French lender Credit Agricole S.A. has reported net income of €1.06bn for the third quarter of 2017, a slump of 43% compared to €1.86bn in the year ago quarter.

The bank’s pre-tax income however increased to €1.56bn from €657m in the previous year.

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For the quarter ended 30 September 2017, gross operating income was €1.67bn, a surge of 59% over €1.05bn reported in the parallel quarter of 2016.  Revenues surged 22% year-on-year to €4.57bn.

The bank’s Asset Gathering business line, which includes asset management, insurance and wealth management operations, posted net income of €455m for the third quarter of 2017, up 2% from €447m last year.

The unit’s pre-tax income remained almost flat at €631m, while revenue surged 17% to €1.3bn from the year ago period.

Amundi’s asset under management stood at €1.4 trillion.

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