SocGen Raises Dividend
Societe Generale SA, one of the largest banks in France raised the dividend today by 33% to 1.2 Euros a share. SoGen trades in the US in the OTC market with ticker SCGLY.
Some of the key points in the 4th Quarter,2008 earnings report:
- French consumer lending helped the bank offset losses in international operations
- Net Income was 87 million Euros
- SocGen said 2009 will “probably remain challenging”
- At the end of 2008, the Tier 1 capital ratio stood at 8.8%
Last year the bank suffered heavy losses due to a rogue trader named Jerome Kerviel. Since the bank owns Komercni Banka AS in the Czech Republic the bank may report more losses this year due to severe economic issues in Eastern European countries. SocGen also owns Rosbank and BRD-Groupe Societe Generale, Romania’s second- biggest bank.
Source: Bloomberg
SocGen Reports Fourth-Quarter Profit on French Retail (Update2)
More from SocGen’s IR site:
Fourth Qtr and 2008 Full year Results Report
Detailed Financial Data Presentation
Disclosure: Long SCGLY.
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