French bank Credit Agricole saw its fourth-quarter net income miss expectations on Wednesday after a number of one-off charges, including changes to tax rules in both France and the US.
Despite the charges, net income at France's second largest bank by assets rose nearly 33% in the fourth quarter to €387m, but fell short of expectations. Over the year, net income rose 3.1% to €3.649bn.
Other Q4 and full-year highlights
- Stated revenues: Q4 - €4.651bn, up 1.6% on the year ago number
- Stated revenues: full-year 2017 - €18.634bn, up 10.6% on 2016
- Proposed dividend of €0.63 per share
Chief executive Philippe Brassac said: "We demonstrated a real ability to innovate to serve its customers by investing in its digital transformation and the development of its businesses while maintaining a high level of operational efficiency.”
The shares in Credit Agricole fell 2.15% to €13.66.