War in Ukraine: Crédit Agricole spends more than 600 million euros in provisions

Operation caution. Present both in Ukraine – via a network of 148 branches, two-thirds of which are still open – and exposed to Russia – where the group has ceased its activities since the start of the war -, Crédit Agricole SA (CASA) has spent d important provisions in the first quarter, which mechanically weighs on its financial results for the period. “With regard to the Russia-Ukraine conflict, the group has opted for prudent provisioning, while the level of proven risks remains low”, insists Philippe Brassac, CEO of CASA.

After 5 billion euros in profits in 2021, CASA thus published, this Thursday morning, a net profit group share of 756 million, down 47.2% over one year, mainly due to this “cautionary provisioning (about 600 million), but also an increase of more than 120 million euros in its annual contribution to the European bank rescue fund (SRF).

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