PARIS (dpa-AFX) - French lender Credit Agricole Group (CRARF, CDA.L, ACA), comprising Crédit Agricole S.A. and Regional Banks, Wednesday reported higher profit in its third quarter with increased revenues. Credit Agricole S.A, meanwhile, reported a sharp decline in third-quarter profit mainly on the absence of prior year's gain. Credit Agricole shares were losing around 5 percent in Paris trading.
Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Credit Agricole S.A.'s Board of Directors, said, 'In the third quarter, Crédit Agricole Group continued to demonstrate its ability to maintain a high level of profitability and strong business momentum while at the same time investing in its future development, in line with the Strategic Ambition 2020 plan objectives.'
In the third quarter, Credit Agricole Group's net income Group share rose 36.8 percent to 1.907 billion euros from 1.394 billion euros last year.
Excluding specific items, underlying net income Group share slid 4.5 percent to 1.759 billion euros, primarily due to higher underlying effective tax rate. Underlying pre-tax income increased 3.4 percent thanks to a 46.8 percent decrease in loan loss provisions.
For the quarter, stated net income Group share for Crédit Agricole S.A. was down 42.8 percent to 1.066 billion euros from 1.864 billion euros last year, on the absence of prior year's hefty Eureka capital gain. Earnings per share fell 46 percent to 0.34 euro.
Underlying net income Group share dropped 5.2 percent to 966 million euros. Underlying earnings per share amounted to 0.31 euros, down 6.4 percent from last year.
For the quarter, the Group's stated revenues increased 11.1 percent to 7.885 billion euros from 7.099 billion euros last year. Underlying revenues edged up 0.4 percent to 7.80 billion euros with continued organic growth in all business lines.
Crédit Agricole S.A.'s stated revenues were up 22.4 percent to 4.575 billion euros from 3.739 billion euros last year. Underlying revenues increased 3.5 percent to 4.564 billion euros.
In Paris, Credit Agricole shares were trading at 14.02 euros, down 4.79 percent.
Copyright RTT News/dpa-AFX