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Financials

France's Credit Agricole posts profit rebound as provisions drop

PARIS, Aug 5 (Reuters) - French lender Credit Agricole reported on Thursday a two-fold rise in second-quarter profit on lower pandemic-related charges against bad loans as banks benefited from an improving economic environment helped by state support for businesses.

France’s second-largest listed bank, after BNP Paribas , said net income rose to 1.97 billion euros ($2.33 billion) in the quarter from 954 million euros a year ago, with cost of risk down 66.8%. ($1 = 0.8450 euros) (Reporting by Matthieu Protard; Editing by Muralikumar Anantharaman)

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