Third quarter net profits almost doubled at Calyon, the combined investment bank of Crédit Lyonnais and Crédit Agricole, but the group's management warned that the integration of the two banks remained "'an exceptionally large-scale project".

Calyon posted third quarter net profits before goodwill amortisation of €318m ($414m), up 95% from the third quarter of 2003. For the first nine months, they were €820m, up from €582m for the same period last year.