Reported total revenues at €3.75bn are 7% above company-compiled consensus and our own expectations. Total expenses are 2.5% better as well (versus consensus) and 1% better than our expectations. Despite loan losses (driven by a €50m legal charge) being higher than expected, the strong beat in revenues and expenses led to an operating income (after cost of risk) of €556m, 40% above our expectations. In terms of the CET1 ratio, this is now at 12% (after the inclusion of the &eur
08 Nov 2016
Strong beat in the P&L
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Strong beat in the P&L
Credit Agricole SA (ACA:WBO) | 0 0 0.0% | Mkt Cap: 38,693m
- Published:
08 Nov 2016 -
Author:
Farhad Moshiri -
Pages:
3
Reported total revenues at €3.75bn are 7% above company-compiled consensus and our own expectations. Total expenses are 2.5% better as well (versus consensus) and 1% better than our expectations. Despite loan losses (driven by a €50m legal charge) being higher than expected, the strong beat in revenues and expenses led to an operating income (after cost of risk) of €556m, 40% above our expectations. In terms of the CET1 ratio, this is now at 12% (after the inclusion of the &eur