Credit Agricole S.A. reported a dip in its first-quarter profit due to an exceptional tax impact and heavier costs despite logging higher revenue for the period, sending its shares lower.

The French lender made 1.82 billion euros ($2.08 billion) in net profit–or net income group share–for the three months ended March 31, down 4.2% compared with the same period a year prior, on higher operating expenses and a temporary levy imposed on large corporates in its home market, it said Wednesday. The result slightly missed the 1.87 billion euro estimate taken from a Visible Alpha poll.