Credit Agriculture surprises the market and consolidates its weight in the Italian banking riskThe French group has closed the second quarter 2026 with results higher than expected, supported by the recovery in retail banking, growth in asset management and the good performance of investment banking.
The numbers have rewarded the title on the Paris Stock Exchange, which has gained around 3,5%, but investors' attention remains focused on the next moves in Italy: Crédit Agricole, Banco Bpm's largest shareholder with a stake of almost 30%, is claiming a central role in the game involving Bpm bank e Monte dei Paschi di Siena“Nothing can happen against us or without us,” said Deputy CEO Jerome Grivet during the presentation of the half-yearly results.
READ MORE MPS and Banco BPM are rehearsing a deal to beat Intesa, but there are four obstacles.
Crédit Agricole's quarterly results exceed expectations.
The French bank recorded in second quarter un net profit dShareholders' equity amounted to €2,05 billion, up 1,4% year-on-year and exceeding analysts' expectations of approximately €1,9 billion. Considering the group's overall figure, thequarterly net profit reached 2,78 billion euros, up 7,8% compared to the same period in 2025. A result supported by the growth of gross operating margin, up 25,8%. Net of the extraordinary capital gain linked to the deconsolidation of Amundi Us recorded the previous year, the profit would have marked an increase of 22,4%.
I revenues rose to 10,88 billion euros, with a growth of 12,9%, driven above all by the good performance of retail banking and the strong growth in the net interest margin of French regional banks, which increased by 38%. Crédit Agricole SA, the group's listed company, saw quarterly revenue grow 7,7% to €7,36 billion, exceeding market expectations. Operating expenses increased 4,6% to €3,87 billion, the only downside of the quarterly results, despite strong revenue growth.
In first semester Group net profit reached 4,875 billion euros, up 6,8% (14,5% excluding the Amundi Us effect), while the Cet1 ratio stood at 17,2% for the group and 11,3% for Crédit Agricole Sa. The performance was supported above all by the retail banking, the wealth management and corporate and investment banking activities. Amundi posted record results thanks to positive inflows and increased demand for investment products, while investment banking benefited from the strong performance of equity-related businesses. Growth in equity, however, was more moderate. trading activity on bonds, currencies and commodities, which did not replicate the particularly strong results recorded by some competitors in a context of greater market volatility.
The CEO Olivier Gavalda He defined the group's prospects as solid, underlining the presence of "strong growth drivers" at a global level.
Italy is the second largest domestic market: record numbers for Crédit Agricole
The Italy continues to be one of the pillars of the Banque Verte's strategy and confirms its second domestic market of the group after France. In the first half of the year, Crédit Agricole recorded a Net income of 1,053 billion euros, of which 878 million pertain to the group. revenues grew by 5%, the operating result reached 1,541 billion (+7,8%), while the cost/income ratio fell to 42,9%.
Le total masses They reached €448 billion, with €104 billion in loans and €344 billion in deposits, serving over 6 million customers. Crédit Agricole Italia alone closed the first half of the year with a consolidated net profit of €478 million (+2,1%). Revenues exceeded €1,6 billion (+3,5%), driven primarily by commissions, which grew 6,9% thanks to investment services.
The bank has placed nearly 8 billion in products wealth management, disbursed over 5 billion in new financing, of which 3,1 billion to businesses (+17%), acquired 106 new customers and kept the cost of credit at historic lows, with a net NPE ratio of 1% and a CET1 ratio of 13,2%.
Banco BPM-MPS: Crédit Agricole vetoes deal and demands a seat at the table
After the accounts, the focus shifts to the Italian banking risk. The possible merger between Banco Bpm and Monte dei Paschi di Siena, under study as an alternative to the public purchase and exchange offer launched by Intesa Sanpaolo on MPS, in fact, also depends on the consent of the largest shareholder in Piazza Meda.
Crédit Agricole, which holds 29,3% of Banco Bpm and has four representatives on the board of directors, he made it clear that he wanted to have a decisive role in any extraordinary operation involving the Italian institution. "Nothing can be done without us and nothing can be done against us," he emphasized. Jerome Grivet, reaffirming the weight of the French group in the bank's future strategic choices.
CEO Gavalda explained that Crédit Agricole had not received any concrete projects nor had it been involved in any discussions on a merger between Banco Bpm and MpsAccording to the French manager, at the moment it is “very difficult to imagine"how a combination of the two institutions could create value for Banco BPM shareholders, while leaving the door open to any solution capable of generating long-term returns.
Among the scenarios considered most interesting by the French leaders there remains a possible direct strengthening of the presence in Italy through amerger between Banco Bpm and Crédit Agricole Italia"One of the scenarios we would prefer would be a merger between Banco Bpm and Crédit Agricole Italia, because it would allow us to create value and strengthen our presence in the country," explained the deputy general manager. Clotilde L'Angevin.
The game therefore remains open: on the one hand, MPS and Banco BPM are working on a possible merger to create a new Italian banking hub capable of competing with Intesa and Unicredit; on the other, Crédit Agricole emphasizes that any move must take Paris's role into account.
