French lender Credit Agricole has reported net income of €1.16bn for the second quarter of 2016, a jump of 25.8% compared to the year ago.
The bank said that the figure included the VISA capital gain of €328m. Excluding this gain and the other usual specific items, underlying earnings rose 13% to €818m from the prior year.
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Quarterly revenues stood at €4.74bn, including a gain on disposal of VISA shares of €355m as well as non-received dividends in the first quarter from the Regional Banks for €30m. Revenues were to 4.33bn, excluding the specific items and usual accounting restatements.
The bank’s French Retail Banking (LCL) arm posted net income of €108m for the second quarter of 2016, excluding the cost of network restructuring, which represented a 37.6% slump from the prior year-quarter.
The division’s revenues dropped 10.1% to €849m from the second quarter of 2015. Revenues at the unit dipped 8.3% from the prior year when restated for the home savings provision and one quarter of BFCAG’s earnings.
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