Crédit Agricole: Q3 2020 Supported by Revenue Growth and Lower Costs Despite Higher Cost of Risk
Crédit Agricole Group's (CA or the Group) reported net income group share of EUR 1.8 billion in Q3 2020, down 4.3% year-on-year (YoY) but up 19.3% quarter-on-quarter (QoQ). Excluding specific items, the underlying net income group share was EUR 1.8 billion, down 3% YoY. In 9M 2020, CA reported net income group share of EUR 1.9 billion, up 0.5% YoY. Q3 2020 results were supported by revenue growth on the back of a strong performance in the Large Customer business line and in French Retail Banking, as well as continued cost reductions. Nevertheless, these positives were offset by the higher cost of risk, compared to Q3 2019, due to COVID-19, although the cost of risk did reduce QoQ.
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