By Pietro Lombardi
Credit Agricole SA (ACA.FR) net profit recorded double-digit growth in the fourth quarter despite the negative effect of tax items, the bank said Wednesday.
The lender, France's second-largest listed bank by assets, said net profit rose 33% to 387 million euros ($477.2 million) from a year earlier, when a write-down on its domestic retail arm hit the bottom line.
Analysts had expected the Paris-based lender to post a net profit of EUR610.8 million, according to FactSet.
Revenue rose 1.6% to EUR4.65 billion. On an underlying basis, revenue grew by 5.4%, supported by the integration of Pioneer and organic growth, the lender said.
Tax increased to EUR703 million for the quarter from EUR461 million a year earlier.
Credit Agricole's core Tier 1 ratio, a key measure of capital strength, was 11.7% in December, compared with 12% as of September.
The lender said it would pay shareholders a dividend of EUR0.63 a share, up from EUR0.60 for 2016.
Write to Pietro Lombardi at [email protected]