By Pietro Lombardi 
 

Credit Agricole SA's (ACA.FR) first-quarter net profit fell 11%, undershooting analysts' expectations.

Net profit for the period was 763 million euros ($856.3 million) compared with EUR856 million a year earlier, France's second-largest listed bank by assets said Wednesday.

"This drop is entirely due to the specific items of both periods being compared," it said.

On an underlying basis, which excludes exceptional items, net profit rose 1% on year.

The profit compares with analysts' expectations of EUR794 million, according to a consensus forecast provided by FactSet

Revenue dropped 1.1% to EUR4.86 billion.

Credit Agricole's core Tier 1 ratio, a key measure of capital strength, was stable at 11.5% in March.

"These performances demonstrate once again the relevance of our strategy fully focused on organic growth, internal synergies and consolidation of business lines," Chief Executive Philippe Brassac said.

"These very good performances allow confidence in our future medium-term plan that will be unveiled next June."

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 15, 2019 01:22 ET (05:22 GMT)