Credit Agricole’s exposure to gov’t debt at 631 mln euros
French bank Credit Agricole, one of the biggest European banks by capitalization, reported a doubling of net profit to 1.0 billion euros ($1.42 billion) in the first quarter yesterday. The price of shares in the bank showed a gain of 1.40 percent to 11.23 euros in a market up 0.57 percent overall. The outcome, marking an increase of 112 percent from the result 12 months ago, was in line with average estimates of analysts as polled by Dow Jones Newswires. At CM-CIC Securities, analyst Pierre Chedeville commented: “The group is showing its main characteristics again: operating efficiency and an excellent control of charges, very cautious policy for provisioning, and financing and investment activities steady.” Jean-Paul Chifflet, the bank’s chief executive, said that Credit Agricole’s direct exposure to Greek debt was 631 million euros at the end of March. Credit Agricole is one of the few foreign banks to control a Greek bank, in the form of Emporiki Bank. (AFP) bottler, said it got a 500-million-euro ($715 million) revolving credit facility to refinance debt. The five-year multi-currency credit line replaces existing financing for the same amount due to mature in 2012 at “lower costs,” the Athens-based company said yesterday in a statement. ING Groep NV, Societe Generale SA, Citigroup Inc, Bank of America Corp, Deutsche Bank AG, Credit Suisse Group AG, Royal Bank of Scotland Group Plc, Bank of Ireland Plc, Raiffeisen Bank International AG and Intesa Sanpaolo SpA arranged the financing.
(Bloomberg) shipping was $97 million, down from $113.9 million a year earlier. Revenue from drilling contracts advanced to $109.3 million from $80.3 million. DryShips gained 4 cents, or 0.9 percent, to $4.68 in NASDAQ Stock Market composite trading on Thursday. The shares have fallen 15 percent this year. The earnings were released after the close of regular trading. “The spot market is down but we are not too worried about DryShips, since the rig market is looking better than a year ago,” said Wilhelm Gedde-Dahl, an analyst at Pareto Securities ASA in Oslo. (Bloomberg)