Credit Agricole SA Q1 net income jumps to €1b

PanARMENIAN.Net - Credit Agricole SA (ACA), France’s third-largest bank by market value, reported a doubling in first quarter profit, helped by higher revenue at its investment bank.

Net income jumped to 1 billion euros ($1.42 billion) from 470 million euros a year earlier, Bloomberg reports.

Chief Executive Officer Jean-Paul Chifflet, who took over last year, is aiming to reach between 6 billion euros and 7 billion euros of net income in 2014, helped by a turnaround at the international consumer-banking business. Credit Agricole is seeking to halt losses next year at its Greek unit, which has lost more than 2 billion euros since 2008.

In September 2006 the French Credit Agricole Banking Group purchased 28% shares of the Agricultural Cooperative Bank of Armenia [ACBA Bank], and the ACBA Bank was renamed to ACBA Credit Agricole Bank.

The bank has 40 branches (including the Head office): 6 - in Yerevan, the rest in the 10 provinces of Armenia.