Credit Agricole Posts €3.07 Billion Net Loss in Q4 2011
France's third-largest listed bank, Credit Agricole, announced on Thursday a net loss of €3.07 billion ($4.06 billion) for the fourth quarter, exceeding expectations for losses.
According to Reuters, Credit Agricole's Tier 1 capital ratio stood at 8.6% as of the end of 2011, up 0.2 percentage points from the same period the previous year. Like its domestic rival Societe Generale, Credit Agricole will not pay dividends for 2011. The bank has also canceled its targets for 2014.
The report noted that Credit Agricole booked impairment charges on its shrinking investment banking operations and holdings in other Eurozone banks. Additionally, it recorded a charge of €220 million related to its Greek debt holdings, and suffered €482 million in losses from asset sales during the fourth quarter.
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