Credit Agricole posts better than expected profits

Credit Agricole posted fourth-quarter profit that beat analysts’ estimates on higher earnings at the investment bank and lower provisions for doubtful loans.

Bloomberg News reports that net income climbed 13% to $796m from a year earlier, Credit Agricole said in a statement on Wednesday.

Earnings surpassed the $640.5m average estimate of five analysts surveyed by Bloomberg. The group also strengthened its capital buffer.

'The capital level is very satisfying', said Jerome Forneris, who helps manage $9bn at Banque Martin Maurel in Marseille and owns shares in Credit Agricole. 'They’re shielded from a capital increase'.

Credit Agricole is focusing on France, where it has the largest share of the consumer-banking market, after reorganizing the investment bank and retreating from an international expansion. 

To access the complete Bloomberg News article hit the link below:

Credit Agricole Net Up 13% on Investment Bank, Provisions

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