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France’s Crédit Agricole profits slump after Greek losses

Text by News Wires

Latest update : 2011-11-10

Crédit Agricole, one of Europe's largest banks, reported a slump of 65 per cent in net attributable quarterly profit on Thursday, on the back of Greek sovereign debt losses.

AFP – Credit Agricole bank, one of the biggest banks in Europe by capitalisation, reported a 65.0-percent drop in net attributable quarterly profit on Thursday, and revealed a 60.0-percent write-down of its holdings of Greek bonds.

The bank reported a net profit for the third quarter of 258 million euros ($348.0 million).

Net profit including that share of profits attributable to minority shareholders was 336 million euros, far lower than expected by analysts polled by the Bloomberg news service who had expected on average 551.7 million euros.

The cost of writing-down holdings of Greek bonds was 637 million euros in the quarter, the bank said.

And the contribution of its Greek subsidiary Emporiki bank to the rescue scheme for Greece amounted to 134 million euros. The rest of the bank's contribution of 503 million euros was carried by the assurance division of the group.

General manager Jean-Paul Chifflet said in a statement that the "base of recurrent results by Credit Agricole SA remained, in the third quarter, on the positive track of those of the first two quarters of 2011 if one takes account of the exceptional events which affected French and European banks."

Net banking income, a measure of the difference of the cost of taking in deposits and the price for lending them, rose by 6.2 percent on a 12-month basis to 5.3 billion euros.

The ratio of top quality shareholders' funds to overall business being carried was 8.9 percent.

Date created : 2011-11-10

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