This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-19395264

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Credit Agricole hit by Greek debt charge Credit Agricole hit by Greece and Italy charges
(about 3 hours later)
French bank Credit Agricole has reported a dip in profits following the continuing problems in Greece. French bank group Credit Agricole has reported a dip in profits following the continuing problems in the eurozone.
>Net income in the second quarter fell 2.1% to 863m euros ($1.1bn; £683m) from the same period last year. The group, which includes French regional banks, saw >second quarter net income fall 2.1% to 863m euros ($1.1bn; £683m) from the same period last year.
It took another 370m-euro charge in the quarter on Greek debt at its unit Emporiki. At the Credit Agricole bank alone, net profit sank to 111m euros from 339m euros. It took another 370m-euro charge on Greek debt at its Emporiki unit.
Credit Agricole hopes to wrap up talks on the sale of Emporiki within "a matter of weeks", chief executive Jean-Paul Chifflet said. There was also a 427m-euro charge on its stake in Intesa Sanpaolo of Italy.
'Uncertain climate'
Credit Agricole bought the Greek bank Emporiki in 2006 and has made extensive writedowns of Greek debt in recent quarters.Credit Agricole bought the Greek bank Emporiki in 2006 and has made extensive writedowns of Greek debt in recent quarters.
There was also a 427m-euro impairment charge on its stake in Italy's Intesa Sanpaolo. The bank hopes to wrap up talks on the sale of Emporiki within "a matter of weeks", chief executive Jean-Paul Chifflet said.
Jean-Marie Sander, the bank's chairman, said that the bank's profits reflected its resilience in a "highly deteriorated and uncertain European macroeconomic climate".Jean-Marie Sander, the bank's chairman, said that the bank's profits reflected its resilience in a "highly deteriorated and uncertain European macroeconomic climate".
Credit Agricole, which is France's third-biggest listed bank, has been slimming down its investment banking operations and selling off assets from loans to business units as it returns to focus on retail banking.Credit Agricole, which is France's third-biggest listed bank, has been slimming down its investment banking operations and selling off assets from loans to business units as it returns to focus on retail banking.