Société Générale, Fortis

French banking giant Société Générale earned $1.69 billion, down from $2.2 billion a year ago, but beating analyst estimates.
MAY 13, 2008
French banking giant Société Générale earned €1.1 billion ($1.69 billion) in the first quarter, down 23% from €1.4 billion ($2.2 billion) in the year-ago period but beating analyst estimates. In connection with an unauthorized trading scandal in January, the Paris-based company suffered a loss of €4.9 billion, which it accounted for in last year’s fourth quarter. Fortis SA/NV reported a 31% decline in first-quarter net income to €808 million ($1.25 billion), or €0.37 a share ($0.57), from €1.17 billion, or €0.76 a share, in the year-ago period. The Brussels, Belgium-based financial services company said that it lost €380 million ($590 million) in connection with the global mortgage crisis.

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