Credit Agricole records Q3 profit fall

10 November 2011

Credit Agricole suffered a significant decline in net profit throughout the third quarter of 2011, it has emerged today (10 November).

The financier - which is France's third-largest listed bank behind BNP Paribas and Societe Generale - recorded a dip of 65 per cent in its after-tax profits during this timeframe as it was hit hard by its exposure to Greek sovereign debt losses.

Figures published by the firm reveal its revenue actually increased by more than six per cent to €5.3 billion ($7.1 billion) in this period, but its net profit fell from the €742 million posted this time last year to €258 million.

As is the case with the majority of other major European banks, Credit Agricole is now looking to reduce its exposure to market worries caused by the eurozone debt crisis.

Earlier this month, the lender's major rivals BNP Paribas and Societe Generale also posted third-quarter profit declines based on the same reasons.

By Claire Archer

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