(0GTI)20 Feb 2013 22:22
Credit Agricole has posted a record loss for 2012 after goodwill writedowns and a tax charge related to the sale of its Greek unit forced the French bank to use more red ink.
The total loss for 2012 amounted to €6.47bn compared to a €1.47bn loss in the prior year. The bank reported a loss of €3.982bn for the fourth quarter alone, 29.8% more than in the year-ago period.
Some €2.67bn in goodwill writedowns were taken in the fourth quarter to reflect stricter accounting rules and a worsening economy and included writedowns at its Italian and investment banking businesses. The bank also booked a €706m loss on the sale of its Greek unit Emporiki.
"Leaving Greece cost us dearly but it was a necessary decision," said Chief Executive Jean-Paul Chifflet.