Credit Agricole Second-Quarter Profits Beat Expectations
August 06 2020 - 1:22AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA's second-quarter net profit fell by less than
analysts had expected as it took a hit from lower revenue and
higher bad-loan provisions.
France's second-largest listed bank by assets had quarterly
profits of 954 million euros ($1.13 billion), a 22% drop compared
with the same period a year earlier, it said Thursday.
Provisions for soured loans more than doubled to EUR842 million.
However, this was less than the EUR946 million analysts had
forecast, according to a consensus forecast provided by FactSet,
thus helping the bank beat expectations for net profit of EUR689
million.
"Half of that increase was related to provisioning for proven
risks and the other half to the updating of the parameters for
calculating provisioning for performing loans in the current
context," the lender said.
Revenue declined 4.9% to EUR4.90 billion.
"Our Group emerges unharmed from a disruptive quarter," Chief
Executive Philippe Brassac said.
Credit Agricole's core Tier 1 ratio, a key measure of capital
strength, was 12% in June, from 11.4% at the end of March.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
August 06, 2020 01:07 ET (05:07 GMT)
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