Societe Generale bank sees profits plunge by two-thirds in 2012

PARIS (AFP) - French bank Societe Generale reported on Wednesday that net profit in 2012 plunged by two thirds owing to exceptional charges but said it had met all its strategic targets.

The bank reported a net profit last year of 774 million euros (S$1.24 billion), a fall of 67.5 per cent from the figure in 2011.

The results were hit by exceptional charges of 2.6 billion euros, the bank said in a statement.

But the results, excluding these charges, showed a profit of 3.4 billion euros, similar to the figure of 3.5 billion euros in 2011.

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