ECONOMY

SocGen net profit fell 50 pct in Q1 2013

Societe Generale said on Tuesday its net profit fell 50 percent in the first quarter of the year, as it took a 1-billion-euro loss in re-evaluating its financial liabilities.

The French bank said it brought in 364 million euros in the January-March period.

Societe Generale has been hit particularly hard by Europe’s debt crisis since it was heavily exposed to Greek bonds, which plummeted in value.

The bank said earlier this year that it had completed a program to get rid of bad investments and loans.

[AP]