In 2025, Crédit Agricole S.A. and Crédit Agricole Group saw strong financial results with revenues of €28,079m and €39,558m, respectively. Net income Group share increased by 1.3% to €8,754m for Crédit Agricole Group. A proposed dividend increase of 3% to €1.13 per share has been put forward for 2025.

All business lines at Crédit Agricole Group experienced strong growth momentum in 2025. Home loans in France increased by 21%, while Corporate and Investment Banking achieved record revenues for the quarter and the full year. Insurance and Asset Management also saw significant growth in net inflows.

The ACT 2028 plan from Crédit Agricole S.A. has shown positive results, with developments in digitalization and new services in France and internationally. Additionally, initiatives such as tokenized finance and AI projects are contributing to the growth momentum of the company.

Crédit Agricole Group maintained high solvency ratios with phased-in CET1 of 17.4%. The 2026 annual refinancing program is already 32% completed as of January. The company continues to support the energy transition with increased financing for households and businesses.

The fourth quarter of 2025 saw Crédit Agricole Group gain 517,000 new customers in retail banking, with significant growth in deposits and loans in France and Italy. Asset Management experienced high net inflows of €21 billion, driven by passive management. The Large Customers segment achieved record revenues for the quarter and the full year. In 2025, Crédit Agricole saw a dynamic activity in financing activities, particularly in the Telecom sector, while Asset Servicing recorded high levels of assets under custody and administration. The year also saw strategic transactions with partnerships and acquisitions globally to strengthen the Group’s position in key markets.

Looking ahead to 2026, Crédit Agricole plans to continue its strategic initiatives, integrate recent acquisitions, and focus on improving profitability in various business lines. The Group aims to achieve ambitious targets by launching new initiatives in France, Germany, and Asia to expand its customer base and enhance operational efficiency.

Crédit Agricole remains committed to supporting the energy transition by increasing financing for low-carbon projects and renewable energy production capacity. The Group is phasing out financing for carbon-based energies and is focused on helping customers transition to more sustainable practices, with significant outstandings related to the environmental transition. In 2025, Crédit Agricole saw a -44% decrease in financed emissions in the power sector and a -24% drop in the automotive sector. The company achieved an A/Leadership rating from CDP for its climate strategy. Net income for the group in the fourth quarter was €1,634 million, down -23.9% from the previous year.

For the full year of 2025, Crédit Agricole Group’s net income Group share was €8,754 million, a 1.3% increase from 2024. Revenues totaled €39,558 million, up 3.9% from the previous year. Operating expenses increased by 3.7% to -€23,568 million. Loan loss reserves amounted to €22.2 billion, with an overall coverage ratio for doubtful loans at 82.2% at the end of December 2025.

Gross customer capture for regional banks saw 286,000 new customers in the quarter and 1,186,000 for the year. Credit market share stood at 22.8%, up by +0.1 percentage point from the previous year. Loan production increased by +16.5% compared to the fourth quarter of 2024, driven by home loans and specialized markets. Customer assets reached €944 billion at the end of December 2025, up +3.6% year-on-year. In 2025, Crédit Agricole reported strong results with on-balance sheet deposits reaching €616 billion (+1.7% YoY) and off-balance sheet deposits reaching €328 billion (+7.6% YoY). The Regional Banks saw consolidated revenues of €3,730 million in Q4 2025, up +14.9% YoY. Full-year revenues increased by +6.2% with net income reaching €577 million in Q4 2025.

Crédit Agricole S.A. reported a decrease in net income Group Share to €1,025 million in Q4 2025, down -39.3% YoY. Revenues totalled €6,966 million, a decrease of -1.8% YoY. Operating expenses increased by +4.7% to -€4,100 million in Q4 2025. Risk indicators at the end of 2025 show a low Non-Performing Loans ratio of 2.4%.

The Regional Banks’ contribution to Crédit Agricole Group’s results in 2025 was €1,545 million, up +8.5% YoY. Operating expenses rose by +2.9%, and the cost of risk increased by +11.8%. Crédit Agricole S.A. reported a net addition of -€629 million in cost of risk in Q4 2025, up +5.9% YoY, including provisions for non-performing loans and legal risks. In the fourth quarter of 2025, Crédit Agricole S.A. saw dynamic activity and strong results, with 50% of net addition coming from Specialised Financial Services. The provisioning levels were determined by economic scenarios, resulting in a cost of risk increase of 35 basis points over four quarters and 45 basis points on a quarterly basis.

