Credit Agricole and Societe Generale come good

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Credit Agricole posted a 2.6% increase in first-quarter profit on higher earnings from investment banking and asset management.

Bloomberg News reports that net income rose to $878m from $821.4m a year earlier, said the bank. Earnings surpassed the $816m average estimate of five analysts surveyed by Bloomberg.

The quarter marked a rebound in trading as volatility increased and stock markets soared, while French consumer banking continued to weigh on profit. Earnings jumped 11% at Credit Agricole’s money management and insurance unit, and by more than 20% at the corporate and investment bank.

In the meantime Bloomberg also reports that Societe Generale posted a fivefold increase in first-quarter profit, helped by equities trading.

Net income rose to $972m from $181.7m a year earlier, the bank said in a statement on Wednesday. Earnings beat the $827.9m average estimate of five analysts surveyed by Bloomberg.

Agricole Net Rises on Investment Bank, Asset Management

SocGen Profit Jumps on Higher Equities Trading

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