French lender Credit Agricole S.A has registered net income of €1.03bn for the first quarter of 2018, an increase of 7.1% compared to €959m a year ago.

For the quarter ended 31 March 2018, the bank’s pre-tax income surged by 8% to €1.39bn from €1.29bn in the corresponding year ago quarter.

The gross operating income of Credit Agricole S.A stood at €1.51bn, an increase of 2.5% compared to €1.47bn in the first quarter of 2017.

Total revenues increased 4.4% year-on year to €4.91bn from €4.7bn.

Credit Agricole S.A French Retail Banking (LCL) arm registered net income of €111m, a dip of 32.4% compared to €147m in the year ago first quarter.

The International Retail Banking (IRB) unit of the bank posted a net income of €97m, a jump of 11.5% over €87m reported a year ago.

Total revenues generated by the LCL arm and IRB arm in the first quarter of this year were €858m and €677m, respectively.

Commenting on the results of first quarter of 2018, Credit Agricole S.A CEO Philippe Brassac said: “While the disposal of non-strategic entities, exchange rate variations and regulatory contributions weighed on the results, the Group has a portfolio of businesses, a client relationship management a cross-selling strategy, and a financial solidity that underpinned a high level of activity and results in the first quarter and represent key assets for profitable growth going forward.”