French banking group Credit Agricole has reported a net loss of E309m for the fourth quarter ended December 31, 2008, compared to a net loss of E857m for the fourth quarter ended December 31, 2007.
The group reported that net income was E1.02 billion for the year ended December 31, 2008, compared with E4.04 billion for the year ended December 31, 2007.
For the year 2008, the group’s net banking income was nearly E16 billion, a decline of 4.8% as compared to 2007. Gross operating income for the year 2008 decreased 18% to E3.3 billion.
Georges Pauget, CEO of Credit Agricole, said: Credit Agricole has proven its ability to assess and react quickly to the crisis by adapting its business model accordingly. During the first half of 2008, when market conditions were still relatively favorable, we launched a rights issue of unprecedented size which owed much of its success to the support of the regional banks.
Throughout the year, we adjusted our model by taking an even more industrialised approach to our business lines and through an in-depth reorganisation of our corporate and investment bank. We are fully prepared to play our part during the difficult times that lie ahead, while actively laying the groundwork for the post-crisis period.
