Credit Agricole 'sees profits fall'

25 August 2011

The second-largest bank by assets in France has seen its profits fall over the last quarter.

Credit Agricole endured an 11 per cent drop in revenue as a result of losses at its Greek unit - but the decline was not as sizeable as previously predicted by analysts at Bloomberg.

Net income at the lender tumbled to €339 million ($488 million) in the three months up to and including June, which was markedly lower than the €379 million posted 12 months earlier.

Despite this, earnings at the institute - which was named Global Bank of the Year by The Banker magazine in 2007 for its environmentally-friendly and socially-minded policies - proved greater than the €187 million average anticipated by industry figures surveyed by the news agency.

Jean-Paul Chifflet, chief executive officer at Credit Agricole, said the bank is targeting annual net income of between €6 billion and €7 billion in 2014.

By Tony Aynsley

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