Credit Agricole 1Q Profits Soared on Growing Revenue, Lower Provisions

By Pietro Lombardi

Credit Agricole SA on Friday posted a sharp increase in net profit for the first quarter, as revenue rose and provisions for potential credit losses fell.

France's second-largest listed bank by assets reported a 64% increase in quarterly net profit to 1.05 billion euros ($1.27 billion).

Revenue rose 5.6% to EUR5.49 billion, while loan-loss provisions fell 38% to EUR384 million.

Profit increased across the bank's key divisions.

Analysts had expected a quarterly profit of EUR665.5 million, according to a consensus forecast provided by FactSet.

Write to Pietro Lombardi at [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

05-07-21 0120ET