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Societe Generale Sees 20% Drop In Profits In First Quarter (PINK: SCGLY)
Société Générale announced that its first-quarter net income decreased 20% from the same quarter a year earlier. The French bank said that its first-quarter net income fell due to unloaded assets and booking a charge on the cost of its debt. Société Générale’s stock has declined by about 60% in the last year.
Net income dropped to 732 million euros ($963 million) in the first three months of the year. Revenue decreased 4.7%, to 6.3 billion euros. Without the charge for the revaluation...