Credit Agricole today reported a net loss of €1.47 billion last year due to the Greek debt crisis, costs of a restructuring plan and asset write-down charges.
The bank did not give an outlook for 2012, but said that it would not pay shareholders a dividend for 2011. In 2010, the bank, France's third-biggest by market capitalisation, had posted a net profit of €1.26 billion. The latest result missed analysts' forecasts.
In the fourth quarter of 2011, Credit Agricole reported a loss of €3.1 billion, worse than the comparable loss of €328m 12 months earlier.
A bank statement said the group had been hit by the costs of absorbing problems associated with Greece, estimated at almost €2.4 billion, an adjustment plan which took effect late last year and impairment charges first announced on December 14.
It has launched a plan to cut debt by €50 billion from June 2011 to December 2012, and said that by the end of last December it had cut refinancing needs by €21 billion.
