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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Agricole SA | EU:ACA | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.41% | 14.61 | 14.59 | 14.69 | 14.76 | 14.535 | 14.54 | 4,177,142 | 02:01:02 |
By Pietro Lombardi
Credit Agricole SA reported first-quarter results on Wednesday. Here is what you need to know.
NET PROFIT: France's second-largest listed bank by assets posted a 16% drop in quarterly net profit to 638 million euros ($693.3 million). Analysts had expected a net profit of EUR479 million, according to a consensus forecast provided by FactSet.
REVENUE: Revenue grew 7.1% to EUR5.20 billion. Analysts had forecast revenue of EUR4.97 billion.
WHAT WE WATCHED:
-PROVISIONS: The bank set aside EUR621 million to cover potential soured loans, up from EUR225 million a year earlier.
-CAPITAL: Credit Agricole's core Tier 1 ratio, a key measure of capital strength, was 11.4% at the end of March, from 12.1% in December. While the cancellation of the dividend for last year boosted the bank's capital position, capital in the quarter was hit by the partial unwinding of the Switch guarantee mechanism, under which Credit Agricole transfers part of the regulatory requirements related to its insurance operations to the regional banks of the group, paying in return a fixed fee.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 06, 2020 08:19 ET (12:19 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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