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Disappointing quarterly report from Societe Generale

The second largest public bank in France - Societe Generale, published weaker than expected results for the first quarter of 2011. Net profit of the financial institution for the period was 916 million, down nearly 14 per cent over the same period last year. As the cause highlighted declining interest income. The operating profit of Societe Generale fell by 13.1 percent to 2.243 billion EUR. The expectations of analysts was for net profit of 1.06 billion euros and operating profit at 2.49 billion expected. The revenues of the bank increased the minimum, increasing by 0.6 percent to 6.61 billion in expected to increase to 6.733 billion.
In return on equity is also worsening, as the index is at 8.8 per cent after the first quarter of 2010 was 11.1 per cent. Societe Generale has a network in 83 countries around the world, as problems in the Middle East, North Africa and Ivory Coast have affected significantly the results of the financial institution.