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French bank CIC H1 net profit tumbles 85 pct

PARIS
Mon Aug 4, 2008 6:01pm EDT

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PARIS (Reuters) - French bank Credit Industriel et Commercial SA (CIC) (CC.PA) reported on Monday that first-half net profit tumbled 85 percent, hurt by losses at its investment banking division.

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Net profit fell to 105 million euros ($163.7 million), with group revenues falling 34 percent.

CIC is a division of French mutually owned bank Credit Mutuel, which is one of the country's top retail banks.

($1=.6412 Euro)

(Reporting by Sudip Kar-Gupta; editing by Jeffrey Benkoe)
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