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Credit Agricole joins French rivals in upbeat Q2, shares jump

By Julien Ponthus PARIS (Reuters) -French banking group Credit Agricole (OTC:CRARY)'s shares rose sharply on Thursday after it joined rivals BNP Paribas (OTC:BNPQY) and Societe...
Credit Agricole joins French rivals in upbeat Q2, shares jump © Reuters. FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Reze, near Nantes, France, June 20, 2022. REUTERS/Stephane Mahe

By Julien Ponthus

PARIS (Reuters) -French banking group Credit Agricole (OTC:CRARY)'s shares rose sharply on Thursday after it joined rivals BNP Paribas (OTC:BNPQY) and Societe Generale (OTC:SCGLY) in announcing better-than-expected quarterly profits driven by buoyant investment banking.

Net income was 1.98 billion euros ($2 billion), a figure about 800 million euros higher than the average estimate of analysts.

Analysts also underestimated revenues, which rose 8.8% to 6.33 billions euros, roughly 10% higher than expected.

Shares in Credit Agricole gained up to 4.8% in early trading, their biggest jump since March, and were the best performing stocks across the European banking sector, up just 0.8%.

While activity grew across business lines, including retail banking, the bank's management said investment banking was particularly strong during the quarter.

Underlying revenues for the Corporate and Investment Banking (CIB) division jumped by 22% to 1.58 billion euros, a performance the bank said reflected "record commercial activity, in a context of high volatility and high customer hedging needs".

Fixed income, currencies and commodity (FICC) trading jumped by about 37%, while "buoyant" investment and equity activities rose 12.8% as financial markets experienced one of the worst first halves in living memory.

A sharp drop in the cost of risk - money set aside for failing loans - also helped to lift the group's profits after provisions were taken during the first quarter to compensate for the potential economic impact of the war in Ukraine.

NO COMMENT ON ITALY

In the first quarter, a disappointing reading for its capital ratios, weighed on the bank's shares but it said the CET 1 metric had added 0.3% between April and June.

"The stronger capital ratio than expected is a strong positive today," Jefferies analyst Flora Bocahut said in a note, while cautioning that the pressure on that front would continue for the rest of the year.

In June, the bank published a strategic plan in which it targeted a net profit of more than 6 billion euros by 2025 and pointed to strong potential for growth in Italy, where in April this year, it acquired a 9.2% stake in Banco BPM.

The latter on Wednesday said it expected to decide by the end of the quarter on a possible new insurance partnership for which Credit Agricole and French insurer AXA are both candidates.

During a conference call with reporters, Credit Agricole's management said they aimed to make the "best offer" but declined to comment further.

The group also announced a rejig of its top management following the surprise announcement in July that the head of the Large Clients division, Jacques Ripoll, was leaving to join renewable energy group Eren.

Two new deputy CEOs have been appointed: CFO Jérôme Grivet and Olivier Gavalda, until now head of the Paris region branch.

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17-08-2022 23:04:26 (UTC+7)

EUR/USD

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EUR/USD

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GBP/USD

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USD/JPY

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AUD/USD

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US Coffee C Futures

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Euro Stoxx 50

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S&P 500

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DAX

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US Small Cap 2000

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BASF SE NA O.N.

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Adidas AG

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Deutsche Lufthansa AG

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8.856

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 EUR/USD1.0166Neutral
 GBP/USD1.2036Sell
 USD/JPY135.41Buy
 AUD/USD0.6918↑ Buy
 USD/CAD1.2926↑ Sell
 EUR/JPY137.66Buy
 EUR/CHF0.9697↑ Buy
 Gold1,775.75↑ Sell
 Silver19.657↑ Buy
 Copper3.5833↑ Buy
 Crude Oil WTI86.84↑ Buy
 Brent Oil92.56↑ Buy
 Natural Gas9.216Neutral
 US Coffee C218.33↑ Sell
 Euro Stoxx 503,756.06Sell
 S&P 5004,259.80Buy
 DAX13,626.71Sell
 FTSE 1007,516.15Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,977.40↑ Buy
 IBEX 358,434.80Neutral
 BASF42.685Neutral
 Bayer53.37Neutral
 Allianz177.54Buy
 Adidas169.10↑ Sell
 Lufthansa6.467↑ Sell
 Siemens AG108.64↑ Sell
 Deutsche Bank AG8.856Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(20/ 20) # 1,674
SJC HCM6,620/ 6,720
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SJC Hanoi6,620/ 6,722
(20/ 20) # 1,697
SJC Danang6,620/ 6,722
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SJC Nhatrang6,620/ 6,722
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SJC Cantho6,620/ 6,722
(20/ 20) # 1,697
Cập nhật 17-08-2022 23:04:28
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$1,762.16-13.52-0.76%
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RON 95-V25.34025.840
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DO 0.05S22.90023.350
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Dầu hỏa 2-K23.32023.780
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR23.186,9924.485,46
GBP27.597,2628.774,17
JPY169,51179,46
KRW15,4518,83
Cập nhật lúc 18:50:59 17/08/2022
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