Credit Agricole First-Quarter Net Profit More Than Triples
May 11 2017 - 1:29AM
Dow Jones News
By Noemie Bisserbe
PARIS--French bank Credit Agricole SA (ACA.FR) said its
first-quarter net profit more than tripled from a year earlier,
aided by its fixed-income business and a pickup in loan demand.
The Paris-based lender, France's second-largest listed bank by
assets, said net profit rose to 845 million euros ($918 million)
from EUR227 million a year earlier. That beat analysts'
expectations for a profit of EUR701 million, according to data
provider FactSet.
In the year-earlier quarter, the bank booked a EUR448 million
charge to restructure part of its debt and help cut costs.
Revenue rose 24% to EUR4.7 billion.
Like French rivals BNP Paribas SA (BNP.FR) and Societe Generale
SA (GLE.FR), Credit Agricole benefited from a rebound in bond
trading.
The bank's first-quarter earnings also highlight a pickup in the
eurozone economy after years of crisis and a slow recovery.
Net profit at its corporate and investment bank surged 87% to
EUR304 million, while retail lender LCL posted a 65% jump in net
profit to EUR140 million.
Credit Agricole's insurance and asset-management business
reported a 5% increase in net profit to EUR398 million, while net
profit for its specialized financial-services business rose 56% to
EUR201 million.
Net profit for its international retail-banking business, which
includes Italy, Poland and Egypt, rose 15% to EUR61 million.
The bank's core Tier One ratio, which compares top-quality
capital such as equity and retained earnings with risk-weighted
assets, stood at 11.9% in March, down from 12.1% in December.
The bank's leverage ratio, which measures capital held by the
bank against its total assets, was 4.7% in March, compared with 5%
in December.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
(END) Dow Jones Newswires
May 11, 2017 01:14 ET (05:14 GMT)
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