Societe Generale posts 65.8pc profits jump

13th May 2004, Comments 0 comments

PARIS, May 13 (AFP) - The French bank Societe Generale reported Thursday a 65.8 percent gain in first quarter net profit on growth in most areas, asset divestments and reduced provisions against bad debt.

PARIS, May 13 (AFP) - The French bank Societe Generale reported Thursday a 65.8 percent gain in first quarter net profit on growth in most areas, asset divestments and reduced provisions against bad debt.

The bank posted a net profit of EUR 801 million (USD 955 million), against EUR 483 million in the same period a year earlier, a statement said.

The result exceeded analysts' profit forecasts of EUR 627-746 million.

Net banking income rose by 5.6 percent to EUR 3.958 billion and operating profit was up by 5.9 percent at EUR 1.302 billion.

Operating costs increased by 5.4 percent to EUR 2.656 billion, but provisions against bad debt fell to EUR 198 million, from 330 million in the first three months of 2003.

Net return on equity rose to 20 percent, from 13.1 percent a year earlier.

A sale of shares in the real-estate group Sophia earned a capital gain of EUR 127 million, the bank said.


©AFP

Subject: French news

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