Societe Generale sees jump in Q2 earns

PARIS (AP) ? Societe Generale says its net profit more than doubled in the second quarter thanks to lower write-downs on past acquisitions.

The French bank reported Thursday net profit of 955 million euros ($1.3 billion) for the April to June quarter, compared to 436 million euros a year earlier when earnings were hit by writeoffs on assets in the U.S. and Russia.

However, in the first half, Societe Generale's operating profit slumped nearly 44 percent to 1.4 billion euros following a near 1 billion euro loss from the reevaluation of financial liabilities.

Societe Generale has been hit hard by Europe's debt crisis given its exposure to Greek bonds, which plummeted in value. The bank said earlier this year that it had completed a program to get rid of bad investments and loans.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-08-01-EU-France-Earns-Societe-Generale/id-13fdb8ac3f2c4277bae07d5dd00e1d7a

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