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Bank feels 'slightly positive' on income
Source: Agencies |
July 7, 2009, Tuesday
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Print Edition
Print Edition
FRANCE'S second-largest bank, Societe Generale, said yesterday that its second-quarter net income will be "slightly positive" thanks to its corporate and investment banking units.
The bank said its overall net income will be hit by a 1.3 billion euro (US$1.82 billion) writedown from credit default swaps and debt instruments. The global financial crisis has led to major losses on risky securities at banks worldwide.
"Solid operational performances, in particular in corporate and investment banking, will absorb the significant negative impact on the accounts of the substantial tightening of credit spreads stemming from an improving market environment and reduced aversion to risk since mid-March," the bank said.
The bank's Tier 1 ratio, seen as a key measure of a bank's financial health, should be "close to" the level reported at the end of the first quarter, 9.2 percent.
Shares fell 3.1 percent to 36.72 euros in late morning Paris trading yesterday.
The bank said its overall net income will be hit by a 1.3 billion euro (US$1.82 billion) writedown from credit default swaps and debt instruments. The global financial crisis has led to major losses on risky securities at banks worldwide.
"Solid operational performances, in particular in corporate and investment banking, will absorb the significant negative impact on the accounts of the substantial tightening of credit spreads stemming from an improving market environment and reduced aversion to risk since mid-March," the bank said.
The bank's Tier 1 ratio, seen as a key measure of a bank's financial health, should be "close to" the level reported at the end of the first quarter, 9.2 percent.
Shares fell 3.1 percent to 36.72 euros in late morning Paris trading yesterday.
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