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Credit Agricole beats expectations in Q3, confirms 2022 targets -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A Credit Agricole Logo is seen in Reze (near Nantes), France, May 12, 2021. REUTERS/Stephane Mahe

PARIS (Reuters] Credit Agricole SA (OTC) posted Wednesday a stronger-than-expected third quarter profit. The result was supported by lower pandemic related provisions for bad loans and more revenue in retail banking in Italy. Credit Agricole acquired Creval in Italy earlier this year.

France’s second largest listed lender reported that net income increased 43.5% to 1.40 billion euro ($1.62billion) in the third quarter. This beats a median forecast of 1.23 billion euros, which Refinitiv compiled from analysts.

The revenue grew 7.4% to 5.53 Billion Euros, more than the forecast of analysts at 5.46 Billion euros. However, its cost-of-risk – which reflects provisions against default loans – dropped 56.1%.

Philippe Brassac, Credit Agricole’s chief executive officer confirmed that the lender is on track to achieve its 2022 goals. This includes a net profit of 5 billion Euros.

Brassac said to reporters, “There’s no reason now to change our goal.”

($1 = 0.8655 euros)

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