Credit Agricole reports increase in profit

6 August 2013

Credit Agricole has reported a huge rise in quarterly profit compared to the same period last year as a result of the French bank refocusing on its domestic market.

The institution posted a €4 billion ($5.3 billion) loss in 2012 due to its exit from Greece and a range of asset writedowns, Reuters reports.

Chief executive Jean-Paul Chifflet said he expects the bank to to deliver a "significantly positive" result for the full year.

Net income in the second quarter rose to €696 million from €56 million a year earlier.

However, Mr Chifflet said the company was still being cautious as the French economy recovers.

"The economic situation remains weak and we're proceeding in an environment that's too heavy with constraints for the banks," he told the news provider.

Credit Agricole recently sold its stake in the Asian CLSA brokerage and has made a total of $1.15 billion as a result.

By Asim Shah

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