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Net profit of Société Générale has decreased on 81,9 %
21 February 2008For 2007 net profit of French bank Société Générale S.A. has decreased on 81,9 % - up to 947 million euro in comparison with 5,22 billion the euros, received year earlier. Such information has been represented in the financial report of the company published on Thursday.
Proceeds of the Bank have decreased on 2,2 % and have made 21,92 billion euro against 22,42 billion euro year earlier. Operational profit has made 6,71 billion euro, that is on 16,5 % less than the similar parameter for 2006, fixed on the level of 8,04 billion euro.
for the IV quarter pure losses of Societe Generale have made 3,35 billion euro, whereas year earlier for the same period the company has received net profit at the rate of 1,18 billion euro. The proceeds of bank for IV quarter have decreased on 31,6 % and have made 3,88 billion euro against 5,67 billion euro year earlier. The operational profit for accounting quarter has made 163 million euro, that is on 77,7 % less than similar parameter for IV quarter 2006, fixed at the rate of 1,85 billion euro.
The company connects enormous losses for accounting quarter with swindle of one of traders, which has led to loss in 4,91 billion euro.
Let’s remind, on January, 24th, 2008, Société Générale has declared about revealing the fact of swindle from trader Gerome Kerviel. In 2007-2008 the suspected has opened huge quantity of positions on the European exchange indexes for a total sum of 50 billion euro. Thus he “compensated” purchases by fictitious sales of future contracts owing to what the roguish scheme could not be found out for a long time.
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