Societe Generale right on the money

30th July 2004, Comments 0 comments

Societe Generale posts 7.8 pct profit rise in second quarter

Societe Generale posts 7.8 pct profit rise in second quarter

PARIS, July 30 (AFP) - The French bank Societe Generale said Friday that second-quarter net profit rose 7.8 percent to EUR 749 million (USD 901.6 million) from a year ago, boosted by extremely weak risk charges.

The result was in line with analysts' expectations of EUR 686-767 million, according to a poll by AFX, the financial news subsidiary of Agence France-Presse.

Risk provisions plunged 66.6 percent to EUR 126 million. For the first six months of the year, the bank posted a 31.6 percent rise in net profit to EUR 1.55 billion and a return on equity at 19.1 percent, compared with the same period in 2003.

© AFP

Subject: French news

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