French lender Credit Agricole’s net income in third quarter of 2016 surged to €1.86bn from €930m in the year ago quarter.

The group’s pre-tax income for the period was €656m, a decline of 42% from €1.13bn in the third quarter of 2015. Gross operating income dropped 11% to €1.05bn from €1.18bn a year ago.

For the quarter ended 30 September 2016, revenues were €3.74bn, a fall of 4.6% from €3.92bn in the parallel quarter of 2015.

The bank's Asset Gathering business line, which includes asset management, insurance and wealth management operations, posted net income of €447m and pre-tax income of €636m for the third quarter of 2016.     

The unit’s assets under management (AUM) stood at to €1.47bn, an increase of 5.5% or €77bn compared with 31 December 2015. Net inflows stood at €47bn, including €39bn for Amundi, €7bn for life insurance and €1bn for wealth management.

AuM at the wealth management business were €152.1bn at the end of September 2016, a rise of 3.6% from last year.

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By GlobalData

In asset management, Amundi's AuM stood at €1.05bn, a rise of 10.8% year-on-year.