(AOF) – Crédit Agricole SA posted net income for the first quarter, group share, up 55% year-on-year, to 1.9 billion euros while analysts were expecting 1.48 billion. The banking group’s revenues increased by 11.2% over the period concerned, reaching 6.81 billion euros compared to 6.47 billion euros consensus. Its cost of credit risk stood at 400 million euros, or 105 million euros less than expected.
The corporate and investment banking activity experienced a “record performance” in the first quarter, notably with an increase of more than 10% for commercial banking, “driven by the activities of International Trade & Transaction Banking (notably the cash management) and through the development of Corporate Leveraged Finance activities,” the bank said in a press release.
Crédit Agricole also reported annual results prospects one year ahead of its objectives for 2025, with underlying group net income expected to exceed six billion euros in 2024.
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