Credit Agricole 1Q Profits Soared on Growing Revenue, Lower Provisions
May 07 2021 - 1:35AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA on Friday posted a sharp increase in net
profit for the first quarter, as revenue rose and provisions for
potential credit losses fell.
France's second-largest listed bank by assets reported a 64%
increase in quarterly net profit to 1.05 billion euros ($1.27
billion).
Revenue rose 5.6% to EUR5.49 billion, while loan-loss provisions
fell 38% to EUR384 million.
Profit increased across the bank's key divisions.
Analysts had expected a quarterly profit of EUR665.5 million,
according to a consensus forecast provided by FactSet.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
May 07, 2021 01:20 ET (05:20 GMT)
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