Sunday, May 18, 2008

Société Générale, Fortis

French banking giant Société Générale earned €1.1 billion ($1.69 billion) in the first quarter, down 23% from €1.4 billion ($2.2 billion) in the year-ago period but beating analyst estimates.

In connection with an unauthorized trading scandal in January, the Paris-based company suffered a loss of €4.9 billion, which it accounted for in last year’s fourth quarter.

Fortis SA/NV reported a 31% decline in first-quarter net income to €808 million ($1.25 billion), or €0.37 a share ($0.57), from €1.17 billion, or €0.76 a share, in the year-ago period.

The Brussels, Belgium-based financial services company said that it lost €380 million ($590 million) in connection with the global mortgage crisis.

  • Freddie Mac Loses $151M in 1Q as Home Loans Falter
  • Morgan Stanley cutting 1,500 jobs
  • Industrial production sharply down in April
  • Bank-owned life insurance at record levels
  • No comments: