French lender Credit Agricole’s net income in third quarter of 2016 surged to €1.86bn from €930m in the year ago quarter.

The group’s pre-tax income for the period was €656m, a decline of 42% from €1.13bn in the third quarter of 2015. Gross operating income dropped 11% to €1.05bn from €1.18bn a year ago.

For the quarter ended 30 September 2016, revenues were €3.74bn, a fall of 4.6% from €3.92bn in the parallel quarter of 2015.

During the third quarter, the bank’s French Retail Banking (LCL) unit made an adjustment of the funding cost of its loans, which had a negative impact of €187m on net income group share and €300m on revenues.

Excluding this adjustment, the bank’s French Retail Banking (LCL) unit recorded net income of €157m for the third quarter of 2016, a rise of 5.4% compared to the corresponding period of 2015, while revenues dipped 2.4% year-on-year to €870m.

The bank’s international retail banking unit registered a net income of €79m, up 14.2% compared to the third quarter of 2015. Revenues dropped 0.5% to €631m.

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