ACA Credit Agricole SA

   By Pietro Lombardi 
 

Credit Agricole SA's (ACA.FR) net profit rose in the third quarter thanks to profit growth across most of its business divisions, it said Wednesday.

Net profit for the period rose 3.2% to 1.10 billion euros ($1.26 billion).

Excluding exceptional items, underlying net income rose 17% on year to EUR1.13 billion, its highest level of third-quarter underlying net income since the financial crisis, the bank said.

France's second-largest listed bank by assets reported a 5% increase in revenue, at EUR4.80 billion.

Analysts expected net profit of EUR1.06 billion on revenue of EUR4.84 billion, according to a consensus estimate provided by FactSet.

Revenue grew on year across its business units, while profit was up in most of them, apart from the specialized financial-services business, were it was roughly stable.

The Paris-based lender's core tier 1 ratio--a key measure of capital strength--rose to 11.5% in September, up from 11.4% in June.

The bank achieved "organic growth in all of its business lines," Chief Executive Philippe Brassac said.

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

(END) Dow Jones Newswires

November 07, 2018 01:21 ET (06:21 GMT)

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