Crédit Agricole reveals interim results

by Richard Kilner

Story link: Crédit Agricole reveals interim results

Yesterday the board of directors, chaired by René Carron, of French bank Crédit Agricole met to review its interim financial results.

In the first half of the year the bank generated a net income of €968m, taking into account the substantial damage caused by worldwide financial turbulence.

In total the global financial crisis was reckoned to cost the firm €1,339m in the corporate and investment banking businesses.

However, the firm will be pleased that despite taking a heavy financial hit it was still clearly in the black, unlike some other European banks who have fallen into the red.

Georges Pauget, CEO, stated that the results reaffirmed the strength of Crédit Agricole’s business model, with a good performance by the bank’s traditional business lines.

Regarding corporate and investment banking, Pauget announced that significant cost-cutting measures were being put into place to help refocus the business.

René Carron added that the bank was seeing a good performance both domestically in France and overseas, highlighting the 260,000 new customers for the French banking retailing line as an example.