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Weak i-bank performance dents Crédit Agricole SA's Q2 profit

Crédit Agricole SA reported a year-over-year decline in second-quarter results, owing to poor performance at its corporate and investment banking division.

Net income group share for the quarter was €1.22 billion, down from €1.44 billion a year earlier. The French bank said specific items for the quarter had a limited net negative impact of €20 million on net income. Excluding the specific items, underlying net income group share totaled €1.24 billion, down from €1.42 billion in the second quarter of 2018.

EPS for the quarter was 39 cents, compared to the year-ago 47 cents.

The asset gathering and insurance business contributed net income group share of €496 million in the period, compared to €483 million a year earlier, while the French retail banking division posted net income group share of €170 million in the period, up from €161 million a year ago.

The large customers business, which includes the CIB division, reported net income group share of €452 million, down from €578 million. On an underlying basis, the CIB unit reported a 16.3% year-over-year decline in net income group share to €417 million. Crédit Agricole said revenues from investment banking remained in a decline amid a still sluggish market.

The bank's revenues fell on a yearly basis to €5.15 billion from €5.17 billion.

Cost of risk amounted to €358 million in the period, compared to €223 million in the second quarter of 2018.

Operating expenses, excluding contributions to the Single Resolution Fund, increased year over year to €3.03 billion from €2.97 billion.

For the first half, Crédit Agricole SA's net income group share decreased on a yearly basis to €1.99 billion from €2.29 billion. Underlying net income group share for the period was €2.04 billion, down from the year-ago €2.21 billion.

Crédit Agricole Group, meanwhile, reported second-quarter net income group share of €1.81 billion, down from €2.08 billion a year earlier. The group's net income group share for the first half also declined year over year, to €3.16 billion from €3.51 billion.

As of June-end, Crédit Agricole SA's fully loaded and phased-in common equity Tier 1 ratios stood at 11.6%, compared to 11.5% at the end of 2018. Crédit Agricole Group's fully loaded and phased-in CET1 ratios were 15.4% at June 30, compared to 15.0% at 2018-end.