By Pietro Lombardi

 

Credit Agricole SA's net profit more than doubled in the second quarter supported by lower provisions and positive one-offs.

France's second-largest listed bank by assets said Thursday that net profit for the period was 1.97 billion euros ($2.33 billion) compared with EUR954 million a year earlier.

The results include the positive impact of exceptional items, including EUR925 million in gross badwill related to the acquisition of Italian bank CreVal.

Provisions for bad loans fell 67% to EUR279 million.

Revenue rose 19% to EUR5.82 billion.

Analysts had forecast a quarterly profit of EUR1.21 billion, according to a consensus forecast provided by FactSet.

 

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

 

(END) Dow Jones Newswires

August 05, 2021 01:40 ET (05:40 GMT)

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