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Credit Agricole increased its profit by 12 times
Section:   en » Banks      10 августа 2015  


Credit Agricole increased its profit by 12 times
 
The largest French bank Credit Agricole SA, the second largest assets in the country, increased its net profit in II quarter of 2015 by almost 12 times.

According to the press release of the bank Credit Agricole's net profit in April-June surged to 920 million euros compared with 77 million euros in the same period a year earlier.

Thus, the bank is recovering from massive losses in Portugal, suffered last spring. In addition, the Bank announced that close to an agreement with the US authorities on charges of violating US sanctions.

At the same time, shares of Credit Agricole cheaper at auction in Paris on 4 August by 8.4%, as financial companies failed to win approval for the reorganization of regulators that would free up capital for distribution to investors.

Revenue Credit Agricole jumped 18% to 4.63 billion euros.

In the II quarter of last year, Credit Agricole difficult to maintain profitability due to large-scale crisis in the Portuguese Banco Espirito Santo SA, in which the French FCCU owns 14.6%.

Credit Agricole continues to discuss the future structure of the European Central Bank. Thus, as stated by an analyst at Keefe Bruyette and Woods Jean-Pierre Lambert, "payment, which some market participants expected in the amount of 2 billion to 5 billion euro seems unlikely." In the last quarter, Credit Agricole earmarked another 350 million euros to cover potential legal costs, increasing the total amount of such reserves to 1.6 billion euros.

Net income of the investment division of the bank increased by 17% to 457 million euros.

Profit Business Credit Agricole in insurance and asset management rose 11% to 402 million euros.

Net income from retail banking operations in the world was 91 million euros compared to a loss last year. In Italy, where Credit Agricole owns local bank Cariparma, net profit rose by 31.7% to 54 million euros.

 
See also:

  • Deutsche Bank increased its profit more than tripled
  • Credit Suisse recorded a sharp rise in profits
  • Barclays cut its net profit by 52%
  • Bank of America has reduced the profit by 13%
  • Credit Agricole


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