Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Fans and players react online to Arsene Wegner's club departure

Read more

THE WORLD THIS WEEK

Syria alleged chemical attack: Gunfire delays deployment of weapons inspectors

Read more

FRANCE IN FOCUS

Cashing in on local French currencies

Read more

YOU ARE HERE

Life on the canals of northern France

Read more

INSIDE THE AMERICAS

What lies ahead for Cuba after the Castros?

Read more

#TECH 24

Discovering and harnessing the power of the sun

Read more

DOWN TO EARTH

Can France bid 'adieu' to popular weedkiller glyphosate?

Read more

#THE 51%

Harmful for your health: When gender bias affects medical diagnosis

Read more

REPORTERS

Africa’s donkeys slaughtered for Chinese ‘miracle elixir’

Read more

Société Générale, profit despite Kerviel scandal

Latest update : 2008-02-21

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.
  

Date created : 2008-02-21

COMMENT(S)