SG profits on the rise but IB still not back to full strength
Société Générale this week reported a pre-tax profit of €1.138bn for the first quarter of 2012, but pre-tax profits in its corporate and investment banking arm endured a hefty fall from €833m to €494m year on year.
That was in part due to charges related to asset disposals, which accounted for losses of 226m. Without that, the investment bank would have posted a fall of just 13%.
Those losses were booked in the financing and advisory division, where revenues fell by 22% after excluding the disposals
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