This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11681642
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Retail banking arm lifts Societe Generale | Retail banking arm lifts Societe Generale |
(40 minutes later) | |
Societe Generale has seen its quarterly profits more than double after a strong performance by its retail banking arm, and a reduced impact from bad loans. | Societe Generale has seen its quarterly profits more than double after a strong performance by its retail banking arm, and a reduced impact from bad loans. |
France's second-largest bank's net profit for the third quarter of 2010 was 896m euros ($1.25bn; £783m), up from 426m euros a year earlier. | |
Societe Generale said quarterly revenues came in at 6.3bn euros, in line with market expectations. | |
It added it would not need to raise funds to meet new capital requirements. | |
This is in reference to new European rules on how much capital banks must keep on their books as a guard against any future global credit freeze. | |
Profit at Societe Generale's French retail banking arm rose 15% to 340m euros. | |
At its corporate and investment banking division profits fell 9.7% to 468m euros. However, this was still a better performance than analysts had predicted. | |
The amount of money the bank had to keep in reserve to cover possible bad debts totalled 918m euros, 39% less than a year ago. | The amount of money the bank had to keep in reserve to cover possible bad debts totalled 918m euros, 39% less than a year ago. |
In its statement, the bank said the current economic recovery remained "hesitant". |
Previous version
1
Next version