SocGen 1Q Net Income Misses on Russia Writedown

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May 7 (Bloomberg) –- Bloomberg’s Manus Cranny reports earnings for Societe Generale, France’s second biggest bank. He speaks to Mark Barton and Anna Edwards on Bloomberg Television’s “Countdown.” (Source: Bloomberg)


Good morning.

Is it to do with russia?

It is all to do with russia.

When you talk about socgen and even if you took out that russian write-down, they would have missed on their numbers.

It is the russian -- think of the ruble.

They are attributing the evaluation change -- the valuation change to growing uncertainty.

When you look at the business, and you look inside the bank, corporate investment banking, you are seeing their revenue drop.

Fixed income commodities and currency, the bane of this quarter, down 16%. the french consumer business, that is doing quite well.

It is a story about russia overall.

How big is the russia business overall to them?

About 13 billion euros.

They have just recently taken 100% control.

We are committed.

It will take a little bit more time.

I have about 3.5% of their earnings in russia.

It is their largest market by clients.

That gives you a sense.

May 13, investor day, what are we watching?

Return on equity.

Return on equity is the core focus.

10% for them.

15% for ups.

It will be about dividends, whether they will raise the dividend.

Thank you.

We will pick up on the russia theme.

This text has been automatically generated. It may not be 100% accurate.


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