The bank recorded a 2.4% increase in its total revenue to €5.15bn in the third quarter

Credit Agricole

New headquarters of Crédit Agricole in Montrouge. (Credit: Bernard.)

French cooperative bank Crédit Agricole has announced a 18.5% drop in its net income for the third quarter of 2020.

The bank posted a net income of €977m for the July-September quarter compared to $1.19bn recorded in the same period a year earlier.

The bank earned a total revenue of €5.15bn for the period, posting 2.4% increase compared to last year’s Q3 of €5.03bn.

Crédit Agricole’s operating expenses for Q3 stood at €2.9bn, decreasing by 1.1% from that recorded in the same quarter a year earlier.

The bank said that it has recorded a high level of customer acquisition and buoyant activity in loans, deposits, insurance and capital markets in the September quarter.

Since the start of the year, Crédit Agricole added 227,500 new SME and small business customers for LCL and 85,800 for CA Italia.

It posted in 6.4% increase in asset under management and a 0.9% increase in life insurance outstandings.

Crédit Agricole chief executive officer Philippe Brassac,“Together, we must do everything to support the greatest possible number of people.

“We must not give up, because this crisis will come to an end. Thanks to its robustness, Crédit Agricole will assist those sectors that have been particularly weakened, and help them through towards next recovery.”

In September, Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB), has closed the sale of the remaining 4% stake in Banque Saudi Fransi (BSF).

Upon securing regulatory clearances, Crédit Agricole CIB has completed the stake sale to two Saudi government related institutional investors for a consideration of SAR1.4bn (€332m) at a price of SAR30 (€6.85) per share.