Crédit Agricole SA (-3.07% at 18.17 euros) finds itself second to last on the CAC 40 index, following the banking group's release of a virtually flat group share net income (RNPG), down just 0.2% to 7.07 billion euros for 2025. This report notably reveals a 6.6% increase in risk cost to 1.97 billion euros, as well as a 0.9-point deterioration in its cost-to-income ratio to 55.7%, with operating expenses rising faster than net banking income.

In the fourth quarter alone, Crédit Agricole saw its RNPG shrink by 39.3% to 1.02 billion euros, impacted by the initial consolidation effect of Banco BPM, along with a 3.6-point deterioration in its cost-to-income ratio to 58.9%.

Quarterly net banking income slipped by 1.8 points to 6.97 billion euros, even though the group claims "high-level quarterly revenues driven by strong performance across all business lines and marked by a rebound in retail banking in France."

Reacting to the release, Jefferies highlights the strength of the CIB, which "led to a record fourth quarter, offsetting weakness at LCL and consumer finance, both affected by higher risk costs."

"Fourth-quarter results turned out weaker than expected, with reported pre-tax profit missing consensus by 11%," Jefferies points out, while noting profitability "remains solid with a pro-forma RoTE for 2025 already at 13.9%."