France’s largest lender by distribution network, Crédit
Agricole, has posted strong first quarter group net income of
€1.64bn ($2.34bn), up by 54.4% from the year-ago quarter.

Revenues rose by 7.7% from a year ago to €9bn; while operating
income increased by 44.4% to €2.5bn.

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Net income in France up 92.5%

Net income from Crédit Agricole’s home market almost doubled –
rising by 92.5% – year on year to €1.12bn.

The bank said that all business segments generated higher
revenues, delivering a 10% overall increase over the
corresponding period a year ago to €4.8bn.

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Gross operating income rose by over a a fifth (22%) to just over
€2bn.

Revenue’s at Crédit Agricole’s retail banking business rose by
4.2%.

The bank further improved its cost-income ratio by 3.7
percentage points to 61.8% in the first quarter.

 

French retail banking net income up
12% YOY

Crédit Agricole’s retail banking unit in France generated a
€374m net income in the first quarter, up by 12.3% from a year
ago.

Highlights in the first quarter for the unit included:

  • A 4.7% rise in customer loans to €378.3m;
  • A 3.4% rise in customer assets to €543.2bn, and
  • 47,000 net new accounts, including about 22,000 net new
    accounts from young customers.

The cost-income ratio among Crédit Agricole’s network of
regional banks rose marginally (by 0.2 percentage points) over the
year-ago quarter to 52.1%.

 

International retail banking

Crédit Agricole generated a first quarter net loss of €59m from
international retail banking operations – down significantly by
38.5% from a year ago.

The first quarter net loss included its troubled Greek
subsidiary Emporiki.

Exlcuding Emporiki, first quarter net income €80m, down 9.1%
from the corresponding quarter last year.

First quarter net income from international retail banking
operations included the integration of the Carispezia network in
Italy, which added 123,000 new customers to Crédit Agricole’s
client base.