Societe Generale May Miss Target After Net Falls on Greece
This article is for subscribers only.
Societe Generale SA, France’s second-largest bank, said the company may miss its 2012 earnings target after second-quarter profit fell 31 percent because of a writedown on Greek government debt.
The shares plunged to their lowest in more than two years after the bank said net income dropped to 747 million euros ($1.06 billion) from 1.08 billion euros a year earlier. That’s below the 1.01 billion-euro average estimate of 12 analysts surveyed by Bloomberg. The lender took a 395 million-euro pretax writedown on its Greek sovereign-debt holdings.