Credit Agricole profit jumps 11%, but CEO signals caution on French loan demand (updated)

BNP Paribas SA

30/10/2026 07:31

Adds CEO comment on loan demand in paragraph 2, share move in 3rd bullet point
By Mateusz Rabiega
Oct 30 (Reuters) - France's Credit Agricole CAGR.PA reported an 11% like-for-like rise in its third-quarter net profit on Friday, helped by revenue growth at its corporate and investment banking business and solid performance at its domestic retail arm.
However, CEO Olivier Gavalda told journalists that loan demand would probably decline, as investment and projects in France have been slowing down.
Investment banking revenue grew 10% to €1.75 billion ($1.96 billion), with a substantial rise in fixed income, currencies and commodities sales outperforming French rivals BNP Paribas BNPP.PA and Societe Generale SOGN.PA
But JPMorgan analysts said the results painted a mixed picture with elevated cost of risks and consensus misses in specialist lending and international retail
Credit Agricole shares dropped around 2% in early trading, falling deeper than the wider European banking index .SX7P.
The bank's quarterly profit attributable to shareholders was €1.99 billion, slightly ahead of LSEG-compiled average forecasts
Total revenue rose 8% to €7.09 billion, compared with an LSEG poll forecast of €7.01 billion
Revenue at the French retail arm grew 17% to a record €1.15 billion
($1 = 0.8930 euros)

(Reporting by Mateusz Rabiega in Gdansk; Editing by Tommy Reggiori Wilkes and Milla Nissi-Prussak)
((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))