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French bank Credit Agricole's Q1 profits surge higher
May 11, 2017 / 5:02 AM / 5 months ago

French bank Credit Agricole's Q1 profits surge higher

PARIS, May 11 (Reuters) - French bank Credit Agricole reported a near fourfold increase in first-quarter profit, as it moved on from a complex revamp of shareholding ties with its parent group and benefited from a surge in trading activity.

Net income rose to 845 million euros ($918.5 million) from 227 million, while revenues increased 24 percent to 4.7 billion euros, due to a bumper quarter for market activities, stronger asset management inflows and a rebound in French retail banking.

The stronger revenue growth “reflects an improvement in economic activity in the group’s core European markets, but above all, the robustness of the universal customer-focused banking model”, the company said in a statement.

$1 = 0.9200 euros Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta

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