Societe Generale quarterly profits fall 20%

SocGen building SocGen's share price has taken a beating in the past year

Related Stories

French bank Societe Generale has said that its first quarter profits fell 20% as the eurozone debt crisis continued to hamper results.

Net profit for the first three months of the year fell to 732m euros ($962m; £594m), from 916m euros last year.

SocGen said a "sharp upturn in corporate and investment banking activities" had begun once the last Greek bailout had been finalised.

Shares in the bank have fallen by 60% in the past year.

In the first quarter of the year, the European Central Bank took the unusual step of lending more than 1tn euros of low-interest loans to banks.

Greece also completed the biggest debt restructuring in history, paving the way for a 110bn-euro bailout from the eurozone and IMF.

"The first quarter of the year was marked by reduced turbulence in the financial markets following and due to the implementation of the European Central Bank's long-term refinancing operations and the finalisation of the Greek bailout plan," SocGen said.

"This normalisation led to a sharp upturn in corporate and investment banking activities."

SocGen now has 52.4bn euros in cash, up from 44bn euros last year, due to the operations of central banks.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories



  • NS Savannah, 1962Nuclear dream

    The ship that totally failed to change the world

  • Ed Miliband takes a selfie at a Cambridge hairdressersNo more photo ops?

    Why is Ed Miliband drawing attention to his public image?

  • Espresso cup7 days quiz

    Which city serves the strongest cup of coffee?

  • Glasgow 2014 quaichs and medalsQuaich guide

    What do the Scottish gifts given to Games medallists symbolise?

  • Malaysian plane wreckage in UkraineFlight risk

    How odd is it for three planes to crash in eight days?

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.