The plunge in second quarter profit was largely attributed by charges of €427m in connection with the value of its shares in the Italian bank Intesa Sanpaolo.
Its Greek operation Emporiki bank has also blown the bank profit by €370m, and the French lender is seriously mulling to offload it.
For the second quarter ended on 30 June 2012, its losses were partly offset by a €140m gain on Credit Agricole’s own debt.
France’s third-largest bank by market value, posted 14% slump in second-quarter revenue which stood at €4.75bn, compared to the same period.
The lender said that it took a €16m charge for the cost of a restructuring plan to reduce its balance sheet and cut dollar funding needs.
Credit Agricole core Tier 1 ratio grew to 9.6% from 9.4% to march towards Basel III, the stringent capital coming in force from next year.
