SocGen says 2016 profits hit by Croatian sale
French bank Societe Generale
Paris - AFP
French bank Societe Generale on Thursday reported a drop in earnings last year, due to losses linked to the sale of its Croatian subsidiary and accounting expenses.
Societe Generale said in a statement that its bottom-line net profit amounted to 3.87 billion euros ($4.13 billion) in 2016, down 3.2 percent on the year.
The figure nevertheless beat forecasts by analysts surveyed by Factset who predicted net profit of 3.6 billion euros.
The drop was due largely to losses of around 235 million euros on the sale of its Croatian subsidiary Splitska Banka as well as tax and accounting items.
The group also announced it intended to list on the stock exchange its vehicle leasing subsidiary ALD Automotive.
"The quality of the Societe Generale group's results in 2016 reflects the good commercial and operating performances in all its businesses and in an uncertain environment," said CEO Frederic Oudea.
"In an economic environment that is less buoyant and much more demanding on the regulatory front, we have simplified our banking model, optimised capital allocation and continued to invest in the businesses of the future, as we undertook to do in our 2014-2016 strategic plan."
GMT 11:10 2016 Friday ,30 September
European banking stocks plunge, dragged down by Deutsche BankGMT 00:08 2016 Wednesday ,08 June
Societe Generale ordered to pay damages to rogue trader KervielRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 09:43 2019 Monday ,19 August
Live a calm atmosphere in your career
GMT 02:02 2017 Wednesday ,03 May
Solar energy plans discussed
GMT 11:46 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bn
GMT 05:07 2017 Saturday ,04 March
Kardashian's husband Kanye suffered mental breakdown
GMT 13:53 2018 Tuesday ,04 September
Bahrain-Kuwait ties praised
GMT 13:04 2016 Wednesday ,05 October
Boycott test for Asia's top film festival
GMT 05:02 2017 Saturday ,11 March
ECB: Core inflation still too low
GMT 08:51 2017 Sunday ,26 November
Amazon workers in Germany, Italy hold
GMT 15:55 2017 Tuesday ,25 April
Egypt sentences 20 to death over police killings
GMT 12:21 2017 Sunday ,26 February
Venture capital fund to become first to issue own digital tokens
GMT 09:25 2017 Friday ,16 June
Trump's envoy Jason Greenblatt
GMT 08:53 2018 Sunday ,21 January
FedExpress steams on as Sharapova grinds
GMT 09:20 2018 Friday ,19 January
Police raid France's Lactalis
GMT 13:16 2018 Thursday ,11 January
Feminists and Weinstein accuser lash Deneuve
GMT 19:43 2016 Monday ,04 January
Malaysian-Saudi ties open further cooperation opportunities
GMT 10:18 2017 Sunday ,24 December
Designer Philo quits fashion label Celine
GMT 10:24 2017 Tuesday ,14 March
Thailand’s ‘piggy bank’ turtle in rehab after 5kg of coins were removed
GMT 19:34 2017 Monday ,21 August
Egyptian MP warns of unlicensed health centers
GMT 22:08 2017 Saturday ,16 December
AnOther Magazine names fashion coordinator
GMT 10:14 2017 Friday ,15 December
Russian court rules Putin's ex-minister took $2mn bribe
GMT 12:51 2017 Saturday ,25 February
Pop music ban a hit with Bulgarian radio audience
GMT 20:58 2014 Wednesday ,09 July
How to choose bathroom curtains
GMT 19:16 2017 Saturday ,25 March
Algerian designer
GMT 02:42 2017 Sunday ,30 April
North Korea stages large-scale artillery drill as U.S. submarine docks in South
GMT 09:10 2017 Monday ,06 March
UAE launches national space policy
GMT 12:03 2017 Thursday ,06 April
NASA's Cassini probe of Saturn prepares for last plunge
GMT 08:18 2017 Sunday ,10 December
Russian MPs ban US media from parliament
GMT 07:21 2017 Wednesday ,29 November
Japan, China dominate list
GMT 06:05 2019 Thursday ,03 October
Dolce and Stefano Gabbana are making a comeback with the new winter 2020 collection
GMT 15:56 2018 Friday ,14 December
Rise in temperatures, relatively cold weather for today
GMT 10:07 2018 Monday ,03 December
Relatively cold weather with showers forecast for three days
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor