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

CRÉDIT AGRICOLE SA

(ACA)
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Credit Agricole : Second-Quarter Profits Beat Expectations

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08/06/2020 | 01:08am EDT

By Pietro Lombardi

Credit Agricole SA's second-quarter net profit fell by less than analysts had expected as it took a hit from lower revenue and higher bad-loan provisions.

France's second-largest listed bank by assets had quarterly profits of 954 million euros ($1.13 billion), a 22% drop compared with the same period a year earlier, it said Thursday.

Provisions for soured loans more than doubled to EUR842 million. However, this was less than the EUR946 million analysts had forecast, according to a consensus forecast provided by FactSet, thus helping the bank beat expectations for net profit of EUR689 million.

"Half of that increase was related to provisioning for proven risks and the other half to the updating of the parameters for calculating provisioning for performing loans in the current context," the lender said.

Revenue declined 4.9% to EUR4.90 billion.

"Our Group emerges unharmed from a disruptive quarter," Chief Executive Philippe Brassac said.

Credit Agricole's core Tier 1 ratio, a key measure of capital strength, was 12% in June, from 11.4% at the end of March.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

 


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Financials
Sales 2020 20 097 M 23 860 M 23 860 M
Net income 2020 2 849 M 3 382 M 3 382 M
Net Debt 2020 - - -
P/E ratio 2020 7,74x
Yield 2020 4,61%
Capitalization 21 436 M 25 357 M 25 449 M
Capi. / Sales 2020 1,07x
Capi. / Sales 2021 1,05x
Nbr of Employees 72 524
Free-Float 38,7%
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Technical analysis trends CRÉDIT AGRICOLE SA
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 10,49 €
Last Close Price 7,44 €
Spread / Highest target 125%
Spread / Average Target 41,1%
Spread / Lowest Target -36,0%
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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