Credit Agricole Shares Rise as Bank Flags Earlier Profit Target, Beats Expectations
By Helena Smolak
Credit Agricole shares rose after the lender's first-quarter net profit and revenue growth beat analysts' estimates and said it expects to reach its 2025 profit target a year early.
At 0907 GMT, Credit Agricole shares jumped 3.7% to EUR15.15, having risen as high as EUR15.23, its highest price in six years. The stock gained 18% year to date.
The French lender said Friday that its net profit in the first quarter jumped 55% to 1.90 billion euros ($2.04 billion), boosted by revenue of its corporate and investment banking business.
Analysts expected EUR1.49 billion in quarterly net profit on EUR6.50 billion revenue, according to a poll by FactSet.
The lender now aims to reach its underlying net profit target of EUR6 billion and a return on tangible equity above 12% in 2024.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
May 03, 2024 05:55 ET (09:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations