The bank has earlier warned that its stake in Italy’s Intesa Sanpaolo had suffered a EUR1.25bn writedown.
Operating profit rose to EUR687m from EUR41m a year earlier, helped by French retail and falling provisions.
The bank’s revenues rose 12%, though costs also rose 7% on the previous quarter.
The group plans to propose a dividend of EUR0.45 a share, flat year-on-year.
French bank’s core Tier 1 ratio had risen to 8.8% by the end of 2010, as a result of a new EUR5.5bn capital guarantee from its parent banks.
Credit Agricole said it would not need to raise capital to meet incoming Basel III rules, after revealing a 0.6 percentage point jump in Tier 1 capital to 10.3% in the fourth quarter.
The bank made annual net income of EUR1.26bn, a rise of 12.3% from the EUR1.13bn it made in 2009.
