Profits plummet Société Générale in the third quarter. Profits fell 86,3%, to 85 million euros, against 622 million in the same period of 2011.
Profits are affected by the losses due to the announced disposals of the Greek subsidiary Geniki (130 million) and of the US Tcw (92 million). The loss of 389 million euros linked to the theoretical cost for the buyback on its debt also weighs heavily. The four-fold jump in trading profits wasn't enough.
The intermediation margin recorded a drop of 17% to 5,40 billion euro against estimates of 5,43 billion. The efforts made on the budget in recent months should make it possible to achieve the 2013 solvency objectives. At the end of the morning, the share rose by 0,14%.
