Credit Agricole net profit falls 97.5% after Espirito Santo loss

|About: Credit Agricole SA ADR (CRARY)|By:, SA News Editor

Banco Espirito Santo may have received a $6.6B rescue yesterday, however, that did not stop one of its main shareholders from logging a record loss.

Credit Agricole (OTCPK:CRARY) has reported that it took a €708M ($950M) hit due to its 14.6% stake it owns in Banco Espirito Santo, nearly wiping out the bank's Q2 net profit.

The French bank is now trying to concentrate on its domestic business and move away from cross-border deals.