Crédit Agricole: to record E600m goodwill impairment
(CercleFinance.com) - On Tuesday, Crédit Agricole S.
A.'s board of directors a recorded goodwill impairment on LCL that amounted to around 600 million euros.
"This impairment charge, not deductible, will be booked in the consolidated financial statements in the fourth quarter 2019 and will have a direct impact on the net income Group share," the bank said.
"This impairment loss will be recognised as a specific item and thus will not affect the underlying net income of Crédit Agricole S.A. or Crédit Agricole Group, nor the tangible net book value. It will not alter Credit Agricole S.A's dividend policy," management added.
Crédit Agricole S.A. confirms cautious financial targets for 2022 for LCL as part of its medium-term Plan published in June 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
A.'s board of directors a recorded goodwill impairment on LCL that amounted to around 600 million euros.
"This impairment charge, not deductible, will be booked in the consolidated financial statements in the fourth quarter 2019 and will have a direct impact on the net income Group share," the bank said.
"This impairment loss will be recognised as a specific item and thus will not affect the underlying net income of Crédit Agricole S.A. or Crédit Agricole Group, nor the tangible net book value. It will not alter Credit Agricole S.A's dividend policy," management added.
Crédit Agricole S.A. confirms cautious financial targets for 2022 for LCL as part of its medium-term Plan published in June 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.