Arab Today, arab today societe generale bank russian squall hits profits
Last Updated : GMT 06:41:52
Arab Today, arab today
Arab Today, arab today

Societe Generale bank: Russian squall hits profits

Arab Today, arab today

Arab Today, arab today Societe Generale bank: Russian squall hits profits

Paris - AFP

French bank Societe Generale reported a sharp profit setback for the first quarter on Wednesday, blaming a big fall in the value of its assets in Russia, its second-biggest market for high-street banking. The bank wrote down the value of assets acquired in Russia by 525 million euros ($731 million), saying it had taken account of the fall of the value of the ruble, slowing growth of the economy, and a rise in the cost of risk, reflecting the crisis in Ukraine. These writedowns cut the group's quarterly net profit figure by 13.3 percent from the level at the same time last year to 315 million euros. The impact of problems in Russia were evident in the results for the bank's Russian activities. Excluding the effect of writedowns, net profit there fell by 79.5 percent to 7.0 million euros, owing to an almost doubling of provisions for doubtful loans. Societe General increased its stake in its Russian subsidiary Rosbank in April and said on Wednesday that it considered the outlook for this business to be promising and that it was aiming for a return on shareholder funds of more than 10.0 percent in 2016. Societe Generale said that activities in Russia represented only 3.0 percent of its worldwide activities. Group net banking income, a key measure for banks of the difference between the cost of taking in deposits and making loans, rose by 14.0 percent to 5.68 billion euros. Provisions for doubtful loans fell by 28.0 percent, with a particularly sharp fall for risks for loans to French businesses. The bank, which marks its 150th anniversary this year, raised the ratio of core shareholder funds to loans made from 10.0 percent at the end of last year to 10.1 percent at the end of March. This was well above the minimum level of 8.0 percent required by post-crisis regulations known as Basel III. The price of shares in the bank was showing a fall of 1.71 percent to 43.13 euros in morning trading. The overall French CAC 40 index was down 0.20 percent.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today societe generale bank russian squall hits profits Arab Today, arab today societe generale bank russian squall hits profits

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4m tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4m tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 05:41 2017 Monday ,27 February

Phone firms turn to AI at top mobile fair

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday