Credit Agricole’s Q1 profits double

Paris: Credit Agricole, France’s third-largest bank by market value, reported a doubling in first-quarter profit, helped by higher revenue at its investment bank and lower provisions for doubtful loans.

Credit Agricole rose 2.6% in Paris trading after saying first-quarter net income rose to €1 billion from €470m a year earlier.

Chief executive Jean- Paul Chifflet, who took over last year, is aiming to reach between €6bn-€7bn of net income in 2014.