Crйdit Agricole, the French mutual bank, yesterday shrugged off analyst worries about its ability to keep pace with the recovery at its domestic rivals by reporting an almost threefold increase in third-quarter net profits to Ђ382m.
Specialised financial services, including factoring, leasing and consumer credit, saw pre-tax profits more than double to Ђ170m, helped by the inclusion of its recently acquired Finaref business.
Jean Laurent, Agricole's chief executive, said: "Each of our business lines improved its operating performance. This trend shows the group's capability to maintain its growth whilst implementing the integration of Crйdit Lyonnais."
The results mirrored strong performances by Agricole's French rivals. Sociйtй Gйnйrale reported a more than fourfold rise in profits and BNP Paribas enjoyed a 69 per cent jump in profits.
