Societe Generale Expects More Than $500 Million in Charges in 4Q
11 Gennaio 2018 - 6:57PM
Dow Jones News
By Euan Conley
France's Societe Generale (GLE.FR) said Thursday it would take
over $500 million in additional charges in the fourth quarter, more
than half of which stem from U.S. tax reform.
The bank said it expects to book a charge of $307 million
dollars in its fourth-quarter results due to the short-term
accounting impact of the change in U.S. federal corporate tax rate
and a valuation adjustment of deferred tax assets.
"From 2018, the decrease of the federal tax rate will have a
favorable impact on the profitability of group operations in the
U.S.," it added.
Societe Generale will also book a charge of around EUR200
million ($239.1 million) in fourth-quarter operating expenses,
stemming from a audit by the French government of various operating
taxes and from a Paris court judgment related to the processing of
checks.
The bank said none of the charges would affect its dividend
policy.
Write to Euan Conley at euan.conley@dowjones.com
(END) Dow Jones Newswires
January 11, 2018 12:42 ET (17:42 GMT)
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