By Helena Smolak

Credit Agricole posted a better-than-expected fourth-quarter net profit on revenue growth in all business lines except insurance, and hiked its total dividend for 2023.

France's second-largest listed lender said Thursday that its net profit for the quarter was 1.33 billion euros ($1.43 billion) compared with EUR1.56 billion a year before as corporate and retail banking offset revenue decline at its insurance business due to weather-related claims.

The bank declared a dividend of EUR1.05 for 2023, a 24% increase from the year before.

Revenue for the quarter rose to EUR6.04 billion from EUR5.97 billion.

Analysts polled by FactSet had seen Credit Agricole's net profit at EUR1.275 billion on revenue of EUR6.16 billion.

Revenue from its French retail banking division rose by 4.2%, boosted by increased net interest income--the difference between the interest banks earn on loans and pay out on deposits--as lenders benefited from higher interest rates.

The lender left its 2025 financial targets unchanged.

Write to Helena Smolak at

(END) Dow Jones Newswires

02-08-24 0155ET