Saturday, May 7, 2011

Debt Loss Hits Société Générale

Saturday, May 7, 2011

PARIS—Société Générale SA, France's second-largest listed lender after BNP Paribas SA, Thursday reported a 14% fall in first-quarter net profit, missing forecasts, after it took a hit on the value of its own debt.

Net profit for the three months ended March 31, 2011, declined to €916 million ($1.36 billion), down from €1.06 billion a year earlier and below the €1.12 billion forecast by analysts.

Revenue in the quarter rose 0.6% to €6.62 billion, as growth in the retail, investment and private banking businesses was offset by weak international operations, which were affected by political upheavals in North Africa and ...

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