Credit Agricole reports 27% Q4 profit jump, aided by Amundi and trading

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Credit Agricole reports 27% Q4 profit jump, aided by Amundi and trading

//business-finance.news-articles.net/content/202 .. -q4-profit-jump-aided-by-amundi-and-trading.html

Published in Business and Finance on Wednesday, February 5th 2025 at 4:00 GMT by Reuters

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Credit Agricole SA , France's second-biggest listed bank, blew past quarterly earnings forecasts on Wednesday with a 27% jump in profit, driven by insurance and asset management even as gains in its investment banking business lagged rivals.

2025-02-05 210 x 110 / 4991 Bytes

Credit Agricole, France's second-biggest listed bank, reported a 27% jump in fourth-quarter net profit, driven by strong performances in its insurance, asset management, and trading divisions. The bank's net profit for the quarter was 1.33 billion euros, surpassing the 1.05 billion euros expected by analysts. This increase was primarily fueled by a 30% rise in revenue from its corporate and investment banking arm, particularly in fixed income, currency, and commodities trading, which saw a 17% revenue increase. Additionally, its asset management unit, Amundi, contributed significantly with a 20% profit increase. However, the bank also set aside 50 million euros for potential legal risks related to a tax fraud investigation involving dividend stripping. Despite these provisions, Credit Agricole's overall financial health appeared robust, with the bank also announcing a share buyback program of 1 billion euros.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/credit-agricole-reports-27-q4-profit-jump-aided-by-amundi-trading-2025-02-05/ ]