June 6, 2019 / 5:03 AM / 3 months ago

French bank Credit Agricole sets target to raise net profit above 5 bln euros in 2022

PARIS, June 6 (Reuters) - French bank Credit Agricole unveiled a new set of profitability targets for 2022 after it met its 2019 targets a year ahead of schedule.

The bank now expects to raise its annual net profit above 5 billion euros ($5.61 billion) in 2022, up from 4.4 billion in 2018, as it will seek more clients for its retail banks in Italy and France and expects to attract mid-sized companies with corporate banking services such as cash management.

Credit Agricole expects its return on tangible equity to fall to 11% in 2022 down from 12.7% in 2018.

1$ = 0.8910 euros Reporting by Inti Landauro and Matthiew Protard; Editing by Leigh Thomas

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