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Crédit Agricole SA Q1 profit up 1.2% YOY on gains from Italian acquisitions

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Crédit Agricole SA Q1 profit up 1.2% YOY on gains from Italian acquisitions

Crédit Agricole SA reported first-quarter net income group share of €856 million, up 1.2% from €845 million in the same period in 2017.

The French lender attributed the increase to €68 million in gains from specific items, mainly including the adjustment of a negative goodwill amount of €66 million recognized on the acquisition of three Italian savings banks under net income group share.

Excluding specific items, underlying net income group share for the period came in at €788 million, down from €896 million a year earlier, due to the disposal of nonstrategic entities, exchange rate variations and regulatory contributions. The French bank sold its entire 15.4% stake in Eurazeo SA and a 16.2% stake in Banque Saudi Fransi in 2017.

EPS for the quarter amounted to 25 cents, unchanged from a year ago.

Revenues rose on a yearly basis to €4.91 billion from €4.70 billion. Gross operating income increased to €1.51 billion from €1.47 billion.

The lender's cost of risk stood at €314 million, compared to the year-ago €359 million.

Crédit Agricole Group, meanwhile, posted a 10.7% year-over-year drop in first-quarter net income group share to €1.43 billion from €1.60 billion.

Crédit Agricole SA's fully loaded common equity Tier 1 ratio was 11.4% at March-end, stable compared to the ratio at 2017-end pro forma following the first-time application of the IFRS 9 accounting standards. Crédit Agricole Group's fully loaded CET1 ratio stood at 14.6% at the end of March, down 0.3 percentage point compared to the ratio at the end of 2017.