French lender Credit Agricole reported a net income of €1.35bn for the second quarter of 2017, an increase of 16% compared to €1.16bn a year earlier.
The group’s pre-tax income for the quarter ended 30 June 2017 stood at €1.77bn, up 17% compared with €1.51bn in the previous year. Revenues rose marginally to €4.71bn from €4.74bn in the second quarter of 2016.
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The bank’s French Retail Banking (LCL) arm posted net income of €186m as against €82m reported in the corresponding year ago quarter. Revenues rose 7% to €912m from €849m a year ago.
The bank’s international retail banking unit reported a net income of €81m, up 5% from €77m in the previous year. The division’s revenues remained almost flat at €639m.
Credit Agricole CEO Philippe Brassac said: “The second quarter was a new successful milestone in the implementation of our “Strategic Ambition 2020″ medium-term plan. All businesses delivered improved business momentum, reflected in good revenue and earnings growth, boosted by exceptionally good control over costs and risk. Our financial robustness has been further strengthened thanks to our profitability and cautious capital management.”
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