Cred Ag beats expectations but CIB profits down
Crédit Agricole continued the run of strong first quarter results from European banks on Tuesday, reporting a pre-tax profit of €576m after posting a €3.6bn loss for the final quarter of 2012. Profits at the group’s investment bank dropped year on year, however.
Pre-tax profits for the corporate and investment banking division were 319m an improvement on the 559m loss the business made in the fourth quarter of 2012 but down around 50% on the 621m of profits it reported in Q1 2012.
The division recorded revenues of 1bn in
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