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Market Update

Europe Earnings: Commerzbank, Experian, HSBC, Societe Generale, Siemens


Author: Nigel Thomas
ticker.com
Last Update: 11:29 AM ET May 07 2014

4:00 PM Frankfurt Commerzbank net swung to a profit 200 million but revenue declined 8%. Experian profit surged 88% to $754 million. HSBC profit declined 18% to $5.2 billion. Societe Generale net plunged 13% to 315 million but revenue jumped 14%. Siemens net soared 12% to 1.2 billion.

In London trading, FTSE 100 index slid 0.3% or 21.48 to 6,777.08 and in Frankfurt the DAX index rose 0.2% or 22.66 to 9,490.19.

In Paris, CAC 40 index edged up 0.07% or 3.11 to 4,431.18.

Commerzbank AG dropped 2.3% to 12.28 after Germany-based bank reported revenue in the first-quarter ending in March plunged 8.1% to 2.26 billion from 2.46 billion a year ago period.

Net in the quarter swung to a profit 200 million compared to a loss of 98 million a year ago period.

Net interest income plunged 17% to 1.13 billion from 1.36 billion and provisions for loan losses dropped to 238 million compared to 267 million in the last year.

The bank said operating profit in the quarter declined to 324 million from 464 million a year earlier.

Experian Plc declined 6.3% to 1,062 pence after the U.K.-based global information service provider said group revenue in the year ending in March increased 2.3% to $4.84 billion from $4.73 billion a year ago.

Profit in the year surged 88% to $754 million compared to $401 million and diluted earnings per share jumped to 75.8 cents from 35.9 cents a year earlier.

HSBC Holdings plc dropped 1% to 597.78 pence after the U.K.-based financial service provider said net interest income in the first-quarter ending in March fell 2.8% to $8.72 billion from $8.97 billion from a year ago period.

Profit in the quarter declined 17.9% to $5.21 billion compared to $6.35 billion and diluted earnings per share dropped to 27 cents from 33 cents a year earlier.

Societe Generale SA slipped 1.5% to 43.21 after the France-based financial services provider reported group revenue in the first-quarter jumped 14% to 5.68 billion from 4.98 billion a year ago.

Net income in the quarter plunged 13.3% to 315 million compared to 364 million and earnings per share increased to 2.22 from 1.99 a year earlier.

The lender said 525 million write-down on its Russian business and net in its international banking and financial-services unit swung to a loss 284 million from a profit of 256 million a year ago.

The bank has acquired stake of 20% in local lender Rosbank for $634 million in 2006 amid to gain and to a promising new market.

Siemens AG jumped 2.1% to 95.83 after the Germany-based technology company reported revenue in the second-quarter fell 1% to 17.45 billion from 17.78 billion a year ago.

Net income in the quarter soared 11.6% to 1.15 billion compared to 1.03 billion and diluted earnings per share increased to 1.32 from 1.18 a year earlier.

Siemens added orders in the quarter declined 10% to 18.43 billion from 21.23 billion a year ago period.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc