French Credit Agricole’s net profit fell to 954 million euros in the second quarter of the year, which exceeds the average analysts ’expectations for a decline to 606 million euros.
According to Reuters, I / B / E / S data for Revenue showed revenue fell 5 percent to 4.9 billion euros, in line with overall expectations. >
and the revenues of his French unit of individual services decreased by four percent, while revenues from international retail services and specialized financial services covering consumer finance declined by more than ten percent each.
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The bank raised loan-loss reserves in the second quarter of the year as the Corona pandemic negatively affected large companies of the bank's customers, while profits exceeded expectations after the recovery in fixed-income instruments trading.
The cost of non-performing loan coverage exceeded more than twice that of 842 million euros (billion dollars) in the second largest listed French bank, which contributed to a decrease in net profit 22 percent. < / p>
The troubled loans at Credit Agricole include the collapsed German payments company, Wirecard, but the bank’s CEO, Philippe Prasak, has declined to say how much damage was caused by the company’s collapse. He said the bank wanted to fix its e-commerce payment technology that he had been collaborating with, with Wirecard working as part of their partnership.
Credit Agricole is less dependent on trading compared to its domestic peers, but its unit for money markets and investment banking activities achieved a strong performance in the second quarter as revenue increased 16 percent due to increased trading of income instruments Fixed 44 percent.
(Amazon fun of knowledge)
