Credit Agricole core profit rises nearly 20%

Credit Agricole SA (ACA.FR) said Friday that its second-quarter net profit rose, supported by growing revenues in most business divisions.

Net profit for the period grew 6.4% to 1.44 billion euros ($1.68 billion), the bank said.

France’s second-largest listed bank by assets reported revenue of EUR5.17 billion, up from EUR4.71 billion a year earlier.

Excluding exceptional items, underlying net profit rose almost 20% on the year to EUR1.42 billion, the bank said.

"In the second quarter of 2018, Credit Agricole S.A. generated its highest level of underlying net income Group share since its IPO," Chief Executive Philippe Brassac said.

Credit Agricole’s corporate and investment bank reported a 12% increase in revenue to EUR1.53 billion and a 34% increase in net profit to EUR578 million.

Revenue and net profit fell on the year at its retail lender LCL, the bank said.

Credit Agricole’s core Tier 1 ratio, a key measure of capital strength, was stable at 11.4% in June.

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