Bear Stearns maintains his recommendation to under-perform the title Credit Agricole after the publication of results below expectations.

Bear Stearns announced that the bank has unveiled green on the fourth quarter alone, a net loss of 857 million euros compared with 847 expected by the broker. On average, analysts estimated losses at 627 million euros. Over the full year, the group net income reflected a decline of 16.8% to 4044 million euros

Bear Stearns stresses that the benefits of the group were affected by the impairment losses of 3.3 billion euros recorded in the bank's market Calyon while the group had originally anticipated for 2500 million euros depreciation ..

The analyst added that the past depreciation by the bank Green seemed less conservative than they c BNP Paribas. According to the broker, there are risks of further impairment charges related CDOs and LBOs, which are not covered.

Finally, the Board of Directors will propose to the General Assembly on 21 May 2008 a dividend of 1.20 euros per share, an increase of 4.3% compared to that paid for the year 2006. Bear Stearns stressed that analysts were expecting on average a dividend of 1.17 euros.