Crédit Agricole reveals 2008 results

by Richard Kilner

Story link: Crédit Agricole reveals 2008 results

Crédit Agricole S.A. has announced its financial results for the year 2008.

For the year the French bank’s net income - Group share was €1,024m, roughly a quarter of the 2007 figure of €4bn.

In May the bank will hold its Annual General Meeting, at which shareholders will be recommended by the board to approve a dividend of €0.45 per share.

Chairman of the Board of Directors, René Carron, expressed his satisfaction with the bank’s performance in difficult economic times, citing its Tier 1 ratio of 9.4% and a net income of €2.5bn.

Crédit Agricole’s CEO, Georges Pauget, echoed that sentiment, stating that the bank was in good working order and was actively laying the groundwork for the longterm future after the financial crisis abates.

Crédit Agricole’s French rival, BNP Paribas, released its 2008 results a few weeks ago, revealing a €3bn net income for the year, but a Q4 net loss of €1bn.

The fourth quarter of 2008 has been particularly difficult for a number of banks across the world, and has seen many of them report losses.