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Credit Agricole Profit Rises on Provisions, Strong Trading

  • Lender took smaller-than-expected charge against souring loans
  • Capital markets and investment banking revenue rises 17%
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WATCH: CFO Jerome Grivet discusses Credit Agricole’s trading performance, earnings and M&A strategy in Italy.Source: Bloomberg
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Credit Agricole SA’s profits jumped in the first quarter, as the bank joined European peers in posting a strong trading performance and lower-than-anticipated charges to cover potential loan losses.

Net income rose 64% from a year ago to 1.05 billion euros ($1.27 billion), after Credit Agricole provided 384 million euros against the possibility of souring loans, below the 564.5 million euros estimated by analysts polled by Bloomberg. The bank had been expected to post net income of 729.1 million euros.