Societe Generale bounces back
Tuesday 13th May 2008, 3:30PM BST.
Societe Generale said it has “bounced back” from the chaos caused by a rogue trader and posted a 23 per cent drop in net income, beating expectations.
The French bank, which uncovered a €4.9 billion fraud at the start of the year, said over the first quarter of 2008 it had achieved a good commercial achievement in a very difficult environment.
“Overall, and faced with an exceptionally serious event, the group demonstrated its resilience and ability to bounce back during the quarter,” the bank said in a statement.
The bank posted a fall in net income of 23.4 per cent to €1.096 billion from €1.431 billion last year.
However, analysts had expected profits of around €947 million, following huge losses relating to the US subprime crisis and junior trader Jerome Kerviel’s alleged unauthorised deals.
Group gross operating income was €1.774 billion, a 24.4 per cent decline from last year.
Although the group’s asset management arm booked a loss of €139 million over the three months, other divisions made up for it.
International retail operations, which is focussed on emerging markets, performed strongly, with a 22.1 per cent revenue uplift to €1.116 billion over the quarter.
Meanwhile, the group’s securities, brokers and online savings unit reported net banking increases of 21.8 per cent to €401 million.
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
