* Bank seen swinging to Q3 net loss
* Op. profit seen broadly flat
* Other potential exits or asset sales in focus
PARIS, Nov 9 Credit Agricole is
expected to report a steep quarterly loss on Friday after paying
heavily to make a definitive exit from Greece by selling
The French semi-cooperative bank announced last month that it
would take a 2 billion euro ($2.55 billion) loss on the sale of
Emporiki to Alpha Bank, but it is hoping that the deal
will set it up for more stable earnings going forward.
Optimism about the sale, along with European Central Bank
President Mario Draghi's July pledge to defend the euro, has led
to an 83 percent rally in its shares over the past three months.
Still, analysts are split between those who believe that the
shares, which trade at just over a third of Credit Agricole's
book value, remain cheap and those who are concerned about the
bank's long-term growth prospects and ability to comply with
tougher capital rules.
After subtracting one-off charges, such as the Emporiki
deal, and writedowns on its stake in Spain's Bankinter,
the bank is expected to post flat quarterly operating profit of
840 million euros, according to Starmine Smart Estimate, which
weights analysts according to accuracy.
Like its larger rivals BNP Paribas and Societe
Generale, which reported earnings this week, Credit
Agricole's smaller investment bank is likely to have benefited
from a quarter of strong corporate debt issuance.
Credit Agricole's management can expect to be peppered with
questions from analysts and investors wanting to know the scale
of the impact of tougher regulations on European investment
banks and what steps it plans to take to pull back from
investments in lenders in peripheral euro zone countries.
($1 = 0.7857 euros)
(Reporting By Christian Plumb; Editing by David Goodman)