French lender Credit Agricole has reported a net income of EUR227m for the first quarter of 2016, a slump of 71% from EUR784m in the year-ago quarter.
The group’s pre-tax income for the period was EUR344m, down 58.9% from EUR839m a year ago. Operating income slumped 69.7% to EUR221m from EUR729m in the first quarter of 2015.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
For the quarter ended 31 March 2016, the group’s revenues were EUR3.8bn, a fall of 12.8% to from EUR4.36bn in the year ago period.
The bank’s Asset Gathering business line, which includes asset management, insurance and wealth management operations, posted a net income of EUR379m for the first quarter of 2016, up 10.3% from EUR343m in the first quarter of 2015.
The unit’s pre-tax income increased 1.6% to EUR590m from EUR581m a year ago, while operating income rose 1% to EUR583m from EUR578m a year ago. Revenues increased 0.7% year-on-year to EUR1.18bn.
The wealth management business had EUR148.3bn in assets under management as at 31 March 2016. The business’ net income group share declined 21.8% in the first quarter of 2016 compared to the prior year quarter.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn asset management, Amundi’s assets under management reached more than EUR987bn at the end of the first quarter. The business recorded EUR13.8bn of inflows during the period, while net income group share dropped to EUR92m from EUR98m a year ago.
