By Kim Richters

Credit Agricole SA (ACA.FR) said Tuesday that it will book a goodwill impairment charge of around 600 million euros ($668.3 million) related to its retail banking subsidiary LCL, which is expected to impact its net profit.

The French bank said the charge will affect its net profit but not the underlying net income. Its board of directors decided to take the charge on LCL because the "current macro-economic and financial environment" has impacted its value, it said.

The charge won't impact the bank's solvency or its dividend policy, Credit Agricole said, adding that the charge will be booked in financial statements in the fourth quarter this year.

The bank confirmed the full-year 2022 financial targets set for LCL as well as its own targets for the same year.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

December 17, 2019 12:57 ET (17:57 GMT)

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