Credit Agricole Says Its Profits for Q3 2021 Beat Expectations

Credit Agricole, a major French international banking group, reported on Wednesday that its third-quarter profits for 2021 surpassed its expectations. According to Reuters, the reason can be attributed to the lower Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term-related provisions for bad loans, although the bank lagged rivals within the capital markets sector.

Revenue across capital markets was down 18.7%, said Credit Agricole, compared with the 8.4% surge witnessed at Societe Generale and 1.2% in BNP Paribas. Still, Philippe Brassac, the Chief Executive Officer of the French international banking group, clarified that they have no plans to change its strategy in the sphere as the pandemic crisis was not over yet. “It is a matter of long-term policy on our side,” he said.

Other metrics unveiled that Credit Agricole had a rise in its net income of 43.5% during the third quarter to EUR 1.40 billion, which beat the forecast set at EUR 1.23 billion according to a survey conducted by Refinitiv. “There is no reason today to change our target,” Brassac commented.

Moreover, in the retail banking unit, revenue in Credit Agricole increased 5.1% in France and skyrocketed 32.5% in Italy, where the lender acquired Creval, a domestic lender. Lastly, corporate and investment banking revenue dropped by 3.7% for the French international banking group, as fixed-income, commodities and currency trading plummeted by 23.7%.

Societe Generale's Partnership with Kyriba

In June, one of its major competitors, Societe Generale, announced that it had formed a partnership with Kyriba, a Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based finance and IT solutions provider, to launch a new treasury management solution, including payment automation and fraud management functionalities.

The new solution aims to facilitate Societe Generale’s corporate clients and their subsidiaries. In addition, the French banking giant is planning to make treasury management smooth and easier through the cloud-based solution. The bank highlighted different functionalities in the upcoming solution, including payment automation, fraud management and real-time monitoring of treasury positions.