French Bank Credit Agricole Reports Its First Net Loss

Credit Agricole

Photo: AP

PARIS (AP) — French bank Credit Agricole SA has reported a massive euro3.07 billion ($4.06 billion) net loss in the fourth quarter and says the Greek debt crisis shaved billions off its bottom line last year.Credit Agricole — one of the most exposed French banks to Greek debt — says fourth-quarter net profit plunged nearly tenfold from a loss of euro328 million in the last quarter of 2010.

The bank says slowing European economies, European sovereign debt downgrades, tense financial markets and “a particularly difficult situation in Greece” hurt its macroeconomic backdrop in the second half of 2011.

Credit Agricole said Thursday the net loss group share from Greek affiliates was euro352 million in the fourth quarter. Its overall losses from Greece last year were euro2.38 billion.

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