Credit Agricole, record losses in 2012: 6,47 billion

The French banking group Credit Agricole SA closed 2012 with a net loss of 6,47 billion euros (-1,47 billion in 2011). The result is affected by extraordinary items included in the accounts for the fourth quarter, including the capital losses recorded on the sale of the Greek branch Emporiki, of the shares in Intesa Sanpaolo and Bankinter. The board has decided that it will not propose any dividend. In the fourth quarter of 2012 alone, losses amounted to 3,98 billion, above market expectations which were for 3,69 billion. The French bank has announced a new savings plan for 650 million by 2016.