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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Crédit Agricole SA    ACA   FR0000045072

CRÉDIT AGRICOLE SA

(ACA)
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Credit Agricole 1Q Profit Fell as Provisions Soared

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05/06/2020 | 02:21am EDT

By Pietro Lombardi

Credit Agricole SA's profit fell in the first quarter as the bank set aside more provisions to cover potential loan losses, a step taken by many large banks in Europe and the U.S.

France's second-largest listed bank by assets posted a 16% drop in quarterly net profit to 638 million euros ($693.3 million), it said Wednesday.

Revenue grew 7.1% to EUR5.20 billion.

Analysts had expected a net profit of EUR479 million on revenue of EUR4.97 billion, according to a consensus forecast provided by FactSet.

The bank set aside EUR621 million to cover potential soured loans, up from EUR225 million a year earlier.

Credit Agricole's core Tier 1 ratio, a key measure of capital strength, was 11.4% at the end of March, from 12.1% in December. While the cancellation of the dividend for last year boosted the bank's capital position, capital in the quarter was hit by the partial unwinding of the Switch guarantee mechanism, under which Credit Agricole transfers part of the regulatory requirements related to its insurance operations to the regional banks of the group, paying in return a fixed fee.

"Our results are good, and allowed us, this quarter, to absorb a multiplication of cost of risk by three," Chief Executive Philippe Brassac said.

"We are solid, we are prudent in our assumptions, and we are very committed vis-a-vis the economy to successfully deliver with success a scenario that we believe to be quite manageable."

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.09% 22.72 Delayed Quote.313.09%
CRÉDIT AGRICOLE SA 1.87% 7.516 Real-time Quote.-41.85%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
SWITCH, INC. -1.27% 15.52 Delayed Quote.4.72%
VIS CO. LTD. -1.10% 720 End-of-day quote.0.00%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
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Financials
Sales 2020 20 097 M 23 782 M 23 782 M
Net income 2020 2 849 M 3 371 M 3 371 M
Net Debt 2020 - - -
P/E ratio 2020 7,82x
Yield 2020 4,56%
Capitalization 21 667 M 25 648 M 25 640 M
Capi. / Sales 2020 1,08x
Capi. / Sales 2021 1,06x
Nbr of Employees 72 524
Free-Float 38,7%
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Technical analysis trends CRÉDIT AGRICOLE SA
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 10,49 €
Last Close Price 7,52 €
Spread / Highest target 122%
Spread / Average Target 39,6%
Spread / Lowest Target -36,7%
EPS Revisions
Managers
NameTitle
Philippe Brassac Chief Executive Officer
Dominique Lefèbvre Chairman
Jérôme Grivet Chief Financial Officer & Deputy General Manager
Laurence Dors-Meary Independent Director
Caroline Catoire Independent Director
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