Crédit Agricole S.A.’s first quarter results 2010

Crédit Agricole’s Board of directors, chaired by René Carron, met on 12 May 2010 to review the accounts for the first quarter of 2010.
In an economic and financial climate that showed some improvement but remained fraught with uncertainty, Crédit Agricole S.A. confirmed its ability to generate solid, recurring results. Net income - Group share more than doubled year-on-year to €470 million in the first quarter of 2010, owing to strong operating performances across the business lines...
At the end of the Board meeting, René Carron, Chairman, commented: “These results reflect a solid underlying performance. More particularly, our results in retail banking demonstrate our strength and growth momentum in this area. Crédit Agricole remains true to its traditions and its roots in the French regions and confirmed its role as the leading financial partner of the French economy. Now more than ever, our staff members are fully committed to supporting their customers in today’s difficult economic times".
Jean-Paul Chifflet, Chief Executive Officer, added: "First-quarter results more than doubled compared with the first three months of 2009, as a result of the refocusing strategy initiated 18 months ago. In addition to the strong performances posted by the Group’s traditional business lines, Corporate and investment banking made a positive contribution of €157 million to the Group’s net income. These results also reflect higher provisions for Greece".