The equity-accounted entities saw a decrease in contribution in the fourth quarter of 2025, with pre-tax income decreasing by -39.3% to €1,599 million. Net income before non-controlling interests was down -37.4% to €1,223 million. In 2025, net income Group share remained stable at €7,074 million.

For the full year 2025, revenues were up +3.3% to €28,079 million, while operating expenses increased by +4.9%. The cost/income ratio was 55.7%, with a gross operating income of €12,451 million. The cost of risk increased by +6.6% to -€1,973 million.

In the Asset Gathering division, assets under management stood at €3,051 billion at the end of December 2025, up +€77 billion for the quarter. Insurance activity was strong, with total revenues reaching a record level of €52.4 billion. Savings/Retirement revenues increased by +19.5% in the fourth quarter of 2025.

Property and casualty insurance saw premium income rise to €1.5 billion in the fourth quarter of 2025, up +22.7% compared to the fourth quarter of 2024. The portfolio grew to €17.9 million policies at the end of December 2025. Unit-linked contracts accounted for 31.1% of outstandings, up +1.2 percentage points year-on-year. In 2025, the combined ratio at the end of December was 94.6%, up +0.2 percentage points year-on-year. Premium income for death & disability/creditor/group insurance in the fourth quarter of 2025 was €1.7 billion, up +24.0% compared to the same period in 2024.

Assets under management by Amundi increased to €2,380 billion at the end of December 2025, with net inflows reaching +€88 billion for the year. Retail, institutional investors, and joint ventures all contributed positively to net inflows, with fixed income and diversified strategies driving growth.

Total assets under management in Wealth Management reached €298 billion at the end of December 2025, up +6.8% compared to the previous year. Indosuez Wealth Management saw assets under management rise to €233 billion, with net inflows of +€3.9 billion in the fourth quarter.

In the fourth quarter of 2025, Asset Gathering generated revenues of €2,105 million, up +2.9% year-on-year. The division’s pre-tax income increased by +3.9% to €1,178 million. For the year 2025, the division’s revenues were €8,000 million, up +4.6% compared to 2024.

Insurance revenues in the fourth quarter of 2025 amounted to €795 million, up +11.2% compared to the same period in 2024. The Contractual Service Margin (CSM) reached €27.5 billion at the end of December 2025, an increase of +9.1% year-on-year. Non-attributable expenses for the quarter were -€141 million, up +83.6% compared to the fourth quarter of 2024. In 2025, Crédit Agricole saw strong results, with gross operating income reaching €654 million, up 2.5% from the previous year. Net income Group share was €531 million, showing a 27.2% increase. Insurance revenues also increased to €2,987 million, up 5% from 2024, with a Solvency 2 ratio estimated at ~195%.

Asset Management results in the fourth quarter of 2025 showed revenues of €881 million, a decrease of 2.1% from the previous year. Gross operating income increased by 1.5% and pre-tax income rose by 10.1%. Operating expenses declined by 5%, resulting in a cost/income ratio of 54.5%.

Over the full year 2025, Asset Management revenues totaled €3,342 million, with gross operating income lower compared to 2024 but rising after restating for certain expenses. Net income Group share for the year was €1,070 million, showing a 26% increase. Asset Management contributed 14% to the net income Group share of Crédit Agricole S.A.

Wealth Management results in the fourth quarter of 2025 saw revenues of €429 million, stable compared to the previous year. Fee and commission income increased by 9%, offsetting a decline in the interest margin. Expenses rose by 3%, impacted by integration costs and scope effects. In the fourth quarter of 2025, expenses increased slightly by 0.4%, with a cost/income ratio of 83.4%. Gross operating income was €71 million, down 13.4%, while net income Group share decreased by 20%. Wealth Management revenues rose by 19.6% in 2025, with a cost/income ratio of 78.3%. Net income Group share was €170 million, up 19.7% from 2024.

The integration of Degroof Petercam is making progress, with synergies around 30%. Estimated integration costs for 2026 are between €40m and €50m. Net income Group share contribution is expected to be between €150 million and €200 million by 2028. Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines at the end of 2025.

The Large Customers division had a strong fourth quarter in 2025, with Corporate and Investment Banking revenues up by 2.3% at €1,609 million. Capital Markets and Investment Banking activity grew by 7.3%, supported by strong performances in fixed income and investment banking. Asset Servicing also experienced business growth, with assets under custody and administration increasing significantly.

In the fourth quarter of 2025, the Large Customers division posted record revenues of €2,152 million, up 2.1% from the same period in 2024. Operating expenses rose slightly by 0.8%, with gross operating income increasing by 4.2%. Pre-tax income was up 4.2% from the previous year, with net income Group share totaling €638 million, a substantial increase of 24.7%.

