(Sharecast News) - French banking group Credit Agricole said on Friday that first-quarter earnings had grown as its corporate and investment banking units outperformed rivals.
Net profits rose to €1.9bn in the three months ended 31 March, above the €1.48bn expected by analysts, while sales rose 11% to €6.81bn, topping expectations for a reading of €6.47bn. Credit Agricole also noted that it had put aside €400.0m for bad loans in Q1, €105.0m less than expected.
However, despite reporting an overall rise in revenues, Credit Agricole said retail sales in France grew just 1.8% and said its net interest margin remained stable.
The French lender highlighted that revenues in its corporate and investment banking businesses, which make up quarter of all revenues, rose 4% year-on-year, while revenue from trading in fixed income, currencies and commodities shrank 3%, outperforming rival BNP Paribas.
As of 1010 BST, Credit Agricole shares were up 3.63% at €15.14 each.
Reporting by Iain Gilbert at Sharecast.com