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SocGen Q1 net profit falls, impacted by litigation provisions
May 4, 2017 / 5:19 AM / 5 months ago

SocGen Q1 net profit falls, impacted by litigation provisions

PARIS, May 4 (Reuters) - Societe Generale, France’s second-biggest listed bank, reported a 19 percent fall in quarterly net income on Thursday after it set aside 350 million euros ($381.3 million) to cover legal bills.

SocGen said on Thursday in a separate statement that it had signed a confidential settlement agreement with the Libyan Investment Authority on the back of a case focused on five trades totalling $2.1 billion, executed between 2007 and 2009.

First-quarter net income fell to 747 million euros from 924 million euros a year earlier. This came below the average of four analyst estimates of 975 million euros in a Reuters poll.

Its revenues rose 4.8 percent to 6.5 billion euros in the first quarter, above the poll average of 6.38 billion, boosted by its retail activities outside France, financial services to companies such as fleet management, and stronger results at its investment bank.

$1 = 0.9180 euros Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta

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