Credit Agricole 1Q Net Profit Rises

   By Pietro Lombardi

Credit Agricole SA (ACA.FR) said Tuesday that its first-quarter net profit rose slightly, supported by growing revenue and lower cost of risk.

Net profit for the period was 856 million euros ($1.02 billion) compared with EUR845 million a year earlier, the bank said.

France's second-largest listed bank by assets said revenue stood at EUR4.91 billion, up from EUR4.70 billion in the same period last year. Cost of risk declined 13% to EUR314 million.

Analysts had expected the bank to report net profit of EUR769 million on revenue of EUR4.97 billion, according to FactSet.

The results for the period were affected by "temporary effects" of issues such as currency effects and the sale in 2017 of non-strategic businesses that had contributed to net profit in the first quarter of 2017.

"The integration of Pioneer and the three Italian banks which were all acquired in 2017 is progressing well and has even enabled an acceleration of synergies," the bank said. It now expects to achieve 60% of cost saving from the integration of Pioneer in 2018 compared with a previous expectation of 40%.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 15, 2018 01:20 ET (05:20 GMT)

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