Bloomberg News

Credit Agricole Sees ‘Positive’ Impact From One-Time Items

March 15, 2012

Credit Agricole SA (ACA), France’s third- largest bank, said gains from buying back its own debt will more than compensate for the impact of additional Greek provisions on first-quarter earnings.

Credit Agricole, owner of the unprofitable Athens-based Emporiki Bank of Greece SA, is booking 130 million euros ($170 million) in first-quarter writedowns on Emporiki’s residual deferred-tax assets, as well as writing down 415 million euros of debt from three Greek companies by 74 percent, according to a statement today.

The Greek losses will be more than offset by about 550 million euros in gains from subordinated-debt buybacks, the bank said.

“Globally, the impact on the first quarter is going to be slightly positive,” said Charlotte de Chavagnac, a spokeswoman at the Montrouge, France-based bank.

To contact the reporter on this story: Fabio Benedetti-Valentini at fabiobv@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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