Credit Agricole announced that profits and revenues were higher than estimates in the second quarter due to strong activity in its loan business despite macroeconomic uncertainties.
The French bank’s net profit was 1.98 billion euros in the quarter to the end of June, slightly higher than 1.97 billion euros in the same period last year.
Revenue rose 8.8% to €6.33bn, amid strong activity in its mortgage and consumer finance businesses.
The results were higher than estimates for net profit of 1.26 billion euros and revenue of 5.64 billion euros.
Credit Agricole also had strong financial operations, with revenue up 28.5% in the capital markets and investment banking division.
Net flows in asset management activities stood at 1.8 billion euros, despite unfavorable market conditions.
“In an opaque and uncertain environment, the group continues to grow steadily thanks to its universal customer-centric banking model,” the CEO said.
Source: Capital
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