* Q2 net profit down 15% * Corporate, investment banking profit drops 22% * Credit Agricole shares fall 4.3% (Adds detail and background) By Inti Landauro and Matthieu Protard PARIS, Aug 2 (Reuters) – Credit Agricole, France’s second-largest bank by market capitalization, posted a sharp fall in second quarter profits on Friday, dragged down by a poor performance in its investment banking business. Major European banks such as Credit Agricole have struggled to drive profitability because low interest rates have constrained returns from retail banking, with corporate and investment banking vulnerable to financial market volatility. While its French rivals BNP Paribas and Societe Generale have experienced wild swings from corporate and investment banking over the past few quarters, Credit Agricole had enjoyed stabler profits until now. Group net profit fell 15% to 1.22 billion euros ($1.34 billion) on revenue which slipped 0.4% to 5.15 billion. Corporate and investment banking profit dropped 22% to 460 million. Credit Agricole shares were down 4.3% in early trading, also caught in a broader drop in world stock markets which have been roiled by the escalating trade dispute between the United States and China. “Fixed income, currencies and commodities (FICC) revenues were down 5% year-on-year,… Read full this story
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UPDATE 2-Investment banking weakness hits Credit Agricole's Q2 profits have 211 words, post on www.reuters.com at August 2, 2019. This is cached page on Drudgereport. If you want remove this page, please contact us.