Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Benin feels the pinch of Nigeria's economic woes

Read more

BUSINESS DAILY

Deutsche Bank shares recover after turbulent week

Read more

MEDIAWATCH

Inside Aleppo: 'Feels like prison'

Read more

THE WORLD THIS WEEK

The Legacy of Shimon Peres, The Battle of Aleppo (Part 1)

Read more

THE WORLD THIS WEEK

Trump-Clinton Debate, Colombia Peace Deal, Death of the BlackBerry (Part 2)

Read more

FRANCE IN FOCUS

Backstage at Paris Fashion Week

Read more

FASHION

Paris Fashion Week: Saint Laurent, Lanvin, present new designers

Read more

#THE 51%

Online and proud: Iranian women use social media in a campaign for equality

Read more

#TECH 24

Say hello to Pepper!

Read more

Societe Generale reports quarterly profits collapse

Text by AFP

Latest update : 2008-11-03

Hit by the financial crisis and a huge unauthorised trading scandal, the French bank Societe Generale reported a record loss profit of 83 percent fall in the third-quarter in provision and write-downs.

Societe Generale bank on Monday reported an 83-percent collapse in third-quarter profits on provisions and write-downs but its shares gained 2.0 percent.

The bank, hit by a huge unauthorised trading scandal at the beginning of the year, said the provisions and write-downs had arisen mainly in its financing and investment divisions.

Net profit fell to 183 million euros (235.7 million dollars) from 1.123 billion euros in the same period of last year.

Shares in the bank firmed by 2.0 percent to 43.02 euros in early Paris trading however.

Analysts at Natixis Securities said: "Despite a terrible September on the markets, and contrary to many rumours which have circulated recently, Societe Generale has managed to report a positive result" for the third quarter.

Deutsche Bank analysts said the overall results were good and that "retail banking activity in France and outside France is stronger than expected."

Net banking income, or the gross margin on taking in funds and lending them out, rose by 2.4 percent, which was more than the bank's target for the year of 1.0-2.0 percent.

Date created : 2008-11-03

COMMENT(S)