Credit Agricole
Running head: Credit Agricole and BP
Credit Agricole
PARIS (AFP) – French bank Credit Agricole, one of the biggest European banks by capitalisation, reported a doubling of net profit to 1.0 billion euros ($1.42 billion) in the first quarter, on Friday.
The price of shares in the bank showed a gain of 1.40 percent to 11.23 euros in a market up 0.57 percent overall.
The outcome, marking an increase of 112 percent from the result 12 months ago, was in line with average estimates of analysts as polled by Dow Jones Newswires.
At CM-CIC Securities, analyst Pierre Chedeville commented: "The group is showing its main characteristics again: operating efficiency and an excellent control of charges, very cautious policy for provisioning, and financing and investment activities steady."
Bank chief executive Jean-Paul Chifflet said that Credit Agricole's direct exposure to Greek debt was 631 million euros at the end of March.
Credit Agricole is one of the few foreign banks to control a Greek bank, in the form of Emporiki bank.
Company History:
France's "green bank" was nicknamed for its roots in agriculture. Crédit Agricole, composed of the Caisse Nationale de Crédit Agricole and 90 regional banks, which together own 90% of the Caisse Nationale, is a unique cooperative organization and one of the most important banking groups in France.
In the mid-1800s, it became clear that there was a need for agricultural credit in France, especially after a crop failure in 1856, which left rural areas in dire straits. One of the main causes of low production was a lack of sufficient credit for farmers, who often could not meet banks' normal credit requirements. In 1861, the government attempted to remedy this problem, asking Crédit Foncier to establish a department expressly for agriculture. But the newly formed Societé de Crédit Agricole accomplished little. By 1866, though some steps towards improvement had been suggested, the outbreak of the Franco-Prussian War
Credit Agricole
PARIS (AFP) – French bank Credit Agricole, one of the biggest European banks by capitalisation, reported a doubling of net profit to 1.0 billion euros ($1.42 billion) in the first quarter, on Friday.
The price of shares in the bank showed a gain of 1.40 percent to 11.23 euros in a market up 0.57 percent overall.
The outcome, marking an increase of 112 percent from the result 12 months ago, was in line with average estimates of analysts as polled by Dow Jones Newswires.
At CM-CIC Securities, analyst Pierre Chedeville commented: "The group is showing its main characteristics again: operating efficiency and an excellent control of charges, very cautious policy for provisioning, and financing and investment activities steady."
Bank chief executive Jean-Paul Chifflet said that Credit Agricole's direct exposure to Greek debt was 631 million euros at the end of March.
Credit Agricole is one of the few foreign banks to control a Greek bank, in the form of Emporiki bank.
Company History:
France's "green bank" was nicknamed for its roots in agriculture. Crédit Agricole, composed of the Caisse Nationale de Crédit Agricole and 90 regional banks, which together own 90% of the Caisse Nationale, is a unique cooperative organization and one of the most important banking groups in France.
In the mid-1800s, it became clear that there was a need for agricultural credit in France, especially after a crop failure in 1856, which left rural areas in dire straits. One of the main causes of low production was a lack of sufficient credit for farmers, who often could not meet banks' normal credit requirements. In 1861, the government attempted to remedy this problem, asking Crédit Foncier to establish a department expressly for agriculture. But the newly formed Societé de Crédit Agricole accomplished little. By 1866, though some steps towards improvement had been suggested, the outbreak of the Franco-Prussian War