Economy hits Credit Agricole

Tom Beck
FRENCH bank Credit Agricole’s shares tumbled yesterday as its profits were impeded by poor economic growth at home.

Net income rose 2.1 per cent on the year to €1.46bn (£1.14bn) in the third quarter. Revenues rose 1.3 per cent year-on-year, and the bank was boosted as its cost of risk decreased by 17.1 per cent.

But that was not as strong as investors had expected, with the bank blaming “a persistently sluggish market.”

Shares fell 5.79 per cent in Paris.