Societe Generale SA, France’s third- largest bank, says profit fell 84% in the third quarter as credit-related writedowns caused losses at the investment-banking and asset-management units, Bloomberg reports.
Net income dropped to 183 million euros ($234 million) from 1.12 billion euros a year earlier, the Paris-based bank said in an e-mailed statement today. Societe Generale rose as much as 3.1% in Paris trading.
“The market is relieved to see that there was no major accident,” says Francois Chaulet, who helps manage 150 million euros at Montsegur Finance in Paris, including Societe Generale shares. “That was the quarter where all the dangers lay for trading rooms, for derivatives and options.”
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