For the full year 2025, revenues of the Large Customers division reached a record high of €8883 million, up 2.7% from 2024. Expenses were contained, leading to an increase in gross operating income and net income Group share. The division’s performance was strong, supported by Corporate and Investment Banking and Asset Servicing activities. In 2025, operating expenses for Crédit Agricole rose by +2.6% to €5,171 million, with a net income Group share of €2,735 million, up +11.7% from 2024. The equity allocated to the division was €15.1 billion, with risk-weighted assets at €137.1 billion.

Corporate and Investment Banking posted record revenues of €1,609 million in Q4 2025, with a gross operating income of +€683 million. For the full year 2025, revenues increased by +3.3% to €6,783 million, with net income Group share totaling €2,261 million, up +5.1% from 2024.

Asset Servicing saw revenues of €543 million in Q4 2025, with a gross operating income of €160 million. For the full year 2025, revenues were up +0.8% compared to 2024, with a net income Group share of €474 million, a sharp +59.9% increase from 2024.

Crédit Agricole Personal Finance & Mobility had a commercial production of €12.1 billion in Q4 2025, up +3.1% from 2024. Assets under management stood at €122.5 billion at end-December 2025. Crédit Agricole Leasing & Factoring saw a leasing production increase of +22.4% in Q4 2025, reaching €21.7 billion in outstandings. Commercial factoring production in 2025 saw strong results but was down -28% compared to Q4 2024, with France down -17% and international markets down -39%, mainly in Germany. Factoring outstandings at end-December 2025 were up +5.5%, and factored revenues increased by +4% compared to the same period in 2024.

Specialised financial services division in Q4 2025 had revenues of €908 million, stable at -0.8% compared to Q4 2024. Expenses rose by +5.3%, resulting in a cost/income ratio of 51.8%. Gross operating income was €437 million, down -6.5%, leading to net income Group share of -€27 million, a decrease from Q4 2024.

For the full year 2025, revenues for the Specialised Financial Services division were €3,540 million, up slightly by +0.6% compared to 2024. Operating expenses increased by +2.8%, and net income Group share was €333 million, down -47% from 2024.

At the end of 2025, the equity allocated to the Specialised Financial Services division was €8.8 billion, and its risk-weighted assets were €79.9 billion.

In Q4 2025, CAPFM’s revenues were €705 million, down -2.3% from Q4 2024. Gross operating income stood at €366 million, and the cost/income ratio was 48.1%. Cost of risk was -€283 million, and non-performing loans ratio was 4.9% at the end of December 2025.

For the full year 2025, CAPFM’s revenues reached €2,780 million, up +0.6% from 2024, with expenses stable at +0.7%. Net income Group share was a loss of -€65 million, compared to a profit of €74 million in 2024. In 2025, Gross operating income for the company was €1,388 million, up +0.4%. The cost/income ratio was 50.1%, with a cost of risk rising by +12.6%. Net income Group share was €178 million, down -58% from 2024. Leasing & Factoring results for the fourth quarter of 2025 saw revenues of €202 million, up +4.9%. Operating expenses rose by +31%, and the cost/income ratio stood at 64.7%. Gross operating income was €72 million, down -23%.

For the full year 2025, Leasing & Factoring revenues were up +0.6% at €760 million, with operating expenses rising by +9.9% to €437 million. Gross operating income decreased by -9.8% to €323 million. Net income Group share was €155 million, down -24%. In Retail Banking, loan production in France decreased in the fourth quarter of 2025.

Retail banking activity in France saw a decrease in loan production in the fourth quarter of 2025, with a total of €7.8 billion. Annual production was up 10% in 2025 compared to 2024, with 262,000 new customers captured. The equipment rate for various insurances rose by +0.6%. Outstanding loans stood at €173.8 billion at the end of December 2025, up +1.9% year-on-year.

Retail banking activity in Italy saw CA Italia’s loan outstandings at €62.8 billion at the end of December 2025, up +1.0% compared to the end of December 2024. Gross customer capture reached 57,000 new customers in the fourth quarter of 2025, with one-third acquired online. In the fourth quarter of 2025, the loan stock rate remained stable and loan production was up 5.4% compared to the previous year. Customer assets reached €123.7 billion by the end of December 2025, with on-balance sheet deposits increasing by 0.7%.

CA Italia saw an equipment rate increase in various insurance categories, reaching 20.3% by the end of 2025. International Retail Banking activity excluding Italy saw positive growth in loan outstandings and customer assets in various countries, including Poland and Egypt.

