France’s Credit Agricole expects revenue growth of 13% in the third quarter

Adriana Lima
By Adriana Lima 4 Min Read
origin 1View of the signal of the Credit Agricole financial institution headquarters in Paris, Wednesday 4 March 2009. ©JACQUES BRINON/AP2009

French financial institution Credit Agricole reported stable outcomes for the third quarter of 2023, with revenue growth of greater than 13% in comparison with final yr, pushed by all enterprise sectors.

However, the excellent news was offset by felony costs of “money laundering and concealment” that an NGO filed towards the financial institution later Wednesday for its alleged help of corporations answerable for unlawful deforestation.

Credit Agricole’s reported revenues reached €6.343 million, whereas underlying outcomes, which take away non-recurring prices and one-off losses/income from the equation, reached €6.060 million.

The firm attributed this success in a statement to a steady circulation of partnerships and improvement initiatives, together with the consolidation of European operations.

“The Group continues its commitment both to benefit the French real estate and property systems and to support long-term social changes,” mentioned Dominique Lefebvre, president of the board of administrators of Crédit Agricole. “I want to thank all our representatives and associates who act each day to fulfill buyer wants.”

In response to the information, the financial institution’s share value rose to 11.76 euros at noon, in comparison with 11.60 euros at the similar time yesterday.

Credit Agricole has a big European portfolio: it controls Europe’s largest fund supervisor Amundi and is planning to amass Belgian asset administration agency Degroof Percam for €1.5 billion, according to Reuters.

Green Bonds (Washing) in Brazil: How European Banks Are Linked to Deforestation and Slavery

“Money laundering, trafficking in stolen goods and illegal deforestation”

As Credit Agricole celebrated its continued work in the direction of attaining internet zero as half of its local weather technique as half of its third quarter outcomes, it was hit with a barrage of felony costs linked to allegations of unlawful anti-green practices.

The French NGO Sherpa introduced on Wednesday that it had filed a felony grievance towards Credit Agricole and three different banks, accused of having made investments between 2013 and 2021 for a complete of virtually 70 million {dollars} (about 65.6 million euros) in two corporations concerned in unlawful deforestation.

The two corporations, JBS and Marfrig, have “a proven history of illegal deforestation, land grabbing by indigenous peoples and forced labor in their beef supply chains,” Sherpa defined in a press launch.

According to the NGO’s evaluation, the incontrovertible fact that banks obtained curiosity from cash from unlawful actions and contributed to the funding of these funds constitutes a violation of their obligation to struggle cash laundering.

While Sherpa says his felony grievance for cash laundering and receiving stolen items is a “first” for the banks, it comes amid a rising context of authorized disputes associated to preserving the planet.

At the time of publication, Credit Agricole had not responded to RockedBuzz through Euronews’ request for remark.

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