Credit Agricole reveals Q3 profit increase

11 November 2010

French banking giant Credit Agricole has announced that its net profit for the third quarter of 2010 more than doubled due to a reduction in write-downs and the improving performance of its retail banking arm.

The company received net income of €742 million ($1.02 billion) - up from €209 million from the same point in 2009 - over the last three months, topping analysts' predictions after international losses fell by 76 per cent.

Chief executive Jean-Paul Chifflet told Bloomberg that the bank does not anticipate it will need a capital injection to cover the cost of regulatory reform, adding: "We've got solid businesses. At the same time, the reduction in the cost of risk was confirmed."

However, Credit Agricole's consumer banking operations outside of France endured a third-quarter net loss of €99 million, with Athens-based Emporiki Bank of Greece failing to break even for the ninth quarter in succession.

The news came after Barclays revealed that its profits fell by 76 per cent between July and September.

By Asim Shah

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