Greek exposure affects Credit Agricole profits

Credit Agricole, France’s third largest bank by market value, published in its 2Q11 net profit results on Thursday a 10.6 percent decrease at €339m compared to €379m in the same period last year.
 
The decline was mainly attributed to a pre-tax impairment on its Greek bond exposure of €202m, the bank said in a statement.
 
In Paris trading the lender had dropped around 30 percent in August over the threat the sovereign debt crisis could affect its 960 Italian branches.