Caisse Régionale de Crédit Agricole du Morbihan (ENXTPA:CMO) Stock Trails Revenue Growth As Funding Risk Lingers

Investors gave Caisse Régionale de Crédit Agricole du Morbihan a muted nod, with the stock barely shifting over the past month even as fresh half year figures hit the tape. The main story is not the share price; it is the strain between a low 7.8x P/E that suggests value compared with European banks and a discounted cash flow estimate sitting far below the current €113.5 level.

Adding to this is a funding mix where 67% of liabilities come from higher risk borrowing rather than core deposits. As a result, this earnings season is less about the headline profit and more about how comfortable you feel with that balance sheet tension.

Like the low 7.8x P/E on Caisse Régionale de Crédit Agricole du Morbihan but uneasy about a balance sheet leaning on 67% wholesale funding instead of deposits? Take a look at our list of solid balance sheet and fundamentals stocks (201 results).

H1 2026 Earnings Summary

• Total Revenue (H1 2026 vs H1 2025): €146.622m vs €134.141m (up about 9.3%)
• Net Income excl. Extra Items (H1 2026 vs H1 2025): €57.837m vs €49.954m (up about 15.8%)
• Basic EPS (Trailing 12 Months to H1 2026 vs Trailing 12 Months to H1 2025): €13.108519 vs €13.2336 (edged down about 1%)
• Non Performing Loans ratio (NPL ratio; H2 2025 vs H1 2025; trailing loan quality indicator): €223.674m of NPLs on €10,443.807m loans vs €215.252m on €10,321.783m (NPL ratio moved from about 2.1% to about 2.1%)

Prefer visual charts over another wall of figures and funding ratios on Caisse Régionale de Crédit Agricole du Morbihan? Get a full graphic view of its financial picture, with a focus on balance sheet structure, in the company report for Caisse Régionale de Crédit Agricole du Morbihan.

Caisse Régionale de Crédit Agricole du Morbihan, upside signals in the numbers

For a bank pitched as a steady regional player, Caisse Régionale de Crédit Agricole du Morbihan has results that broadly support that story. Revenue of €146.622m versus €134.141m and net income of €57.837m versus €49.954m point to growing activity and earnings power. Profit per share over the last 12 months is broadly flat at about €13.11 versus €13.23, which keeps the income profile relatively stable. With the NPL ratio holding around 2.1%, asset quality looks contained rather than deteriorating.

Funding mix and earnings quality keep the bear case alive

The worry around Caisse Régionale de Crédit Agricole du Morbihan hinges on funding and the quality of the profit line. Basic EPS over the trailing year slipped about 1% even though interim net income rose, which hints at a less clean earnings bridge. The NPL ratio is steady at roughly 2.1% on a loan book above €10b, so credit risk is not easing. Against a backdrop where 67% of liabilities rely on higher risk borrowing instead of deposits, that stability in problem loans may not fully offset concern about funding resilience.

Review how Caisse Régionale de Crédit Agricole du Morbihan handles that 67% wholesale funding reliance and whether it masks deeper structural issues. Explore the full set of warning signs in our risk analysis for Caisse Régionale de Crédit Agricole du Morbihan which shows 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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