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SmarTrend(R) News Watch: Societe Generale Expects Small Q2 Profit
Jul 06, 2009 (SmarTrend(R) News Watch via COMTEX) --
Societe Generale (NASDAQ:SCGLY.PK) announced that it expects to post a small profit for Q2 primarily due to the strong performance of its corporate and investment banking division. The profit was primarily offset by a 1.3 billion Euro ($1.8 billion) write-down on credit-default swaps and debt write-downs. The company said that improving market environment and reduced risk-aversion since mid-March has caused credit spreads to tighten in the market, which subsequently hurt profitability. In addition, the company expects its Core Tier 1 capital rating to remain inline with end of March levels at 7%.
Write to Chip Brian at cbrian@tradethetrend.com
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