Crédit Agricole hit by Intesa/Emporiki loss, CIB drags

Crédit Agricole Group reported a net income of Eu3.6bn for 2010, up 31.5% on the previous year. But fourth quarter results for Crédit Agricole SA, the division in which the corporate and investment bank sits, showed a net loss of Eu328m as a result of a Eu1.24bn hit on the bank’s stake in Italy’s Intesa. Crédit Agricole also revealed a goodwill impairment charge for Greek subsidiary Emporiki of Eu418m.