Credit Agricole posts $868m profit as it cuts bad loans

Credit Agricole shares rose 5% to €11.67 on Wednesday, approaching last month’s three year high, as the bank reported an 85% rise in first quarter profit from the same period last year. The results benefited from a 20% cut in provision for bad loans, with the group’s Italian consumer finance subsidiary Agos Ducato improving its cost of risk by 30%.