SocGen Q3 hit by Greece, scraps dividend

Societe Generale

Third-quarter profit fell to 622 million euros from 896 million in the same period a year earlier. This was worse than consensus forecasts for profit of 858 million, according to a Reuters poll.

The bank, which like larger French rival BNP Paribas <BNPP.PA> has announced sweeping asset sales to help plug a capital shortfall it estimated at 2.1 billion euros ($2.9 billion), said it had sold 10 billion euros in toxic assets between July and November at a pre-tax cost of 121 million.

($1 = 0.727 Euros)

(Reporting by Lionel Laurent)