Societe Generale says aims to double profits by 2012

15th June 2010, Comments 0 comments

French bank Societe Generale said Tuesday it aimed to double net profits by 2012 to six billion euros (7.3 billion dollars) from a target of three billion this year.

Societe Generale also aimed to grow its revenues four percent annually by then, the bank said, outlining a new strategy focusing on its French networks, international retail banking and corporate and investment banking.

It said that losses on hard-to-sell toxic assets in its portfolio would not exceed 700 million to one billion euros this year, in line with previous expectations. Such assets are to be reduced by 60 percent by 2015.

© 2010 AFP

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