Credit Agricole's Q4 profit beats forecasts, hikes dividend [Reuters]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
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Source: Reuters
fourth-quarter profits on Thursday, as corporate and retail banking activities offset a tumble in revenues at its insurance division. Group net income in the fourth quarter fell 25% from a year earlier to 1.33 billion euros ($1.43 billion), above the 1.28 billion-euro average of analyst estimates compiled by the company. However, sales missed expectations, coming in at 6.04 billion euros in the last three months of 2023, up 1.2% but below the average estimate of 6.16 billion euros. Credit Agricole, which is a controlled by 39 regional banks, said its fourth-quarter so-called cost of risk - money set aside for failing loans - was better than expected, at 440 million euros. The bank hiked dividend by 24% for 2023, compared to 2022, to 1.05 euro per share. The listed entity of Credit Agricole Group said revenue from its "large customers division," which includes its investment bank and CACEIS, the asset servicing business it co-owns with Santander (SAN.MC) , opens new tab , gre
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