France’s largest retail bank Crédit Agricole
has reported group net profits of €1.12 billion ($1.5 billion) for
fiscal 2009, up 10 percent from €1 billion a year earlier.
Crédit Agricole said its retail banking
performance was particularly resilient against the financial crisis
and helped restore “robust growth momentum”.
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This came despite worries over the performance
of Emporiki, its Greek subsidiary, which has been badly impacted by
the Greek government’s fiscal deficit.
While international retail banking made a net
loss of €458 million, dented by Emporiki’s economic woes, Credit
Agricole’s regional banks and domestic retail unit LCL, posted a
combined net profit of €1.3 billion.
LCL’s retail highlights in 2009 included the
success of LCL’s à la carte and Assurance Tous Portables products
with 124,000 customers signing up.
The regional banking segment also reported
growth with retail loans growing by 2.1 percent to €357.2 billion
and deposits increasing by 5.6 percent to €521.6 billion.
René Carron, Crédit Agricole
chairman, said the results were underpinned by the strength in
retail banking and “bear the first fruit of the restructurings
initiated two years ago”.
