Credit Agricole bank reports weak profits

0 Comments | AFP, August, 2008

PARIS (AFP) — France's biggest retail bank Credit Agricole reported weak second-quarter net profits of 76 million euros (112 million dollars) on Thursday, as its financial and investment services suffered from depreciation of assets.

The figures beat some analysts' forecasts of nine-figure losses for the quarter but were heavily down on the same period in the previous year, when net earnings were 1.292 billion euros.

Net banking income for the second quarter of 3.249 billion euros was almost entirely eaten up by operating costs, the results published Thursday showed. Net earnings stood at 968 million euros for the first half of 2008.

Its finance and investment division Calyon suffered losses of 855 million euros in the second half due to heavy depreciation...