BREAKING NEWS

BREAKING NEWS

Credit Agricole doing well except in Greece

Now Reading:

Credit Agricole doing well except in Greece

Text size Aa Aa

French bank Credit Agricole has reported a much better than expected 89 percent rise in second-quarter net profit at 379 million euros.

That was driven by strong growth in insurance and corporate and investment banking as well as restructuring after the financial crisis.

However the struggling Greek bank that it owns – Emporiki – pulled down results amid worries about its exposure to the debt-ridden Greek economy.

Chief Executive Jean-Paul Chifflet said the second quarter was marked by a climate of “persistent uncertainty and economic weakness.”

He added that the tough second quarter meant the bank was cautious on the rest of 2010: “On the whole we are not worried … But we are taking a prudent stance regarding loan provisions.”