French bank Credit Agricole SA reported a rise in Q2 net income to €1.97bn ($2.3bn), up 2.1x YoY and its highest since 2007. Profits were helped by expected loan loss provisions falling 67% to €279mn ($330mn). While the bank’s corporate and investment banking (CIB) revenues were down ~14% YoY and capital markets revenues were down 21%, profitability improved on the back of a 200bp fall YoY in its cost-to-income ratio to 55.3%. Revenue rose ~19% YoY to €5.8bn ($6.9bn) during the period. The bank’s CET1 ratio stood at 12.6%, down 10bp QoQ. CEO Philippe Brassac said, “Not surprisingly, results are excellent this quarter, and have reached historic levels. Building upon its fundamental differences, the Group is at the forefront to respond to the major challenges of society.”

CA’s dollar bonds were stable with its 6.875% Perps at 112.4, yielding 2.7%.

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