Credit Agricole earnings increased by 44% in the third quarter, mainly due to insurance inflows, a strong increase in loans, as well as commercial banking, amid normalization of market conditions after the crisis.
The French bank stressed that the net profit for the period amounted to 1.40 billion euros compared to 977 million euros a year ago, as revenues increased 7.4% to 5.35 billion euros.
Analysts expected quarterly profits of 1.21 billion euros and revenues of 5.46 billion euros.
Provisions for bad loans fell 54% to $ 266 million.
“We are announcing an exceptional result, at historically high levels, in the same context as the previous quarter,” said CEO Philippe Brassac.
“The business is strong, the customer-centric group banking model allows for a steady increase in revenue and gives us one of the industry’s highest profitability in Europe,” Brassac said.
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Source From: Capital
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