Societe Generale announces 2007 net profit despite scandal
Societe Generale on Thursday announced net profits of 947 million euros (1.39 billion dollars) for 2007
PARIS, February 21, 2008 - Societe Generale on Thursday announced net
profits of 947 million euros (1.39 billion dollars) for 2007 despite the
trading scandal that cost the French banking giant nearly five billion euros.
Net profits fell 82 percent as compared with 2006, when the figure stood at
5.221 billion euros, due to 4.9 billion euros in losses due to "unauthorised
and hidden market activities" -- a reference to the recent scandal.
Rogue trader Jerome Kerviel, arrested earlier this month, faces charges of
breach of trust, fabricating documents and illegally accessing computers in
connection with the biggest investment banking scandal in history.
The bank has always maintained that he acted alone.