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SocGen's net profit down 84 percent in Q3

Financial Law     updated  2008/11/03 08:11

French bank Societe Generale said Monday that net profit fell 84 percent in the third quarter after banking collapses and plunging assets tied to the U.S. housing market contributed to 1.2 billion euros ($1.54 billion) of write-downs and other losses.

The collapse of U.S. investment bank Lehman Brothers in September resulted in 447 million euros ($574 million) of write-downs alone, SocGen said in a statement.

But the French bank said it has increased provisions and reduced its risk exposure and is financially strong enough "to weather a potential deterioration in the economic environment of 2009."

CEO Frederic Oudea said the bank has strengthened its financial position and is in a position "to continue our development and to start 2009 with a lot of confidence."

The bank said net income in the three months through September fell to 183 million euros ($235 million) from 1.12 billion euros a year earlier.

Shares were trading 0.4 percent higher at 42.35 euros ($54.03) in Paris afternoon trade. The bank, hit by a trading scandal and the financial crisis, has lost over half of its market value this year.

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