21 February 2008 - 09H07
Société Générale, profit despite Kerviel scandal
Despite the Jerome Kerviel trading scandal that cost the French bank nearly five billion euros, Société Générale has announced net profits of 947 million euros for 2007.
Societe Generale on Thursday announced net profits of 947 million euros (1.39 billion dollars) for 2007 despite the trading scandal that cost the French banking giant nearly five billion euros.
Net profits fell 82 percent as compared with 2006, when the figure stood at 5.221 billion euros, due to 4.9 billion euros in losses related to "unauthorised and hidden market activities" -- a reference to the scandal.
The board of directors would propose a dividend of 0.90 euros per share to the annual general meeting "consistent with the Group's target of a 45 percent payout ratio," said the report.
Rogue trader Jerome Kerviel, arrested earlier this month, faces charges of breach of trust, fabricating documents and illegally accessing computers in connection with the biggest investment banking scandal in history.
The bank has always maintained that he acted alone.
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