Big loss at Credit Agricole

French bank Credit Agricole reported a record quarterly net loss of €3.07bn yesterday, performing worse than expected as it was hit by the cost of shrinking its balance sheet and the Greek debt crisis.

Press agency Reuters reported that the semi-cooperative bank, which is under new management and trying to return to its low-risk retail lending roots, was hit by more than €2bn in quarterly one-off charges that it had already disclosed in December.

Unprecedented cheap funding by the European Central Bank and a debt deal on Greece have calmed financial markets, but the outlook is still uncertain, Credit Agricole’s chief said.