Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Will They Stay or Will They Go?

Read more

AFRICA NEWS

Nigeria attack: Bomb blast in college in Kano

Read more

MEDIAWATCH

Scotland's relationship status: "It's complicated"

Read more

DEBATE

Hollande Press Conference: French President Tackles Record Unpopularity

Read more

FOCUS

Cleaning up Thailand's shady surrogacy industry

Read more

ENCORE!

The Biennale des Antiquaires: Where Miro meets million-dollar jewellery and antiques

Read more

THE OBSERVERS

Attacks on migrants in Tangiers and unwelcome stares from men in Cairo

Read more

AFRICA NEWS

Ebola virus: US to send 3,000 troops to West Africa

Read more

IN THE PAPERS

France looks on as Scotland votes

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)