France's 3rd largest bank reports sharp decline in Q3

Credit Agricole S.A. banking group, France's third largest bank by market value, reported a 21-percent decline in net income for the July-September period on Wednesday.

The Paris-based bank had net income of 289 million euros (432.3million U.S. dollars), a 21 percent drop from 365 million euros (547 million dollars) in the same period last year, the bank said.

The bank's investment branch lost 99 million euros (148.3 million dollars) in the quarter due to write-downs on asset-backed securities and debt and loan obligations.

Meanwhile, Credit Agricole suffered a 417 million euros (624.9 million dollars) loss from international retail banking, although the French retail network grew 63 percent to 222 million euros (332.7 million dollars).

On the same day, the bank announced Chief Executive Officer Georges Pauget would be replaced by Jean-Paul Chifflet, secretary general of the bank's largest shareholder.

France's leading bank, BNP Paribas, has reported a 45 percent jump in income in third quarter while Societe Generale, the No. 2 lender by market value, more than doubled its profit in the same period.

Source:Xinhua