SocGen Quarterly Net Falls 86% on Debt Charge, Greek Sale
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Societe Generale SA, France’s second-largest bank, reported an 86 percent decline in third-quarter profit as losses on asset sales and a charge related to its own debt outweighed an investment-banking rebound.
Net income dropped to 85 million euros ($109 million) from 622 million euros a year earlier, the Paris-based company said in an e-mailed statement today. Earnings at the corporate and investment bank rose fourfold, lifting the bank’s shares by as much as 3.7 percent in Paris trading.