Credit Agricole Shares Rise as Bank Flags Earlier Profit Target, Beats Expectations
By Helena Smolak
Credit Agricole shares rose after the lender's first-quarter net profit and revenue growth beat analysts' estimates and said it expects to reach its 2025 profit target a year early.
At 0907 GMT, Credit Agricole shares jumped 3.7% to EUR15.15, having risen as high as EUR15.23, its highest price in six years. The stock gained 18% year to date.
The French lender said Friday that its net profit in the first quarter jumped 55% to 1.90 billion euros ($2.04 billion), boosted by revenue of its corporate and investment banking business.
Analysts expected EUR1.49 billion in quarterly net profit on EUR6.50 billion revenue, according to a poll by FactSet.
The lender now aims to reach its underlying net profit target of EUR6 billion and a return on tangible equity above 12% in 2024.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
May 03, 2024 05:55 ET (09:55 GMT)
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