Copyright Reuters
Net income at the French lender came in at 1.84 billion euros ($2.15 billion) in the three months to September, up 10.2% from a year earlier, above a company-compiled analyst consensus of 1.76 billion euros. Sign up here. Without the BPM-related gain, Credit Agricole's chief financial officer Clotilde L'Angevin told reporters the bank's third-quarter net income would have fallen slightly versus last year. Credit Agricole said its numbers also benefited from taking full ownership of asset services company CACEIS by buying out Santander in July. Total revenues climbed 5.6%, reaching 6.85 billion euros for the quarter, while the bank said it had put aside 489 million euros for potential loan losses, up 13% from a year earlier. CREDIT AGRICOLE A KEY PLAYER IN ITALIAN M&A WAVE Credit Agricole's performance was boosted to the tune of 245 million euros by a revaluation of its near-20% stake in BPM. The French lender has taken an increasingly key role in the consolidation wave sweeping Italian banking by hiking its stake in BPM. It has requested permission from the European Central Bank to own up to 29.9% of BPM, and Credit Agricole representatives have held talks with the Italian government about a possible tie-up, Reuters reported last month. When asked about Credit Agricole's interest in BPM, which recently fended off a takeover attempt from larger rival UniCredit, the French bank's CEO Olivier Gavalda declined to elaborate. "We are attentive to everything that may happen," Gavalda told reporters. Banco BPM CEO Giuseppe Castagna said last month that a merger with Credit Agricole's Italian operations represented the "clearest opportunity" for his bank, though he noted alternatives existed, including a potential deal with Monte dei Paschi. Italy, Credit Agricole's largest market outside France accounting for 15% of reported profit in 2024, has been central to the bank's growth strategy. All eyes are also on Credit Agricole's strategic plan presentation scheduled for November 18, with the bank having achieved its 2025 targets a year ahead of schedule. ($1 = 0.8575 euros) Reporting by Mathieu Rosemain; Editing by Tommy Reggiori Wilkes Our Standards: The Thomson Reuters Trust Principles., opens new tab Mathieu is part of Reuters' finance team, covering French banks and major M&A stories in the country and in Europe. A graduate of Sciences Po university, Mathieu previously covered the Tech beat at Reuters, following stints at Bloomberg News and French business daily Les Echos.
