Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Sarkozy's political comeback: did he ever leave?

Read more

DEBATE

The World This Week

Read more

FRANCE IN FOCUS

Travel chaos: Air France pilots take industrial action

Read more

THE BUSINESS INTERVIEW

Christian Kastrop, Director of Policy Studies, OECD

Read more

AFRICA NEWS

Ebola: UN Security Council unanimously passes resolution

Read more

ENCORE!

Author Kiran Desai on early success and the Booker Prize

Read more

THE BUSINESS INTERVIEW

Tyler Brûlé, Founder and Editor-in-chief of Monocle

Read more

REPORTERS

From Sarajevo to Guantanamo, the journey of the Algerian Six

Read more

#THE 51%

Angelique Kidjo, 'Africa’s premier diva'

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)