Credit Agricole reported an 11% increase in third-quarter net profit to €1.99 billion, driven by strong performance in fixed-income trading. Sales in fixed-income, currencies, and commodities rose by 8.3%, outperforming industry peers during the period. However, Deputy General Manager Clotilde L'Angevin warned that recent turmoil in France could potentially impact business operations in the coming months.
Revenue rose 7.5%, supported by growth in investment banking and French retail banking, while the cost of risk increased and the bank’s shares fell in trading on October 30.
Read the full storyThe bank’s revenue rose 7.5%, while the broader group’s revenue topped €10 billion, supported by growth in financing and investment activities and contrasting credit trends in France and Italy.
Profit growth was 11% after excluding specified comparison effects, while results were supported by investment banking revenue and record French retail banking, and slightly exceeded analyst expectations.