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Credit Agricole Profit Inches Up as LCL, Provisions Improve

Fabio Benedetti Valentini
Credit Agricole Profit Inches Up as LCL, Provisions Improve

Credit Agricole SA fared better than local rivals during dismal trading conditions in the first quarter, and also indicated that its key French retail business is nearing a turning point. While the bank’s trading unit was caught up in the same volatile markets that ensnared BNP Paribas SA and Societe Generale SA, a revenue decline of 24 percent at its fixed-income trading business stopped well short of the surprise slump at its French competitors. Deputy CEO Xavier Musca also sounded a positive note on its local retail banking unit LCL, where revenue has declined for the last three quarters.