ACA Credit Agricole SA

   By Pietro Lombardi 
 

Credit Agricole SA (ACA.FR) net profit recorded double-digit growth in the fourth quarter despite the negative effect of tax items, the bank said Wednesday.

The lender, France's second-largest listed bank by assets, said net profit rose 33% to 387 million euros ($477.2 million) from a year earlier, when a write-down on its domestic retail arm hit the bottom line.

Analysts had expected the Paris-based lender to post a net profit of EUR610.8 million, according to FactSet.

Revenue rose 1.6% to EUR4.65 billion. On an underlying basis, revenue grew by 5.4%, supported by the integration of Pioneer and organic growth, the lender said.

Tax increased to EUR703 million for the quarter from EUR461 million a year earlier.

Credit Agricole's core Tier 1 ratio, a key measure of capital strength, was 11.7% in December, compared with 12% as of September.

The lender said it would pay shareholders a dividend of EUR0.63 a share, up from EUR0.60 for 2016.

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

(END) Dow Jones Newswires

February 14, 2018 01:19 ET (06:19 GMT)

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