Profits plunge at Credit Agricole

Credit Agricole is France's biggest retail bank

French bank Credit Agricole has reported a 94% fall in second-quarter profits after being hit by a loss at Calyon, its investment banking unit.

Net profit was 76m euros (£61.15m; $112.4m), down from 1.29bn euros in the same period last year, as the credit crunch took its toll on the bank.

The bank was hit by write-downs totalling 1.1bn euros related to the credit crisis and monoline insurers.

Calyon made a second-quarter loss of 855m euros.

Shares in Credit Agricole have fallen by about 40% since the start of the year.

The bank completed a 5.9bn-euro rights issue in July to boost its finances and is also seeking to raise 5bn euros by selling assets.