One-offs plunge Crédit Agricole into heavy losses
Crédit Agricole posted a fourth quarter pre-tax loss of €3.7bn on Wednesday, as extensive one-off losses hampered the bank’s performance. Goodwill impairments and changes in the valuation of the bank’s own debt contributed to the poor results.
While Crédit Agricole was keen to emphasise the exceptional nature of many of the impairments, fourth quarter revenues fell 23% to 3.33bn, year-on-year.
The decline was driven by an 837m negative impact in the quarter from revaluing the banks debt issues due to an improvement in spreads. However,
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