Credit Agricole's first-quarter earnings jump as investment banking beats rivals

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Earnings News

Credit Agricole SA,Amundi SA,France

European banks' first-quarter earnings have largely beaten expectations, with the boost from higher interest rates still supporting lenders' bottom line.

Credit Agricole posted a forecast-beating 55% jump in first-quarter net profit on Friday, helped by corporate and investment banking sales that outperformed rivals.

Net profit in the January to March period rose to 1.9 billion euros , above the 1.48 billion-euro average of 19 analyst estimates compiled by the company. Despite the overall rise in revenues, Credit Agricole said its retail sales in France grew by just 1.8% while its net interest margin, or the difference between what a bank earns on loans and pays out for deposits, was stable.

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