French lender Credit Agricole reported a net income €291m for the fourth quarter of 2016, a 67% decrease compared to €882m in the same period of 2015.
The group’s pre-tax income for the quarter ended 31 December 2016 dropped 1% year-on-year to €832m. Gross operating income increased 15.5% to €1.59bn from €1.38bn the year ago.
Revenues were €4.58bn, an increase of 6.7% from €4.28bn in the prior year.
The bank's Asset Gathering business line, which includes asset management, insurance and wealth management operations, posted net income of €448m for the fourth quarter of 2016, an increase of 14.2% from €392m in the corresponding quarter of 2015. The unit’s pre-tax income surged 21.6% to €747m from €614m the year ago, while revenues increased 12.9% year-on-year to €1.29bn.
The unit’s assets under management (AUM) at 31 December 2016 stood at €1.50 trillion, up 7.6% or €107bn from the previous year. Net inflows totalled €71bn for Amundi, €62bn for life insurance and €8bn for wealth management.
AuM at the wealth management business were €152.4bn at the end of December 2016, a 0.9% rise year-over-year.
In asset management, Amundi's AuM stood at €1.08bn, an increase of 9.9% from the year ago.