Crédit Agricole's corporate and investment banking division, which is part of a group-wide restructuring at the French bank, suffered a near 60% drop in net profits during the second quarter amid tough conditions in the capital markets.

Crédit Agricole this morning published its figures for the three months to the end of June and reported net profits of €131m in CIB, a 59.8% decline on the same quarter last year. Within CIB, the capital markets and investment banking unit slumped to a €15m loss in the second quarter.