Credit Agricole Profit Falls 98% on Banco Espitiro

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Aug. 5 (Bloomberg) -- Bloomberg’s Caroline Connan reports that Credit Agricole saw profit plummet 98 percent due to charges tied to its stake in Banco Espirito Santo. She speaks on “The Pulse.”


The details.

We knew it will be bad and the number is a bit.

Yes, agricole is exposed to portugal.

They own a 14 per -- they own a 14% stake.

It is the wiped down to zero.

They took a charge in the second quarter.

An extra $200 million euros for the value that has been kept down to zero.

In today's debate to the 19 -- agricole and santo dates of back to the 1980's. they helped the santo family regain control of the company.

That relationship has gone bad.

One person said the bank had been cheated by the family.

Let's talk about one stock that is up.

Investors are looking at the capital ratios and the bottom line.

Talk about the figures ok.

It was widely expected and priced in.

Better than expected capital ratio and the corporate investment profit is up and it is low in italy which is one of their key markets and we saw it decline in the second quarter.

Excluding, they had a net income of nearly one billion euros.

In the second quarter and the other big news on agricole is they had a submitted their internal review transactions with countries affected by u.s. sanctions.

The bill on the conference call, they declined to say how much they are planning to set aside for this wanted they did say the transaction was significantly lower than peers.

Until today, agricole had done better on the market than its peers.

More than 10% of their shares since the beginning of the year since a decline of 10%. guy?

Thank you very much.

This text has been automatically generated. It may not be 100% accurate.


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