Credit Agricole beats expectations in Q3, confirms 2022 targets

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France’s second-biggest listed lender said net income rose 43.5% in the third quarter to 1.40 billion euros ($1.62 billion)and beat a mean forecast for 1.23 billion euros in a poll of analysts compiled by Refinitiv.

Revenue was up 7.4% to 5.53 billion euros, above the 5.46 billion euros forecast by analysts, while its cost of risk – reflecting provisions against bad loans – fell by 56.1%.

Credit Agricole’s chief executive officer Philippe Brassac confirmed the lender was on track to meet its 2022 targets, including a 5 billion euros net profit.

“There is no reason today to change our target,” Brassac told reporters.

($1 = 0.8655 euros)