Rus News Journal

Societe Generale has suffered from - for grivnas

but feels not bad

the Third largest bank of France on size of market capitalisation Societe Generale SA predicts net profit in 2008 at a rate of 2 mlrd euro (2,2 mlrd dollars) . Under the forecast interrogated Reuters analysts, the bank profit should make 2,4 mlrd the euro, which most part incomes of operations with physical persons.

in spite of the fact that retail operations in France and abroad were at worthy level, consumer crediting has suffered from - for devaluations of the Ukrainian grivna representatives of bank inform. It is known that group Societe Generale develops consumer crediting in Ukraine on the basis of structure which has been formed as a result of merge bought in 2007 by Ikar - bank and before the working company prostofinans . After acquisition of a controlling interest the small commercial bank in 2008 has been renamed in Profin Bank and a basis of its activity is card and currency crediting. Initially Profin Bank did not involve population deposits, and was accumulated by the parent company, but then began to work and with physical persons.

As analyst Richelieu Finance Gestion Privee of Benua Bruase considers, from - for decrease in a hryvnia exchange rate the profit of bank on population payments under credits was essentially reduced. Financial analyst The Economist Intelligence Unit of Izehil Kopik notices that currencies of the countries with emerging markets are extremely unstable also the actives stored in national currency, have considerably depreciated.

however, according to a financial analyst of Open Company the Three Dialogue Ukraine Evgenie Grebenjuka, activity of such small commercial bank as Profin Bank, strongly affect indicators Societe Generale could not. About financial successes Profin of Bank while to judge difficult as the total report of bank is not published yet. Probably, the expert considers, at Societe Generale there were open currency positions on grivna which could go on investment activity or trading operations. Thus, depreciation of open currency positions also could be reflected in the total report.

in Paris to the correspondent daily this information have refused to make comments, having referred that official results of activity of bank become known only on February, 18th with an annual report exit. In representation Profin of Bank comments also have refused.