Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Credit Agricole Q1 Income Up

Credit Agricole's net income more than doubled year-on-year to EUR470m in the first quarter of 2010. Excluding the impact of discontinuing operations in corporate and investment banking and of the loss on disposal of a stake in Intesa Sanpaolo, recurring net income for the quarter amounted to approximately EUR850m.

During the first quarter of 2010, Credit Agricole Group achieved a net banking income of EUR4.82bn, a rise of 18.8% on the first quarter of 2009. On a like-for-like basis, the year-on-year increase was 13.5%.

Net banking income includes a contribution of almost EUR1.3bn from corporate and investment banking (up 10.7%) and EUR1.2bn from asset management, insurance and private banking (up 54.1%).

Net banking income rose by 15.3% year-on-year to EUR983m. LCL and the international retail banking business rose by 3.2% toEUR965m and by 4.8% to EUR722m, respectively.

Credit Agricole’s capital adequacy ratio in first quarter of 2010 was 10%, compared with 9.8% in the fourth quarter of 2009. The Tier 1 solvency ratio increased by 0.1% from its level in the last quarter of 2009: it was 9.6% at March 31, 2010, with no new significant capital transactions during the quarter. The Core Tier 1 ratio remained at 9.2%.

According to Credit Agricole, loan provision charges had a EUR254m impact on its Greece operations in the first quarter of 2010.

Jean-Paul Chifflet, CEO of Credit Agricole, said: “First-quarter results more than doubled compared with the first three months of 2009, as a result of the refocusing strategy initiated 18 months ago. In addition to the strong performances posted by the group’s traditional business lines, corporate and investment banking made a positive contribution of EUR157m to the group’s net income. These results also reflect higher provisions for Greece.”