Credit Agricole Continues to Benefit From Low Credit Costs
Narrow-moat Credit Agricole reported an 8% decline in underlying net income to EUR 878 million for the fourth quarter. A 5% increase in revenue and a 15% reduction in credit costs was partially offset by an 8% increase in operating expenses. The normalisation of Credit Agricole’s tax rate compared with the prior period had a material impact on earnings. We maintain our EUR 14 fair value estimate and our narrow moat rating.Credit costs of 0.3% is below Credit Agricole's own internal midcycle tar...
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