UBS Is Facing More Risk From Credit Suisse’s Past

France’s third-largest listed lender said net income dropped to 1.03 billion euros ($1.22 billion), narrowly above analyst expectations of 996 million euros. Revenue fell 1.8% to 6.97 billion euros, beating the 6.78 billion euro consensus.
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The bank had to book a 607 million euro accounting charge after raising its stake in Banco BPM above 20%, triggering a change in how it accounts for the investment. The adjustment is non-recurring and does not involve any cash outflow.
Like several European lenders, Credit Agricole has benefited from higher interest rates and resilient loan demand, particularly in its international and corporate businesses, even as French retail margins have remained under pressure.
Credit Agricole is also focused on trying to protect and strengthen its position in Italy’s banking industry amid a wave of consolidation in a market crucial for the lender.
CEO Olivier Gavalda stated that the bank would seek greater influence at BPM.