Societe Generale’c crisis might play us up, BSGV says

26 February 2008 (09:15)

'We happen to be Societe Generale’s daughter enterprise, and yet we are quite independent from its financial successes or failures. Despite the current problems, Societe Generale will probably provide us with the resources it was expecting to allot. I personally don’t feel the crisis has affected our company in any way, and we haven’t had to cut down on our development program yet. However, the things that happened were not particularly good ones because they mean we’ll still have to work as hard as at the very beginning,’ BSGV-Yekaterinburg’s GD Andrei Pavin announced at the press conference devoted to the opening of Bank Societe Generale Vostok’s subsidiary in Yekaterinburg.

Societe Generale S.A.'s net profit was officially declared to drop to ?947m in 2007 compared with ?5.22bn in 2006 (which means figures plummeted by 81.9%).Their earnings only came to ?21.92bn against ?22.42bn in 2006, while their operating profit reached ?6.71bn, which falls short of the previous year’s figures by 16.5%. The bank’s net loss came to ?3.35bn in the last quarter of 2007 compared to ?1.18bn worth of net profit in October-December 2006. As for the earnings and operating profit in October-December 2007, these dropped by 31.6% and 77.7% respectively against the fourth quarter of 2006.

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