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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCross-border banking consolidation doesn't make sense financially, says Crédit Agricole deputy CEOJérôme Grivet, deputy CEO at Crédit Agricole, discusses cross-border consolidation in the European banking sector.
Persons: Jérôme Grivet Organizations: Crédit Agricole
SummarySummary Companies Q1 investment bank sales up 20%Trading activity outperforms peersConfirms 2025 targetsPARIS, May 10 (Reuters) - Credit Agricole SA (CAGR.PA), France's second-biggest listed bank, posted better-than-expected earnings on Wednesday, as market volatility boosted trading revenue. This helped drive Credit Agricole's quarterly sales to 6.12 billion euros ($6.74 billion), up 9.6% from a year earlier, while net income more than doubled to about 1.23 billion euros. Both figures beat market expectations of 5.9 billion euros and 816 million euros, respectively, according to an analyst consensus compiled by the company. Deposit levels were stable in the quarter from a year earlier for the group, Credit Agricole said. The cost of risk -- money set aside for failing loans -- fell to 374 million euros, as concerns linked to the war in Ukraine subsided.
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