Credit Agricole 3Q Net Profit Falls but Beats Expectations
08 Novembre 2017 - 8:03AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA (ACA.FR) said Wednesday that its
third-quarter net profit recorded a double-digit fall on year,
which had been expected because of a tough comparable during the
same period in 2016.
The French lender said net profit declined 43% to 1.07 billion
euros ($1.24 billion) compared with the same period a year earlier,
when it booked a gain of almost EUR1.3 billion after selling its
25% holding in the group's regional banks.
Analysts had expected the Paris-based lender, France's
second-largest listed bank by assets, to post a net profit of
EUR993 million for the quarter.
Underlying net profit, which strips out one-off items, was down
5.2% year-on-year, the lender said.
The bank said the fall is partly due to the "return to a more
normal effective tax rate, which rose from 16.6% in the third
quarter 2016 to 27.0% in the third quarter 2017." The underlying
tax charge rose 85.7% year-on-year to EUR364 million.
Revenue rose 22% to EUR4.58 billion. On an underlying base,
revenue grew by 3.5%.
Credit Agricole's core tier one ratio, a key measure of capital
strength, was 12% as of September.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 08, 2017 01:48 ET (06:48 GMT)
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