Economic Insights – Update
The French banking giant, Credit Agricole, reported a significant increase in net profit for the fourth quarter compared to the same period last year. This surge in profitability was attributed to robust revenue growth driven by strong asset collection performance and an expanding customer base.
For the fourth quarter, Credit Agricole posted a net income of €2.15 billion (approximately $2.24 billion), reflecting a notable growth rate of 26.5%. This is up from €1.7 billion recorded in the same quarter of the previous year.
The group’s total net income for the year reached €2.19 billion, compared to €1.64 billion in the prior year. Prior to tax considerations, profits for the group amounted to €3.15 billion, an increase of around €2.4 billion from the previous year.
Looking ahead, Credit Agricole has proposed a dividend distribution of €1.1 per share for the entire year, representing a 5% increase from last year’s dividend.
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