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Credit Agricole s profit jumps 64%, says provisions manageable Published 7 hours ago PARIS (Reuters) -Credit Agricole on Friday posted a 64% jump in first quarter net income, as pandemic-related provisions for bad loans dropped while income from capital market activities rose. France s second-biggest listed bank joined other major European lenders in relying on bumper trading volumes and lower credit risk provisions to offset low margins on lending. Chief executive Philippe Brassac declined to give guidance on future loan loss provisions, but suggested they would not be operationally significant. They aren t a destabilising element in terms of the group s plans, he said. Credit Agricole s cost of risk was down 38.2% in the quarter while revenue in capital markets rose by 17.4%. In fixed-income trading, revenue was up 13.5%, the bank outperforming some European peers like BNP Paribas, Barclays and Societe Generale but lagging U.S. rivals. Credit Agricole said fir ....
CEO sees no “destabilising” loan loss provisions No further M&A plans in Italy after Creval - deputy CEO Shares up 1.3% in early trade (Adds analysts comment and Credit Agricole comment on integration of Creval) PARIS, May 7 (Reuters) - Credit Agricole on Friday posted a 64% jump in first quarter net income, as pandemic-related provisions for bad loans dropped while income from capital market activities rose. France’s second-biggest listed bank joined other major European lenders in relying on bumper trading volumes and lower credit risk provisions to offset low margins on lending. Chief executive Philippe Brassac declined to give guidance on future loan loss provisions, but suggested they would not be operationally significant. ....
By Reuters Staff 2 Min Read PARIS, May 6 (Reuters) - France’s third-biggest listed bank Societe Generale on Thursday recorded a sharp rebound in its trading business in the first quarter of the year, sending earnings above expectations. The lender, which tumbled in 2020 to its first full-year loss for a decade as the COVID-19 pandemic rattled its businesses, posted a 814 million-euro ($977 million) net profit in the quarter against a 326 million euros loss a year ago. Earnings per share amounted to 0.79 euros, above a mean forecast for 0.23 euros according to Refinitiv data. In equity trading, revenue jumped to 851 million euros against 9 million euros last year, while revenue was up by 2.63% in fixed income and currency trading, outperforming some European rivals such as BNP Paribas and Barclays but still lagging U.S. investment banks. ....
4 Min Read PARIS (Reuters) -Societe Generale will press ahead with an overhaul of its investment bank after its equities division posted its best performance in six years in the first quarter, the French bank said on Thursday. FILE PHOTO: The facade of a building of the French bank Societe Generale is seen in Paris, France, February 9, 2021. REUTERS/Sarah Meyssonnier Revenue from share trading surged to 851 million euros from just 9 million a year ago, helping SocGen post a better than expected net profit of 814 million euros ($977 million) after a loss of 326 million euros in the first quarter of 2020. Shares in France’s third-biggest bank leapt as much as 6.6% to their highest since March 2020 and were up 3% at 0926 GMT, outperforming a 0.46% drop in the Stoxx Europe 600 Banks Index. ....