Credit Agricole Sa (CRARF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon. This is the conference operator. Welcome and thank you for joining the Credit Agricole's first quarter 2026 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions by pressing star and one on your telephone. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Clotilde Langevin, Deputy General Manager of Crédit Agricole. Please go ahead, Madam. Thank you. Thank you very much. Hello, everybody. I'm conscious that this is a very busy day for you, so I'm going to try to be short. And so starting on page four, to tell you that we have solid results this quarter for Trinidad-Cortez, 1.7 billion, despite the turbulent environment. All of the Q1 2025 figures here are presented in pro forma. So for the Q1 2026, we don't change anything, but to compare it with the past, we consider that in the past, Banco BPM had been equity accounted at 20.1%. Now, net income therefore increased by 1.8% pro forma, thanks to an increase in revenues to $7 billion supported by sustained activity ongoing digitalization, and strong client capture. We also have strong operational efficiency. The cost-to-income ratio improved by 0.6 percentage points quarter-on-quarter in CASA. We have well-controlled risks with cautious provisioning on this quarter in the context of the conflicts in the Middle East. And all of this leads to a strong profitability, and we're posting a high ROTE at 13.7%. TG1 ratio is at 11.4%, well above the 11% target, which is impacted notably by M&A operations. We increased our position this quarter in Banco BPM Capital, now reach...