Credit Agricole Posts Strong 3Q, but Credit Losses Below Midcycle Levels Reduce Earnings Quality
Credit Agricole SA reported net income of EUR 1.1 billion for the third quarter, virtually the same as it did in the corresponding period last year. However, the corresponding quarter was inflated by nonrecurring income of around EUR 100 million, so underlying growth was therefore stronger at around 17%. We maintain our fair value estimate of EUR 11 as well as our no-moat rating.Credit Agricole recorded decent revenue growth of 6% year on year, somewhat inflated by the first-time inclusion of t...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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