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Credit Agricole's profits dragged down by slump in market trading
November 8, 2017 / 6:04 AM / a month ago

Credit Agricole's profits dragged down by slump in market trading

PARIS, Nov 8 (Reuters) - French bank Credit Agricole’s underlying profit fell in the third quarter, hit by a slump in market trading revenue and weakness in domestic retail banking.

Its reported net income came in at 1.07 billion euros ($1.24 billion), compared to analysts’ forecasts for 1.03 billion euros, while revenues were below expectations at 4.58 billion versus a forecast for 4.76 billion according to a Reuters poll.

Financial market trading was a dark spot for the bank, as has been the case with many of its rivals, with revenue from capital markets dropping 28 percent compared with a year ago, when it was boosted by higher market activity due to Brexit.

Underlying revenue at its French bank LCL fell 3.4 percent, weighed down by a fall in home loans renegotiation fees and the impact of previous renegotiations on its interest margin.

$1 = 0.8624 euros Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta

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