Credit Agricole And SocGen Earnings, As Russia Weighs On Banks

Jefferies analysts maintain a Hold rating on SocGen despite a goodwill write down on Russia, while they assign a Buy rating on Credit Agricole SA (EPA:ACA) following strong results.

Omar Fall and the team at Jefferies in their research report dated May 7, 2014 note Credit Agricole SA (EPA:ACA) is still the only game in town.

Credit Agricole beats consensus

The Jefferies analysts note that, aided by improving credit quality and good cost control, Credit Agricole delivered above consensus results. They point out that the bank’s Basel 3 CET1 capital was 9.0%, showing a 70 bps improvement QoQ, and the bank now meets their FY 14 target. The bank...