Out of ER

5 August 2008 By Pierre Briancon

The French bank s net profit is down 63% in the third quarter. Its corporate and investment banking division is in the red after E1.2bn of subprime related losses. But SocGen seems to be weathering the storm, thanks to its robust retail franchise.

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Société Générale, the French bank, Tuesday said it booked a E644m net profit in the second quarter of the year, down 63% over the second quarter of 2007. Revenues were down 19% to E5.6bn.

SocGen said its corporate and investment banking arm made a E186m loss in the quarter, against a E721 profit a year ago. The division's revenues were cut by twothirds, to E663m.

SocGen shares were up 7% in midday trading, giving it a E37.6bn market capitalisation.

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