Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Is Carla Bruni against a political comeback for Sarkozy?

Read more

DEBATE

Clone of Pakistan Protests: Democracy put the test (Part Two)

Read more

DEBATE

Pakistan Protests: Democracy put the test (Part One)

Read more

ENCORE!

The French Maestro of Soul

Read more

FOCUS

US tobacco giants want lion's share of e-cigarette business

Read more

ENCORE!

Bold and bonkers: Kate Bush is back on stage

Read more

THE INTERVIEW

Simon Serfaty, US foreign policy specialist

Read more

IN THE PAPERS

'It's a War, Stupid!'

Read more

BUSINESS DAILY

French PM calls on ECB to go further to help economy

Read more

  • UN backs inquiry of IS group’s alleged crimes in Iraq

    Read more

  • French education ministry picture sparks racist abuse

    Read more

  • US military targets al Shabaab Islamists in Somalia

    Read more

  • Obama calls for higher wages amid 'revving' US economy

    Read more

  • Video: Ukraine’s children return to school as fighting rages on

    Read more

  • Americans detained in North Korea call for US help

    Read more

  • US urges Israel to reverse West Bank land seizure

    Read more

  • Lesotho PM calls for regional peacekeeping force after ‘coup’

    Read more

  • Ukrainian forces retreat from Luhansk airport after clashes

    Read more

  • Teddy Riner, France’s unstoppable judo champion

    Read more

  • Death toll rises in Paris apartment building blast

    Read more

  • Iraqi forces free Amerli in biggest victory over IS militants since June

    Read more

  • French police arrest hungry hedgehog hunters

    Read more

  • Tripoli under control of militias, says government

    Read more

  • Monaco’s Falcao set for Man Utd loan on transfer deadline day

    Read more

  • Spain orders custody for parents of ill British boy

    Read more

Business

Societe Generale announces tripling of second quarter profits

Text by News Wires

Latest update : 2010-08-04

Societe Generale, France's second-biggest bank, has announced a tripling of its second quarter profits to 1.08 billion euros, bolstered heavily by its retail banking division.

AP - French bank Societe Generale SA said Wednesday that net profit in the second quarter more than tripled after higher earnings at its French retail banking business offset a decline in investment banking business.

Earnings a year ago were hurt by writedowns and losses on bad loans.

France’s second-largest bank reported a net profit of 1.08 billion euros ($1.43 billion) in the three months ending in June, compared with 309 million euros a year earlier.

CEO Frederic Oudea said in a statement that corporate and investment banking had a “satisfactory” performance in a difficult market during the quarter.

The division posted a 53 percent decline in second quarter net profit to 410 million euros.

French retail networks saw net profit rise by 7.6 percent to 312 million euros.

International retail banking reported a 0.8 percent decline in net profit to 125 million euros with provisions for Greece “substantial” but lower than before.

The Paris-based bank, which is trying to put a massive trading scandal behind it, said it will continue its “prudent strategy of reducing market risks.”

“The results published today confirm Societe Generale’s rebound,” Oudea said.

SocGen said the recent European stress tests showed the quality of its portfolio, demonstrated by its estimated end 2011 Tier 1 ratio - a key measure of capital strength - of 10 percent under stress.

 

Date created : 2010-08-04

  • FRANCE

    Verdict set for October as 'rogue trader' trial ends

    Read more

  • BANKING

    Société Générale defends €250 million bonus payout

    Read more

COMMENT(S)