11 May 2012
French bank Crédit Agricole today reported a steeper than expected 75% fall in first quarter profits largely due to its exposure to Greek bonds.
The bank which bought Greek bank Emporiki in 2006 took a further €940 million (£754 million) write-down pushing profits for the first three months of the year down to €225 million.
Chief executive Jean-Paul Chifflet said the bank had a team working on contingency plans should Greece exit the eurozone. The investment banking arm made a net profit of €410million, up 13% on a year ago time after a strong quarter for its fixed income business.
