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Credit Agricole top forecasts, cautious on French economy

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Credit Agricole top forecasts, cautious on French economy

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Despite reporting much better than expected quarterly profit, France’s third-biggest bank – Credit Agricole – remains cautious about the French economy.

It posted a more than twelvefold increase in net income – just shy of 700 million euros – but Chief Executive Jean-Paul Chifflet said: “The economic situation remains weak.. in an environment that’s too heavy with constraints for banks.”

He did though predict a “significantly positive” result for the full year .. in contrast to the four billion euro losses last year as it exited Greece and wrote down the value of assets.

France, the eurozone’s second-largest economy, is struggling to haul itself out of a period of prolonged economic weakness, with jobless claims at a record high.