A number of leading French banks have reported disappointing financial results, highlighting the continued impact of the credit crunch on the financial sector in France. Credit Agricole and Natixis are the latest bank to post their results – neither of which did anything to boost confidence in the markets. Credit Agricole recorded a second quarter net profit of 76 million Euros, with the fall in profit largely due to the performance of its financial and investment division, Calyon. The unit made a loss of 855 million Euros in the second quarter, which it blames on heavy depreciation of its assets and a slowdown of business activity.
Natixis, meanwhile, reported a net loss of 948 million Euros for the first half of 2008, predominantly caused by a fall in revenue of over 60 per cent to 1.55 billion Euros. Its parent companies have also suffered, with Banque Populaire reporting a fall in net profit of more than 90 per cent, whilst Caisse d’Epargne’s net profit fell from 1.45 billion Euros to just 21 million Euros.
The announcements follow the news that French bank BNP Paribas had seen profits fall by 34 per cent in the second quarter to 1.5 billion Euros, whilst another leading French bank, Societe Generale, also saw profits fall by 63 per cent in the second quarter.
French Banks Reveal Disappointing Figures
Financial Services > e-banking > Banking news
French Banks Reveal Disappointing Figures
Fri, 29 Aug 2008
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