Credit Agricole has announced a rise in third-quarter earnings following a growth in revenues across all business lines. The French lender reported a net profit of 1.75 billion euros ($1.87 billion) for the third quarter, compared to EUR1.32 billion the previous year. Revenues also saw a significant increase, reaching EUR6.34 billion, a 19% rise compared to the same period last year.
According to analysts polled by FactSet, the reported figures exceeded expectations. The consensus estimate was EUR1.34 billion in net profit on EUR5.98 billion revenue.
Strong Acquisition Strategy
Credit Agricole attributed its revenue growth to its successful acquisition strategy, which has helped offset the slowdown in retail banking activity seen in France. The bank cited a 12% decrease in loan production at regional banks between the second and third quarters of this year.
Positive Performance in Asset Gathering Unit
The bank's asset gathering unit showed promising results, with assets under management growing by 0.4% compared to the end of June. The division also experienced EUR13 billion in net inflows during the third quarter, leading to a 10% rise in revenue.
Boosted by Home-Purchase Savings Provision Reversal
Credit Agricole's third-quarter result was further bolstered by EUR227 million, primarily due to the reversal of the home-purchase savings provision.
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