French retail banking results showed an increase in revenues and net interest margin in the fourth quarter of 2025. However, expenses remained stable and the cost of risk rose compared to the previous year. Pre-tax income and net income Group share were slightly down in the same period.

For International Retail Banking, revenues increased in the fourth quarter of 2025, with operating expenses also rising. The cost of risk grew compared to the previous year, but net income Group share for various regions increased by 1.1%. Overall, net income Group share for the business line contributed 8% to Crédit Agricole S.A.’s core businesses. In 2025, net income Group share of International Retail Banking saw a 4.7% increase to €876 million. Italy’s Crédit Agricole Italia had revenues of €751 million in Q4, up 2.4% YoY. Operating expenses rose by 15.7% to -€511 million. Asset quality remained stable, with net income of €75 million in Q4, a 32.4% decrease.

International Retail Banking saw a 4.6% increase in revenues, excluding Italy, in Q4 2025, totaling €247 million. Operating expenses decreased by 0.7% to -€125 million. Gross operating income increased by 10.7% to €121.3 million. Net income Group share for International Retail Banking, excluding Italy, reached €84 million, up 88.7%.

In 2025, International Retail Banking, excluding Italy, had revenues of €973 million, down 3.0% YoY. Operating expenses increased by 2.7% to -€501 million. Gross operating income decreased by 8.3% to €472 million. The cost of risk was -€60 million, down 10.3% from 2024. International Retail Banking, excluding Italy, contributed €280 million to net income Group share. In the fourth quarter of 2025, the parent company’s corporate center activities saw a positive impact on the cost of risk, resulting in an increase of +€178 million year-on-year. However, contributions from non-core business lines and support functions decreased compared to the previous year.

Throughout 2025, the net income Group share for the Corporate Centre division was -€764 million, with the structural component contributing -€795 million. The stake held in Banco BPM generated +€229 million in net income Group share, with expectations of generating approximately €400 million per year from 2026 onwards.

Crédit Agricole Group maintains a strong financial position, boasting the best level of solvency among European Global Systemically Important Banks. At the end of December 2025, the phased Common Equity Tier 1 ratio for the group stood at 17.4%, well above regulatory requirements.

Crédit Agricole S.A., as the corporate center of the group, also maintains a solid capital ratio, with a phased-in CET1 ratio of 11.8% at the end of December 2025. Risk-weighted assets for Crédit Agricole S.A. amounted to €419 billion, with an increase mainly attributed to the Retail Banking division.

Overall, Crédit Agricole Group saw an increase in risk-weighted assets to €663 billion at the end of December 2025. The group’s financial strength and robust performance position it well within the banking sector. Crédit Agricole Group reported strong financial results in the fourth quarter of 2025, with increases in Retail Banking division linked to model effects at CA Italia. The group’s financial structure showed impressive ratios for CET1, Tier 1, and total capital, well above requirements. Liquidity reserves, customer deposits, and long-term debt also demonstrated stability and growth. The Group’s funding strategy included issuing various debt formats and currencies, raising significant amounts in the market. Crédit Agricole S.A. raised billions in senior non-preferred, Tier 2, senior preferred, and senior secured debt in different currencies. The bank’s funding plan included issuing a variety of debt formats in currencies other than the euro, maintaining a diversified approach to financing. The 2025 MLT market funding program exceeded expectations, reaching €20 billion with a balanced distribution between debt types. The 2026 program is set at €18 billion, with €6 billion in senior secured debt. The United States’ aggressive trade policy under Donald Trump caused economic uncertainty and geopolitical upheavals in 2025, affecting global trade flows and relationships. Despite this, the global economy remained resilient, with the US economy showing steady growth, inflation, and employment rates. China’s economic environment continues to face challenges, including deflation and a reliance on foreign trade. In 2025, despite the decline in exports to the US, trade flows shifted to Asia, Latin America, and Europe, leading to record levels of activity. In the Eurozone, GDP growth fluctuated due to changes in exports to the US, but remained resilient at 1.4% with inflation hitting 2%. France saw a slowdown in activity due to decreased foreign trade while Italy’s economy proved resilient with moderate growth of 0.5%.

Interest rates in the US fluctuated throughout 2025 due to fiscal policy changes and labor market trends, leading to a sharp decline by the end of the year. In the Eurozone, long-term rates rose while short-term rates remained stable, causing a steepening of the yield curve. Sovereign spreads narrowed, benefiting the euro against the dollar.

