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Credit Agricole reported a 4.2% decline in first-quarter net income to €1.82 billion, impacted by a one-off tax hike and rising costs, which outpaced revenue growth of 6.6% to a record €7.26 billion. Shares fell 3.5% as the bank faced a total of €200 million in exceptional taxes for 2025, while its investment banking division showed resilience amid volatile markets. Retail operations in France and Italy struggled with declining net interest margins, despite increased fee income from asset management.
Crédit Agricole reported a 4.2% year-on-year decline in group net income for Q1 2025, totaling €1.82 billion, impacted by a corporate tax surtax. Net banking income rose 6.6% to a record €7.26 billion, with notable growth in corporate and investment banking, despite increased operating expenses and tax costs. Retail banking in France experienced a 25.6% drop in net income, reflecting the surtax's effects.
Société Générale reported a strong Q1 2025, with net income more than doubling to €1.61 billion, surpassing analyst expectations. The French retail banking unit led the growth, with net banking income rising 14.1% to €2.3 billion, while operating expenses fell 7.6%. Despite a dip in fixed income activities, overall performance exceeded 2025 targets, showcasing improvements across all divisions.
BNP Paribas reported a 4.9% decline in net income to €2.95 billion in Q1, attributed to the re-inclusion of its Ukrainian operations, despite rising sales in its corporate and institutional banking unit. Operating expenses increased by 4%, exceeding expectations, while the bank reaffirmed its profit targets for 2024-2026 amid a challenging economic outlook influenced by global trade tensions.
BNP Paribas is shifting its sustainable finance strategy to prioritize profitability, as stated by Constance Chalchat, head of sustainable development in the bank's corporate and investment banking division. This change comes amid declining returns on ESG investments and political pressures, particularly from conservative forces in the US. The bank aims to focus on profitable investments that contribute positively to climate change adaptation, ecological transition, and societal resilience, while moving away from broad exclusionary frameworks.
A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction that marked the first criminal ruling against a major Swiss bank. The court cited the presumption of innocence for a deceased former employee involved in the case. UBS, which acquired Credit Suisse in March 2023, welcomed the decision, although the Swiss federal authorities may still appeal.
Bertrand De Meyer
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
credit agricole reports profit decline amid rising costs and tax impact
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