French lender Credit Agricole has reported a net income of EUR227m for the first quarter of 2016, a slump of 71% from EUR784m in the year-ago quarter.
The group’s pre-tax income for the period was EUR344m, down 58.9% from EUR839m in the prior year. Operating income slumped 69.7% to EUR221m from EUR729m a year earlier.
Go deeper with GlobalData
For the quarter ended 31 March 2016, the group’s revenues were EUR3.8bn, a fall of 12.8% to from EUR4.36bn during the same quarter in 2015.
The group’s French Retail Banking (LCL) arm has posted a net income of EUR85m for the first quarter of 2016, down 31.8% compared to EUR126m in the prior-year quarter.
Pre-tax income stood at EUR143m, a slump of 32% from EUR210m a year earlier. Gross operating income dipped 35.9% year-on-year to EUR165m.
The unit’s revenues for the period dropped 9.3% to EUR835m from EUR922m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe bank’s International Retail Banking unit recorded net income of EUR53m for the first quarter of 2016, a 96% surge from EUR27m in the corresponding quarter of 2015.
Compared to the first quarter of 2015, the unit’s pre-tax income increased 9% to EUR123m while gross operating income decreased 4.4% to EUR250m.
The unit posted revenues of EUR625m for the period, a 3.2% decline from EUR644m a year ago.
