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Credit Agricole SA Tuesday said first-quarter net profit jumped 51%, as the French bank draws a line under its disastrous foray into Greece, and slims down its investment bank to cope with Europe’s sovereign-debt crisis.
“Credit Agricole is now in working order to deliver sustainable financial results,” said Chief executive Jean-Paul Chifflet, in a conference call with reporters. The bank’s target is to achieve “significantly positive” results in 2013, he added.
The Paris-based lender, France’s second-largest listed bank by assets, said net profit rose to 469 million euros ($613.3 million) in the three months ended March, up from EUR311 million a year earlier.
The increase, however, is from a relatively low base as the French bank was badly bruised by the Greek crisis in the same quarter last year.
Even as the bank’s international retail business swung back to a profit this quarter, its investment bank’s net profit fell by nearly 50% to EUR225 million, hurt by Europe’s sovereign-debt crisis.
(source: Dow Jones)
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Credit Agricole First-Quarter Profit Jumps After Greek Exit
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