Operator

Good afternoon. This is the conference operator. Welcome, and thank you for joining the Credit Agricole First Quarter 2026 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Ms. Clotilde L'Angevin, Deputy General Manager of Credit Agricole. Please go ahead, madam.

Clotilde L'Angevin
Deputy General Manager in charge of Finance & Steering division

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 4 to tell you that we have solid results this quarter for Credit Agricole S.A., EUR 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 percentage points -- percent sorry, pro forma, thanks to an increase in revenues to EUR 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