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SocGen books $731 million writedown on Russia unit
May 7, 2014 / 5:01 AM / 4 years ago

SocGen books $731 million writedown on Russia unit

PARIS, May 7 (Reuters) - Societe Generale, France’s No. 2 listed bank, said it had booked a 525 million euro ($731 million) writedown on the value of its Russian unit Rosbank after months of political crisis in Ukraine.

Blaming heightened uncertainty as well as the decline in the Russian rouble, SocGen nevertheless said it expected to achieve “satisfactory” returns in Russia in 2016 and said it would give an update on its three-year outlook for Russia on May 13.

SocGen said first-quarter net income had fallen 13.3 percent to 315 million euros ($439 million), despite a 14 percent increase in revenue.

Stripping out the writedown, SocGen’s net income would have been 941 million euros, or higher than the 911 million average analyst forecast as compiled by Thomson Reuters I/B/E/S. ($1 = 0.7177 Euros) (Reporting by Lionel Laurent and Matthias Blamont; Editing by James Regan)

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