Credit Agricole's Rising Costs Take Shine Off Trading Result [Financial Post (Toronto, Ontario, Canada)]
CREDIT AGRICOLE UNSP/ADR (CRARY)
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credit-agricole.com/en/finance/finance
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Source: Financial Post
(Bloomberg) — Credit Agricole SA fell in Paris trading as rising costs overshadowed a record quarter at the corporate and investment bank. Operating expenses rose 15% in the fourth quarter, reflecting in part the impact of acquisitions and variable compensation, the bank said Thursday. The higher-than-expected expenses helped drive a 25% decline in net income, even as revenue at the corporate and investment bank came in at the highest ever for a fourth quarter. Article content Article content Credit Agricole fell 4.3% at 9:28 a.m. in Paris, paring gains over the past 12 months to 11%. Led by Chief Executive Officer Philippe Brassac, Credit Agricole benefited over the past year from a broad diversification across countries and product offerings. Its traders largely bucked the slowdown at Wall Street this year, and its lending business got a lift from a decision by Brassac to expand in the interest-rate-sensitive Italian market over the past decade. While that trend continu
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