Credit Agricole Sees Profits Fall by 67% on Greece

“Credit Agricole SA, France’s third- largest bank by market value, posted a 67 percent decline in second-quarter profit on losses in Greece and a writedown of its stake in Intesa Sanpaolo SpA. (ISP)

Net income fell to 111 million euros ($138.6 million) from 339 million euros a year earlier, the bank, based near Paris, said in a statement today. The company booked 370 million euros of losses in Greece, as well as a 427 million-euro charge on its holding in Milan-based Intesa,Italy’s second-largest bank.”

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