Credit Agricole Beats Earnings Forecasts

By Elena Vardon

Credit Agricole reported better than-expected-profit for the second quarter despite it being dragged by a number of one-off items including costs related to the reorganization of its mobility unit.

The French lender made 1.83 billion euros ($1.98 billion) in net profit for the three months ended June 30 compared with EUR2.04 billion in the same quarter the previous year, it said Thursday. On an underlying basis, net profit was EUR1.82 billion.

Revenue grew 1.8% to EUR6.80 billion, with growth in all business lines, while gross operating income came in at EUR3.175 billion, it said.

Analysts had estimated a net profit of EUR1.61 billion on revenue of EUR6.49 billion and gross operating income of EUR2.97 billion, according to a Visible Alpha poll.

"These results once more prove the capacity of our universal banking model to deliver a solid and regular performance," Chair Dominique Lefebvre said.

Its common Tier 1 equity ratio--a measure of balance-sheet strength--stood at 11.6% compared with expectations of 11.8%.

The group confirmed the guidance provided in May for underlying net income to surpass EUR6 billion.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 01, 2024 01:31 ET (05:31 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.