Credit Agricole 2Q Beat Expectations as Markets Revenue Jumps -- Update
04 Août 2022 - 8:05AM
Dow Jones News
By Ed Frankl
Credit Agricole SA said Thursday that profit and revenue beat
expectations in the second quarter in its capital markets and
investment banking business, despite macroeconomic
uncertainties.
Net profit at the French bank came to 1.98 billion euros ($2.01
billion) in the three months to the end of June, ticking up on the
EUR1.97 billion of the same period last year.
Revenue rose 8.8% to EUR6.33 billion, amid strong activity in
capital markets and investment banking, where revenue rose 29%
excluding foreign exchange impact, and at its wealth-management
operations.
The results beat expectations of EUR1.26 billion for net profit
and EUR5.64 billion for revenue, according to analysts' consensus
provided by FactSet.
Credit Agricole said it reduced its exposure to Russia by around
EUR400 million between March and June, though it didn't add extra
provisions to the EUR584 million it set aside for the impact of the
war in Ukraine in the first quarter.
Cost of risk, however, was EUR203 million in the period, around
20% down on the second quarter of 2021.
The Paris-based company also said it had robust activity at its
home-loans business and consumer-finance operations.
Underlying revenue was also helped by the acquisition of Italian
bank Creval and asset manager Lyxor, it said, both of which were
completed in 2021.
Net inflows at its asset-management business came to EUR1.8
billion, despite what the company called unfavorable market
conditions.
"In an opaque and uncertain environment, the Group continues to
grow steadily, thanks to its universal customer-focused banking
model," Chief Executive Philippe Brassac said.
The lender added it had taken on one million new customers in
the year to in France, Italy and Poland.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
August 04, 2022 01:50 ET (05:50 GMT)
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