BREAKING NEWS

BREAKING NEWS

French bank Societe Generale's first-quarter net profit falls

French bank Societe Generale's first-quarter net profit falls
FILE PHOTO: The logo of Societe Generale is pictured outside the headquarters of the French bank at the financial and business district of La Defense at Puteaux near Paris, outside Paris, France, May 16, 2018. REUTERS/Charles Platiau -
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Charles Platiau(Reuters)
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PARIS (Reuters) - French bank Societe Generale said its net profit fell during the first quarter after a weak 2018 had prompted the bank to lower its financial goals and embark upon a broad restructuring plan.

Net profits fell 26 percent to 631 million euros (£540.8 million), while its overall revenues shrank 1.6 percent to 6.19 billion. Analysts polled by Infront Data expected a net profit of 637 million euros out of revenues of 6.07 billion euros.

SocGen said profits from its domestic retail bank shrunk 13 percent in the first quarter while its corporate and investment banking arm posted a 16 percent profit decline.

Last month the bank unveiled a strategy to protect its profitability, in a plan that included closing down businesses, cutting 1,600 jobs, disposing assets and freeing up to 8 billion euros in capital.

As part of the plan, SocGen also announced the sale of its Slovenian bank to Hungarian rival OTP Bank.

(Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta)

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