Banks bleed in Europe - SOCGEN NET DIPS TO $234 M
PROFITS evaporated at top European banks on Monday and authorities worldwide pressed on with schemes to bolster financial sectors and weakening economies by increasing spending and cutting interest rates.
French bank Societe Generale’s (SocGen) net profit fell to 183 million euros ($233.8 million) with losses tied to the collapse of Lehman Brothers and other writedowns costing the bank 1.208 billion euro in pre-tax income.
Germany’s second-biggest bank Commerzbank said it would take a 8.2 billion euro injection from the state and another 15 billion euro in guaranteed funding to secure refinancing. It posted a third quarter net loss of 285 million euro.And Britain’s biggest home lender HBOS plc raised its hit from the value of risky assets and bad loans to over £5 billion ($8.14 billion) as its takeover partner Lloyds TSB predicted a sharp fall in profits.
French bank Societe Generale’s (SocGen) net profit fell to 183 million euros ($233.8 million) with losses tied to the collapse of Lehman Brothers and other writedowns costing the bank 1.208 billion euro in pre-tax income.
Germany’s second-biggest bank Commerzbank said it would take a 8.2 billion euro injection from the state and another 15 billion euro in guaranteed funding to secure refinancing. It posted a third quarter net loss of 285 million euro.And Britain’s biggest home lender HBOS plc raised its hit from the value of risky assets and bad loans to over £5 billion ($8.14 billion) as its takeover partner Lloyds TSB predicted a sharp fall in profits.
Comments