French lender Credit Agricole reported a net income of €845m for the first quarter of 2017, a 272% jump compared to €227m in the same period of 2016.
The group’s pre-tax income for the quarter ended 31 March 2017 stood at €1.28bn, versus €344m in the prior year. Revenues increased 24% to €4.7bn from €3.8bn a year ago.
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The bank’s French Retail Banking (LCL) arm posted net income of €140m for the first quarter of 2017, a surge of 65% compared to €85m in the first quarter of last year. Revenues at the unit rose 8% year-on-year to €904m.
The bank’s international retail banking unit reported a net income of €61m for the first quarter of 2017, a 15% increase from €53m a year ago. The division’s revenues dipped 3% to €607m from €625m in the previous year.
Credit Agricole CEO Philippe Brassac said: “The first quarter was in line with 2016 as regards implementation of the “Strategic Ambition 2020″ medium-term plan. All Crédit Agricole S.A. group entities enjoyed strong growth in business momentum, which was reflected in a high level of revenues and earnings. This quarter was a successful new milestone in the achievement of our Plan targets.”
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