Crédit Agricole S.A. Posts EUR 1.824 Billion Q1 2025 Net Income as Record Revenues Offset French Tax Charge

Crédit Agricole S.A. reported first-quarter 2025 net income (group share) of EUR 1.824 billion on Wednesday, a 4.2% decline year-on-year, as record quarterly revenues of EUR 7.26 billion — up 6.6% — and a return on tangible equity of 15.9% were partially offset by a EUR 123 million exceptional French corporate tax surcharge.

At the wider group level, which includes the regional mutual banks, net income fell 9.2% year-on-year to EUR 2.165 billion. The cost-to-income ratio for CASA stood at 55.0%, reflecting disciplined cost management even as the bank continued to invest in people and technology across business lines, according to results published on Wednesday. The CET1 phased-in ratio stood at 12.1%, with a pro-forma figure of 11.8%.

CIB AND ASSET MANAGEMENT

The record quarterly revenue figure was driven primarily by Corporate and Investment Banking and Asset Management.

Asset Management, which the group conducts primarily through its Amundi subsidiary, continued to attract net inflows.

TAX SURCHARGE AND COST OF RISK

The EUR 123 million French corporate tax surcharge was among a number of exceptional fiscal measures introduced by the French government as part of its effort to address a public deficit that exceeded EU targets in 2024. The surcharge affected a broad range of large French companies and was not specific to the banking sector.

The cost of risk remained stable during the period. Gross operating income in the first quarter was about 4% ahead of the prior year.