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Credit Agricole’s Investment Bank Drives Earnings Beat

  • French lender said traders benefited from market volatility
  • Provisions for souring loans lower than previous quarters
Updated on

Credit Agricole SA’s corporate and investment bank helped the group soar above expectations in the second quarter after traders made double-digit gains during heightened volatility.

The Paris-based bank said revenue at its CIB unit rose by more than a quarter to almost 2 billion euros ($2 billion), making it the busiest quarter on record. Underlying revenue from financing activities increased 12.8% despite a global slowdown in deals after Russia’s invasion of Ukraine. The group also set aside far less than predicted for struggling loans, even as inflation spiked across Europe.