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Credit Agricole's fourth-quarter profits rise more than expected, meets targets a year early

A branch of the French Credit Agricole bank is seen in Warsaw, Poland.
Jaap Arriens | NurPhoto | Getty Images

French bank Credit Agricole booked a higher than expected net profit in the fourth quarter of last year and met its profit goals set for 2019 a year ahead of target.

The bank said its fourth quarter net profit more than doubled to 1 billion euros ($1.13 billion) up from 387 million euros in the same period a year earlier, when the bank had to book almost 400 million in charges related to exceptional taxes.

Analysts polled by Infront Data expected a 795 million profit during the quarter.

Credit Agricole said it surpassed targets set three years ago for 2019 on profitability and revenue growth. The bank's revenue grew by an average 4.3 percent a year in 2016-2018, while return on tangible equity rose to 12.7 percent.