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.
Go deeper with GlobalData
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.
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 GlobalDataTotal 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.”
