Crédit Agricole posts 8 per cent rise in net income
(4 August 2017 – France) French bank Crédit Agricole has increased net income by eight percent year-on-year in the second quarter to €2.1 billion, driven by strong momentum in retail banking and specialised business lines.
The group said that it improved its cost to income ratio in most business lines, except for the regional banks, which suffered from pressure on the interest margin due to low interest rates.
Underlying revenues were up 0.5 percent year-on-year in the three months to the end of June to €7.94 billion as a fall in revenues at the regional banks and, to a lesser extent, a fall in insurance revenues, offset performance in the other divisions.
Underlying revenues were up 0.5 percent year-on-year in the three months to the end of June to €7.94 billion as a fall in revenues at the regional banks and, to a lesser extent, a fall in insurance revenues, offset performance in the other divisions.
The bank’s common equity tier 1 ratio increased by 50 basis points to 15 percent compared to the end of March.
Crédit Agricole asset management arm, Amundi increased its assets under management by 11.7 percent over one year to €1.121 trillion.
The bank said it is expanding in asset management to diversify and last month an acquisition of Pioneer Investments.
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