positive across retail, institutional investors and associates. In the retail segment (+\u20ac14.9\u00a0billion), net inflows benefited from continued strong momentum in third-party distribution (net inflows of +\u20ac13\u00a0billion amounting to a record first half of \u20ac38 billion), which offset outflows of -\u20ac5\u00a0billion from the UniCredit networks. In the institutional segment,\u00a0net inflows amounted to +\u20ac3.6\u00a0billion in the second quarter (of which +\u20ac11bn from Cr\u00e9dit Agricole and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale insurers). Lastly, the associates segment recorded net inflows of +\u20ac5.9\u00a0billion over the period, with inflows from JVs up, despite the effect of the drop in the Indian rupee. The quarter also recognised the initial consolidation of ICG.<\/p>\n In Wealth Management, total assets under management (CA\u00a0Indosuez Wealth Management and LCL Private Banking) amounted to \u20ac317\u00a0billion at the end of June 2026 and were up +14% compared with June 2025 and +6.3% compared with December 2025.<\/p>\n Indosuez Wealth Management assets under management at the end of June 2026 stood at \u20ac249 billion, up +6.4% compared with the end of March 2026, thanks to high net inflows of +\u20ac2.9 billion and a positive market effect of +\u20ac12 billion. Commercial activity increased over the quarter, notably with a 44% rise in fee and commission income on structured products compared with the second quarter of 2025, and a +16% increase in outstanding loans at end-June.<\/p>\n Compared with the end of June 2025, assets under management increased by +\u20ac35\u00a0billion, or +16.2%, driven by positive net inflows and the impact of scope effects (takeover of BNPP Monaco assets under management of +\u20ac1.4\u00a0billion in the first quarter of 2026, the integration of Banque Thaler amounting to +\u20ac3.3\u00a0billion in the third quarter of 2025) and favourable market and foreign exchange impacts over the period.<\/p>\n Results of the Asset Gathering division <\/p>\n In the second quarter of 2026, the Asset Gathering division generated \u20ac2,207\u00a0million of revenues, up +12.1% compared with the second quarter of 2025. Expenses increased 6.6% to -\u20ac920\u00a0million and gross operating income came to \u20ac1,287\u00a0million, +16.4% compared with the second quarter of 2025. The cost\/income ratio<\/p>\n","protected":false},"excerpt":{"rendered":"STRONG ACTIVITY, ACCELERATING THE AI TRANSFORMATION \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A.CR\u00c9DIT\u00a0AGRICOLE\u00a0GROUP\u00a0\u00a0\u00a0In m\u20acQ2 2026Var. Q2\/Q2Q2 2026Var.Q2\/Q2\u00a0\u00a0Revenues7,363+7.7%10,880+12.9%\u00a0\u00a0Expenses-3,870+4.6%-6,143+4.6%\u00a0\u00a0Gross Operating Income3,493+11.4%4,737+25.8%\u00a0\u00a0Cost of risk-466+5.6%-862+2.7%\u00a0\u00a0Net income Group…\n","protected":false},"author":2,"featured_media":59709,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12927],"tags":[6223,37178,12980,1666,1571,12947,27487,37177,2512,7081],"class_list":["post-59708","post","type-post","status-publish","format-standard","has-post-thumbnail","category-credit-agricole","tag-accelerating","tag-activity","tag-agricole","tag-ai","tag-credit","tag-credit-agricole","tag-sa","tag-strong","tag-the","tag-transformation"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/59708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=59708"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/59708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/59709"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=59708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=59708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=59708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}