PARIS (AFP) - French bank Credit Agricole posted a better-than-expected 70.9 percent surge in third-quarter net profit thanks to lower provisions and despite an overall decline in revenues.
The bank reported third-quarter net profit of 653 million euros (850 million euros), up from 382 million euros in the same period in 2003 and ahead of analysts' forecasts in a range of 534-635 million euros.
Like other French banks, Credit Agricole benefitted from much lower costs for risks, which dropped during the period by 57.5 percent to 110 million euros.
However, net banking income in the quarter fell 0.3 percent to 3.053 billion euros.
Gross operating income grew 4.6 percent to 938 million euros thanks to a 2.3 percent cut in costs. That result fell short of analysts' expectations in a range of 961 million-1.065 billion euros.
The company said it would pay an advance on the next dividend of 0.30 euros on December 16.
11/17/2004 - 19:33 GMT - AFP