Results for the third quarter and first nine months 2022

Revenues up, strong profitability, solid balance sheet and capital

Results for the third quarter and first nine months 2022



  • 10-year swap rate +280 bp over the past 9M, market volatility back to 2008 levels

UNDERLYING Q3 REVENUES HIGH (+0.9% Q3/Q3, after +7,6% Q3-21/Q3-20, +4.9% 9M/9M)

  • 1.5 million new customers 9M-22
  • Strong corporate loans (+15.4% Q3), consumer finance (+12.6%), leasing (+15.5%) production, home loans production (-3.1% vs market -27%).
  • Strong activity in AG and LC: MLT active management (€1.1bn inflows ex. JV at Amundi), property and casualty insurance (turnover +6.7%[1] Q3/Q3), personal protection (+7.4%1 Q3/Q3), and financing activities CACIB (revenues +12.6% Q3/Q3, +4.4% at constant FX)


  • Cost/income ratio[2] 9M-22 58.1%; below MTP target, 5pp lower than the average for 10 European banks over the past 5 years

UNDERLYING INCOME +20.6% vs. pre-crisis level 9M-2019

  • Cost of risk +35.5% Q3 vs a very low Q3-21, back to the 2019 quarterly average.


  • Underlying 9M-22 RoTE 12.5%[3], > 2.5 pp above average of 10 large European banks


CACEIS: would become #1 in Europe in AuA and #2 in AuC, after the acquisition of RBC’s European investor services business.


  • Roll-out of sustainability mobility offers (lease purchase agreements from €100/month in France), ahead of the exclusive long-term leasing partnership with Stellantis, coming into force on the 1st half of the year 2023
  • Commitment to society: Moody’s ESG solutions 67/100/A1+, top 3/68 global banks; ISS-ESG: C+/Prime.
  • Crédit Agricole S.A. climate workshop on 6 December 2022

At the meeting of the Board of Directors of Crédit Agricole S.A. on 9 November 2022, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of one billion euros with no intention to increase its stake beyond 65% of the share capital of Crédit Agricole S.A. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“Supported by solid results, the Group continues to commit to make transitions accessible to all, rolling-out, at scale, concrete initiatives to renovate homes, to enable access to green mobility, and to massively support renewable energies.”

Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A.

“Our strong commercial momentum bolsters our high levels of profitability, solidity and operational efficiency, among the best in Europe. Key assets that allow us to roll-out our MTP and amplify our support to customers and society”.


This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 56.8% of Crédit Agricole S.A. Please see p.31 onwards of this press release for details of specific items, which are restated in the various indicators to calculate underlying income.



  1. ^ [1] At constant scope (excluding La Médicale for 3M and 9M-21), revenues for property and casualty insurance and personal protection
  2. ^ [2] SFR excluded
  3. ^ [3] Underlying RoTE calculated on the basis of annualised underlying net income Group share and annualised IFRIC costs
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