Credit Agricole Q4 net income rises sharply, beats estimates [Reuters (UK)]
CREDIT AGRICOLE UNSP/ADR (CRARY)
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credit-agricole.com/en/finance/finance
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Source: Reuters
Credit Agricole Q4 net income rises sharply, beats estimates - Reuters 2 Min Read PARIS, Feb 14 (Reuters) - Credit Agricole, France’s second-biggest listed bank, topped expectations for quarterly profit on Friday, boosted by stronger results at its investment bank. Credit Agricole is the last to report annual results among French banks. BNP Paribas and Societe Generale revised down or dropped their 2020 profitability targets due to a low interest environment. “We look with optimism at 2020, in any case, we are in line with targets for 2022,” Chief Executive Philippe Brassac told journalists. Net profit rose by 65% to 1.66 billion euros ($1.80 billion), above a forecast for 1.51 billion euros, according to a Reuters survey of four analysts. Revenue rose by 5.5% to 5.12 billion euros. Underlying revenues from capital markets and investment banking jumped by 54.7%, driven by strength in bond underwriting as market conditions became more favourable compared to a weak fourth quarter a year
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