Crédit Agricole profit halves on BES hit

By Dan Alderson
05 Aug 2014

Crédit Agricole took a €708m hit from its exposure to Banco Espírito Santo (BES) as its second quarter profit halved from the same period last year. Despite this, the French bank’s first half earnings compared more favourably year-on-year, aided by its improved first quarter and what it called “good business momentum”.

Crédit Agricole, which owned a 14.6% stake in recently bailed-out BES, saw its net income group share slump to just €705m in the second quarter, down from $1.39bn, but its overall second quarter saw only an 11.8% drop to €2.13bn.

Crédit Agricole said that ...

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