Credit Agricole nearly doubles quarterly profit

16th May 2007, Comments 0 comments

PARIS, May 16, 2007 (AFP) - The French Credit Agricole banking group increased first-quarter net profit by 91.7 percent with exceptional gains arising from the merger of Italian banks Banca Intesa and Sanpaolo IMI.

PARIS, May 16, 2007 (AFP) - The French Credit Agricole banking group increased first-quarter net profit by 91.7 percent with exceptional gains arising from the merger of Italian banks Banca Intesa and Sanpaolo IMI.

Credit Agricole reported on Wednesday a net figure of 2.655 billion euros (3.6 billion dollars) with gains totalling 1.491 billion euros from a reduction of its interest in Banca Intesa in connection with the merger.

Underlying net profit rose by 13.5 percent to 1.181 billion euros.

Credit Agricole said that net banking income in the quarter rose by 25.5 percent to 5.015 billion euros.

Both figures were sharply higher than expected by analysts surveyed by Thomson IBES.

They had forecast broadly a profit of 2.009 billion euros and banking income of 4.507 billion euros.

The bank reported that, overall, customers had opened 110,000 bank accounts, substantially more than the figure achieved by its main competitors in France BNP Paribas and Societe Generale, but that net banking income in France had risen by only 3.2 percent.

But banking income abroad had risen more than five-fold to 472 million euros, of which about half  came from Greek bank Emporiki, acquired in August 2006.

Banking income by the investment banking arm rose by 29.8 percent.


Copyright AFP

Subject: French news

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