French bank Societe Generale profit falls 20%
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Thu May 3, 2012 4:50 pm
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INTERNATIONAL. French bank Societe Generale reported on Thursday a 20.1% drop in quarterly net profit to 732 million euros (US$963 million) owing to a 119-million-euro charge for risky debt.

But the outcome was higher than expected by analysts polled by Dow Jones Newswires who had forecast on average a figure of 630 million euros.

The bank said that in the first quarter, net banking income, a key measure of the difference between the cost of attracting deposits and the price of lending them, was 6.3 billion euros.

This amounted to a fall of 4.3 percent from the equivalent figure last year but was a 5.0-percent rise on the figure for the last quarter of last year.

The bank's shares jumped more than 4 percent at the opening of trading, but fell back to a gain of 2.0 percent at 18.38 euros at 0740 GMT.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
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EGYPT. Latest data painted a bleak picture; Business conditions worsened amid declines in output, new orders and employment, although the respective rates of contraction were only slight.
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SAUDI ARABIA. Stronger growth of the sector as a whole was mainly driven by sharper expansions in both output and new orders, while purchasing activity also rose more quickly; However, data for employment bucked the general trend, as the rate of hiring eased to a 14-month low.
UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
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