French earnings calls, October 2026: Crédit Agricole reports EUR 7.1 billion revenue

Crédit Agricole said it aims for a higher medium-term return

On its call on 30 October 2026, an executive said the medium-term minimum for return on tangible equity (ROTE) is above 14%. The executive compared this with the 14% minimum based on organic growth alone. The executive said the company's capital, liquidity and loan-loss reserves support confidence amid macroeconomic uncertainty.

Crédit Agricole expects net interest income at its LCL business to grow

Net interest income is what a bank earns on loans minus what it pays on deposits. An executive gave these expectations for LCL:

• Growth of around high single digits through the end of fiscal year 2026.
• Growth of a mid-teens percentage in fiscal year 2026.
• Guidance of 6% growth for fiscal years 2026 to 2028, which the executive said remains in place. It assumes lower rates on term-deposit renewals, higher rates on new loans and a stable liability mix.

Crédit Agricole expects capital effects and a steady Banco BPM contribution

An executive said the company remains very comfortable with its 11% capital target. Methodological impacts were expected to add 5 basis points in the fourth quarter of fiscal year 2026. A basis point is one hundredth of a percentage point. They would probably reduce capital by 15 basis points in fiscal year 2027. The executive said Crédit Agricole expected a Banco BPM contribution of around EUR 140 million per quarter going forward. This includes EUR 20 million of quarterly purchase price allocation (PPA) amortization, an accounting charge linked to an acquisition.

Crédit Agricole remained cautious on its mobility business

An executive said the company remained very cautious about the mobility business outlook for the next several quarters. The executive said the impact on Drivalia's short-term rental fleet in the third quarter of fiscal year 2026 is expected to be short-term and limited over time. Analysts asked which Banco BPM combination structure Crédit Agricole prefers; management deflected the question. Management gave partial answers on French mortgage and small and medium-sized enterprise (SME) asset quality and on fourth-quarter life-savings crediting rates.