French bank Credit Agricole's first quarter net profits fell, as two one-off events offset profitability increases in all its main business lines.
First quarter net profits declined 11% to 763 million euros ($855 million), down from 856 million euros in the same period a year ago, when the bank had booked a capital gain worth 86 million euros on the acquisitions of three banks in Italy.
Credit Agricole also said it had to contribute about 40 million euros more to the European fund protecting bank deposits in the first quarter of 2019 than in the same period a year ago.
Analysts polled by Infront Data for Reuters expected a 789 million euro net profit for the first quarter.
Credit Agricole said profitability at all its main business lines increased, including at its corporate and investment banking arm, which posted a 5.2% net profit increase.
Credit Agricole is due to announce new financial targets on June 6. The bank had surpassed the goals the management had set for 2019 a year ahead of schedule.