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Crédit Agricole doubles its net profit in the first quarter

2021-05-08T16:01:04.119Z

The Crédit Agricole banking group has almost doubled its net profit in the first quarter of 2021, compared to a year ago, to 1.75 ...



The Crédit Agricole banking group has almost doubled its net profit in the first quarter of 2021, compared to a year ago, to 1.75 billion euros, thanks to “

very sustained

” activity in all businesses.

Over the first three months of 2020, the mutualist group recorded a net profit of 908 million euros.

Read also: Crédit Agricole Assurance joins forces with Europ Assistance

Crédit Agricole is not out of step with its French competitors, who all reported a significant jump in their net profits in the first quarter.

The increase was made possible "

thanks to a very sustained level of activity in all businesses, despite the health context, and which for some businesses has reached the levels observed pre-crisis

", notes Crédit Agricole in its press release.

He cites the savings management and insurance poles, and large clientele as those that have recorded a particularly significant increase in income.

These are very solid results,

” said Philippe Brassac, CEO of the group, at a press conference.

He insisted on the fact that the recovery must be done "

as strongly and as quickly as possible

" to prevent Europe from losing out against China and the United States.

"

There is no wall of debt that would hinder the possible recovery

", even if "

the game is not won in advance

", he argued.

Italy: Crédit Agricole's second largest market

Net banking income (NBI), the equivalent of turnover, rose 8.2% over one year, to 9.05 billion euros.

"

Despite the health context, the sales momentum of the Regional Banks is very strong in the first quarter of 2021

", noted the group.

Crédit Agricole SA (Casa), the listed entity of the mutual bank, for its part recorded an increase in its net profit of 63.9% to 1.05 billion euros, while its NBI increased by 5, 6% to 5.49 billion euros.

The cost of risk was halved in the first quarter, compared to a year earlier, to 537 million euros, from 930 million.

Regarding the takeover of the Italian bank Credito Valtellinese (Creval), carried out last month, the group hopes to complete the merger this year.

Italy is Crédit Agricole's second market, where it is present through Crédit Agricole Italia. "

Covid crisis or no Covid crisis, it's going well, including on the financial level,

" said Philippe Brassac to comment on the activity in the country.

Source: lefigaro

All business articles on 2021-05-08

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