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Société Générale swings to 4Q loss
13-02-2013 08:11
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Société Générale swung to a fourth quarter loss of 476m euros at the end of 2012, compared to the 100m in profit registered in the same period the year before.
Consensus had expected France's second largest bank to report a 203m loss.
Chief Executive Frederic Oudea insisted in the statement that the bank "succeeded" amidst what he called "a turbulent economic environment".
Oudea pointed out that deposits actually increased in 2012 by €16bn.
Another positive factor, Société's corporate and investment banking unit beat consensus estimates of €219m as is swung to a €249m profit from the previous year's €482m loss.
In any case, Société starts off today's session with a 3.0% drop.
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Consensus had expected France's second largest bank to report a 203m loss.
Chief Executive Frederic Oudea insisted in the statement that the bank "succeeded" amidst what he called "a turbulent economic environment".
Oudea pointed out that deposits actually increased in 2012 by €16bn.
Another positive factor, Société's corporate and investment banking unit beat consensus estimates of €219m as is swung to a €249m profit from the previous year's €482m loss.
In any case, Société starts off today's session with a 3.0% drop.
SC
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