Profit Declines & Panhandling: Societe General; Fortis; Credit Agricole
Three of Europes largest banks reported declines in profit... Societe Generale, France's second- largest bank,
reported a 23% decline in Q1 profit as loan-loss provisions tripled to $900 million. Markdowns in Q1 amounted to $2.25 billion.
SocGen had a $5.2 billion loss in Q4 and in March raised $8.5 billion in a rights offer to replenish capital.
Fortis, said earnings declined 31% and is seeking $5.2 billion to strengthen its capital by selling assets and notes.
Credit Agricole reported a 66% drop in profit and also announced plans to raise $9 billion to replenish capital.
reported a 23% decline in Q1 profit as loan-loss provisions tripled to $900 million. Markdowns in Q1 amounted to $2.25 billion.
SocGen had a $5.2 billion loss in Q4 and in March raised $8.5 billion in a rights offer to replenish capital.
Fortis, said earnings declined 31% and is seeking $5.2 billion to strengthen its capital by selling assets and notes.
Credit Agricole reported a 66% drop in profit and also announced plans to raise $9 billion to replenish capital.
Comments