(Boursier.com) — Up 1.5% to 9.69 euros, Agricultural credit is still progressing this Friday, still leading the CAC40. The last major French bank to publish its quarterly reports, the establishment particularly assured by unveiling results that exceeded analysts’ expectations in the second quarter thanks to a record level of activity in investment banking, market volatility having led to a strong demand for hedging instruments.
Net profit thus reached 1.98 billion euros for net banking income up nearly 9% to 6.33 billion euros. The accounts also benefited from a fall of more than 27% in the cost of risk over the period, whereas in the first quarter, the provisions – of just over one billion euros – linked to its exposure to Russia and Ukraine had weighed down its results.
Among the latest broker opinions, Oddo BHF raised its price target from 12.8 to 13.2 euros with an opinion to ‘outperform’, while Jefferies (‘hold’) pointed out that the banking group’s profit had exceeded the consensus of more than 60%, driven by much higher revenues than expected… The analyst also highlighted controlled costs and much lower provisions. The CET1 ratio of 11.1% is also a good surprise, according to the specialist.
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