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markets are called to open flat this morning. This is what's happening today:
Companies in Europe reporting results today:
Societe Generale SA, France’s second-largest bank, said first-quarter profit dropped 50 percent, hurt by accounting charges related to its own debt. Net income fell to 364 million euros ($476 million) from 732 million euros a year earlier, the Paris-based bank said today in an e-mailed statement. That beat the 317 million-euro average estimate of 10 analysts surveyed by Bloomberg. The company booked costs of 1.05 billion euros related to the revaluation of its own debt in the period.
Societe Generale, trailing larger French rival BNP Paribas SA in boosting capital, is turning to cost cuts at home after trimming about 1,600 corporate and investment-banking jobs last year and selling assets to comply with international capital rules. The company, led by Chief Executive Officer Frederic Oudea, said today it plans 900 million euros in additional cost savings by 2015.
Credit Agricole SA, France’s third-largest bank, said first-quarter profit climbed 51 percent, helped by the disposal of its unprofitable Greek division. Net income rose to 469 million euros ($613 million) from 311 million euros a year earlier, the bank, based in Montrouge near Paris, said in an e-mailed statement today. That topped the 374.4 million-euro average estimate of eight analysts surveyed by Bloomberg.
Credit Agricole, led by Chief Executive Officer Jean-Paul Chifflet, completed the sale of its Greek consumer-banking unit Emporiki in February and shut its riskiest investment-banking businesses. The company now is struggling to contain rising bad-loan provisions at its unit in Italy, the lender’s biggest market outside of France.
For more information on Societe Generale and Credit Agricole, contact our offices on 25688688.
Good day and happy trading!
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