Credit Agricole Pulls Forward €6 Billion Profit Goal After Beat [BNN Bloomberg (Canada)]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
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Source: BNN Bloomberg
The Paris-based bank's large customers unit, which houses both corporate and investment banking, trading and asset servicing operations, posted a 10.5% rise in revenue to a record €2.3 billion, above the €2.1 billion that analysts anticipated in a Bloomberg poll. Underlying revenue from financing activities rose 6% from a year earlier. The bank's fixed-income, commodities and currencies traders, who broadly outperformed their peers throughout 2023, posted a 3% decline in underlying revenue in the first quarter. BNP Paribas SA saw its own revenue slump 20% in the same period, whereas Wall Street peers fell 3.4% on average. “The financial ambitions of our medium-term plan should be achieved a year ahead of schedule,” Chief Executive Officer Philippe Brassac said in a statement. Credit Agricole, which is less geared toward markets than its largest European peers, has been supported in recent quarters by Brassac's efforts to increase the lender's footprint in interest-rate sensitiv
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