Credit Agricole Group posts significant rise in Q2 net income

Credit Agricole Group posts significant rise in Q2 net income PanARMENIAN.Net -

Credit Agricole Group posted a significant rise in second-quarter 2013 net income Group share to 1.385 billion euros, from 808 million euros last year, according to

Excluding own debt revaluation, DVA and loan hedges, net income Group share totaled 1.36 billion euros in the second quarter of 2013, versus 974 million euros in the 2012 second quarter, which was restated for impairment of the Intesa Sanpaolo shares. Most of the growth came from the elimination of operating losses for Greece, which are recognized in net income from discontinued activities or heldfor-sale operations.

For the recent quarter, Credit Agricole Group's revenues stood at 8.165 billion euros, up 1.1% over the prior-year quarter. The company said this trend mainly reflects resilience in the core business lines, Retail Banking and Savings management; also reflecting the impact of specific items unrelated to business operations.

Meanwhile, Credit Agricole S.A.'s quarterly net income Group share surged to 696 million euros, from 56 million euros a year before. Restated for revaluation of debt issues associated with the Group's own credit risk and for loan hedges, net income amounted to 673 million euros, up sharply from last year's 293 million euros, when results were hurt by the operating losses of the Greek retail banking unit. These results are attributable to resilient business in a difficult climate, cost-cutting efforts and a controlled cost of risk, according to the firm.

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