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Credit Agricole is awaiting the conclusion of the Banco BPM offer period before deciding on its nearly 20% stake, amid Unicredit's takeover efforts of the Italian bank. Despite posting record revenues in the first quarter, the results were tempered by increased costs and taxes, as noted by Deputy CEO Jerome Grivet.
Credit Agricole reported a 4.2% decline in first-quarter net income to €1.82 billion, impacted by a one-off tax hike and rising costs, which outpaced revenue growth of 6.6% to a record €7.26 billion. Shares fell 3.5% as the bank faced a total of €200 million in exceptional taxes for 2025, while its investment banking division showed resilience amid volatile markets. Retail operations in France and Italy struggled with declining net interest margins, despite increased fee income from asset management.
Credit Agricole is awaiting the conclusion of the Banco BPM offer period before deciding on its nearly 20% stake, amid Unicredit's takeover efforts of the Italian bank. Despite posting record revenues in the first quarter, the results were tempered by increased costs and higher taxes, as noted by Deputy CEO Jerome Grivet.
Credit Agricole is set to decide in the coming weeks on whether to engage in UniCredit's public exchange offer for Banco BPM, as stated by outgoing CEO Philippe Brassac. He emphasized the need to review all terms related to this consolidation before making a decision. Meanwhile, the bank reported a 4.2% decline in net profit for Q1, totaling €1.82 billion, attributed to increased government taxes.
Credit Agricole reported a 4.2% drop in first-quarter net income to 1.82 billion euros, impacted by a 123 million euro tax from a government levy. While revenues rose 6.6% to a record 7.26 billion euros, rising costs and retail weaknesses in France and Italy offset gains from its investment banking division. The bank is also navigating a complex M&A landscape involving Banco BPM amid UniCredit's unsolicited bid.
France’s Credit Agricole reported a decline in profit, primarily due to an exceptional tax hit. This financial setback highlights the challenges faced by the bank in navigating its fiscal landscape amidst changing economic conditions.
Credit Agricole reported a 4.2% decline in net income to 1.82 billion euros in Q1 2025, impacted by a 123 million euro corporate tax in France, falling short of expectations. Despite challenges in retail banking, investment banking revenues rose nearly 6%, driven by strong trading in fixed income, currencies, and commodities. Total revenue reached a record 7.26 billion euros, aided by the acquisition of Degroof Petercam, although operating expenses increased by 8.8%, highlighting ongoing cost pressures.
Credit Agricole is currently viewed as having a balanced valuation, with several positive catalysts anticipated in the near future. Investors are encouraged to consider the potential growth opportunities that may arise as these factors unfold.
UniCredit has emerged as a significant investor in Generali with a 6.7% stake, backing rebel investor Francesco Gaetano Caltagirone in a recent shareholder vote, despite Caltagirone's defeat. This move may influence government opposition to UniCredit's takeover bid for Banco BPM, which faces challenges from both the government and Credit Agricole, its main investor. CEO Andrea Orcel's strategy includes leveraging the Generali stake to enhance bargaining power amid ongoing battles in Italian finance.
Credit Agricole's Indosuez Wealth Management is set to acquire Switzerland's Banque Thaler, enhancing its footprint in the wealth management sector. This acquisition will increase total assets under management to nearly 220 billion euros, with about 50 billion euros in Switzerland. The deal, pending regulatory approval, is expected to close in the second half of the year.
CREDIT AGRICOLE
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Credit Agricole assesses Banco BPM stake amid record revenues and rising costs
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