Credit Agricole profit plunges on Espirito Santo hit


PARIS: France's Credit Agricole took a 708 million euro (US$950mil) hit from its stake in troubled Portuguese lender Banco Espirito Santo (BES), nearly wiping out its second-quarter net profit.

Better-than-expected underlying earnings and stronger capital ratios helped lift Credit Agricole shares, however, as the bank moved closer to turning the page on an era of ill-timed cross-border deals.

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