May 7, 2013 / 5:07 AM / 5 years ago

SocGen Q1 profit halved, eyes new cost savings

PARIS, May 7 (Reuters) - Societe Generale, France’s No. 2 listed bank, reported a 50 percent slump in quarterly profit on Tuesday on the back of a weakening domestic economy and one-off charges, and said it had begun a cost-cutting drive.

SocGen posted first-quarter net income of 364 million euros ($475 million), compared with 732 million for the same period a year ago.

This was below the 674.6 million euro average of analyst estimates compiled by Thomson Reuters I/B/E/S.

SocGen also announced a new plan to cut 900 million euros in costs through 2015, having already cut some 550 million in 2012. The savings will help the bank achieve a new return-on-equity target of 10 percent by end-2015, it said. ($1 = 0.7659 euros) (Reporting by Lionel Laurent and Matthias Blamont; Editing by James Regan)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below