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PARIS, May 4 (Reuters) - Societe Generale reported a 19 percent fall in quarterly net income after it set aside more money in litigation provisions, with the French bank also paying 963 million euros ($1 billion) to settle a dispute with the Libyan Investment Authority.
SocGen said on Thursday in a separate statement that it had signed a confidential settlement agreement with the Libyan Investment Authority regarding a dispute between them that related to transactions dating back to 2007. "Given notably the additional provision for disputes booked in Q1 17 for 350 million euros, the impact of this settlement in full-year group net income is fully covered as from Q1 2017," the bank said in a statement.
A spokeswoman for SocGen in Paris said SocGen was paying 963 million euros as part of the Libyan settlement.
First-quarter net income fell to 747 million euros from 924 million euros a year earlier. This came below the average of four analyst estimates of 975 million euros in a Reuters poll.
Revenues rose 4.8 percent to 6.5 billion euros, above the poll average of 6.38 billion, boosted by its retail activities outside France, financial services to companies such as fleet management, and stronger results at its investment bank.
SocGen's results came a day after rival BNP Paribas , France's biggest bank by market capitalisation, posted higher first quarter profits that beat expectations.
($1 = 0.9180 euros)
(Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta) ((maya.nikolaeva@thomsonreuters.com; +33 1 49 49 53 39; Reuters Messaging: maya.dyakina.thomsonreuters.com@reuters.com))
SocGen said on Thursday in a separate statement that it had signed a confidential settlement agreement with the Libyan Investment Authority regarding a dispute between them that related to transactions dating back to 2007. "Given notably the additional provision for disputes booked in Q1 17 for 350 million euros, the impact of this settlement in full-year group net income is fully covered as from Q1 2017," the bank said in a statement.
A spokeswoman for SocGen in Paris said SocGen was paying 963 million euros as part of the Libyan settlement.
First-quarter net income fell to 747 million euros from 924 million euros a year earlier. This came below the average of four analyst estimates of 975 million euros in a Reuters poll.
Revenues rose 4.8 percent to 6.5 billion euros, above the poll average of 6.38 billion, boosted by its retail activities outside France, financial services to companies such as fleet management, and stronger results at its investment bank.
SocGen's results came a day after rival BNP Paribas , France's biggest bank by market capitalisation, posted higher first quarter profits that beat expectations.
($1 = 0.9180 euros)
(Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta) ((maya.nikolaeva@thomsonreuters.com; +33 1 49 49 53 39; Reuters Messaging: maya.dyakina.thomsonreuters.com@reuters.com))
