Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Bank feels 'slightly positive' on income
Source: Agencies |
July 7, 2009, Tuesday
|
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
