Profits Slip At Lyonnais

Net profit fell to around £144m for the period.
Provisions in corporate and investment banking rose sharply 59% and the division's contribution fell 19.9% year on year to £33.7m.
Asset management profits were broadly stable, whilst the retail division posted an 8.1% increase in net profit.

The bank's shares are up 24% since the start of the year and takeover speculation grows. Much depends on what the new French government decides to do with its 9.5% stake in the bank. Credit Agricole remains the favourite to take it over. BNP Paribas is thought to be considering its options.