PARIS May 7 Credit Agricole, France's
third-biggest listed bank, reported a 29.6 percent rise in
quarterly net income on Wednesday as cost cuts took effect and
as the health of its Italian consumer-loan unit improved.
Credit Agricole, which is returning to its roots as a
France-focused retail bank after a painful acquisition spree
abroad, said it was committed to implementing its recently
unveiled medium-term strategic plan, which called for more cost
cuts and a broader range of products to boost profits.
The bank, which is majority owned by a network of
cooperative regional lenders, said first-quarter net income rose
to 868 million euros ($1.21 billion) from 469 million in the
Taking into account one-off items and the sale of assets in
Belgium, the increase was 29.6 percent, it said.
($1 = 0.7177 Euros)
(Reporting by Lionel Laurent; Editing by James Regan)