(Alliance News) - Credit Agricole SA on Friday announced that "the group continues to grow" as revenue and profit both rose in its latest quarter.

The central institute of the wider Credit Agricole group, a Paris-headquartered bank, said group revenue rose 6.7% to EUR9.53 billion in the first three months of 2024, from EUR8.93 billion the prior year. Gross operating income increased 30% to EUR3.94 billion from EUR3.02 billion.

Group net income jumped 38% to EUR2.59 billion from EUR1.87 billion. The underlying net income group share surged by 43% to EUR2.38 billion.

The cost/income or CI ratio, meanwhile, decreased slightly to 58.7% from 59.2%.

Operating expenses rose 5.8% to EUR5.59 billion from EUR5.28 billion, while cost of risk jumped 19% to EUR651 million from EUR548 million.

Chief Executive Officer Philippe Brassac commented: "For the third time in a row, the financial ambitions of our medium-term plan should be achieved a year ahead of schedule, i.e. by the end of 2024."

Credit Agricole said its solvency ratio for the quarter, for example, was higher than the medium-term plan target, with an 11.8% phased-in CET1 ratio at March 31. The group CET1 ratio was 17.5%, unchanged from the end of 2023.

Shares in Credit Agricole traded 3.9% higher at EUR15.18 each on Friday morning in Paris.

By Emma Curzon, Alliance News reporter

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