Credit Agricole Profits Soar 89%
PARIS (
) ---
Credit Agricole
, 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.
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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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