Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Dotard: an educational insult

Read more

#TECH 24

Medtech: Repairing the human body

Read more

ENCORE!

Jennifer Lawrence on why she's unafraid to speak out

Read more

#THE 51%

Hola "Ellas Hoy" - The 51 Percent welcomes its sister show on FRANCE 24 Spanish

Read more

YOU ARE HERE

A stroll through the Corsican city of Calvi, jewel of the Mediterranean

Read more

REPORTERS

The torment of Christians living in Syria’s Khabur valley

Read more

FOCUS

'Generation Merkel' yearns for continuity and stability

Read more

DOWN TO EARTH

Amazon rainforest pays heavy price for Brazil's political crisis

Read more

EYE ON AFRICA

Presidential election re-run pushed back to October 26th

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)