Net third-quarter underlying profits at French bank Crédit Agricole's corporate and investment banking arm dropped 15% from a year ago to €325m, on the back of lower profits from its financing business.

The underlying profits do not include debt adjustment valuations and loan hedges, which amounted to a loss of €426m, the costs of bank's restructuring which cost €20m, and the estimated impact of the sale of its equity brokerage arm CA Cheuvreux to Kepler Capital Markets, which is expected to cost €181m for the third quarter.