Credit Agricole Posts Increase in 3Q Earnings on Higher Revenue
By Pierre Bertrand
Credit Agricole reported a rise in third-quarter earnings after revenues increased across all business lines.
The French lender said on Wednesday that it made 1.75 billion euros ($1.87 billion) in third-quarter net profit, compared with EUR1.32 billion a year prior, on revenue that grew 19% on year to EUR6.34 billion.
The result compares with expectations of EUR1.34 billion in net profit on EUR5.98 billion in revenue, according to analysts polled by FactSet.
The bank said that its revenue growth was supported by its acquisition strategy amid a slowdown in retail banking activity seen in France. Between 2Q and 3Q this year loan production decreased by 12% at regional banks, Credit Agricole said.
Credit Agricole said that its assets under management at its asset gathering unit grew 0.4% compared with the end of June, and saw EUR13 billion in net inflows in the third quarter.
Its asset gathering division reported a 10% rise in revenue in the third quarter.
The bank said that its third-quarter result was boosted by EUR227 million, mainly thanks to the reversal of the home-purchase savings provision.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 08, 2023 01:49 ET (06:49 GMT)
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