Valerie Cazaban News
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BNP Paribas SA, France’s largest bank, reported a smaller decline in first-quarter profit than analysts estimated, helped by French and Belgian consumer banking.
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Credit Agricole SA , France’s third- largest bank, had a narrower-than-estimated fourth-quarter loss as earnings at the investment-banking business helped cushion provisions for bad loans at its Greek unit.
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Credit Agricole SA, France’s third- largest bank by market value, said first-quarter profit dropped 75 percent, hurt by Greek losses.
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For French financial companies, a five-year, 22.3 billion-euro ($32 billion) Italian acquisition binge that made Rome and Parma second homes for BNP Paribas SA and Credit Agricole SA may be coming to an end.
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PSA Peugeot Citroen’s sliding share price has left the French carmaker trading at a record discount to Volkswagen AG on investor expectations it will be the worst automotive casualty of the region’s sovereign debt crisis.
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Credit Agricole SA , France’s third- largest bank by market value, reported a doubling in first- quarter profit, helped by higher revenue at its investment bank and lower provisions for doubtful loans.
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Pierre Mouton, a fund manager at Notz Stucki & Cie. in Geneva, looks at the rise of anti- European, anti-austerity parties across the border in France with concern. It may keep him out of the country’s stock market.
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BNP Paribas SA and Societe Generale SA, France’s largest banks, are accelerating cuts in their 1.1 trillion-euro ($1.5 trillion) trading books to avoid going to shareholders or the government for capital.
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Societe Generale SA , France’s second- largest bank by market value, said first-quarter profit fell 14 percent, hurt by a charge tied to its own debt and provisions resulting from political turmoil in Egypt.
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Societe Generale SA, France’s second- largest bank, posted a bigger-than-expected 42 percent drop in second-quarter profit after taking writedowns on its Russian unit and U.S. asset manager TCW Group.
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