Credit Agricole Misses Q4 Profit as Costs Rise, Shares Slide Up to 5% [Yahoo! Finance]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
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Source: Yahoo! Finance
costs linked to its Italian restructuring and a heavier provisions charge weighed on profitability. Operating expenses rose 4.7% year on year to 4.1 billion, exceeding analyst forecasts, driven by restructuring expenses and the impact of Italy's deposit guarantee fund. Provisions climbed to 629 million, also above estimates, reflecting reserves for UK car loan legal risks and a recovery plan tied to Banca Progetto. Net income fell to 1.0 billion from the prior year, even as revenue came in above expectations, leaving investors focused on the near-term earnings pressure created by the investment phase. Is CRARF fairly valued? Test your thesis with our free DCF calculator. The shares fell as much as 5% in Paris trading, marking the steepest decline in about three months, as multiple cost and provisioning headwinds offset stronger performances elsewhere in the group. KBW analysts described the results as somewhat underwhelming, pointing to the provisions shortfall and higher-than-exp
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