By Sabela Ojea
Credit Agricole SA reported on Thursday a significant rise in net profit and net income for the fourth quarter of 2021.
The French bank posted a net profit for the period of 1.43 billion euros ($1.63 billion) compared with EUR124 million for the same period a year earlier.
Net income rose to EUR1.65 billion from EUR179 million for the year-earlier period. It was expected to reach EUR1.26 billion, taken from FactSet and based on six analysts’ forecasts.
Revenue increased to EUR5.82 billion from EUR5.25 billion, it added.
The lender bank ended the year with a common equity Tier 1 ratio–a key measure of balance-sheet strength–of 11.9% in 2021, above its steering target of 11%, it added.
Regarding the outlook in France, the bank said it expects to see a slowdown in growth in 2022, although it will continue to be strong.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix