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Societe Generale 2Q net profit down by half

Societe Generale 2Q net profit down by half

Societe Generale SA said Wednesday its net profit fell by half in the second quarter as the French bank took higher writedowns on its exposure to exotic securities and greater financial liabilities.
France's second largest bank reported net profit of ⁈llion ($445 million) for the three months ended June 30, down from ⁈llion a year earlier.
The Paris-based bank's earnings were hit by a total of ⁈llion of what it called "non-recurring items," which included new writedowns on the value of credit default swaps as well as the bank's financial liabilities.


Updated : 2021-10-19 11:07 GMT+08:00