Credit Agricole Posts Modest Second-Quarter Results
Credit Agricole’s second-quarter earnings revealed modest core operating results. Underlying net income for the quarter grew 13% to EUR 818 million due primarily to gains from past restructuring initiatives, stable expenses, and a declining cost of risk. Stated net income ballooned by 26% year over year to EUR 1.2 billion with the help of a positive EUR 340 million restatement encompassing the capital gains from the Visa divestiture. On these results, we plan to maintain our narrow moat rating a...Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.
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