French banking major Credit Agricole Group (CRARF.PK,CDA.L,ACA.PA), which comprises Credit Agricole S.A. and Regional Banks, reported Wednesday lower net profit in its first quarter, while pre-tax profit was higher with increased revenues.
In the first quarter, Crédit Agricole Group's net income Group share came to 2.17 billion euros, down 9.2% from last year's 2.38 billion euros. Net pre-tax income, however, grew 1.6 percent to 3.40 billion euros from 3.35 billion euros last year.
Credit Agricole S.A.'s net income group share dropped 4.2 percent to 1.82 billion euros from 1.90 billion euros last year. However, earnings per share in the first quarter reached 0.56 euro, an increase of 11.4% from last year's 0.50 euro.
Net pre-tax income grew 4.6 percent to 2.90 billion euros.
Credit Agricole Group's revenues went up 5.5 percent to 10.05 billion euros from 9.53 billion euros last year, driven by favourable results from most of the business lines.
Credit Agricole S.A.'s revenues increased 6.6 percent from last year to 7.26 billion euros.
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