Credit Agricole 3Q Net Profit Rose 44% on Year
November 10 2021 - 2:05AM
Dow Jones News
By Dominic Chopping
Credit Agricole SA's net profit rose 44% in the third quarter,
driven by insurance inflows, strong loan growth, as well as
commercial banking amid a normalization of post-crisis market
conditions.
The French bank said Wednesday that net profit for the period
was 1.40 billion euros ($1.62 billion) compared with EUR977 million
a year earlier, as revenue rose 7.4% to EUR5.53 billion.
Analysts had forecast a quarterly profit of EUR1.21 billion on
revenue of EUR5.46 billion, according to a consensus forecast
provided by FactSet.
Provisions for bad loans fell 54% to EUR266 million.
"We are reporting excellent results, at all-time highs, in
keeping with previous quarters," said Chief Executive Philippe
Brassac.
"Business is strong...the group's universal customer-focused
banking model allows for steady revenue growth and gives us one of
the sector's highest profitability rates in Europe," Mr. Brassac
said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 10, 2021 01:50 ET (06:50 GMT)
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