Credit Agricole Q1 profit rises 51 pct on Greek exit

PARIS Tue May 7, 2013 1:05am EDT

Related Topics

PARIS May 7 (Reuters) - French bank Credit Agricole said on Tuesday that its quarterly earnings rose 51 percent, helped by the sale of a Greek unit which had cost it heavily in the year-ago period.

Net profit rose to 469 million euros ($612 million) from a pro-forma 311 million. The year-ago results were weighed down by 907 million of losses related to Emporiki bank, as well as brokerage units Cheuvreux and CLSA.

Revenue slid 26 percent to 3.85 billion euros, depressed by accounting charges on the value of the bank's own debt but also by weakness at its investment banking unit, hit by a retreat from some types of financing as well as a drop in bond issuance.

That was roughly in line with the average of analyst estimates of 3.89 billion euros, according to figures compiled by Thomson Reuters I/B/E/S. ($1 = 0.7659 euros) (Reporting by Christian Plumb and Matthieu Protard; Editing by James Regan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.