Credit Agri­cole’s ex­po­sure to gov’t debt at 631 mln eu­ros

Kathimerini English - - Business & Finance -

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)

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