Credit Agricole 4Q Net Profit Rose Above Expectations
February 14 2020 - 1:49AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA's fourth-quarter net profit beat expectations
after it rose sharply, supported by one-offs and growing
revenue.
Net profit for the period rose 65% to 1.66 billion euros ($1.80
billion), France's second-largest listed bank by assets said
Friday.
Analysts had forecast quarterly net profit of EUR1.46 billion,
according to a consensus forecast provided by FactSet
Revenue rose 5.5% to EUR5.12 billion.
Results for the quarter included a number of one-offs, such as
significant provision write back related to the sale of Greek bank
Emporiki and goodwill impairment of around EUR611 million at its
French retail business. Overall, these had a positive impact of
EUR343 million in the quarter.
Underlying profit, which excludes some specific items, rose
almost 24% on year.
The bank proposed a 1.4% increase in dividend to EUR0.70 a
share.
Credit Agricole's core Tier 1 ratio, a key measure of capital
strength, was 12.1% in December, compared with 11.7% in
September.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 14, 2020 01:34 ET (06:34 GMT)
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