Credit Agricole 3Q Net Profit Surpassed Expectations -- Earnings Review
07 Novembre 2018 - 09:27AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA (ACA.FR) reported its third-quarter results
on Wednesday. Here's what you need to know:
NET PROFIT: France's second-largest listed bank by assets
reported a roughly 3.2% increase in net profit to 1.10 billion
euros ($1.26 billion). This beat analysts' expectations of a slight
decline, according to a consensus provided by FactSet. Analysts saw
the bank's net profit for the period at EUR1.06 billion.
REVENUE: The French banking giant's revenue grew slightly less
than expected. The 5% revenue increase to EUR4.80 billion compares
with analysts' expectations of EUR4.84 billion, according to the
consensus.
WHAT WE WATCHED:
REVENUE STREAMS: The results were supported by growing revenue
across the bank's business units. The bank's insurance and
asset-management business reported an almost 12% increase in
revenue to EUR1.45 billion.
CAPITAL: The Paris-based lender's core Tier 1 ratio--a key
measure of capital strength--rose to 11.5% in September, up from
11.4% in June. This is in line with Deutsche Bank analysts'
expectations.
COSTS: Operating expenses grew about 3.3% on year to EUR3
billion, in part due to growing costs at the bank's international
retail-banking division.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 07, 2018 03:12 ET (08:12 GMT)
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