Greek exposure affects Credit Agricole profits

Credit Agricole, France’s third largest bank by market value, published in its 2Q11 net profit results on Thursday a 10.6 percent decrease at €339m compared to €379m in the same period last year.
The decline was mainly attributed to a pre-tax impairment on its Greek bond exposure of €202m, the bank said in a statement.
In Paris trading the lender had dropped around 30 percent in August over the threat the sovereign debt crisis could affect its 960 Italian branches.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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