Credit Agricole 2Q Beat Expectations

   By Ed Frankl

Credit Agricole SA said Thursday that profit and revenue beat expectations in the second quarter on solid activity in its loans business despite macroeconomic uncertainties.

Net profit at the French bank came to 1.98 billion euros ($2.01 billion) in the three months to the end of June, very slightly up on the EUR1.97 billion of the same period last year.

Revenue rose 8.8% to EUR6.33 billion, amid strong activity in its home-loans business and consumer-finance operations.

The results beat expectations of EUR1.26 billion for net profit and EUR5.64 billion for revenue, according to analysts' consensus provided by FactSet.

Credit Agricole also had robust activity finance-activities operations and at its capital markets and investment banking business, where revenue rose 28.5%.

Net inflows at its asset-management business came to EUR1.8 billion, despite what the company called unfavorable market conditions.

"In an opaque and uncertain environment, the Group continues to grow steadily, thanks to its universal customer-focused banking model," Chief Executive Philippe Brassac said.

The lender said it had taken on one million new customers in the year to in France, Italy and Poland.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

August 04, 2022 01:32 ET (05:32 GMT)

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