“Societe Generale SA (GLE), France’s second- largest bank, posted a bigger-than-expected 42 percent drop in second-quarter profit after taking writedowns on its Russian unit and U.S. asset manager TCW Group.
Net income fell to 433 million euros ($533 million) from 747 million euros a year earlier, the Paris-based bank said by e-mail today. That was short of the 695 million-euro average estimate of nine analysts surveyed by Bloomberg. The bank took a 250 million-euro writedown on its Rosbank division in Russia and a 200 million-euro markdown on Los Angeles-based TCW.”
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