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SocGen Q2 profit halves

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SocGen Q2 profit halves

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Societe Generale has said there are signs of more stable market conditions ahead as its net profit halved to 309 million euros in the second quarter compared with last year.

That was because the French bank had to write down the value of some assets, but improved earnings from investment banking limited the profit fall. It also set aside 1.1 billion euros to cover bad debts which was less than analysts had anticipated.