Amwal Al Ghad - 2012-08-28 09:20:22
Credit Agricole SA, France’s third- largest bank by market value, posted a 67 percent decline in second-quarter profit on losses in Greece and a writedown of its stake in Intesa Sanpaolo SpA. (ISP)
Net income fell to 111 million euros ($138.6 million) from 339 million euros a year earlier, the bank, based near Paris, said in a statement today. The company booked 370 million euros of losses in Greece, as well as a 427 million-euro charge on its holding in Milan-based Intesa, Italy’s second-largest bank.
Credit Agricole, led by Chief Executive Officer Jean-Paul Chifflet, is shutting its riskiest investment-banking activities and weighing offers from Greece’s three largest lenders for its Emporiki Bank unit in the country, which is stuck in a five-year recession. The bank said it’s still studying the bids.
“Greece and Italy keep poisoning their results,” said Gregory Moore, who helps manage 200 million euros at Montsegur Finance in Paris, including shares in Credit Agricole. (ACA) “It’s disappointing as we didn’t get more significant details” about the sale of Emporiki, he said. More»