Credit Agricole delivers mixed Q1 as retail offsets trading jump
First-quarter net income fell by 4.2% from a year to 1.82 billion euros ($2.08 billion), against the 1.86 billion-euro consensus compiled by the company.
The drop in profits was due to a 123 million euros hit from the implementation of France's exceptional levy imposed on big companies to shore up the country's finances, Credit Agricole said, adding that it faced a total of 200 million euros in exceptional taxes in 2025.
The dip in profit comes as other European banks to have reported first-quarter numbers have beaten expectations, with executives largely unfazed by U.S. President Donald Trump's trade war and sticking to their financial forecasts.
Credit Agricole said revenues climbed 6.6% to reach a new quarterly record of 7.26 billion euros, above market expectations, helped by the integration of Degroof Petercam into its wealth management division. Operating expenses rose faster than sales, up 8.8% over the period.
Its investment banking division delivered growth of nearly 6%, led by revenues in fixed income, currencies, and commodities (FICC), which gained 7.1%, the head of the bank's unit said.
"We benefited from very volatile markets," Xavier Musca told journalists on a call. "You saw the huge movements in interest rates and exchange rates linked to (U.S. President Donald) Trump's announcements and also to the German announcements, which caused German interest rates to rise sharply," he added.
This contrasted with a fall in net interest margin - the difference between what banks earn on loans and what they pay out on deposits - at Credit Agricole's retail businesses in France and Italy, its two biggest retail markets.
The net interest margin fell by 1.7% in France and by 5.8% in Italy, where the European Central Bank's rate cuts are compressing lending margins. This was offset by higher fee and commission income on asset under management, the bank said. ($1 = 0.8761 euros)
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