Credit Agricole profits fall on Greek debt writedowns

Credit Agricole Credit Agricole is France's third largest listed bank

French bank Credit Agricole has reported worse-than-expected three month results, depressed by more write-offs of Greek debt.

The lender reported net profit of 265m euros ($342m; £213m), down 76% from the same period last year.

It took a charge of 940m euros for losses in Greece.

Credit Agricole bought the Greek bank Emporiki in 2006 and has made extensive writedowns of Greek debt in recent quarters.

The latest losses cover the private debt swap, which was part of the 130bn euro bailout of Greece.

Credit Agricole, which is France's third-biggest listed bank, has been slimming down its investment banking operations and is cutting 2,350 jobs there.

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