By Pierre Bertrand
Credit Agricole SA revealed an increase in second-quarter earnings, thanks to a boost in insurance income during the three months ending June.
Strong Financial Performance
The French bank reported a net profit of €2.04 billion ($2.23 billion) for the period, compared to €1.64 billion in the previous year. This significant growth was supported by a 19% increase in sales, totaling €6.68 billion.
Asset Gathering Division Drives Revenue
Credit Agricole attributed its success to its asset gathering division, which experienced a surge in insurance premium revenues. The bank reported €1.1 billion in net inflows in its asset-management business, resulting in total assets under management of €2.205 trillion, marking a 2.9% year-on-year increase.
Expanding Customer Base
During the period, Credit Agricole welcomed 471,000 new retail banking customers. Additionally, the bank’s subsidiary, Indosuez Wealth Management, made an agreement to acquire a majority stake in Belgian wealth manager and investment bank Degroof Petercam. The acquisition, scheduled to be completed in 2024, is carried out alongside the CLdN group, Degroof Petercam’s core shareholder, which will retain a stake of approximately 20%.
