Credit Agricole 3Q Net Profit, Revenue Rose -- Earnings Review

By Pietro Lombardi

Credit Agricole SA (ACA.FR) reported third-quarter results on Friday, the last of France's biggest banks to do so. Here is what you need to know:

PROFIT: France's second-largest listed bank by assets posted a 8.9% increase in net profit for the period to 1.20 billion euros ($1.33 billion). This compares with analysts' expectations of EUR1.14 billion, according to a consensus forecast provided by FactSet.

REVENUE: The top-line figure rose 4.8% to EUR5.03 billion. Analysts had expected revenue of EUR5.02 billion.

WHAT WE WATCHED:

-FRENCH RETAIL: Earnings at the bank's French retail business fell 3.9% on year while revenue was flat.

-INVESTMENT BANK: Underlying revenues from capital markets and investment banking rose roughly 22% on year. The bank's large customers division, of which trading operations are a part, posted a 16% increase in earnings.

-CAPITAL: Credit Agricole's core Tier 1 ratio, a key measure of capital strength, rose to 11.7% in September from 11.6% in June.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

November 08, 2019 04:00 ET (09:00 GMT)

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