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Credit Agricole's corporate and investment banking unit weigh on profitability

Credit Agricole's corporate and investment banking unit weigh on profitability
FILE PHOTO: A logo of Credit Agricole is seen outside a bank office in Bordeaux, France, July 30, 2019. REUTERS/Regis Duvignau -
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REGIS DUVIGNAU(Reuters)
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PARIS (Reuters) – Credit Agricole <CAGR.PA>, France’s second-largest bank in terms of market capitalisation, said on Friday that a weak performance at its corporate and investment unit had weighed on its profits during the second quarter.

Credit Agricole’s overall net profit fell 15% to 1.22 billion euros (1.12 billion pounds) out of revenues down 0.4% to 5.15 billion euros.

UBS analysts had expected a net profit of 1.23 billion.

Credit Agricole’s corporate and investment banking unit’s net profit fell 22% to 460 million euros.

(Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta)

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