ATHENS (Thomson Financial) - Societe Generale's Greek unit Geniki Bank said
that it produced a net loss of 43.6 mln eur for the 2007 full year, narrowed
from a net loss of 78.8 mln eur for 2006, on 40.4 mln eur of provisions.
But the bank explained that provisions almost halved from 79.4 mln eur in
2006.
Operating income was flat at 171 mln eur because there was pressure on
margins, and the high write off of bad loans, even though loans grew.
Net loans and advances for the twelve months were up 12 pct year on year to
3.3 bln eur while deposits and repos rose 4.6 pct to 2.8 bln eur.
Operating expenses came in at 169 mln eur and were kept constant with 2006
levels.
Geniki said that after it issued 52.5 mln new shares for 4 eur each fully
subscribed by its parent company it has ample funds which are necessary for
growth.
nick.skrekas@thomson.com
ns/jfr
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