Credit Agricole Beats Estimates as Debt Traders Outperform [BNN Bloomberg (Canada)]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
Company Research
Source: BNN Bloomberg
The Paris-based lender reported net income of €1.33 billion for the three months through December, above the €1.29 billion that analysts polled by Bloomberg had expected. While weather-related claims weighed on its insurance business, revenue at the corporate and investment bank was its highest ever for a fourth quarter. Led by Chief Executive Officer Philippe Brassac, Credit Agricole has benefited from a broad diversification across countries and product offerings through bolt-on deals. Its traders largely bucked the slowdown at Wall Street this year, and its lending business benefited from a decision by Brassac to expand in the interest-rate-sensitive Italian market over the past decade. That trend continued in the fourth quarter, with revenue from the international retail business rising 8.7%, even as the net interest margin in Italy started to shrink from the prior three months as interest rates peaked. At the same time, it increased slightly in Credit Agricole's home market,
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