Thursday, May 5, 2011

Société Générale Hit By Own Debt Loss

Thursday, May 5, 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) from €1.06 billion in the same quarter a year earlier, below a €1.12 billion consensus forecast from analysts polled by Dow Jones Newswires.

Stripping out a worse-than-expected €239 million hit from the ...

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