Credit Agricole Expects to Achieve 2025 Guidance Early After Earnings Surge
By Helena Smolak
Credit Agricole posted a rise in first-quarter earnings that beat expectations on revenue growth across all its business lines and said it would reach its 2025 medium-term targets by the end of this year.
France's second-largest listed lender said Friday that its net profit for the first three months of the year rose to 1.90 billion euros ($2.04 billion) from EUR1.23 billion in the prior-year period.
Revenue grew 11% to EUR6.81 billion, boosted by sales in its investment banking division.
The result compares with expectations of EUR1.49 billion in quarterly net profit and EUR6.50 billion in quarterly revenue, according to analysts polled by FactSet.
The lender now expects to exceed an underlying net income of EUR6 billion and a return on tangible equity above 12% in 2024, a year earlier than previously expected after a rise in fees and commissions and in insurance revenue.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
May 03, 2024 01:47 ET (05:47 GMT)
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