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Credit Agricole Profits Soar 89%

The second-largest bank in France said second-quarter net income rose almost 89% to €379 million ($481 million), beating estimates.

PARIS (

TheStreet

) ---

Credit Agricole

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, the second-largest bank in France, said second-quarter net income rose almost 89% to €379 million ($481 million), beating estimates.

Analysts were expecting the bank to report net income of €318 million, according to

Bloomberg

. A year earlier, Credit Agricole posted net income of €201 million.

The bank said revenue in the quarter rose 20% to €5.47 billion.

Credit Agricole said earnings rose largely on the strength of its French retail banking operations, which "registered vigorous growth in both deposit and loans." Deposits rose 5.5% and loans rose 3.8% in the first half of 2010 from a year earlier.

Credit Agricole said its Tier 1 ratio rose to 9.7% from 9.2% as of June 30, 2009.

The second-quarter result includes a writedown of €418 million for the bank's Greek unit.

-- Written by Joseph Woelfel

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