Thursday, October 2, 2014   

Credit Agricole reports profit jump
(05-07 18:48)

French bank Credit Agricole reported a net profit leap in the first quarter, saying that its regional banks and investment arm had done well.
The parent and quoted holding company for the collection of regional banks, Credit Agricole SA, said that net profit in the first quarter had risen by 30.0 percent to 868 million euros.
This was better than expected by analysts polled by the Bloomberg financial news agency, who had expected on average a figure of 848 million euros.
The price of shares in the parent entity surged by 3.20 percent to 11.46 euros in morning trading to head the French CAC 40 index which was down 0.40 percent.
The regional banking group operations raised net profit by 15.0 percent to 1.42 billion euros.
The chief executive of CASA, Jean-Paul Chifflet, told a telephone press conference: "Our results are good even though the economy is sluggish.''
Net banking income, which shows the bank's margin on taking in deposits and making loans, rose by 0.7 percent to 4.01 billion euros for CASA, and for the group of regional banks it rose by 1.1 percent to 7.75 billion euros.
The regional retail banking activities, the LCL Credit Lyonnais subsidiary and international operations, made progress.
The investment banking arm went against the trend for the sector and raised income by 3.2 percent.
Overall provisions for doubtful loans fell by 20 percent, mainly because of an improvement in the Italian consumer credit business Agos Ducato.
The group said that it was ahead of its solvency targets. Its ratio of shareholder funds to risks taken on was was 11.7 percent at the end of March, and was 9.0 percent for CASA, under Basel III post-crisis rules.
It said it was aiming for a group ratio of 14.0 percent and for CASA of more than 10.5 percent in 2016. --AFP   
Other Business breaking news:
China eases home purchase restriction (09-30 18:12)
Eurozone inflation drops, unemployment steady (09-30 17:54)
Apple to launch iPhone 6 in China from October 17 (09-30 17:38)
German unemployment rate steady in September: official data (09-30 16:44)
Hang Seng plunges ahead of holidays (09-30 16:36)
French public debt over 2.0 trillion euros for first time: data (09-30 14:59)
German retail sales climb in August (09-30 14:25)
China September PMI misses estimate: HSBC (09-30 14:05)
China clears way for Apple iPhone 6 sales: regulator (09-30 13:50)
Hang Seng falls by lunch (09-30 12:27)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.