Credit Agricole reaps rise in net profit

22nd April 2005, Comments 0 comments

PARIS, April 22 (AFP) - French bank Credit Agricole reported Friday 2004 full-year net profit of EUR 2.507 billion (USD 3.275 billion) under international IFRS accounting standards.

PARIS, April 22 (AFP) - French bank Credit Agricole reported Friday 2004 full-year net profit of EUR 2.507 billion (USD 3.275 billion) under international IFRS accounting standards.

Under French GAAP accounting standards, the bank posted full-year net profit of EUR 2.203 billion, a gain of 13.8 percent from the previous year.

The application of IFRS accounting standards must be adopted by French companies from this year.

The bank said the difference between the two results, a positive EUR 304 million, was mainly due to reduced goodwill amortization under IFRS standards, and a different treatment of capital gains in the private equity division.

"There are no real surprises, and the figures are very much in line with what other French banks have disclosed," said analysts at Exane BNP Paribas following the release.

Credit Agricole is to release first-quarter results, under IFRS standards, on June 2.

© AFP

Subject: French News

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