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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