Despite global uncertainties, equity investors remained optimistic in 2025, focusing on technology, AI, and defense sectors. Stock markets hit record highs, with the S&P 500 and Euro Stoxx 50 gaining 16.4% and 18.3% respectively. Precious metal prices, like gold, surged over 64% due to geopolitical concerns. Looking ahead to 2026, steady or improved growth rates are expected with the support of fiscal policies amidst ongoing geopolitical uncertainties. In 2025, dynamic activity and strong results are expected due to fiscal measures like tax cuts in the US and spending in the Eurozone. Growth in the US is expected to accelerate to 2.1% in 2026. In China, growth may decelerate to 4.7% due to ongoing deflation and weak consumer confidence.

The Eurozone is expected to see growth around 1.2% in 2026, supported by public investment and German spending. France anticipates increased activity in 2026, despite headwinds like higher US tariffs. Italy’s growth is expected to remain at 0.5%, vulnerable to US tariff shocks and limited fiscal room for manoeuvre.

In the US, the Fed is likely to pause until early 2027, maintaining the Fed funds rate at 3.75%. In the Eurozone, the ECB is not expected to further ease monetary policy in 2026. Interest rates are expected to face moderate upward pressure in both regions in 2026.

Market expectations for monetary policy differ between the US and Eurozone, with the yield curves showing a steepening in the US and flattening in the Eurozone. In the US, the two-year interest rate is expected to rise to around 3.70% by the end of 2026, while the ten-year rate may reach 4.50%. In the Eurozone, a 20 bp increase in the two-year rate is anticipated in 2026. In 2025, higher risk issuers like France and Italy may face less favorable financial terms. The dollar is expected to benefit from yield spreads in 2026, while the euro may not capitalize on speculation about the US currency’s reserve status. Crédit Agricole Group reported strong results in Q4-25, with net income Group Share of €571 million. Revenues were €9,971 million, and operating expenses were €5,917 million.

The results by business line for Crédit Agricole Group in 2025 showed revenues of €39,558 million and operating expenses of €23,568 million. Gross operating income was €15,990 million, with net income Group Share amounting to €8,754 million. The cost of risk was €3,452 million, and equity-accounted entities contributed €423 million. In Q4-25, earnings per share were €0.30.

For Crédit Agricole S.A., results by business line in Q4-25 included revenues of €6,966 million and operating expenses of €4,100 million. Gross operating income was €2,867 million, and net income Group Share reached €1,025 million. The cost of risk was €629 million. In 2025, the net book value per share was €22.8, and the tangible net book value per share was €16.5.

The net income Group Share for Crédit Agricole S.A. in 12M-25 was €7,074 million, with a return on tangible equity (ROTE) of 13.5%. The net book value per share after deduction of dividends to pay was €22.8, while the tangible net book value per share was €16.5. The cost/income ratio and cost of risk/outstandings are key performance indicators for the company. In 2025, a debtor is in default if a payment is over 90 days past due or if the entity believes the debtor won’t settle credit obligations without enforcement. Impaired loans are provisioned for non-repayment risk. Ratios like impaired loan coverage and RoTE are key indicators. Financial info is available for review.

The financial information for Crédit Agricole S.A. and Group for 2025 includes prospective data and economic assumptions. The figures are based on IFRS and prudential regulations. The auditor’s work on the financial statements is ongoing. The financial agenda for 2026 outlines important dates for publications and meetings.

Contact information for press and investor relations at Crédit Agricole is provided. The company’s press releases can be found on their website. Various types of insurance and energy exposures are detailed. The company’s commitment to sustainable assets and environmental transition is highlighted. In 2025, the power sector saw dynamic activity and strong results. Crédit Agricole CIB and Unifergie played a key role. The cost of risk on a rolling and annualized basis was calculated for the past four quarters. Average loan rates and equipment rates in various policies were also highlighted.

Total revenues rose by 16.7% at a constant scope, excluding certain entities. Revenues in local standards increased by 8.8%. Portfolio volume grew by 2.3% compared to the end of 2024. The combined property & casualty ratio in France saw slight growth year-on-year.

Restructuring charges of €8 million were recorded in Q4 for cost savings. Integration costs and scope effects were detailed for various acquisitions and entities. Non-recurring items at CA Italia amounted to -€65 million. The SREP requirement as of December 2025 was also outlined.

Crédit Agricole Group continued to waive the use of senior preferred debt for TLAC requirements in 2025. Distributable elements of Crédit Agricole S.A. totaled €45.5 billion, including reserves and premiums. Securities within liquidity reserves were valued differently from December 2024. APMs were used to explain financial performance.

Read more at GlobeNewswire: Fourth quarter 2025 and full-year 2025