Weak Trading Results Depress Credit Agricole's 3Q Earnings
Narrow-moat Credit Agricole reported a 5% decline in underlying net income to EUR 966 million for the third quarter. A solid 4% increase in revenue was offset by a 7% increase in operating expenses. Loan-loss provisions came in at only 0.3% of loans, meaningfully below Credit Agricole’s midcycle guidance of 0.5%. The normalisation of Credit Agricole’s tax rate, compared with the prior period, had a material impact on earnings. We do not anticipate a change in our fair value estimate or our moat ...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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