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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  BNP Paribas    BNP   FR0000131104

BNP PARIBAS

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Credit Agricole reports first-quarter net profit fall, shares slip

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05/15/2019 | 10:44am EDT
A Credit Agricole logo is seen outside a bank office in Vertou near Nantes

PARIS (Reuters) - Credit Agricole reported a bigger-than-expected fall in first-quarter net profit after an increase of costs eclipsed higher profits at its French retail bank and corporate and investment banking arm.

The bank said on Wednesday costs during the first quarter rose, most notably because of a higher contribution to the EU's Single Resolution Fund (SRF) and accounting changes.

"On the one hand, there were strong revenues in large corporates and good cost control in French and international

retail banking, but on the other hand, top line and costs disappointed in Corporate Centre," JPMorgan said in a note to investors.

Net profit fell 11% profit to 763 million euros (662.26 million pounds), missing the 789 million euros forecast in a poll of analysts by Infront Data.

Credit Agricole's shares were down 3.7 percent on Wednesday afternoon.

Credit Agricole paid 40 million euros more to the SRF than it had a year earlier. Separately, during the first quarter of 2018, the bank had booked a capital gain of 86 million euros on the acquisition of three small Italian banks.

The bank's top executives said the lender was nevertheless seeing generally positive signs, with higher profits in its French and Italian retail banks.

The first-quarter data show Credit Agricole has kept its profitability before exceptional items at a roughly stable level during the past quarters unlike its main rivals who have become more dependent on their volatile corporate and investment banking businesses to offset the sluggish retail business.

"All our indicators are green and widely so," Chief Executive Philippe Brassac told reporters.

He noted the bank managed to boost profits in its retail units in France and Italy despite persistently low interest rates.

Its corporate and investment arm, which focuses on bond and currency markets, was also protected from equity market turbulence, Chief Financial Officer Jerome Grivet said.

"We had a good performance which was not the case at all corporate and investment banks," he said.

Larger rival BNP Paribas this month reported that a rebound at its investment banking arm had driven a rise in its first quarter profits.

But Societe Generale has stepped up restructuring at its corporate investment banking arm as its profits have shrunk, and others such as Goldman Sachs have been hit by market volatility.

Credit Agricole is due to announce financial targets on June 6.

The bank has surpassed goals management set for 2019 a year ahead of schedule, and brokerage Jefferies wrote that Agricole's results showed that the bank remained on an upwards trajectory.

"This set of results confirms the good financial dynamic of the group," wrote Jefferies.

(Reporting by Inti Landauro and Matthieu Protard; editing by Sudip Kar-Gupta, Jason Neely and Alexandra Hudson)

By Inti Landauro and Matthieu Protard

Stocks mentioned in the article
ChangeLast1st jan.
BNP PARIBAS 0.19% 40.605 Real-time Quote.2.86%
CRÉDIT AGRICOLE 0.39% 10.17 Real-time Quote.7.85%
GOLDMAN SACHS GROUP INC 0.35% 200.68 Delayed Quote.20.13%
SOCIÉTÉ GÉNÉRALE 0.07% 22.12 Real-time Quote.-20.49%
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Financials (EUR)
Sales 2019 43 935 M
EBIT 2019 13 339 M
Net income 2019 7 803 M
Debt 2019 -
Yield 2019 7,57%
P/E ratio 2019 6,56x
P/E ratio 2020 6,50x
Capi. / Sales2019 1,15x
Capi. / Sales2020 1,13x
Capitalization 50 719 M
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Number of Analysts 25
Average target price 52,61  €
Last Close Price 40,61  €
Spread / Highest target 75,1%
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Jean-Laurent Bonnafé Chief Executive Officer & Director
Jean Lemierre Chairman
Philippe Bordenave Chief Operating Officer & Director
Denis Kessler Director
Jane Fields Wicker-Miurin Independent Director
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