Societe Generale Posts Downbeat Q2 Profit

Societe Generale SA SCGLY posted a weaker-than-expected Q2 profit. Societe Generale's quarterly net profit fell to 433 million euros ($533 million), versus EUR747 million, in the year-ago period. However, analysts were expecting a net profit of EUR764 million. Its revenue dropped 3.6% to EUR6.27 billion, versus EUR6.50 billion. Societe Generale's corporate and investment banking revenue tumbled 33% to EUR1.22 billion. Societe Generale shares closed at $4.45 yesterday.