French bank Credit Agricole SA said Thursday its net profit more than doubled in the second quarter as fewer writedowns on risky loans helped curb losses at its investment bank.
France's largest retail bank by clients reported net profit of euro201 million ($286.83 million) for the three months through June, compared with euro76 million a year earlier.
Shares rose 5.6 percent to euro13.31 in Paris morning trade on the news.
The bank reduced losses at its corporate and investment banking division compared to a year ago, when the bottom line was hammered by massive writedowns linked to U.S. subprime loans.
The divison's net loss for the quarter narrowed to euro87 million from euro855 million a year earlier.
The bank, known as the Green Bank due to its origins as a lender to France's farmers, said that it expects the "negative impact" of toxic assets on earnings "will gradually reduce in the future."
Chief Executive Georges Pauget said retail banking, insurance, asset management and consumer finance delivered "very good" performances, despite a difficult economic environment.
"Credit Agricole has fully integrated the lessons learnt from the crisis and has adapted its business model to meet the needs of the real economy," he said in a statement.
Revenue gained 40 percent to euro4.56 billion in the second quarter from a year earlier.
