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SocGen profit slumps on asset sales, debt losses
November 8, 2012 / 6:07 AM / 5 years ago

SocGen profit slumps on asset sales, debt losses

PARIS, Nov 8 (Reuters) - Societe Generale, France’s No. 2 listed bank, saw its third-quarter net profit slide 86 percent after losses on asset sales in Greece and the United States and on its own debt offset a rebound in trading revenues.

The bank’s efforts to slash costs and slim down its balance sheet did, however, boost capital levels, with its core capital ratio under Basel 2.5 rising to 10.3 percent at end-September. It said it was sticking to its Basel III capital targets.

Quarterly net profit fell to 85 million euros ($108.4 million) from 622 million a year earlier, SocGen said on Thursday. The mean estimate in a Reuters poll of seven analysts was 139.1 million euros.

Revenue fell 17 percent to 5.4 billion euros, compared with a mean forecast of 5.5 billion according to the same poll. ($1 = 0.7840 euros) (Reporting by Lionel Laurent and Matthias Blamont; Editing by James Regan)

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