Dow Jones Newswires: Credit Agricole profit and revenue fall amid market turbulence

by | Nov 10, 2022 | Stock Market

Credit Agricole SA said Thursday that third-quarter profit and revenue fell on year amid market volatility. The French bank
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said net profit in the three months to the end of September was 2.00 billion euros ($2.00 billion), down from EUR2.22 billion in the same period last year. Revenue fell 0.5% to EUR8.93 billion.

In terms of the bank’s operations within the group, Credit Agricole reported net income of EUR1.35 billion, above consensus expectations of EUR1.27 billion, according to analysts’ estimates provided by FactSet. The Paris-based company said it had strong double-digit rise in revenue at its corporate loans, consumer finance and leasing businesses. But the group’s common equity Tier 1 ratio, a measure of financial strength, fell to 17.2% at the end of September from 17.5% in June, hit by adverse market effects, the company said. Write to Ed Frankl at edward.frankl@dowjones.com

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