Dow Jones Newswires: Credit Agricole profit beats forecasts

Credit Agricole SA’s fourth-quarter net profit beat expectations after it rose sharply, supported by one-offs and growing revenue.

Net profit for the period rose 65% to 1.66 billion euros ($1.80 billion), France’s second-largest listed bank ACA, +0.81%  by assets said Friday.

Analysts had forecast quarterly net profit of EUR1.46 billion, according to a consensus forecast provided by FactSet

Revenue rose 5.5% to EUR5.12 billion.

Results for the quarter included a number of one-offs, such as significant provision write back related to the sale of Greek bank Emporiki and goodwill impairment of around EUR611 million at its French retail business. Overall, these had a positive impact of EUR343 million in the quarter.

Underlying profit, which excludes some specific items, rose almost 24% on year.

The bank proposed a 1.4% increase in dividend to EUR0.70 a share.

Credit Agricole’s core Tier 1 ratio, a key measure of capital strength, was 12.1% in December, compared with 11.7% in September.

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