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Bank earnings: double trouble for France's big 2
Friday, November 03, 2017 - 01:37
SocGen shares take a knock on Europe's bourses as the French bank reveals it's missed third-quarter income forecasts and raised reserves for litigation costs. Like its bigger peer, BNP Paribas, SocGen is also suffering from a slump in its trading revenues. David Pollard reports.
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Autumn is when the leaves fall in Paris .... And - this week at least - the share prices of France's biggest lenders. The country's number two bank, SocGen, losing three and half per cent .... As it missed Q3 forecasts. And raised reserves for litigation costs by an extra 300 million euros. (SOUNDBITE) (English) NEIL WILSON, SENIOR MARKET ANALYST, ETX CAPITAL, SAYING: "The provisions for litigation have increased to two point two billion euros now .... Clearly they're in talks with the U.S. authorities. They think that probably they're going to have to, they might get fined a little bit more." Income for the quarter was down 15 per cent to 932 million euros. Below forecasts and, like France's number one bank, weighed down by slump in its trading divisions. After a near doubling of its share price since the middle of last year ... BNP Paribas this week reporting a 36 per cent drop in pretax income ... Depressed by lower revenues from fixed income, currencies and commodities. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "The low volatility that we've seen in financial markets. The low interest rates in Europe and ultimately I think unless interest rates start to move higher and the economy that we see the economic recovery that we've seen thus far is sustained into 2019. I have a concern but particularly where the European banking sector is concerned that this could be as good as it gets." Its 26 per cent decline in trading revenues was better than the 30 percent plus drops at some European peers. But still took the shine off BNP's shares - those now at just over 65 euros, compared to just under 70 when the week began. As some investors chose to cash out.
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Bank earnings: double trouble for France's big 2
Friday, November 03, 2017 - 01:37
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