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France's Credit Agricole posts profit rebound as provisions drop

France's Credit Agricole posts profit rebound as provisions drop
France's Credit Agricole posts profit rebound as provisions drop   -   Copyright  Thomson Reuters 2021
By Reuters

PARIS – French lender Credit Agricole reported on Thursday a two-fold rise in second-quarter profit on lower pandemic-related charges against bad loans as banks benefited from an improving economic environment helped by state support for businesses.

France’s second-largest listed bank, after BNP Paribas, said net income rose to 1.97 billion euros ($2.33 billion) in the quarter from 954 million euros a year ago, with cost of risk down 66.8%.

($1 = 0.8450 euros)