Societe Generale says Q1 hit by Libyan settlement

French bank Societe Generale said Thursday that net profits were hit in the first quarter by a provision covering the settlement of a long-running legal dispute with Libya's sovereign fund. Societe Generale said in a statement that its net profit fell by 19.2 percent to 747 million euros ($813 million) in the period from January to March, short of analysts' expectations.
The decline was largely attributable to a 350-million-euro provision to settle litigation with the Libyan Investment Authority, the bank explained. Societe Generale and the LIA said Thursday they had signed "a confidential settlement agreement that resolves all matters between both parties concerning five financial transactions entered into between 2007 and 2009."