By Helena Smolak

Credit Agricole shares rose after the lender's first-quarter net profit and revenue growth beat analysts' estimates and said it expects to reach its 2025 profit target a year early.

At 0907 GMT, Credit Agricole shares jumped 3.7% to EUR15.15, having risen as high as EUR15.23, its highest price in six years. The stock gained 18% year to date.

The French lender said Friday that its net profit in the first quarter jumped 55% to 1.90 billion euros ($2.04 billion), boosted by revenue of its corporate and investment banking business.

Analysts expected EUR1.49 billion in quarterly net profit on EUR6.50 billion revenue, according to a poll by FactSet.

The lender now aims to reach its underlying net profit target of EUR6 billion and a return on tangible equity above 12% in 2024.

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(END) Dow Jones Newswires

05-03-24 0555ET